Is The Housing Market Picking Up?

The end of "the slump" is near - many journalists are announcing this for various parts of the country. California is reporting a 64% surge in home sales and the first rise in median home prices since August 2007. In Minneapolis-St Paul, home sales are 20+% above a year ago even while the number of homes for sale is down 18%.
I'm also seeing multiple offer situations in the marketplace, mainly in foreclosures. The well-priced foreclosures that are in decent shape are routinely selling in multiple offers for 10-15% above asking price. Is the pendulum swinging? It sure seems like it.
First time homebuyers are flocking into the market and with low 4.75% (or lower) interest rates, coupled with the $8,000 rebate on home purchases, it's bound to be an interesting spring and summer market.
Get of the fence! What are you waiting for?