This sure as heck isn't happening in my market... all year long I've listened to a group of potential buyers tell me they are going to wait because the bottom is going to fall out any day now ... every piece of data I have shows that the opposite is happening - we have more buyers than physical homes here and prices have been on a steady upward trajectory for the past five years. With interest rates at historic lows, there's no reason to believe buyers aren't going to continue to acquire homes.
Now - in other markets? Maybe there will be a correction, but that's actually bound to help my market and likely others too, as people move from expensive areas to less expensive areas. SFO / LA / PDX / SEA aren't going to collapse overnight.
GDP is down. Bigly.
https://fred.stlouisfed.org/series/GDP (click on the 1yr timeframe to see it better).