A new index released yesterday by Standard & Poor’s Case-Shiller Home Price Indices show that home prices in ten major U.S. cities fell at the fastest pace in 16 years. “The 10-City composite’s annual decline of 2.7% is at levels not seen since late 1991.”

Leading the decline was Detroit which was down 9.3% on an annualized basis. San Diego was next with a 6.7% decline and Washington, D.C., declined 5.7%. Dallas showed a modest increase of 2% on a year-to-year basis.

The index includes data compiled through April 2007 and reflects the 17^th consecutive slowdown in growth of prices in existing single family homes since December 2005.

Meanwhile, consumer confidence about the U.S. economy fell to a 10-month low in June, according to the Conference Board.

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