As soon as the Uncle Sam's perks for purchasing a home dried up, so did the buyers. This is not pretty and will only get worse.
Average GDP in 2009 worst since 1946. Oh yeah, we're in a recovery. I can feel it.
How bad is this 2.4% drop? According to Rex Nutting (via The Big Picture):
Even with the big Q4 GDP, U.S. GDP was down 2.4% in 2009 — the worst showing since 1946 (down 10.9%). Rex also notes “In 2009, business investment fell the most since 1942, while imports fell the most since 1946.”
Graphs from EconompicData.