Primary res. buy now or rent ?

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Hello;

We need a primary residence- it's where we work- and it is in a market in Florida that is overvalued. After reading and hearing multiple sources regarding how much longer this soft market will continue -many think well into 08 and early 09 I'm considering renting. That being said, what are the advantages/dis of renting or buying- say a foreclousre we have been looking into?

thanks