As someone who is currently saving for a down payment for a house. I was pleased to see this article in the Washington Post about how some of those like me who have avoided the risk of the real estate market and are working to save a down payment might be hurt by the recent proposed sub prime bail out.
Actually the housing market won't really determine when I buy, just like I do not try to time the stock market. I have been given the advice that now is a great time to buy since the market is at a low. As an economist I know the future of the market is a known unknown.