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Risk Management in Housing Industry

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									          Title             Organization                            URL
Senior Loan Officer        Federal       http://www.federalreserve.gov/BoardDocs/SnLoanSurvey/
Opinion Survey on Bank     Reserve Board
Lending Practices




Summary of            Federal       http://www.federalreserve.gov/FOMC/BeigeBook/2007/
Commentary on Current Reserve Board
Economic Conditions




CME Housing Futures        Chicago          http://www.cme.com/trading/prd/re/housing.html
                           Merchantile      http://www.cme.com/trading/dta/hist/dbindex.html
                           Exchange


Analyst Estimates for      Yahoo            http://finance.yahoo.com/
Individual Stocks
CMBS Market Statistics     Commercial     http://www.cmalert.com/Public/MarketPlace/MarketStatistics
                           Mortgage Alert /index.cfm


MBA Commercial Real        Mortgage         http://www.mortgagebankers.org/ResearchandForecasts/Pr
Estate/ Multifamily        Bankers          oductsandSurveys/QuarterlyDataBook.htm
Finance Quarterly Data     Association
Book
Phoenix Building Permits   Texas Real       http://recenter.tamu.edu/Data/bpm/sfm6200m.htm
                           Estate Center
Historical Mortgage        HSH              http://www.bestrates.com/mtghst.html
Rates                      Associates


Housing Market Indices     National         http://www.nahb.org/page.aspx/category/sectionID=1053
                           Association of
                           Homebuilders




Housing Market Statistics National          http://www.nahb.org/page.aspx/category/sectionID=1052
                          Association of
                          Homebuilders
Economic Statistics       Yardeni           http://www.yardeni.com/USEconChart.aspx

                                            http://www.workforce.az.gov/
                                        Description
Survey of approximately sixty large domestic banks and twenty-four U.S. branches
and agencies of foreign banks. The Federal Reserve generally conducts the survey
quarterly, timing it so that results are available for the January, May, August, and
November meetings of the Federal Open Market Committee. The Federal Reserve
occasionally conducts one or two additional surveys during the year. Questions cover
changes in the standards and terms of the banks' lending and the state of business
and household demand for loans. The survey often includes questions on one or two
other topics of current interest.

Commonly known as the Beige Book, this report is published eight times per year.
Each Federal Reserve Bank gathers anecdotal information on current economic
conditions in its District through reports from Bank and Branch directors and
interviews with key business contacts, economists, market experts, and other
sources. The Beige Book summarizes this information by District and sector. An
overall summary of the twelve district reports is prepared by a designated Federal
Reserve Bank on a rotating basis.
CME Housing futures and options are the first comprehensive financial tools that
make it possible to trade U.S. real estate values. These products provide
opportunities for protection or profit in up or down markets, and extend to the housing
industry the same tools for risk management and investment that previous CME
innovations have brought to agriculture and finance.


Commercial Mortgage Alert regularly publishes rankings of key participants in the
CMBS market: Underwriters, loan-contributors, issuers, trustees, law firms, and
rating agencies. It also provides readers with an array of statistical summaries
showing the very latest issuance trends.
The Commercial Real Estate/ Multifamily Finance Quarterly Data Book is a quarterly
compendium of the latest MBA research on the commercial/multifamily finance
markets.



National monthly averages from HSH Associates survey. HSH Associates contacts
about 2,000 lenders weekly. The statistics shown here include both conforming and
jumbo mortgages to give a true picture of the overall mortgage market

 NAHB/Wells Fargo Housing Opportunity Index (HOI): Want to know how affordable
a specific area is? The HOI is an indicator of home affordability in metropolitan areas
across the nation. NAHB/Wells Fargo Housing Market Index (HMI): NAHB measures
the strength of the single-family housing market each month through surveys of
NAHB members. Remodeling Market Index (RMI): Get information on current
demand, as well as future expectations, for additions, alterations, repairs, and
maintenance to existing homes.
Access to construction statistics, financial and mortgage markets, state and local
data, building materials data & reports, home sales and prices
 Economic Indicator                      Description
Book to Bill Ratio




Capacity Utilization        The capacity utilization rate reflects the
                            usage of available resources.




