[Torie]

The chart is a bit confusing, but I think it tells the tale of declining cap rates and interest rates, particularly real interest rates, which are currently anemic.

[GodGunsGuts]

To my mind it shows that housing prices tracked inflation almost perfectly until they introduced the potentially erroneous "Owner's Equivalent Rent".

[GodGunsGuts]

...which may indicate that housing, PMs, and commodities are tracking the **real** rate of inflation.