Why would people need to panic sell ? In the long term ( Say 25 years+) the value of the house will probably have increased, if only in line with wages. As long as people can afford the Mortage and are living in an area that they can get a job they will have no reason to sell. With interest rates so low most people don't need to sell yet.
Only when people start losing there jobs / income and can no longer afford the mortgage will panic sales start to take place. In the next 12-24 months I would expect to see more reposessions and distressed "panic" sellers who no longer have any income to pay the mortgage / negative equity.