1. -5% - 25%25% - 50%50% - 75%75% - 100%100% - 195% 2001 Q2 - 2006 Q2 Five-Year Cumulative House Price Growth, Single Family

2. -10% - 5%5% - 10%10% - 15%15% - 20%20% - 45% 2005 Q2 - 2006 Q2 One-Year House Price Growth, Single Family

3. SECOND HOME Share >15%: Monterey Las Vegas Palm Beach Orlando Tampa-St. Pete Tucson San Francisco Honolulu Share between 10% and 15%: Jacksonville Phoenix Redding Anaheim Miami San Antonio Santa Barbara San Diego Share > 15%: Monterey Miami Austin Palm Beach San Antonio Share between 10% and 15%: Honolulu San Jose Orlando Tampa-St Pete San Francisco Anaheim Las Vegas Santa Barbara Phoenix San Diego Jacksonville Redding Tucson INVESTOR

4. Sometimes Prices Do Decline Regionally Sources: OFHEO Home Prices in Los Angeles