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It’s not really too late to buy. If you are waiting for 1980’s prices, forget it. Settle for 90’s prices at today’s APR and you are in good shape.
See here for how to land a bank owned house: http://piggington.com/a_good_deal_in_poway
Or if you want downtown try here: http://piggington.com/vantage_pointe_cuts_buyers_loose