HOUSING PRICES - FLORIDA

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TAMPA MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices rose 2.4X, or 13.4% annualized.

Peak to Trough: Decline of 48%, or (11.6)% annualized.

Trough to Current: Home prices rising - up 74% recovering only portion of price losses; or 7.8% annualized.

Current from Peak: Home prices remain (9)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices rose 2.8X, or 15.9% annualized.

Peak to Trough: Decline of 63%, or (18.3)% annualized.

Trough to Current: Home prices rising - up 164% recovering only portion of price losses; or 13.6% annualized.

Current from Peak: Home prices remain (3)% below peak.

Trends in Yearly Home Prices:  Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate price gains.

Trends in Yearly Home Prices: Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate price gains.

HPI Tiers:   All price tiers show steady increases. All tiers remain well below peaks. Since recovery in Low Tier commenced, rate of increase in Low Tier much steeper than the other tiers.

HPI Tiers:

All price tiers show steady increases. All tiers remain well below peaks. Since recovery in Low Tier commenced, rate of increase in Low Tier much steeper than the other tiers.

Home Affordability: Home affordability is better or less costly than U.S. averages.

Home "P/E" ratio = 3.3X. Median home purchase is +3X median family income compared to 3.7X for U.S.

HOI = 62.7%. ~63% of families can afford median priced home (NAHB HOI).

HPI vs. CPI:   Pre-crisis run-up in home prices rapid followed by relatively quick descent and long trough. Since trough, steady sustained price increases. Homes prices do go negative on CPI inflation adjusted basis.

HPI vs. CPI:

Pre-crisis run-up in home prices rapid followed by relatively quick descent and long trough. Since trough, steady sustained price increases. Homes prices do go negative on CPI inflation adjusted basis.


MIAMI MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly tripled, or 15.3% annualized.

Peak to Trough: Decline of 55%, or (17.6)% annualized.

Trough to Current: Home prices rising - up 94% recovering only portion of price losses; or 9.3% annualized.

Current from Peak: Home prices remain (13)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices up 2.6X, or 15.1% annualized.

Peak to Trough: Decline of 45%, or (10.8)% annualized.

Trough to Current: Home prices rising - up 55% recovering only portion of price losses; or 6.1% annualized.

Current from Peak: Home prices remain (15)% below peak.

Trends in Yearly Home Prices:  Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate price gains.

Trends in Yearly Home Prices: Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by moderate price gains.

HPI Tiers:   All price tiers show steady increases. All tiers remain well below peaks. Rate of increase in Low Tier starting to break out from the other tiers.

HPI Tiers:

All price tiers show steady increases. All tiers remain well below peaks. Rate of increase in Low Tier starting to break out from the other tiers.

Home Affordability: Home affordability much more costly than U.S. averages.

Home "P/E" ratio = 5.8X. Median home purchase is nearly 6X median family income compared to 3.7X for U.S.

HOI = 27.9%. Only ~28% of families can afford median priced home (NAHB HOI).

HPI vs. CPI:   Pre-crisis run-up in home prices rapid followed by quick descent and long trough. Since trough, steady sustained price increases. Homes prices do not go negative on CPI inflation adjusted basis since 2000. Price recovery has occurred even though Miami MSA remains with a significant level of homes with negative equity (per CoreLogic report = +13% of all homes with mortgages are underwater).

HPI vs. CPI:

Pre-crisis run-up in home prices rapid followed by quick descent and long trough. Since trough, steady sustained price increases. Homes prices do not go negative on CPI inflation adjusted basis since 2000. Price recovery has occurred even though Miami MSA remains with a significant level of homes with negative equity (per CoreLogic report = +13% of all homes with mortgages are underwater).