To me this is the most telling chart of the charts Redfin put together.

Sellers already understand their home prices have dropped.

The scary thing is that during the first part of the Mortgage Crisis 1.0 you had to make your home the best

priced home in your area to get showings and offers. 

So in effect homesellers were in a race to the bottom and most homebuyers stayed out of the market. 

I recall the market starting to turn back up with the Federal Govt announcing the 2008 First-Time Buyer Tax Credit

11 Charts That Illustrate How the Coronavirus Is Impacting the Housing Market – Redfin