Home prices in the Chicagoland area continued their decline in January, reaching an 11-year low. Chicago area home prices fell 1.9 percent in January from the previous month. When compared to January 2011, home prices had fallen 7 percent.

Chicago home prices have fallen for the last five months, now dipping to the lowest prices seen in 11 years, according to the Standard & Poor Case-Schiller Index. Nationally, prices for single-family homes remained flat, the index reported.