1. U.S. Housing Outlook Presented By: Stanley F. Duobinis, Ph.D. President Crystal Ball Economics, Inc.

2. Real GDP Percent Change

3. U.S. Unemployment Rate Percent

4. Total Payroll Employment Percent Change

5. Payroll Employment Percent Change Total Manufacturing

6. U.S. Manufacturing Employment Millions 3.0 Million jobs lost 2.6 Million jobs lost

7. U.S. Industrial Output Index: 1996 = 100 Employment (L) Output (R) Millions of Jobs

8. Manufacturing Output vs. Employment Percent Change – Annual Rate

9. Manufacturing’s Share of Employment

10. Total Employment Growth November 2003 to November 2004

11. Total Employment Growth Pct Chg. Year Ago

12. Consumer Confidence Index 1985 = 100 Stock Market Tumbles September 11th The War in Iraq

13. Consumer Confidence Index 1985 = 100 Current Situation Expectations

14. GDP Inflation Percent Change

15. Federal Funds Rate Target Percent

16. Mortgage Rates Percent Fixed Adjustable

17. Single-family Housing Starts Thousands

18. Homeownership Rate Percent

19. Total Employment vs. Total Housing Starts ThousandsPct Chg. Year Ago Employment - R Housing Starts - L

20. Total Employment Growth November 2003 to November 2004

21. Single-family Starts Pct Chg 2003-2004 U.S. = 6.4

22. Single-family Starts Pct Chg 2004-2005 U.S. =-2.8

23. Rental Vacancy Rates Percent Buildings with 5 or More Units

24. Multifamily Housing Starts Thousands

25. Condo Share Of Multifamily Starts Percent 40.7

26. Multifamily Housing Starts Pct Chg 2003-2004 U.S. =-0.5

27. Multifamily Housing Starts Pct Chg 2004-2005 U.S. =-5.7

28. Total Housing Starts Thousands

29. Starts Per Capita 2005 U.S. = 6.6

30. Manufactured Home Shipments Thousands

31. Existing Home Sales Thousands

32. Residential Remodeling Billions of 2000 Dollars

33. Median New Home Size Square Feet Multifamily Single-family 1375 887 2137 1077 2218 1100

34. Residential Fixed Investment Billions of 2000 Dollars

35. Nonresidential Construction Billions of 2000 Dollars

36. Nonresidential Construction Billions of 2000 Dollars Lodging Manufacturing Office Other Commercial Other