The Wall Street Journal has a good article about the opportunities for first time home buyers.  Good homes in good areas are affordable again for regular working people.  That is definitely a silver lining in the crash of home prices.  There is also a new tax credit to help first time home buyers which is further explained in a CNN article.   CNN explains the current program, the proposed program in the Stimulus Bill and some of the limitations. 

See:
http://online.wsj.com/article/SB123431356988570855.html
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/