After Foreclosure: How long before you can buy again?

Many people that have had a foreclosure, face the issue of how long must they wait before purchasing another home. This article from CNN money provides some useful information for all of you that face this dilemma. According to the CNN article, it suggests that under most scenarios where there is a hardship such as a job loss or divorce it can be as much as 7 or 8 years before you can purchase a home again according to Jay Brinkmann, chief economist for the Mortgage Bankers Association. http://money.cnn.com/2010/05/28/real_estate/homebuying_after_foreclosure/index.htm In my opinion a short sale vs. walking away from a home and foreclosing is the best option.