Construction Spending       The dollar value of new construction
                            activity on residential, nonresidential,
                            and public projects. Data are available
                            in nominal and real (inflation-adjusted)
                            dollars.




Conference Board Consumer Based on a mail-in survey sent to about
Confidence Index          5,000 households. Results are
                          converted to an index and expressed in
                          comparison to the 1985 average of 100.
                          Expectations make up 60% of the total
                          index, with current conditions
                          accounting for the other 40%.

Consumer Price Index        The most widely known and used
                            measure of inflation, the Consumer
                            Price Index is based on the price of a
                            “basket” of goods including food,
                            beverages, fuel, medical care and
                            clothing.
Delinquency Rate            Failure to make mortgage payments
                            when mortgage payments are due. The
                            delinquency rate measures the
                            percentage of borrowers who are late on
                            their mortgage payment.
Employment Situation          The Employment Situation is a set of
                              labor market indicators. The
                              unemployment rate measures the
                              number of unemployed as a percentage
                              of the labor force. Nonfarm payroll
                              employment counts the number of paid
                              employees working part-time or full-time
                              in the nation's business and government
                              establishments. The average workweek
                              reflects the number of hours worked in
                              the nonfarm sector. Average hourly
                              earnings reveal the basic hourly rate for
                              major industries as indicated in nonfarm
                              payrolls.
Existing Home Sales           The number of previously constructed
                              homes with a closed sale during the
                              month. Existing homes (also known as
                              home resales) are a larger share of the
                              market than new homes and indicate
                              housing market trends.

                             Represents the number
Housing Starts (New Residential Construction (C20)) of new
                             residential buildings, including single-
                             family and multifamily homes, where
                             construction was started. Expressed as
                             a seasonally adjusted annual rate.

Inventory to Sales Ratio      The dollar amount of inventories held by
                              manufacturers, wholesalers, and
                              retailers. The level of inventories in
                              relation to sales is an important indicator
                              of the near-term direction of production
                              activity.
ISM Index (formerly NAPM)     The Institute for Supply Management
                              compiles a composite diffusion index of
                              national manufacturing conditions.
                              Readings above 50 percent indicate an
                              expanding factory sector.
New Home Sales (C25)   The number of newly constructed
                       homes with a committed sale during the
                       month. The level of new home sales
                       indicates housing market trends.




Retail Sales           Retail Sales measure the total receipts
                       at stores that sell durable and
                       nondurable goods.



GAFO (Retail Sales)    Sales at stores that sell merchandise
                       normally sold in department stores.
                          How Does This Impact the Market?
The book-to-bill ratio is important when looking at the PC sector or semiconductor manufacturing
companies because it gives a snapshot of the supply and demand environment. For example, when
the number is above 1.00, it suggests that demand is higher than supply. Data is provided by SEMI
and is released around the 20th of each month. The data released is for the previous month (i.e. an
October release on the 20th contains September's data).

Since the manufacturing sector accounts for one-quarter of the economy, this report has a big
influence on market behavior. The capacity utilization rate provides an estimate of how much factory
capacity is in use. If the utilization rate gets too high (above 85%) it can lead to inflationary
bottlenecks in production . The Federal Reserve watches this report closely and sets interest rate
policy on the basis of whether production constraints are threatening to cause inflationary pressures.
As such, the bond market can be highly sensitive to this report.
       Since the economic backdrop is the most pervasive influence on financial markets,
construction spending has a direct bearing on stocks, bonds and commodities. In a more specific
sense, trends in the construction data carry valuable clues for the stocks of home builders and large-
scale construction contractors. Commodity prices such as lumber are also very sensitive to housing
industry trends. Businesses only put money into the construction of new factories or offices when
they are confident that demand is strong enough to justify the expansion. The same goes for
individuals making the investment in a home. That's why construction spending is a good indicator of
the economy's momentum.

Consumer confidence is considered important because consumer spending accounts for more than
two-thirds of U.S. economic activity. The monthly Conference Board survey is one of the two most
closely watched indicators of sentiment. Large shifts in the value of this index often have a significant
effect on the equities markets. Only index changes of at least five points should be considered
significant. The index consists of two subindices - consumers' appraisal of current conditions and
their expectations for the future. The expectations index is typically seen as having better leading
indicator qualities than the current conditions index.

