Standard & Poor’s this week released its S&P/Case-Shiller U.S. National Home Price Index for May 2007 and most American homeowners should just be glad they don’t live in Detroit. While the composite index of 20 markets was down 2.8 percent over the past year, in Detroit the market plunged 11.1 percent. For the record, the steepest decline in the 20 years that the indices have been compiled was Boston in 1991 when the market was off 11.2 percent in a single year.

Of the 20 markets tracked by the indices, 15 showed price decreases and five showed price increases.

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