HOUSING PRICES - NORTHEAST

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NEW YORK MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices more than doubled, or 12.0% annualized.

Peak to Trough: Decline of 27%, or (5.5)% annualized.

Trough to Current: Home prices slowly rising - up 28% recovering only portion of price losses; or 3.1% annualized.

Current from Peak: Home prices remain (7)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices climb 2.6X, or 14.2% annualized.

Peak to Trough: Decline of 38%, or (8.6)% annualized.

Trough to Current: Home prices slowly rising - up 49% recovering only portion of price losses; or 5.7% annualized.

Current from Peak: Home prices remain (8)% below peak.

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

Home "P/E" ratio = 5.2X. Median home purchase is 5.2X median family income compared to 3.7X for U.S.

HOI = 37.0%. Only ~37% of families can afford median priced home (NAHB HOI). Home affordability has been deteriorating.


BOSTON MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices rose 82%, or 10.7% annualized.

Peak to Trough: Decline of 20%, or (6.4)% annualized.

Trough to Current: Home prices rising - up 52% recovering all price losses; or 5.6% annualized.

Current from Peak: Home prices now 21% above peak.

HPI Price Walk - All Tiers:

2000 to Peak: Home prices more than double and rise 119%, or 13.9% annualized.

Peak to Trough: Decline of 32%, or (7.0)% annualized.

Trough to Current: Home prices rising - up 85% and recovering substantially more than price losses; or 7.7% annualized.

Current from Peak: Home prices now 25% above peak.

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

Home "P/E" ratio = 4.3X. Median home purchase is 4.3X median family income compared to 3.7X for U.S.

HOI = 47.2%. Only ~47% of families can afford median priced home (NAHB HOI).