Housing prices have hit a 30-year high, but don't expect Congress to help anytime soon

Last year, Americans could buy a house or rent relatively cheaply due to rock-bottom interest rates and pandemic-era deals meant to fill empty apartments. But that was only a brief reprieve from a housing market crisis brewing in the US for decades. 

Soaring housing and rent prices made up a large portion of the increases in the latest inflation report released on Tuesday. Data from the Bureau of Labor Statistics shows that housing costs increased 0.7% in August after rising 0.5% the month prior. Americans are now paying 6.2% more for shelter than they...