He put 'Wow' on his chart and that it is. A total listing panic combined with a buyer strike. Sales times prices gives and idea of the money in the system. Again, if a large amount of money came in, then this could settle. Faint hope.
ps I just read that new buyers welcome this. Be careful what you wish for. There's a very real chance that prices will drop below the banks' estimate of 20%. All recent jobs have been with banks and the housing industry. A major drop will unleash a cataclysm. I give it 100% but nobody reads me. :)