Cannibalizing future home sales with the incredibly expensive home buyer tax credit.

When you take away all the support from the housing market, the underlying demand for housing is a lot weaker than we thought,” said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. ” We clearly pushed some demand forward, and there wasn’t that much demand to pull forward anyway. The housing recovery is going to be very, very slow.

He’s talking about the national housing market, not Arizona, but it’s good to know what’s going on elsewhere.

Nevertheless, if you were planning to buy an Arizona home soon, BUY NOW and get the tax credit. To qualify, you have to have the home under contract by the end of April and some other requirements.