The Federal Reserve has announced its intention to scale back support for the mortgage market. No doubt that realtors and sellers are upset by this move. But it's a necessary step to heal the housing market.

Dow Jones reports there are almost three million homeowners who are 90 days delinquent, but have not yet been foreclosed on. Of course, it's only a matter of time before the axe falls. This will only flood the market with more foreclosures.

The key takeaway here is that if you are looking to buy a home as an investment, as a primary residence or as a vacation home, the opportunity to steal a deal is likely to get even better in 2010. The expiration of the $8,000 first-time homebuyer credit is another step in removing artificial support for the housing market.

This is one train you don't have to worry about leaving the station without you aboard it.

Meanwhile, Clark feels housing is not likely to fall much further in price. So if you're sitting in your house fretting over the market, it's important to know that you're only in trouble if you're trying to sell right now. Otherwise, hang tight and wait it out for the next seven to eight years until we get out of this cycle.