1st I would like to apologized for the statement I will be making some of us will dis agree I'm sure...
I think we did this issue ourselves specially those who did it already or have done it. What most of us did to the property market was all due to greed as human we are greedy by nature. What did some if not most did? they buy and sell property they treat property like stocks.
I most other country people buying property or house for family and for future... in Singapore sadly we treat property like stocks we buy them and sell them some of us here would stay in one area for only few years then move again. In your life time how many times you have move house in Singapore? and ask your counter part in the US/ Australia/NZ etc the same question
So when property market price drops its due some or most of us its got to do with greed....
Once again I do apologize for the statement I am too a home owner who just few years back bought a property during high time so I know how it feels to bite the bullet.