Sure the price rise was "theirs to begin with." All they had to do was sell thier house and move into a rental. Then when prices drop, take that money from your overpriced house and buy a new one at a cheaper level. That way, you'd be taking advantage of pie-in-the-sky appraisals rather than complaining about them.
The Buffett Sell Signal [View article]
The Fed Cut and Housing Markets [View article]