HP'ers - When will we hit housing "PANIC", and what will that look like?

I hate to say it, but I think the majority is STILL in denial. We've got a long way to go.

Capitulation will be an interesting time in America. An interesting time indeed.

But it's PANIC I'm interested in today. Will we recognize it when it hits? Will there one single catalyst? Will you start seeing "housing panic" in media headlines? And when will it hit?