I've always predicted this since the Chinese left the fluffy market two years ago. But, we had other speculators and airbud people, so the market hung on forever. Now it has dived, and I don't think it will come up again for a while. It usually takes about 5 years.
I think this will shake out those with several houses. The luxury condos have always been mostly empty. Can people hang on through this? I'm always wrong, but I don't think so.