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The housing market just got even uglier.

A decline in U.S. housing prices in July was the steepest drop in 16 years, according to the nationwide S&P/Case-Shiller home price index released this morning.

The downturn in the U.S. housing market has been blamed for creating turbulence in international money markets and has kindled domestic concerns about a possible recession. Federal Reserve policymakers cut short-term interest rates by half a percentage point last week in an effort to bolster economic growth.

Home prices were lower in 15 of 20 metropolitan areas, the report showed. A subindex of 10 metropolitan areas fell 4.5% in July, the biggest drop since July 1991. The largest declines over the past year were in Detroit; Tampa, Fla.; and San Diego. Seattle and Charlotte, N.C., had the biggest increases.

Home prices have fallen by more every month since the beginning of the year.