Home Prices continued their slide in May, with the two major components of the S&P/Case-Shiller Home Price Indices showing record annual declines.

The Case-Shiller 10-City Composite, the index that measures the largest markets, was off 16.9% year-over-year in May; the 20-City Composite was off 15.8%. All 20 MSAs posted annual declines, nine of which are at record lows and 10 of which are in double-digit drops, for the second consecutive month.

The 10 City Index stood at 181.48 for May, the 20-City at 168.65. Both are based on an index of 100 set in January of 2000. There is now no market in which prices have doubled since 2000; Los Angeles remains at 198.59, the highest among all markets.

"The overall real estate market continued to slide in May, with the 10-City and 20 City Composites declining by 1.0% and 0.9% for the month, respectively, said David M. Blitzer, chairman of the Index Committee at Standard & Poor's. Since August 2006, there has not been one month where we have seen overall price increases, as measured by the two Composites."

He continued, "The Sun Belt, led by Miami, Tampa, Phoenix, Las Vegas, San Diego and Los Angeles saw the biggest booms and now see the largest declines. The Northeast, including Boston and New York, is cyclical but less volatile while the Midwest, paced by Detroit and Cleveland face difficult local economies."

Blitzer did see one bright spot in the numbers: "Seven MSAs, while still negative, showed some improvement in their annual figures over those reported last month. Looking at the monthly statistics, seven of the 20 metro areas were positive for the May/April reading."

Those markets included Atlanta (+0.6% month to month, -7.9% year-over year), Boston (+1%, down 6.2%), Charlotte (+1%, down 0.2%), Dallas (+1%, -3.1%), Denver (+1%,-4.8%), Minneapolis (+0.6%, -14.8%), and Portland, +0.4%, -5.2%).

Elsewhere, the data was glum. Prices continued in freefall in Miami (-3.6% April to May, -28.3% year-over-year), Las Vegas (-2.9%, -28.4%) and Phoenix (-2.5%, -26.5%). Los Angles (-1.9%, -24.5%), San Diego (-1.4%, -23.2%) and even San Francisco (-1.2%, -22.9%) were not far behind.

In most markets, however, the rate of price decline appeared to slow, including Tampa, which went from a -2.1% rate from March to April to a -0.8% April to May. Tampa is off 20.2% year over year.

From a longer-term perspective, since January 2000, the best performing markets are still Washington (-15.4% year-over-year), Los Angeles, New York (-7.9% year-over-year) and Miami. The value of housing in Detroit is lower than it was in January 2000, with the index for that city at 92.61.