There's a whole lot of fuss on Wall Street right now about the impact of a first-time homebuyer credit expiring this week. The $8,000 question? Whether the housing market will continue to improve without the payday, or whether we are in for another round of falling home prices and rising foreclosures.

There's no doubt that 2010 so far has been very profitable for housing stocks. But are those profits going to stick, and is the housing market going to continue to improve?

Minyanville's wise professor, Mark Bloudek, dares to share the kind of keen insight and actionable information you won't find in any prospectus. For more original thought, visit www.minyanville.com.

I've been doing precious little in this market, but one stock I've been tracking closely is Wachovia Corp. (NYSE: WB). Why would I pay more mind to Wachovia than to other banks? Because it bought Golden West Financial in May of 2006 for $25 billion. And where did Golden West have most of its exposure? That's right, California.

Last night I was looking through the median home price data in the Multiple Listing Service (MLS) in various California cities and noticed some shocking price drops. The median home price offers in San Francisco dropped $10,000 in one week. Ditto for Orange County. In Los Angeles, the figure was a startling $13,000. I went back to check when the market topped in these areas and found that every one of them peaked in -- drum roll, please -- May of 2006.

We have all heard of bus tours showcasing the homes of the rich and famous ... but the recent credit crunch that has spread across America has led to another sort of bus tour: the Foreclosure Bus Tour. That's right, potential home buyers looking to grab up a piece of Orlando, Florida real estate can now take a six-hour bus tour featuring various homes that have been foreclosed in the area.

It's no secret that foreclosures have been on the rise over the past year to alarming levels, but the Foreclosure Bus Tour is a symbol of just how bad things have become. The cost of the tour was $45 per person ($65 per couple) and included a continental breakfast and lunch at Applebee's. In addition to the food, the potential buyers were also given information on the homes, as well as some important teaching lessons that any potential home buyer could benefit from.

All in all, it seems like a decent way to go out and look at a whole bunch of properties all at once (the tour featured seven different available properties). At each stop the potential buyers got first hand access to a home inspector who walked them through the house, and between stops they were able to chat with a mortgage broker. The tour also had lawyers on hand to discuss any legal questions that came up during the trip. Not too bad for $45.