Consumer confidence further in the tank

Bad news for the economy.

The Conference Board says its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April. It was the biggest drop since October 2011.

Economists were expecting a reading of 70, according to a FactSet poll of analysts. The current level is below February's 71.6, which is the highest level it's been in a year.

The trend is not our friend. And here's more on house prices. No real economic recovery until the housing market improves.

... the major indexes ended the first quarter at new post-crisis lows, the report said. For the first quarter, prices were down 2 percent, compared to a 3.9 percent decline in the last three months of 2011.