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The problem with housing (in case someone else hasn't mentioned this) is that for inflation purposes, it was the cost of housing that was used but the rental rate of housing and rental rates were low, except in certain areas like San Francisco where it paid to rent rather than buy.

I'm so sure that this was bad because buying a house is not something we consume every day or month or (at least most of us) year. And housing is not like an automobile where after 15 or 20 years it may not be worth anything. True, the house may not be worth what you paid for it, but it won't be worth nothing (Actually, not quite true because I knew of a lady who had a house in West Virginia that wouldn't sell at any price. I think she gave it to a church.).

brucedoe
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