CNBC has a slideshow that claims to list the best cities in which to buy a foreclosed home.
I am not sure their methodology, comparing foreclosed house sale prices versus non-foreclosed house prices, is a completely solid method for comparisons. It really depends on the demographics of who the buyers are of foreclosed homes versus non-foreclosed homes, but for a rough, very rough, sense for what is going on in different markets it's a decent slideshow to look at.
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