It’s all over the news subprime lenders are imploding left and right. The net result is tighter lending standards that eliminates many new buyers and affects the trade-up market. What happened to the good old days when a person with a $60K job could afford a $600K McMansion? Obviously there is plenty of blame to spread around.
Here are three excellent articles that discuss who took the punch bowl away. Make sure to read the comments to the articles as well.