Now that the housing market is stabilizing, it's time to invest in foreclosures. Whether it's buying or investing in a foreclosure, buyers should devise an investment strategy before plunging in, according to TV station WBTV out of Charlotte, N.C.

"It's a very strong time to buy," said Sean Fergus, manager of research at John Burns Real Estate Consulting. "The market has really turned." 

Where should you look for the best property deals? Seek areas that are seeing solid job growth but still have plenty of foreclosure sales. Typically, these lie in "judicial" states, where courts oversee and thus slow down foreclosures.