The annual growth rate in prices for existing single-family homes in 20 metro markets continued its decline through May, according to the S&P/Case-Shiller Home Price Indices. This was the 18th consecutive decline in the growth rate, going back to December 2005, as measured by the index.

The 10-City composite index measured an annual decline of 3.4% between May this year and the same month in 2006, putting the index at its lowest level since the summer of 1991. The 20-City composite¹s annual decline was 2.8%.

"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," said Robert J. Shiller, chief economist at MacroMarkets LLC. "Year-over-year price returns are continuing to either move deeper into negative territory or experience persistent diminishing returns. If there is any positive news in these numbers, it may be that in both May and April eight of the 20 markets showed positive monthly growth rates. This compares to only one or two of the 20 in the late winter and early spring."

Metro Index# May-April April-March YOY

Atlanta 135.03 0.6% 0.8% 1.7%

Boston 170.95 0.8% 0.6% -4.3%

Charlotte 133.42 1.1% 1.2% 7.0%

Chicago 165.68 -0.1% -0.7% -0.6%

Cleveland 118.42 0.8% -0.2% -2.8%

Dallas 125.51 0.6% 1.3% 1.8%

Denver 136.32 1.1% 0.5% -1.4%

Detroit 110.09 -2.3% -2.5% -11.1%

Las Vegas 224.79 -0.8 -0.8% -4.1%

Los Angeles 263.19 -0.1% -0.5% -3.3%

Miami 269.52 -1.5% -1.2% -3.3%

Minneapolis 164.44 -0.2% -0.5% -3.5%

New York 210.69 -0.6% -0.2% -2.3%

Phoenix 213.94 -0.5% -0.8% -5.5%

Portland 185.21 0.9% 1.0% 5.7%

San Diego 231.80 -0.4% -0.3% -7.0%

San Francisco 210.89 -0.3% 0.2% -3.4%

Seattle 190.68 0.9% 1.3% 9.1%

Tampa 222.06 -0.9% -1.1% -6.7%

Washington 235.15 -0.4% -0.4% -6.3%

Composite-10 218.37 -0.3% -0.3% -3.4%

Composite-20 200.04 -0.2% -0.2% -2.8%

Source: Standard & Poor's

Data through May 2007

The S&P/Case-Shiller Home Price Indices are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data.The indices have a base value of 100 in January 2000.