Headlines that proclaim sheer drops in Beijing's realty prices within just a month of the government's stiff action to cool the property market seem illusory at best. No policymaker is going to buy that.

The tough measure may have achieved initial success, but it has come nowhere near deflating the housing bubble. In essence, reports claiming home prices dropping by a third in one month certainly seem wide off the mark.

Property sales have indeed seen some decline in major cities since mid-April. Yet, official statistics indicate China's property prices still rose by a record 12.8 percent year-on-year last month despite the concerted push.

Sure, the property market is no longer sizzling. But it is far too early to conclude that the bubble has been pricked.

Policymakers should throw up more resolute action plans to nudge the realty market in the desired direction.

Recent reports exaggerating the decline and hyping fears of a housing bust may have dissuaded the government from reining in runaway home prices. But, that is an unwise approach.

Agreed, steep plunges in domestic home rates would stifle the overall economy. Policymakers, however, should run ahead of the curve and be prepared for a time when bloated investments in property and land sales start choking the economy.

Squeezing the balloon may invite some trepidation at this juncture, but the consequences of sidestepping the problem could be far too dangerous.

If prolonged, the bubble will suck in resources desperately needed for other endeavors and deplete funds available to budding entrepreneurs, effectively hurting the country's long-term growth prospects.