Or is it just Bush Administrations? Coincidental, I'm sure.

The current slump (Ed. note: Bush Jr.) in housing is the worst since the 1989-92 downturn (Ed. note: Bush Sr).

The National Association of Realtors [1]reported Monday that sales of existing single-family homes and condominiums dropped by 0.3 percent to 5.99 million units in May, the slowest sales pace since June of 2003.

The median price of a home sold last month dropped to $223,700, down 2.1 percent from a year ago. It marked the 10th straight price decline compared with a year ago, the longest stretch of weakness on record.

The largest decline in sales is in the South (3.4%). Are Southerners more financially conservative? Or, is the South over built in expectation of Northerners moving south? Or?