New Zealand did that a couple of years ago. House prices continued to skyrocket as if nothing had happened. It's local people who keep buying them and paying through the nose.
Now the butcher knows the baker is hungry and has $100, so he ups his prices to get the most value
But the butcher needs knives and the blacksmith knows he can afford more now too
The kings left town but the damage has been done, will probably take some time for things to go sane again