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Prices are still falling and the market is still slow. If your friend is looking for a townhome he'll find plenty to look at. Many of the single-family homes that aren't pre-foreclosure are being taken off the market or re-listing as rentals. Some of my clients are in no hurry, so I send listings and keep up with the analysis. One is relocating, so he'll purchase a fixer-upper and move in (eventually). I have no specific knowledge of the DC area, my expertise is Northern VA.

My best advice to him would be to rent a year, see which part of the area he likes best and then purchase.
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