Hey dude I also had this issue. Seems to be a common problem. But good news! I have a solution.
Your purchases are merely hidden.
As copied from
http://support.apple.com/kb/HT4919?viewlocale=en_US&locale=en_US
To unhide your purchases
Open iTunes on your computer. You can download the latest version of iTunes here.
If you're not already signed in, choose Store > Sign in. If you're signed in, skip to step 4.
Enter your Apple ID and password, then click the Sign In button.
Choose Store > View My Account. (You may be asked to enter your password again).
Click on View Hidden Purchases from your Account Information page.
Choose a content type by clicking Music, TV shows, Apps, or Books from the top.
Click the Unhide button next to the item you would like to restore.
If you have too many to unhide individually, e-mail or Chat with iTunes Support and they'll unhide them for you.
Hope it helps. If it works, spread the word!
Cheers