Pin a map of the United States to the wall, take 10 steps back, aim and throw your dart. Almost anywhere you hit is going to have some level of foreclosure activity going on, even if it is negligible in relation to the area's real estate market.

Despite the housing problems that have hit many areas nationwide, some areas of the country are better poised to stand the test of time than others. Those areas are still affected by the overall psychology of the down market, but represent an opportunity to buy low and realize a high rate of return when the market recovers.

"You're basically taking advantage of someone else's misfortune. That's the unfortunate situation, but it presents an opportunity for many people as well," said Andrew Couture of Neighborhood Scout, an online service with a national database that allows users to drill down to the neighborhood level for various types of information.

"If you can do it in an area where schools are good, employment is good, crime is low, there's access to amenities and opportunities, there's lots to do, that's going to be a more desirable place to the population in general than a place with no amenities and where opportunities are limited," Couture said.

When analyzing what areas represent the best opportunities for foreclosure investors, we looked at the following variables: average savings on foreclosure purchase, home price appreciation, recent home sales and inventory, job market and unemployment rate, vacancy rates, school district and crime rate.

All of those factors are well worth considering, but at the end of the day choosing a list of 10 locations that offer good investment opportunities is subjective.

"I think in this market there's not really a top 10. In this market, almost every market in this country is an excellent opportunity for investors," said investor and trainer Andy Heller. "Real estate is a long-term investment. I think the opportunity is simply different in some markets."

Nevertheless, Foreclosure News Report has come up with the following list of 10 metropolitan statistical areas (MSAs) around the country that we believe offer good opportunities for foreclosure investors.

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