Now forgive me if I'm wrong but to my way of thinking this whole fiasco has been caused by estate agents (rather than the usual suspects the banks).
The higher a property sells for the more money an estate agent earns - and who values the properties? Why estate agents of course!
So they are actually writing their own pay checks with other peoples money.
How could this ever work?
But who's to say that when things recover that it won't happen again?