Why is a “selling panic” much less likely in the housing market?

正确答案： A

解析：
录音中明确指出“selling panic”(抛售大恐慌)不可能发生原因是“most houseing are primary residences”，即大多数的房屋都主要是住宅，故选A。
【录音原文】
　　Do you think the housing market will crash and prices will go down? If so, what time frame do you suggest? You’re not the only one who’s worried about whether the housing market is another “bubble” ready to burst. Yes, it’s certainly likely that — at some point — housing prices will stop rising as quickly as they have been recently and may even fall somewhat.
　　But earlier dire predictions of an impending housing crash in recent times haven’t come about. One reason a “crash” is unlikely is that the housing market is structured much differently from investment markets like stocks or commodities. A “selling panic”, for example, is much less likely in the housing market because most houseing are primary residences. If everyone wanted to sell at once, where would we all live?
　　The impact on average price also tends to be gradual because housing price trends are very local; a lot has to do with how the supply of housing in a given area compares to demand. In some markets, where the local economy is in decline and everyone is leaving, housing prices can and do fall. But in areas where the economy is strong and there’s little space for new construction — prices will most likely continue to rise.
　　There are plenty of doomsday scenarios out there; A prolonged, steep recession could eventually bring steep housing price declines. A sharp rise in interest rates would likely cool demand for houses and force prices lower — because potential buyers would qualify for smaller mortgages. But many homeowners have locked in low rates and wouldn’t feel the impact of higher rates on their monthly mortgage payments.