List Only - What do you think is the main problem with the US housing market?

What do you think is the main problem with the US housing market?

GREED.
I think that people with substandard qualified for loans that they could never afford in the first place. Banks only cared about making money, and fast...and now the country must pay for their error.
From an investor stand point, there is no nation real estate market. Each subdivision in each town, and in each city, for each state, has it's own unique market. Some are bad right now, others are flat, and some are good. Only experience and knowledge enables you to locate the good ones.
The banks and the people who signed the loans. Also, the banks are raising credit card rates to deaden the blow from the subprime loans. So as long as they are allowed to do this it will only get worse. Spending will continue to dwindle until the government steps in on these banks and says enough is enough.
The main problem is lack of personal responsibility. Lenders were SELLING a product; just like banks, morgage lenders, brokerage companies, etc. These are ALL businesss that SELL products or services to make a PROFIT. NOBODY held a gun to anybody's head and said "sign this". ALL sub-prime loans are just that LOANS. A homeowner HAD to apply and then ACCPET the loan at the terms offered, Failure to "understand" the terms is 100% the fault of the person signing for the loan and NOT the "salesman" selling a product.