What is the real property value of the properties that is highly pitched as  GOOD BUY / GOOD INVESTMENT Properties?

Due to this devastating Flood/Typhoon Ondoy.... TRUE VALUE of the properties is showed up.... Let's face it most Property sellers are selling their properties WAY ABOVE the TRUE Market VALUE of their properties...  Name it Real Estate Investor, flippers, Brokers, Agents and Sellers.. =) The day of the Reckoning of the real estate market  in the Philippines is coming?

Check out most people who buys a house or condominium then they rent it out. Ask them does it cover the monthly mortgage payment? most of them they will say "NO but since I rent it out i only cover few thousands to pay out the monthly amortization". We'll go back to Robert Kiyosaki's basic financial education. Description of an asset and liabilities. Asset = Something who put's money in your pocket and Liabilities = Takes out money of your pocket.

Oct. 13, 2009 Update
2 Weeks after i wrote this comment. I've read this good article from Business World
"Real Property Values After Ondoy and Pepeng"
http://www.bworldonline.com/BW101309/content.php?id=054

Good read..

The first losers will be the Real Estate Property Sellers who overpriced their properties and dreaming that they could sell it Way beyond the true Market Value of their property because the house looks neat... the community is good.... measuring the true value of a property is beyond that...

As per the Stage 3 of a Financial Bubble:

By 2003, every fool was getting into real estate. The checkout girl at my local supermarket handed me her newly printed real estate agent business card. The housing market became the hot topic for discussion at parties. "Flipping" became the buzzword at PTA meetings. Homes became ATM machines as credit-card debtors took long-term loans to pay off short-term debt.

Mortgage companies advertised repeatedly, wooing people to borrow more money. Financial planners, tired of explaining to their clients why their retirement plans had lost money, jumped ship to become mortgage brokers. During this euphoric period, amateurs believed they were real estate geniuses. They would tell anyone who would listen about how much money they had made and how smart they were.

Expect jump pack of Property Sellers in 80% of areas that are majorly affected by the typhoon... Will You Buy Those Properties? If Yes what's the rational? If No will you miss an opportunity? =)