Lack of blockbuster titles and the still ailing economy has led for another disappointing month for video game and equipment sales. The industry sank 29 percent, down for its fifth consecutive month in a row. Consoles and handheld devices were down 37% to about 281 million dollars, compared to nearly 448 million dollars in July of last year. Software sales slid 26% and accessories 12%.

According to NPD Group, overall videogame industry sales in the United States for the first seven months of 2009 amounted to 8.16 billion dollars, 14 percent lower than the same period last year.

Numbers are expected to be better over the next couple of months as major titles such as Madden NFL 10, Halo 3: ODST, and Call of Duty: Modern Warfare 2 release. The Assassin’s Creed sequel is also expected to bring in some serious cashflow with its holiday season release.

It’s not surprising that the Wii remained on top in July with sales of 252,500 Wiis and 538,900 DS handhelds. The 360 claimed the number 2 spot and was the only unit to show an increase in year-to-date unit sales. The PS3 came third, followed by the PS2.