1. WHERE ARE WE HEADED? Market Strength Is The Index Pointing Towards Recovery?

2. WHERE ARE WE HEADED? Market Strength A Full Real Estate Market Cycle

3. WHERE ARE WE HEADED? Market stabilization and recovery (post – 9/11). Market Strength 2002-’03: Market Stabilization

4. WHERE ARE WE HEADED? Rapid increase in market strength, extended. Market Strength 2003-’05: Market Strength

5. WHERE ARE WE HEADED? Market stabilization? Strong price appreciation countered by weakening transaction volumes. Market Strength 2005-’07: Signs of a Slowdown

6. WHERE ARE WE HEADED? Rapid decrease in market strength. Significant price depreciation. Market Strength 2007-’08: Canary in the Coal Mine

7. WHERE ARE WE HEADED? Market stabilization. Market Strength 2009-’10: Market Stabilization

8. WHERE ARE WE HEADED? Market recovery. Market Strength 2010-’11: Market “Recovery”

9. WHERE ARE WE HEADED? Market stabilization and recovery (post – 9/11). Rapid increase in market strength, extended. Market stabilization? Strong price appreciation countered by weakening transaction volumes. Rapid decrease in market strength. Significant price depreciation. Market stabilization. Market recovery. Market Strength Putting it All Together