What is happening in the US housing market?

Question

What is happening in the US housing market?

Answer 1

Loan officers inflated applicants income to get them approved for a loan so they could make commission. Now they are getting forclosed on for non-payment because, you guessed it, they cannot afford the payments.

Answer 2

Which one... The Sub-Prime Market, or the rest of the market?

Answer 3

The bubble burst. To continue building and selling new houses they lowered the loan standards and all those high risk loans have crashed. Instead of a mild slow down a couple of years ago there is a major crisis today.

If you have the assets there should be some real good deals out there or wait till the recession deepens for a better one.