HOUSING PRICES - SOUTHWEST

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DENVER MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices rose only 40%, or 5.2% annualized.

Peak to Trough: Decline of 14%, or (6.2)% annualized.

Trough to Current: Home prices rapidly rising - up 84%, or 8.2% annualized.

Current from Peak: Home prices are now 58% above peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices rose only 39%, or 5.7% annualized.

Peak to Trough: Decline of 22%, or (7.3)% annualized.

Trough to Current: Home prices rapidly rising - up 143%, or 8.8% annualized.

Current from Peak: Home prices are now 90% above peak.

Home Affordability: Home affordability is 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 = 50.2%. Only ~50% of families can afford median priced home (NAHB HOI). Home affordability has been deteriorating.


DALLAS MSA

HPI Price Walk:

2000 to Peak: Home prices rose only 26%, or 3.2% annualized.

Peak to Trough: Decline of 11%, or (7.1)% annualized.

Trough to Current: Home prices rapidly rising - up 69%, or 7.3% annualized.

Current from Peak: Home prices are now 50% above peak.

Home Affordability: Home affordability is near the U.S. averages.

Home "P/E" ratio = 3.6X. Median home purchase is 3.6X median family income compared to 3.7X for U.S.

HOI = 52.4%. Only ~52% of families can afford median priced home (NAHB HOI).


LAS VEGAS MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly 2.4X, or 13.0% annualized.

Peak to Trough: Decline of 62%, or (17.1)% annualized.

Trough to Current: Home prices rising and up 113% - but only recover portion of price losses; or 10.4% annualized.

Current from Peak: Home prices are remain (18)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices nearly 2.4X, or 13.6% annualized.

Peak to Trough: Decline of 70%, or (21.2)% annualized.

Trough to Current: Home prices rising and up 209% - but only recover portion of price losses; or 16.2% annualized.

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

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

Home "P/E" ratio = 4.2X. Median home purchase is +4X median family income compared to 3.7X for U.S.

HOI = 52.7%. ~53% of families can afford median priced home (NAHB HOI).


PHOENIX MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly 2.3X, or 12.9% annualized.

Peak to Trough: Decline of 56%, or (15.5)% annualized.

Trough to Current: Home prices rising and up 89% - but only recover portion of price losses; or 8.5% annualized.

Current from Peak: Home prices are remain (17)% below peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices nearly 2.4X, or 13.5% annualized.

Peak to Trough: Decline of 71%, or (44.2)% annualized.

Trough to Current: Home prices rising and up 213% - but only recover portion of price losses; or 11.5% annualized.

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

Home Affordability: Home affordability is at U.S. averages.

Home "P/E" ratio = 3.6X. Median home purchase is 3.6X median family income compared to 3.7X for U.S.

HOI = 63.9%. ~64% of families can afford median priced home (NAHB HOI).