Data from the Standard & Poor’s/Case-Shiller Home Price Index released today reveals that US house prices are rapidly accelerating on their way down.

According to a report in the San Francisco Chronicle:

The group’s 10-City Composite index covering major U.S. markets traced the same trajectory, falling 13.6 percent in February, 11.4 percent in January and 9.8 percent in December.

“There is no sign of a bottom in the numbers,” said David Blitzer, chairman of Standard & Poor’s index committee, in a prepared statement. “Prices of single family homes continue to drop across the nation.”

Dave Gonigam in The Daily Reckoning says: “A full 3% of US homes could go into foreclosure before the housing meltdown is over, according to a new report from the Pew Charitable Trusts.”

“That’s 1 out of every 33. In Nevada, it’ll be more like 1 out of 11.

“In light of those figures, the accompanying forecast of 41 million homes losing value because of surrounding foreclosures, with a total loss in value of $356 billion, seems awfully conservative.

“One other figure that stands out, and this one’s already in the rear-view mirror: Only three states did not experience at least a 20% increase in foreclosure starts in 2007 — Alaska, Montana, and Vermont.

“One out of every 33 homeowners in foreclosure? Sorta reinforces my thinking that soon foreclosure will be a perverse badge of honor.”