It's kind of a hand-wavy explanation. Here is an article I found online.
So this would suggest that after you disconnect the power from the motor it is free-spinning on inertia and acting like a generator. If you short the motor terminals, it is like the generator is driving a low-impedence load (which is really hard to drive). Since the motor must work so hard to produce a large enough current across the short circuit to achieve the "generator-voltage" across the short-circuit, it slows down.
I think I incorrectly used the word back-EMF when I should have been using the voltage generated by a motor when it free-spins.