Standard and Poor's Case Shiller Index released it's data through May today and the news is not good:

Data through May 2008, released today by Standard & Poor's for its S&P/Case-Shiller

1: Home Price Indices, the leading measure of U.S. home prices, show annual declines in the prices of existing single family homes across the United States generally continued to worsen in May 2008. For the second straight month, all 20 MSAs posted annual declines, nine of which are posting record lows and 10 of which are in double-digits. Both the 10-City Composite and the 20-City  Composite are reporting record low annual declines.

Markets that remain important to Maui real estate had the following year-over-year results:

Las Vegas: down 28%...
L.A.: down 25%...
Portland: down 5%...
San Diego: down 23%...
San Fransisco: down 23%...
Seattle: down 6%

There is no way to feel good about this.

However if you are BUYING Maui Real Estate, This may be a good time to start your search.