Nothing lemming-like about it. It's happening because the real estate market is not supported by the fundamentals. If you want to blame someone, blame Alan "bubbles" Greenspan who became the pied-piper of loose lending standards/risky loans.
You said,
"...the real estate market is not supported by the fundamentals..."
I have to wonder if you even know what a "market" IS:
A "market" is a willing buyer who says: "This is a good price!" And a willing seller who says: "This is a good price!"
All of the "buyers" who "wounta " pay more, lose out. And all of the "sellers" who "wounta" take less, lose out.
I sense that all you guys, who "think" that you are "smarter-than-the-market", keep losing money.
So, let me ask:
(1) based on your REALIZED real estate profits, just how "smart" are you guys, really? (Be honest!) And
(2) based on that record of failure, why should we believe anything you say? EVER?