Housing market continues to implode and drag economy down

A 15 percent year-over-year drop in housing prices is huge. The April drop was also down a bit more than 2 percent from March of this year.

The one glimmer of hope? Cleveland, a ground zero of subprime bombing in the Rust Belt, had a 2 percent rise.

Meanwhile, the Sun Belt continues to tank; Las Vegas home prices dropped 27 percent from last year.

Meanwhile, the housing news was a lead anchor on the larger economy.

And, contrary to Georgie Porgie, and What’s Good for Goldman Sachs is Good for the Country™, Treasury Secretary Henry Paulson, the consumer confidence rating sagged to a flat 50 right in the middle of tax rebate check mailings.

Even St. Alan of Greenspan is on the worry ride, and using the “r” word in saying we’re on the brink of a recession.