Ummm...they mention both rates. And they don't try to hide it, it's even on their website.
As for how to track housing costs...I'm not a statistician but if the purpose of the CPI is to measure the living costs incurred by the average household...why limit the cost of housing criteria to rental prices?
I own a house and have a mortgage. Prices of houses in my area double. Does my mortgage double? No.
I never said they try to hide it...but those who support Fed policies also don't often mention the total CPI rate...they prefer to mention the core rate...which, IMO, understates inflation...but you don't have to believe me...look at the various Fed Bank websites...google statements by Fed governors or by Greenspan himself
I own a house and have a mortgage. Prices of houses in my area double. Does my mortgage double? No.
I don't understand your point...if prices of homes double in your area in a short time...you have a case of high housing inflation...a condition that is probably not reflected in the CPI...particularly if the housing boom is the result of low mortgage rates. I only know what's going on in my area of the country...but here housing prices still go up at ridiculous annual rates...and at the same time I see that local apartment complexes are offering all sorts of deals (free rent for the first month or two) to entice renters. I don't know the statistics but I will guarantee that, in any area of the country, average annual rent increases are nowhere close to average annual housing price increases.
Until the early 80's, the CPI did use home prices, mortgage interest rates, property taxes, and insurance and maintenance costs as the bases for measuring housing costs...then the BLS moved to imputed rental value...why?