I will tell you about housing price situation in Noida and NCR (of India). There are shitton number of newly built houses. They cost a fortune. There is literally no demand but the prices never ever drop. People thought that no demand would drive prices down but the construction mafias have a mutual agreement that no one would sell those houses at a discounted price. Same thing with diamonds and their artificially inflated prices. So I don't think there ever will be a big crash that you are hoping for.