Originally posted at Capitalstool.
Yardi Matrix just out reports 0.5% m/m decline in asking rents in November.
BLS had rent of shelter at an increase of 0.65% and the completely bogus nonsense of Owners’ Equivalent Rent +0.67%.
So CPI overstates housing cost by 1.1%. in ONE MONTH. That’s 40% of core.
On a not seasonally manipulated basis, November CPI was -0.1%. If rent were included accurately, it would have been -0.5%. For ONE MONTH.
And that’s not the half of it, because the NAR’s current sale prices for October contracts was MINUS 1.1% FOR THE MONTH.
Can you say DEFLATION?
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