Tipping point a year ago will start to work it's way down the market from high end to low. This one will fall harder since the last cycle. The stock market is over extended. Projects will continue to be cancelled. Some will foreclose partially built like back in the days of the Ko Olina 
Horita development. Rusting cranes stand deserted for years If I recall. 
Developers  squeeze the locals out of the market then even  push prices higher to the tipping point for foreigners. After the big fish are no more,  the go back and then try to lure the small fish local's back in with bait. Sad.