Home sales often dip in December, but 2009′s finish was especially nasty. The first-time homebuyer credit was scheduled to expire at the end of November (almost nobody believed that was gonna happen). That explains some of the drop — as demand was pulled forward — but 16% is ugly no matter how you spin it.

Here’s the NAR’s spin-job for any who are interested. I honestly feel for them, tasked with finding the silver lining in this dismal RE market.

Chart via Rolfe Winkler.