NELVIN C. CEPEDA / Union-Tribune Dawn Casselman adjusted the window treatments in the El Cajon home she recently purchased. Because she had a bankruptcy on her record, Casselman said her loan application was carefully reviewed. Lenders have become much more cautious since foreclosures began to spike here and in other formerly hot real estate markets.

The surge in foreclosures has made real estate in San Diego County less costly, but there's an important catch for those who view the housing slump as an opportunity to move into homeownership.

Real estate may be tanking in the United States, but get this. A 106-year-old villa on the French Riviera has reportedly sold for $750 million, 10 times the costliest home on the market in San Diego today.

WASHINGTON – Eager to buy a place in paradise but not interested in moving just yet? Perhaps you are just a few years away from retirement but still not quite ready to pull the trigger? Then you might want to take advantage of a little-known opportunity to buy now and occupy later.