US Home Prices Hit A Record High In October - What Happens Next?

US home prices have never been higher according to October's Case-Shiller data - surpassing July 2006's peak.

 

Home Price appreciation has been oddly stable for the last 30 months - hovering around 5% YoY according to Case-Shiller data...

 

The 5.1% YoY rise was slightly better than expected, but, with mortgage applications at Lehman lows and mortgage rates spiking to near 3-year highs since this data, the question is... 

 

What happens next?