There has to be a motive for selling, home owners not sell just because values are declining and home owner generally become buyers before or after selling.
You mentioned an ugly correction in the UK, I'm thinking it was not across the board and just in some areas. For a correction like that I imagine it was people leaving the area.
Detroit is a good example of property prices getting wiped out, with the auto industry closing down which was the main source of employment we saw people leaving in droves so massive amount of properties hit the market with no buyers.
