
what's so shocking? It happened very often in Ireland , greece, spain, italy, almost all of europe and USA last few years when property prices escalate due to irrational greedy developers , real estate agents and mass media and newspapers who keeps spinning positive false news and fairy tales that prices would go up and up and then suddenly when prices crash , this is what happens (like in Europe and US now fire sale is so very common, that for the price of a COE in singapore you can buy an apartment there now!!!!). those stupid people who buy are also equally to be blame.
They should show make it compulsory to for banks to show these movie clips to all buyers before they sign. being old is NOT an excuse as it does not mean you are immune to taxes, debts or stupidity. I have seen alot of old arrogant stupid people who like to how lian and buy big cars and houses but cow beh and cow bu when the repo man comes knocking. these people are deadwood to society.
It would happen in singapore very soon. same for car prices. it is a bubble going to burst. even in China it has burst, just that the garmen there has put a gag on the news and that's why BoXil@i wife is hurriedly getting all her money and cash out of China secretly. Tells you alot when even the top people in China knows something about the state of economy not published in the media and do not even trust their own country or economy!!!!! http://www.youtube.com/watch?feature=endscreen&NR=1&v=9SdAHr1AWUs