I Selected denial - based on recent, multiple, contacts with EAs and challenging asking prices they were quoting.
Still being told " they won't sell for less than X" even when no offers - and I'm thinking X minus 30 to 40%!!
Other common theme I've come accross is " it's with the bank now but they won't accept anything close to your offer"
So if fear and panic are part of a well recognised response, they have not been ' skipped' , as some suggest - they just haven't happened yet.
I think the ' powers that be' continue to try to massage the notion that the next boom is just around the corner and this simply delays the inevitable.