More grim news about the U.S. housing market was released by the National Association of Realtors Wednesday. The real-estate trade group reported that sales of existing homes during the April-June quarter fell, while home prices in one third of the metropolitan areas surveyed also dropped.

According to the most recent survey performed by the National Association of Realtors, nationwide sales of existing homes for the second quarter 2007 dropped 10.8 percent from the second quarter in 2006. In addition to these bleak facts, the real-estate group said that its “survey of builder confidence for August had dropped 2 points to 22, its lowest reading since January 1991, when the country was also caught in a severe housing downturn” (Townhall.com, August 15).

Though these new figures probably don’t shock too many people—stories about a weakening U.S. housing market have been a dime a dozen in recent weeks—they do confirm the severity of the current housing slump, which is the worst in 16 years.

The U.S. economy is being pummeled from multiple directions right now. The stock market is unstable, and a credit crunch grips the banking and lending sectors. The housing market continues to weaken, which is impacting other key sectors of the economy including employment, banking and mortgage, and businesses associated with housing and construction.

The United States has behaved with financial irresponsibility for decades; the news flowing from Wall Street indicates America’s financial mismanagement may be finally coming home to roost. Continue to watch the American economy; these crises could have massive global ramifications.