On one hand, it looks like the national Case-Shiller Index is up about 40% since the previous peak (above). 

But after adjusting for inflation, Bill shows how home prices are about the same as before:



You could say that home prices have only been tracking inflation over the last 10-12 years.

Has the frenzy over the last 12 months just added the annual 2% to 3% increase to home pricing that we’ve always assumed over the last decade, but didn’t realize due to inflation? Could be!

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