Real estate and housing is a commodity like precious metals, grains, oil and equities.
The markets have their winners and losers.
It up to the individual to make the right buying and selling decisions.
You are right (as far as winners and losers), but one very dangerous aspect of this is that many young people watching this unfold have sworn off buying homes (which is fine) and the families that would fill them (which is a demographic disaster).
Many got caught due to "representatives" telling lies about the state of Fannie and Freddie - even the Market acted as if surprised when it disintegrated. Add that to government mandates that those who couldn't afford the home loans be given the loans, it was a setup that trapped a bunch of folks by design.