Another terrible day for the housing market.

The housing market took another battering in May. The slump in activity, which started last year, is now accelerating.

Home sales slumped to a four-year low.

From May 2006 to May 2007, sales dropped a staggering 10.3%.

Housing inventory is at a 15 year high.

The median price of a home dropped yet again, down 2.1% from May last year. It had been 11 years since home prices showed a year-over-year decline

Will it get worse? This is only the beginning.