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That's a long time. On the planet I live on, fuel and housing has doubled since the election. Meat is up 30-50% in the last 12 months.
Planet Puna subdivision, perhaps? US home price increases are a matter of record. They've doubled over the past 10 years, with a 37% increase over the past two.
Rents are actually quite cheap in Honolulu if you compare it to housing valuations. I rented out my 1 bdrm condo in 2001 for $1300/mo and paid $180k for it in 2000. Today that same condo if renovated to match the condition of my condo in 2002 would rent for maybe $2100/mo and sell for about $450,000. A 60% increase in rent over 21 years is only 2.3% annual increases.
Planet Puna subdivision, perhaps? US home price increases are a matter of record. They've doubled over the past 10 years, with a 37% increase over the past two.
My bad, I was referring to mortgage interest rates, not the cost of housing. According to Redfin etc the value of my house has more than doubled in the last 10 years. The cost of vacant land in our subdivision has more than doubled since Covid. BI real estate was already on an upward trend after the Leilani eruption destroyed a lot of the inventory.
I was curious about how much of an effect the housing market has on inflation and found this lengthy PDF analysis. 3 authors including Lawrence Summers.
"We study how the recent run-up in housing and rental prices affects the outlook for inflation in the United States. Housing held down overall inflation in 2021. Despite record growth in private market-based measures of home prices and rents, government measured residential services inflation was only four percent for the twelve months ending in January 2022. After explaining the mechanical cause for this divergence, we estimate that, if past relationships hold, the residential inflation components of the CPI and PCE are likely to move close to seven percent during 2022. These findings imply that housing will make a significant contribution to overall inflation in 2022, ranging from one percentage point for headline PCE to 2.6 percentage points for core CPI. We expect residential inflation to remain elevated in 2023. "
The real estate bubble is not unique to Hawaii; it's pretty much nation wide. Not sure when it will pop, but that's what happens. I'd say we are getting close since recession is on the horizon and interest rates are climbing.
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