2. Office of the Chief Economist Multifamily Housing Outlook David F. Seiders Chief Economist October 25, 2006

3. Office of the Chief Economist Homeownership Rate (Percent, 3 Quarter Moving Average) 1

4. Office of the Chief Economist Renter Share of Total Households (Percent, 3 Quarter Moving Average) 2

5. Office of the Chief Economist Existing Condo/Co-op Sales (000s, SAAR, 3 Month moving Average) 3

6. Office of the Chief Economist Inventory of Existing Condos/Co-ops (Months’ Supply)(000s) Months’ Supply (L) Level (R) (All data are based on 3 month moving averages) 4

7. Office of the Chief Economist Existing Condo/Co-op Prices (Y/Y % Changes, 3 Month Moving Average) 5

8. Office of the Chief Economist Multifamily Rental Vacancy Rates (Percent, 3 Quarter Moving Avg.) 2 to 4 5 or More 6

9. Office of the Chief Economist 3-Month Absorption Rates for New Rental Apartments (5+) (Percent, 3 Quarter Moving Avg.) 7

10. Office of the Chief Economist CPI: Rent of Primary Residence (Y/Y % Changes) 8

11. Office of the Chief Economist Multifamily Housing Starts (000S, SAAR, 3 Quarter Moving Average) 9

12. Office of the Chief Economist Condo Share of Multifamily Starts (Percent, 3 Quarter Moving Average) 10

13. Office of the Chief Economist Multifamily Starts: Condo Vs. Rental (000s, SAAR, 3 Quarter Moving Average) Rental Condo 11

14. Office of the Chief Economist Multifamily Component of Residential Fixed Investment (Billions 2000$, SAAR, 3 Month Moving Average) 12