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 76% recovering only portion of price losses; or 7.8% annualized.

Current from Peak: Home prices remain (8)% 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 167% recovering only portion of price losses; or 13.4% annualized.

Current from Peak: Home prices remain (2)% below peak.

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

Home "P/E" ratio = 3.0X. Median home purchase is 3X median family income compared to 3.7X for U.S.

HOI = 68.3%. ~68% of families can afford median priced home (NAHB HOI).


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 9.0% 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 56% recovering only portion of price losses; or 6.0% annualized.

Current from Peak: Home prices remain (14)% below peak.

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

Home "P/E" ratio = 5.6X. Median home purchase is 5.6X median family income compared to 3.7X for U.S.

HOI = 31.6%. Only ~32% of families can afford median priced home (NAHB HOI).