Where are the best places to buy right now?

The real estate market in the US has been under pressure over the recent months and the prices have come down considerably in most areas. According to Zillow Realestate Market Reports, as per Q4 2008 U.S. home values continued to slide for the eighth consecutive quarter, declining 11.6 percent from a year ago, and falling 17.5 percent since the market peak in 2006. Additionally, one in five homes sold in the past 12 months was a foreclosure, and one in six of all homeowners have negative equity. This chart shows where the home values dropped and how much:

Source: Zillow.com