Some things change quickly, some don't
The hangover will be long and slow.
When nobody wants to be a broker, it may be time for a turn.
Economic View - Why Home Prices May Keep Falling - NYTimes.com:
"Several factors can explain the snail-like behavior of the real estate market. An important one is that sales of existing homes are mainly by people who are planning to buy other homes. So even if sellers think that home prices are in decline, most have no reason to hurry because they are not really leaving the market.
Furthermore, few homeowners consider exiting the housing market for purely speculative reasons. First, many owners don’t have a speculator’s sense of urgency. And they don’t like shifting from being owners to renters, a process entailing lifestyle changes that can take years to effect."