Rents are rising ‘ominously’ fast, according to some economists
You don’t need a crystal ball to predict that housing costs likely will continue to climb — because that’s what the latest Consumer Price Index appears to be foreshadowing.
Richard Moody, chief economist at Regions Financial Corporation, also noted that rents seeing their biggest jump since June 2006 “has a somewhat ominous connotation.” Those rapid 2006 price increases were a precursor of the 2008 housing crash. That’s also because the Bureau of Labor Statistics samples housing data from six different panels every six months. That results in a six-month lag in housing data included in the monthly CPI report.
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