Let's talk ominous portents. Let's talk unmitigated disasters. Let's talk recession. Let's talk ... U.S. home prices. Yep, it's that time of the month again—the release of the Standard & Poor's/Case-Shiller Home Price Indexes.

No surprises here: Things still look unbearably grim as the housing market malaise grinds onward. The 10-city composite index was down 2.8% for the month of February and a record 13.6% for the 12-month period. Meanwhile, the 20-city composite was down 2.6% for the month and 12.7% for the 12-month period. In all, the 10-city composite is down 15.8% from its June 2006 peak, while the 20-city composite has fallen 14.8% from its July 2006 peak.

Every single one of the metropolitan statistical areas covered by the indexes showed a decline for the month of February, ranging from a 0.4% decline for Charlotte to a 5.0% drop for San Francisco. For the 12-month period, only Charlotte had a positive return, up 1.2%. Las Vegas had the worst one-year decline at -22.8%, followed by Miami at -21.7% and Phoenix at -20.8%. S&P noted that Las Vegas and Miami grew rapidly in the 2004/2005 periods, with annual growth rates that were at times above 50% and 30%, respectively.

According to David M. Blitzer, chairman of the Index Committee at Standard & Poor's, the numbers offer no sign of a bottom. "The monthly data show that every one of the MSAs has now declined every month since September 2007, marking six consecutive months. On top of that, the declines have remained steep, with eight of the 20 MSAs and both composites reporting their single largest monthly decline in February," Blitzer said.

In other words, we can probably expect more of the same next month. And with most market participants and economists—Warren Buffett is the latest—already agreeing that we are in a recession, these latest results will only add to the evidence.