Calling All Home Buyers: How You Can Bag a Real Estate Bargain in 2011

Upstate New York, Pennsylvania and Oklahoma areas top the list.

ByABC News
January 25, 2011, 9:23 PM

Jan. 26, 2011— -- Home values have fallen 26 percent since the market's peak in 2006 -- and as much as 50 percent in some areas. But if you have good credit and plan to buy a home and live there for at least 5 years, it can be a great time to bag a real estate bargain.

So GMA partnered with real estate web site to figure out the top 10 places to buy in 2011.

Zillow looked at four factors to determine the top 10.

Here are the Top 10 Best Places to Buy in 2011 after analyzing those four factors:

1. Utica, N.Y.
2. Oklahoma City, Okla.
3. Rochester, N.Y.
4. Pittsburgh, Pa.
5. Tulsa, Okla.
6. Albany, N.Y.
7. Lancaster, Pa.
8. Madison, Wis.
9. Green Bay, Wis.
10. Lincoln, Neb.

Now here is more detail about each metro area and why Zillow considers it a healthy real estate market in which to buy:

Utica has the lowest foreclosure rate of any city Zillow looked at. The foreclosure rate there was almost nonexistant at .07 percent.