Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I just want to point out that we hear a fair amount of anecdotal feedback suggesting that just determining what is the net real price for a house is not so easy because of incentives, particularly in multifamily but also new homes in general. You pay list, but you get a Mercedes and a year’s worth of gasoline and your lawn mowed and a lot of things thrown in for the seller to hold the price close to what the list is. So I don’t know how these things are actually measured to take into account those kinds of incentives.

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