Housing Demand Crashes as Effects of Tax Credit Wane

"The Purchase Index for May from the Mortgage Bankers Association, hit its lowest level in more than a year. This marks a huge turnaround from earlier this spring, when demand for housing went through a mini-boom ignited by the expanded $8,000 homebuyer tax credit.

That mini-housing boom is over now, and we're just beginning to see how deep the mini-housing crash that follows is likely to be."