I think the flattening has already come. Here’s HOPING for another crash — should be one hell of a buying opportunity if the stupid money gets shaken out.
(This being said, you can flip even in a “slow” market — if you buy homes that need cash or are slow to close i.e. short sales and auctions, do some work, and sell them, you can always make money. A lot of people don’t want the bother of doing it themselves.)