I have seen a dynamic where a fellow buys at 160K because he plans to sell within a year at 190K...which he can only do because the buyer also plans to sell within another year at 220K...which he can only do because a year after that, the house will sell at 250K. Eventually there's nobody left to buy at the latest highest price, and the market quits acting like a Ponzi scheme and goes back to resembling a place where housing is bought and sold.
The market was reacting to changing conditions, of which most people aren’t aware. All rising markets have speculators, but they are only a small percentage. It sounds to me like you have an issue with them. The people you don’t like I mentioned in my previous post.