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Just because something is cheap doesn't mean it's a good deal. Instead of assuming that now is the time to buy property in the Sacramento-Arden-Arcade-Roseville, ask yourself whether or not you feel that the area will be more desirable to more people in 5+ years.
NYC, at least Manhattan, always has a low foreclosure rate b/c coops make up a high percentage of the inventory and the approval process for even many of the condo boards is more difficult than the approval process to get a loan.
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