5 handy ways to save on home rehab

No question, housing sales have soured. So if this lemon of a market has you involuntarily housebound, why not make lemonade by fixing up your digs?

Bargain basement prices on home renovations are the silver lining of today's horrible real estate market. According to the National Association of Home Builders, bids from contractors are coming in at 10 percent to 40 percent below what they were during the housing boom. And smart consumers have apparently taken notice. A recent American Express survey found 62 percent of homeowners will embark on a home improvement project this year. They're focusing on do-it-yourself, or DIY, projects, like indoor cosmetic work, and spending an average of $6,200.

With remodeling, your best tool is neither a saw nor a hammer, but rather knowledge. Follow these tips to hone in on home improvement savings.