Chicago area home prices, along with those in eight other cities, have hit an all-time low, according to the latest S&P/Case-Shiller home price index report.

Home prices in the Chicago area fell 2.5 percent in February, making the decline for the year 6.9 percent. February's price drop is the sixth consecutive monthly decline in home prices in the area, bringing prices down to May 2010 levels.

Las Vegas, Portland, New York, Charlotte, Atlanta, Seattle, Tampa, and Cleveland also saw housing prices reach an all-time low in February according to the index.