Population Change: 2005 versus 2004 More than 2% 1% to 2% 0% to 1% Less than 0% US: 0.94%

Population Change: 2006 versus 2005 More than 2% 1% to 2% 0% to 1% Less than 0% US: 0.90%

Population Change: 2007 versus 2006 More than 2% 1% to 2% 0% to 1% Less than 0% US: 0.90%

Forces driving regional housing demand Interplay between employment growth and population growth

Employment Growth: 2005 versus 2004 More than 2% 1% to 2% 0% to 1% Less than 0% US: 1.55%

Employment Growth: 2006 versus 2005 More than 2% 1% to 2% 0% to 1% Less than 0% US: 1.38%

Employment Growth: 2007 versus 2006 More than 2% 1% to 2% 0% to 1% Less than 0% US: 0.96%

Employment Growth: Y/Y Jan-Aug 2006 vs More than 2% 1% to 2% 0% to 1% Less than 0% US: 1.32%

Forces driving regional housing demand Higher home prices are dampening demand But different states have experienced different rates of price increases

Change in Existing Home Prices in Y/Y Q2, % or more 10% to 20% 5% to 10% 5% or less US: 9.84%

Change in Existing Home Prices in Y/Y Q2, % or more 10% to 20% 5% to 10% 5% or less US: 14.04%

Change in Existing Home Prices in Y/Y Q2, % or more 10% to 20% 5% to 10% 5% or less US: 10.06%

Forces driving regional housing demand Demand for second homes

Second Homes: Share of Housing Stock % or more 5% to 10% 3% to 5% 3% or less US: 3.1%

Forces driving regional housing demand Demand for apartments and condos

Multifamily Housing: Not everyone lives in a single-family house

Rental Vacancy Rates % to 8% 8.1% to 11% 11.1% to 13% 13.1% to 18% US: 10.2%

Rental Vacancy Rates % to 8% 8.1% to 11% 11.1% to 13% 13.1% to 15% US: 9.8%

Multifamily Share of Housing Starts % to 15% 15% to 20% 20% to 25% 25% or more US: 19.2%

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