Data released today through October by the S&P Dow Jones Indices for its S&P / Case-Shiller Indices posted year over year gains of 13.6% — and have returned to their mid-2004 levels. Denver declined from its peak of 147.18 in September to close out October at a respectable 146.78, and an annualized 9.5% improvement over the previous 12 months.

While overall, prices increased in October, David Blitzer, chair of the Index Committee at the S&P Dow Jones Indices, observed that the monthly numbers show that "we're living on borrowed time and the boom is fading," he said. "The key economic question facing housing is the Fed's future course to scale back quantitative easing and how this will affect mortgage rates."

He added that other housing data suggest that price gains may be close to their peak, yet other economic data indicate that 2014 may see faster growth. "Most forecast for home prices point to single digit growth in 2014," Blitzer said. Read more...