Consumer confidence sank to a 5-year low in March as tight credit markets, rising prices and worsening job prospects reinforced the notion that the economy has fallen into recession.

The Conference Board, a business-backed research group, said Tuesday that its Consumer Confidence Index plunged 11.9 points or 15.6% to 64.5 in March from a revised 76.4 in February. The March reading was way below the 73.0 expected by analysts surveyed by Thomson/IFR.

Meanwhile, a widely watched index of US home prices fell 11.4% in January, its steepest drop since data for the indicator was first collected in 1987. The decline reported Tuesday in the Standard & Poor’s/Case-Shiller Index means prides have been growing more slowly or dropping consecutively for 19 months.