Data through April 2007 released by Standard & Poor's for its S&P/Case-Shiller(R) Home Price Indices, shows the annual growth rate in prices of existing single family homes across the United States declined again, the 17th consecutive slowdown since December 2005.

The annual returns of the 10-City Composite and the 20-City Composite shows continued negative annual returns, which began in January 2007. The 10- City composite's annual decline of 2.7% is at levels not seen since late 1991.

"A review of the decline in home price returns on a regional level shows no region is immune to the weakening price returns," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "While regional economic fundamentals may be keeping cities like Portland, Seattle and Charlotte in positive territory, they have not curbed their diminishing returns. For example, Seattle reported annual returns of 9.6% this month compared to the 17.8% reported for April last year. In addition, Miami has crossed into negative territory this month, with a 1.0% annual decline."

In other parts of the country, the state of the single-family residential market is weak with Detroit reporting a 9.3% annual decline, followed by San Diego with a 6.7% decline and Washington D.C. at -5.7%. Four cities - Atlanta, Boston, Dallas and Denver - did see both monthly price increases in April and some modest strengthening in their annual rates of return. A few more months of data will reveal if is a seasonal issue or the beginnings of a recovery in these markets.