The Standard & Poor's/Case Shiller national Home Price Indices reported on Tuesday that the prices of the existing single family homes across the United States are continuously declining.

The index, which kept being lower and lower throughout 2007 and has continued at a record pace into the first quarter of 2008, plunging by 14.1 percent compared to a year before, which is a five times faster decline than the last housing recession.

"The steep downturn in residential real estate continues," says David M. Blitzer, Chairman of the Index committee at Standard & Poor's.

The S&P/Case Shiller composite index, which analyses 20 metropolitan areas, fell by 2.2 percent in March compared to February and dropped a record of 14.4 percent from March 2007.

The value of homes in the United States started decreasing last year and continued throughout the first quarter of the current year, leading to the worst downturn of the housing market since the 1930s.

The crisis in foreclosures also pushes prices lower, spurring the plans of regulators and lawmakers, who are trying to keep borrowers in their homes by forgiving a portion of their loan's principle.

Overall, 19 of the 20 metropolitan areas saw declines, including Las Vegas, which remained the weakest market with an annual decline of -25.9 percent, Miami, with -24.6 percent, and Phoenix, with -23.0 percent. Only two metro areas faced monthly price appreciation: Charlotte, which was up by 0.2 percent and Dallas, which rose by 1.1 percent.

"There are very few silver linings that one can see in the data. Most of the nation appears to remain on a downward path, with 19 of the 20 metro areas reporting annual declines, and six of those now at negative rates exceeding -20 percent,” Blitzer also said.