Found on "The Housing Bubble Blog" which is a great source for housing & real estate information and articles.
From NPR http://marketplace.publicradio.org/display/web/2010/03/19/mm-multipleoffers/ “One of the nuttier elements of the real estate boom has returned. Tess Vigeland explains. ‘Kelly Frambach and her husband, Andy, moved into their first home just a few months ago. She’s a 32-year-old office manager for a construction company; he’s 29 and works in tire repair. This California ranch-style home in Chino Hills, just east of Los Angeles, boasts three bedrooms and two baths, 1,200 square feet for them and their seven and nine-year-old kids. They started going to open houses back in mid-2008, just as the market was collapsing.”
“They paid $285,000 for it — ten grand over the asking price — with an FHA-backed 30-year mortgage. Kelly: ‘And we thought it would be easy, because there were sooo many houses for sale. That’s what everybody thinks, but every house we put an offer on, there were so many offers.’”