Looking for a second home

I have been thinking about getting a second home this year. All my friends tell me I am crazy to want a second home right now because of the current housing crisis we have going on here in America but i tell them this. It s a buyers market right now with so many homes being for closed on and many homes for sale at just what the former owner owes you can find 200,000 dollar homes for sale for 50,000.

Now not all homes for sale in todays market are like this but that is the type of home I am hunting for one that is worth at least 4 times its amount being asked for the price to buy. I just wonder if I will be able to find a home here or in the State I used to live and want to move back to so much Colorado. I guess only time will tell but i am at least going to look.