How did the Homebuilding Market get so bad?

Just some thoughts on the current decline in the homebuilding market. Why is the market collapsing?

• When will it rebound. As far as the why, and how did we get here...In my opinion....GREED.
• Buiding too many houses with no buyers in a crappy market - GREEDY Homebuilders
• Financing unqualified home buyers to sell them a home - GREEDY Homebuilders
• Poor Planning and getting the money while the market is hot - GREEDY Home builders
• Buying ANY land they could get their hands on and making bad land deals - GREEDY Homebuilders
• Saturated Markets- Greedy Homebuilders
• No one can qualify for new home loans because of aforementioned fiancing games - Greedy Home builders

Anyone care to add more?