Home prices plummeted anew with a record decline of 15.8% in May from the same month last year. This was according to the S&P/Case-Shiller Home Price Index of 20 cities. Prices dropped 0.9% from April to May. The drop was the 22nd consecutive month of decline recorded by the index. Prices

All of the 20 metro areas covered by the index registered annual declines; nine experienced record lows and 10 cities posted double-digit drops.

The Case-Shiller 10-city Index registered a year over year decline of 16.9%, and a 1% month over month dip. Both the 10-City Composite Index and the 20-City Composite Index reported record annual lows.

"Since August 2006, there has not been one month where we have seen overall price increases, as measured by the two Composites," said David Blitzer, Chairman of the Index Committee at Standard & Poor's.

Case-Shiller has been looking after the 20-city index for 19 years, while the 10-city index is 21 years old. The continuing declines have been exceptional as in terms of length of time the index was decreasing at the same time because of the record index lows.

The last time an extended decline was recorded was in April 1990, when the 10-city index sank for 10 consecutive months. But that total loss was just 6.5%.

Since the 10-city index peaked in July 2006, it has dipped 19.8%. The 20-city dropped 18.4% from the peak.

The 20-city index's Sun Belt cities, which recorded the biggest price increases during the boom, have led the price drop. Las Vegas prices have declined 28.4% during the past 12 months; Miami homes lost 28.3% of their value; and Phoenix process dropped 26.5%.

Homes in the midwest metro areas like Detroit have lost 17.4% of their value for the 12 months while Cleveland 8%.

Prices in northeast cities like Boston, dropped 6.2% for the 12 months while in New York, prices dropped 7.9%.

The smallest year-over-year declines were recorded by Charlotte, N.C. with a decline of 0.2%, Dallas -- by 3.1%, and Denver by 4.8%.