That is a good thing about falling prices, which are already occurring BTW.
The problem arises when the crash is too big and so many people are unemployed or see major drops in income, that they can’t buy anything at any price.
You said that few people are affected by this agreement... so how can it be that this situation could lead to those kinds of widespread massive problems?
When prices return to a level where it is reasonable for people to buy property again, that is when the next boom will begin.
It is obvious to anybody who has watched the market in the past few years that a severe correction is warranted. The fundamentals don't justify 100%-200% increases and these valuations are WAY out of line.