Commentary  Home prices rise another percent according to Case-Shiller. The Fed does not even count that as inflation. Home prices jumped again in November according to the latest Case-Shiller Home Price Report. 10-City: +0.93 percent 20-City: +0.99 percent National: +0.90 percent CS National, Top 10 Metro, CPI, Owners’ Equivalent Rent (OER) Chart Notes The above chart shows Case-Shiller home price index compared to inflation measures from the Bureau of Labor Statistics (BLS). OER is the mythical price the BLS calculates as if one would rent one’s own house from himself, unfurnished, without utilities. Home prices are not directly in the CPI. OER is the single largest factor with a weight in the CPI of 23.51 percent. Rent of primary residence is 7.58 percent of the CPI. Home prices disconnected from the CPI in 2000. OER and Rent have been rising much faster than the CPI since about 2015. This dynamic has …