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June 22, 2022

The shelter component of the Consumer Price Index tends to track home prices, and housing related data suggest home prices are facing several headwinds.

The Consumer Price Index (CPI) made a new cycle high in May, increasing at 8.6%.  Shelter is the largest overall category in the CPI (32%) and Owners’ Equivalent Rent (OER) is the largest component of the shelter category (24%).  OER is an attempt to capture homeowners’ housing consumption by calculating what they think they could...
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