Home prices are continuing to fall, according to the latest report of the S&P/Case-Shiller indices.

The data, good through April, show that prices in the 10-city index fell 16.3 percent from last year. The 20-city index fell 15.3 percent, also a new record low.

Home prices in Atlanta continued their slide, dropping 0.1% from last month to a level 7.5% below that of last year. It is the seventh straight month of annual negative returns for the city.

Still, it could be much worse: Las Vegas and Miami continue to be the weakest markets in the country, with prices in Las Vegas dropping 26.8 from last year’s levels, and Miami shedding 26.7 percent.

There were some bright spots in the latest report: 8 of the 20 cities surveyed showed positive month-to-month appreciation, though their year-to-year values were still negative. In fact, all 20 cities monitored by Case-Shiller showed negative year-over-year returns, the first time that has happened since the index’s inception in 2000.

With housing inventory sitting at record and near-record levels, there will most likely be continuing downward pressure on home prices. Combined with an increasing number of foreclosures and short sales, it is likely that home prices will continue to deteriorate.

It has been the markets that gained the most during the real estate boom which have been hit the hardest, a factor working to Atlanta’s advantage. As home prices skyrocketed elsewhere, Atlanta experienced mild and steady appreciation. As other markets are now in free fall, Atlanta has not seen price depreciation to the same level.

Additionally, as Atlanta continues to be a desirable place to live, the city should emerge from the housing downturn earlier than other markets across the country.

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Speed Limit 7 1/2, originally uploaded by Random Factor.