HOUSING PRICES - MIDDLE ATLANTIC

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WASHINGTON, D.C. MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices rose 151%, or 14.6% annualized.

Peak to Trough: Decline of 34%, or (14.5)% annualized.

Trough to Current: Home prices rising - up 42% recovering only portion of price losses; or 3.8% annualized.

Current from Peak: Home prices remain (6)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices triple and rose 197%, or 16.9% annualized.

Peak to Trough: Decline of 46%, or (23.9)% annualized.

Trough to Current: Home prices rising - up 68% recovering only portion of price losses; or 5.0% annualized.

Current from Peak: Home prices remain (10)% 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 = 73.9%. ~74% of families can afford median priced home (NAHB HOI).


CHARLOTTE MSA

HPI Price Walk:

2000 to Peak: Home prices rose only 36%, or 4.1% annualized.

Peak to Trough: Decline of 20%, or (5.1)% annualized.

Trough to Current: Home prices rising - up 52% recovering all price losses, or 5.7% annualized.

Current from Peak: Home prices now 21% above 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 = 71.3%. ~71% of families can afford median priced home (NAHB HOI).


ATLANTA MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices rose only 36%, or 4.2% annualized.

Peak to Trough: Decline of 40%, or (10.7)% annualized.

Trough to Current: Home prices rising - up 86% recovering all price losses; or 7.9% annualized.

Current from Peak: Home prices now 12% above peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices rose only 38%, or 4.7% annualized.

Peak to Trough: Decline of 66%, or (20.0)% annualized.

Trough to Current: Home prices triple - up 239% recovering all price losses; or 17.0% annualized.

Current from Peak: Home prices 16% above peak.

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

Home "P/E" ratio = 2.9X. Median home purchase is <3X median family income compared to 3.7X for U.S.

HOI = 70.9%. ~71% of families can afford median priced home (NAHB HOI).