If you've been looking at houses in this market, you're probably coming across many houses that are going to be either short sales or REO (bank-owned), that being said, whether or not the former is a good opportunity will depend on what you're looking for, how much you can afford, and if you're willing to go through the hoops a short sale requires.
If you're financing your purchase via FHA backed loans, be careful though because FHA has some very specific guidelines that don't always fit well with some of these sales. However, that is true of any house for sale, including the REO's. On the other hand, if you're buying ALL CASH, that changes the whole picture. So, to best guess what you may consider "a good opportunity," consider that most, if not all, short sales are selling for as much as 50 percent discount of their last reported sales price. So you can see how GREAT of a deal you may derive by buying now.