Have a look at the housing Market history in America around 2004 to 2007 and use it as a text book for what is happening here at the moment. When no one buys and no sells cause there are no buyers in any market the longer it lingers the more chances are of a sharp price decline to stimulate buyers, but then again it becomes a buyers market and lending has been constrained as a result of the obvious.
Then like you say when default occurs in large numbers a recession becomes used as a term a lot.
