Home prices grew 5.6% last year, hitting a new high and surpassing the pre-bubble peak set earlier, according to the Nations's Housing annual report by Joint Center of Harvard University.

However, that's only if you compare dollars to dollars. Adjusting for inflation the "new peak" is still 15 percent below the high in 2006-2007. Only 41 of 100 metros saw home prices grow to new peaks and only 97 of the 100 metros saw home price growth to new peaks overall.

(More in my next blog)