When you said new home purchases, I thought you meant new home purchases. Is what you meant new purchases of homes?
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You’re nitpicking over nothing 
. “New (home purchases)”, not “(new home) purchases”. Both are correct, even if it’s ambiguous.
When you own your home, be it paid off or with a mortgage in place, you are blissfully unaffected by the housing market. The only thing rising home prices do to you is paint dollar signs on your eyes when calculating all the new found equity being added to your net worth. It’s an investment return, not inflationary cost.
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charts on the different components of Putin’s price hike.
Specifically regarding the earlier rent/housing discussion, here’s the CPI-U month/month change and you can see it’s definitely elevated even in the +0.7-0.8% rise for June. Housing is about 1/3 of the CPI, so it matters a lot.
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(From friendly CNBC, NOT a conservative mouthpiece)
Americans are taking a variety of steps to contend with higher prices. Some 65% of those polled said they’re cutting back on entertainment. More than 4 in 10 are spending less on groceries.
With Americans feeling crushed beneath the weight of rising prices, Biden’s economic approval dropped 5 points from the prior survey in April to just 30%.
The poll of 800 people across the nation found that 51% believe the president’s efforts to combat inflation are making no difference, and 30% think they are actually hurting.
The poll found that inflation is by far the top concern in the country
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As I write this there has been a rebound in the prices of both crude oil and natural gas. The former, both Brent and WTI, now are back up several dollars above USD$100. Natural gas is, once again, nearly halfway to USD$8 with winter moving closer and reserves being filled.
In short, support for inflation is strengthening anew in the wake of President Biden’s Middle-East trip.
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Continuing President Barack Husein Obama’s legacy of draining the SPR, President Joseph Robinette Biden hopes that by inflating the rate of drainage, he can keep Democrats from paying the price for reducing exploration, leasing, drilling, and distribution.
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UK high inflation
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Small business impacts, difficulties from inflation
angry customers who come in complaining that he keeps raising gas prices: “If I was making the money you thought I was making, I wouldn’t be standing here listening to you right now.”
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Can you blame them, when our fearless leaders keep telling everyone the problem is greedy station owners gouging their customers? The first thing that needs to change is for certain people to stop trying to deflect blame onto whatever convenient target happens to be available at the time.
But then again, inciting in-fighting within the population is the Democrat way.
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Forget about begging, Saudi says they may not have that much additional oil capacity anyway.
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These guys have a clever end run around Biden’s anti-domestic drilling agenda 
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Really? Another crisis? JHC!
How will we survive? I mean, there’s a heat wave that rivals the temp in Hades. There is a threat to “persons” that forces the birth of alphabet and heterosexual babies. There are apparently multiple threats to the “most vulnerable” amongst us. Climate change has forced poor rich beachfront property owners underwater. They can only reach their estates (compounds, if you’re a Kennedy) via boat or scuba gear. I won’t fall further down the table of “crises”, but can we admit that there are very few crises?
OR, how many crises can we juggle? Is this a new talent to be exhibited on Ed Sullivan’s Great Great Grandsonperson’s show? I’m a crisis juggler extraordinaire.
Maybe we can ask government to “help” us, disregarding any factual data that they caused any of these alleged crises.
\Oops! I fell off my soapbox.
Ever since people learned that a crisis can’t be let go to waste, everything has to be a crisis. Scream “crisis” and resources will be marshalled to your disposal.
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On how big inflation is a boon to the government, and how even apparently good growth rates in the (nominal) economy can be soundly negative in real terms.
Speaking of the economy, it seems to be doing pretty well.
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Until January - March. So says my Magic 8-Ball.
Ask those same economists if they saw inflation coming in the Spring of 2021.
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Roubini: “Delusional”
https://finance.yahoo.com/news/shallow-recession-calls-totally-delusional-153908219.html
That differs from the 1970s, he said, when the debt ratio was low despite the combination of stagnant growth and high inflation known as stagflation. But the nation’s debt has ballooned since the financial crisis of 2008, which was followed by low inflation or deflation due to a credit crunch and demand shock, he added.
“This time, we have stagflationary negative aggregate supply shocks and debt ratios that are historically high,” said Roubini
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I just heard from a buddy that his company of 400 is laying off 35 people. He’s forced to ax 5 people under him.
His father in law was just laid off.
Another friend just found out that his boss at his previous company was just laid off.
These are all white collar/Zoomable jobs. That’s where it starts. Eventually we’ll start to see fewer Help Wanted signs in all the low skilled workplace windows as people cut back on discretionary spending. I still have a job and my going-out-to-lunch budget probably needs to change since our grocery and gas spending has gone up so much.
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