Thanks to everyone who participated! I appreciate and value your thoughts and opinions!
1. Has the condition of the current housing/financial market made you put your home buying/selling plans on hold?
Yes - 20% of you said that yes, it has made you put your home buying/selling plans on hold, temporarily.
No - 60% of you said that this current situation has not made you change home buying/selling plans (either you've just recently purchased a home, or the situation has made you start saving more rapidly for a down payment).
Maybe - 20% of you are uncertain as to whether or not you'll change your plans.
2. Do you think the government should have been responsible for bailing out large financial institutions that are in trouble?
Yes - 0%
No - 84%
Maybe - 16%
3. Do you think the situation would have corrected itself if the government hadn't stepped in?
Yes - 34% of you thought that though it would've taken some time, the situation would eventually correct itself
No - 16%
Maybe - 50% of you were unsure as to whether or not the situation would correct itself without the government stepping in, or thought that yes, it would've, but the government's measures would lessen the effects and expedite the recovery.
"I think the pain and suffering needed to resolve this financial crisis will be less with government intervention than it would have been without it. The markets would have corrected themselves, but it might have taken many years and been very painful in terms of job and home loss. Also, the bail out will not save us from any all the pain, there certainly is/will be some."
4. Who do you think is responsible for the current financial institution crisis?
Buyers & Lenders - 60% of you thought that buyers AND lenders should share the responsibility
Buyers - 20% of you thought the buyers should accept sole responsibility.
Buyers, Lenders, Appraisers, etc (anyone/everyone involved in a transaction) - 20% thought that everyone involved should accept some of the responsibility.
5. Could it have been avoided?
Yes - 100% of you thought it could've been avoided.
6. Who do you think is responsible for the decline in the housing market?
No one - 20% of you thought that the market traditionally has ups and downs.
All involved / the general public - 60%
Lenders / Buyers - 20%
Most of the replies to this question were the same as question #4.
7. When do you see it turning around?
1-2 years - 34% of you thought it would be at least a year or 2 (some thought it'll depend on who gets elected as our next president).
2+ years - 50%
Don't know - 16% of you weren't sure.
8. How has the current housing market situation directly affected you?
There were many variations of a few specific answers, so I'll just post a few:
The market hasn't affected me.
Can't sell current property.
Homes selling for less than market value.
Property values dropping.
We got a great deal on our purchase.
9. Feel free to add any other related comments/questions!
"For people who are NOT in a bad situation from bad ideas, I wonder how easy it would be to purchase homes and rent them, or is the rental market flooded too?? I wish I had a bit of expendable cash to take advantage of the low costs to buy!"
I would be that this would be a great option right now, IF you had the expendable cash! :)