A small number of real estate markets around the country have seen activity firm up with multiple bids on houses. This has been especially true in the bubble states where values fell the furthest.

Does that mean recovery is coming in the market at large? Don't bet on it just yet.

Remember that all real estate is local at heart. New numbers Clark saw in The Washington Post indicate that there will be an ongoing buying opportunity for first-timer homebuyers and real estate investors through the end of 2010.

But here's the disturbing news. There are now over 1 million homes in the U.S. in which people are delinquent on their mortgages, but the banks have not foreclosed. The banks may not have enough staff on hand or else they simply don't want the houses.

Our associate producer Joel is stumbling through the home-buying process as a first-timer. He found a shortsale listed at $99,000 and bid $71,000 for it. The bank came back 4 months later and countered by asking for $138,000!

Clark's advice to Joel is to focus on foreclosures instead of shortsales. Also, be persistent if you hit a brick wall in the process. An answer of "no" to your offer should just be seen as a temporary answer.

For investors, the rules are a little different now. You will need to come to the table with cash. At least 50% of your offer should be in cash to increase your likelihood of being taken seriously. Know that buying a distressed condo could have a potentially greater return than a single-family home at this time, which is a very unusual circumstance.

And what if you are one of the 1 million homeowners in trouble yet you want to stay in your home? Seek free or low-cost housing counseling through a local affiliate of the National Foundation for Credit Counseling at NFCC.org.