What's wrong with my Chinese Fringe Tree?

[kbc]

I planted a chinese fringe tree two years ago. It is about 15 feet tall. It leafed out normally last year,but didn't bloom much. This year, all the other trees in the area are in full bloom, but there are no leaves on the existing branches. I have some new branches sprouting out of the trunk, but above that----nothing. The wood of the trunk looks irregular above the sprouting branches. When I snap off some of the smaller twigs above the "dead" area, the wood is green. We did have some big fluctuations in temperature this spring, but it doesn't seem to have affected the other fringe trees near my home.
Does anyone have an idea what's wrong? Should I panic?