Do you like the mountains, the beach, the lake or another resort area? Vacation homes and second homes are one area of housing that is providing more opportunity than any other right now.

The National Association of Realtors reports that sales of second homes have collapsed. This is a major reversal from recent history, when vacation homes were a big part of the excessive speculative buying and building.

Of course, there's a big "if" here in Clark's advice about the second-home market. This advice only pertains to you if you're in a financial position to afford it!

You've got to understand that second homes are not investments; they're a lifestyle choice. The only reason to own a vacation home is to live in it and/or enjoy it at your leisure.

However, sometimes what begins as a lifestyle purchase can wind up being an investment.

For example, Clark and his brother bought a vacation condo in Park City, Utah back in the 1980s. They bought in a building that was hit by a trifecta of trouble. The lending bank, the builder and many of the owners all went into foreclosure. This was a risky move on Clark's part, but he and his brother were later able to sell for an obscene amount of money during the peak of the real estate bubble.

The consumer champ does not recommend trying to time the market like this, but sometimes all the stars just line up.