As Ilyce just discussed on the Clark Howard Show –

Home prices fell 14 percent in the first quarter according to the the Standard and Poor’s Shiller Home Price Indexes announced today. This was the largest drop in the 20-year history of the indexes. They fell 6.7 percent from the fourth quarter of 2007.

Las Vegas home prices dropped the most, with a 26 percent decline in March 2008 from a year earlier. Miami home prices followed with a 25 percent drop and Phoenix home prices fell 23 percent.

Charlotte and Dallas seemed to be OK. Home prices in Charlotte rose 0.2 percent and in Dallas they rose 1.1 percent.

Here are Case Shiller home price declines in other major cities:

Atlanta -6.5 percent
Boston -5.9 percent
Chicago -10.0 percent
Cleveland -9.5 percent
Dallas -3.3 percent
Denver -5.0 percent
Detroit -17.9 percent
Las Vegas -25.9 percent
Los Angeles -21.7 percent
Miami -24.6 percent
Minneapolis -14.1 percent
New York -7.4 percent
Phoenix -23.0 percent
Portland -4.0 percent
San Diego -20.5 percent
San Francisco -20.2 percent
Seattle -4.4 percent
Tampa -19.6 percent
Washington -14.7 percent

May 27, 2008