The price of homes in Chicago fell for the third consecutive month in November, reaching may 2001 levels.

In November, housing prices fell 3.4 percent from October and 5.9 percent from the previous year. The S&P/Case-Shiller housing index found that outside of four other cities, Chicago had the largest year-to-year price decline of the 20 cities studied in the report.

Even though housing prices are low, job insecurity and minimal lending by banks has kept many potential homebuyers from purchasing a home.