Could be air in the lines too. Did you open the line recently, that would allow air in? There could be a loose bleeder valve also, but you would see the fluid. You could also have a leaky caliper or leaky wheel cylinder in the back. I would check all the brakes first and start there. Make sure there isn't any fluid anywhere. Also could be a leaky brake booster too. Start with some basic visual trobleshooting and listen for any vacuum leaks. If you do change out the master cylinder, make sure you bench bleed the unit first, that will save you a boatload of time. Also, if you pickup the MS at the autoparts store, get yourself a one man brake bleeder. They are priceless. You could bleed all you brakes by yourself, if you don't have anyone else around to help.
LPZ