The US property market has further to fall. I would think the right time to buy will be in 6 months or so when the repossessions are even higher. People are handing thier keys in as they are hearing in the media the big Banks such as Merryl have already adjusted for huge losses, so what the heck, hand em in.

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year