The May S&P/Case-Shiller Home Price Indices are now out.

New York, July 29, 2008 - Data through May 2008, released today by Standard & Poor's for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show annual declines in the prices of existing single family homes across the United States generally continued to worsen in May 2008.

For the second straight month, all 20 MSAs posted annual declines, nine of which are posting record lows and 10 of which are in double-digits. Both the 10-City Composite and the 20-City Composite are reporting record low annual declines.

Case-Shiller Declines Since Peak

The following charts were produced by my friend "TC" who has been monitoring Case-Shiller Data. Although individual cities topped at varying times, the top-10 and top-20 city composites peaked in a June-July 2006 timeframe.

Case-Shiller Declines Since Peak Current Data

Case-Shiller Declines Since Peak Futures Data

"TC" writes: I've included data available from the CME Futures market so your viewers can see when people are betting the downturn will end and how much lower it will go. The CME Futures market only trades the top 10 cities. The Futures Data shows projected price declines and the projected trough.

"TC" also monitors the California Association of Realtors (C.A.R.) data, and DQNews data. Inquiring minds will wish to take a look at C.A.R. Median Home Prices Down 37.7% In June for a detailed look at California.