There is a silver lining...just think what would happen if, like in any other major city and outlying area, you could actually AFFORD to buy a house!!!!???? If housing prices rationalize and allow someone to buy, as an example, a 4 bedroom home in the Ranches for between 1.5 and 2 million dhms you would see a large increase in people buying to live as opposed to speculation.
That is good for the market - just bad for the speculators and, to be quite blunt, I couldn't give a toss about the speculators.