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    By Kelli B. Grant,
    Reporter, SmartMoney.com


    Credit-crunch-squeezed homeowners and investors are unloading second homes en masse, offering up desirable vacation properties at some pretty steep discounts.

    "When the market is down and there's blood in the streets, someone else's misfortune could work in your favor," says Ken Kamen, president of New Jersey-based Mercadien Asset Management. Buying now entails some risk, however. After all, prices could drop even further. But for those looking to hold a property long term for a family vacation spot or eventual retirement retreat should feel confident that they'll recoup the investment, he says.


    Here are five places where vacation-home bargains abound:

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