How Owners’ Equivalent Rent Duped the Fed
In this New York Times story the other day, Floyd Norris noted the relationship between home prices and the Consumer Price Index’s measure of the same - the nefarious “owners’ equivalant rent” – a subject that is near and dear to the heart of yours truly.
If you’re new to this blog and are wondering about the title of this post, or if you think you’ve seen that chart somewhere before, be advised that this is all familiar ground here, this subject being covered in this item from back in 2007, the Seeking Alpha version still ranking near the top on a Google search on the term “owners equivalent rent”, and the graphic going on to appear in Kevin Phillips’ 2008 book “Bad Money” as noted here.
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