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The economy is still in a Gimme Shelter feedback loop, which we warned about last May in the following repost of that post.
The monthly payment increases as mortgage rates rise faster than housing prices fall, which, in our opinion, has an increasingly more significant impact on the psychology of homeowners and landlords. And don’t underestimate the Airbnb impact on the survey that the BLS conducts with homeowners to calculate Owners Equivalent Rents,
“If someone were to rent your home today, how much do you think it would rent for monthly, unfurnished and without utilities?” – BLS
What a horrendous way to measure 25 percent of the CPI inflation.
Housing contributes 42 percent of the CPI basket, of which Owners’ equivalent rent (OER) makes up about 24 percent of the CPI basket and rents 0.8 percent of the basket. Both measures rose 0.7 percent in August, rocking this morning’s CPI release.
Give it a few days until we hear market analysts’ cries about how OER is a distorted measure of housing inflation. We have been beating that dead horse for years, if you haven’t noticied
Here’s a whimsical piece we posted in 2019 on core inflation, a chart that we were buying.
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