Mortgage purchase applications hit a 9 year low. We are now witnessing what happens when demand is brought forward. This is similar to what happened to car sales after "Clunkers".
I'm certain many will point out that the government has extended the tax credits. However, when Macy's throws a "limited time" sale and then a week later throws another "limited time" sale, the second sale is not nearly as effective. When will the government learn that gimmicks are not going to fix the economy?