Truth is Angie the property business has always attracted spivs. The difference this time around is the banks and politicians got into the act as well, especially in relatively under developed Mediterranean countries. The smell of easy money was irresistible.
Can the market be repaired? Probably but it will take many years before confidence returns both buyers and lenders have been hurt badly.
I doubt we will see property booms again in my lifetime, regulation by government may see to that. However would you trust any politicians to act decisively? Just look at the EU debacle and how they waffle, pontificate and have endless meetings, never achieving diddly squat.