Forget about calling a bottom, this housing crash has only just begun. In terms of data, this was a bad week, but brace yourself, worse is to come.

Today it was the turn of the S&P/Case- Shiller home-price index to ring out the sorry news. The index showed that declines in home prices in 20 U.S. metropolitan areas had in fact accelerated in the 12 months ended in February. Values fell 1 percent from February 2006 after dropping 0.1 percent in the year ended January.

What are things getting worse. Think FIP - Foreclosures, Inventory, Prices. Foreclosures are up, Inventory is at all time highs, and prices are not adjusting fast enough to clear the market. The FIP factor explains why existing home sales fell 8.4 percent last month; the highest fall since 1989.