Second from last would be Reeker 2. The reason I'm mentioning the second from last at all is because it's one of those comparatively few times I watched a good movie.
As for actual last movie, I saw Ghost Ship for the first time in ages last week and damn, that was terrible!
Wow, all but one person on a ship are terrorized by ghosts. Gee, could that last person have anything to do with previous events? And keep in mind, if anyone is connected, it's this guy. He's the most obvious person.
This is not how suspense is done.
The only remotely good thing I can say is the gore scenes aren't nearly as forgettable as Hostel's.