1. Exuberant Bubble or Fundamentally Sound Where are Real Estate Prices Going? The Metro NY Chapter Appraisal Institute Mark Pomykacz, MAI President With Guest Speakers: Peter F. Korpacz, MAI Peter F. Korpacz, MAI Robert A. Knakal Robert A. Knakal Frank Nothaft, Ph.D. Frank Nothaft, Ph.D. Friday, September 30, 2005 Steven L. Newman Institute Baruch College Barry Hersh, AICP Associate Director Presented Jointly by:

2. The Panelists Peter F. Korpacz, MAI, Director of the Global Strategic Real Estate Research Group of PricewaterhouseCoopers (PwC), Robert A. Knakal Founding Partner of Massey Knakal Realty Services. Frank E. Nothaft Chief Economist for Freddie Mac

3. Exuberant Bubble Exuberant Bubble Background Fundamentally Sound

4. PRECEPTION vs REALITY Just the facts, Maam Talking about it, can make it happen "That greater tendency toward self-correction has made the cyclical stability of the economy less dependent on the actions of macroeconomic policymakers, whose responses often have come too late or have been misguided, the Man, Tuesday, Sept 27, 2005

5. New York Times Articles

6. Wall Street Journal Articles

7. New York Times vs. Wall Street Journal

9. Appraisers in Action Survey of Members of the Metropolitan Chapter of the Appraisal Institute

10. Housing Bubble Survey – Chart 1

11. Housing Bubble Survey – Chart 2

12. Housing Bubble Survey – Chart 3

13. Housing Bubble Survey – Chart 4

14. Housing Bubble Survey – Chart 5

15. Housing Bubble Survey – Chart 6

16. NCREIF vs. CPI – Chart 1

17. NCREIF vs. CPI – Chart 2

18. Are we in a bubble? History cautions that extended periods of low concern about credit risk have invariably been followed by reversal

19. Are we in a bubble? Translation – What! Where yous been livin? In a bubble! And Dont touch my hair

20. I got a bridge to sell