While it might be tempting to buy US real estate at presently depressed prices, or to look around in Dubai for a distressed seller, the best bargains for global real estate are probably not going to emerge until 2011.For one thing, the interest rate cycle is all wrong for rock bottom bargains now. The lowest real estate prices almost always coincide with the highest rates of interest, not the lowest as we see presently in many parts of the world.

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