I thought this was interesting. Someone basically substitutes the "Owners' Equivalent Rent" component of the government reported CPI and replaces it with home prices:
Mish's Global Economic Trend Analysis: Case Shiller CPI vs. CPI-U November 2008 Analysis
The effect is that inflation was understated over the last few years and is currently overstated.
If house prices were included in the CPI then the FED would've have acted to reduce the monetary expansion which would've reduce the size of the housing bubble (Would not have limited it as inflation under this indicator didn't get worrisome until around 2003~2004).
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