Gap = (Actual Index Level - Baseline Index Level) / Actual Index Level

S&P/Case-Shiller U.S. National Index, interpolated monthly, less month-over-month % in U.S. Consumer Price Index. The Consumer Price Index is based upon data reported by the U.S. Bureau of Labor Statistics. The U.S. Home Price Gap (Inflation-Adjusted) is the percentage difference between the current level of the S&P/Case-Shiller U.S. National Home Price Index and its baseline trend level, both adjusted for inflation. The baseline trend is derived by extrapolating the average rate of index growth before 2000, the year when prices in many real estate markets began appreciating at unprecedented and unsustainable levels.