Sometimes economists look only at the change in "core" prices, excluding volatile food and energy
categories. The rate of change of the CPI is the most important indicator of inflation in the United
States economy, and a significant change in inflation may result in a change in monetary policy. In
addition, an accelerating inflation rate will generally impact negatively on the equity markets.


Before a loss on a loan can occur a loan passes from current status into 30-, 60-, and 90-day
delinquency status e.g., loans 30 or more days past due before finally entering the foreclosure
process.
        This economic report can move the markets! The anticipation on Wall Street each month is
palpable, the reactions are dramatic, and the information for investors is invaluable. By digging just a
little deeper than the headline unemployment rate, investors can take more strategic control of their
portfolio and even take advantage of unique investment opportunities that often arise in the days
surrounding this report. The employment data give the most comprehensive report on how many
people are looking for jobs, how many have them, what they're getting paid and how many hours
they are working. These numbers are the best way to gauge the current state and future direction of
the economy. They also provide insight on wage trends, and wage inflation is high on the list of
enemies for the Federal Reserve. Fed chairman Alan Greenspan talks about this data frequently and
watches for inflation constantly. By tracking the jobs data, investors can sense the degree of
tightness in the job market. If wage inflation threatens, it's a good bet that interest rates will rise,
bond and stock prices will fall.



This provides a gauge of not only the demand for housing, but the economic momentum. People
have to be feeling pretty comfortable and confident in their own financial position to buy a house.
Furthermore, this narrow piece of data has a powerful multiplier effect through the economy. The
economic "ripple effect" exists because it brings many consumption opportunities for the buyer.
Refrigerators, washers, dryers and furniture are just a few items home buyers might purchase. In a
more specific sense, trends in the existing home sales data carry valuable clues for the stocks of
home builders, mortgage lenders and home furnishings companies.
This report, issued monthly, provides an estimate of the number of housing units on which
construction was started. A good indicator to assess demand for housing and construction industry
health. Housing starts are considered a leading indicator as to the near-term performance of the
economy, since they represent more than 20% of total investment spending. Housing starts are also
monitored for the effects of changes in monetary policy.

By looking at the ratio of inventories to sales, investors can see whether production demands will
expand or contract in the near future. For example, if inventory growth lags sales growth, then
manufacturers will have to boost production lest commodity shortages occur. On the other hand, if
unintended inventory accumulation occurs (that is, sales do not meet expectations), then production
will probably have to slow while those inventories are worked down. In this manner, the business
inventory data provide a valuable forward-looking tool for tracking the economy.
The first major indicator reported each month, considered a reliable assessment of how the
manufacturing sector is performing . Based on a survey of executives done by the Institute for
Supply Management, formerly known as the National Association of Purchasing Management.
Responses are compiled and reported as an index number. A reading above 50 percent indicates
the manufacturing sector is expanding, while a reading below 50 indicates it is shrinking. Though
50% is the breakeven mark in theory, different readings have proved to be breakeven in practice.
The 42.7% mark on the total index marks the point below which the overall economy is believed to
be in recession. Between 42.7-50%, the manufacturing sector may be in decline, but the total
economy is only seeing slower growth. An important element which is missing from the NAPM index
is the service sector. NAPM has been one of the better predictors of the business cycle over the
years.
This narrow piece of data has a powerful multiplier effect through the economy. Each time the
construction of a new home begins, it translates to more construction jobs, and income which will be
pumped back into the economy. Once the home is sold, it generates revenues for the home builder
and the realtor. It brings a myriad of consumption opportunities for the buyer. Refrigerators, washers,
dryers and furniture are just a few items new home buyers might purchase. In a more specific sense,
trends in the new home sales data carry valuable clues for the stocks of home builders, mortgage
lenders and home furnishings companies. (See also Existing Home Sales)


Consumer spending accounts for two-thirds of the economy, so if you know what consumers are up
to, you'll have a pretty good handle on where the economy is headed. The pattern in consumer
spending is often the foremost influence on stock and bond markets. For stocks, strong economic
growth translates to healthy corporate profits and higher stock prices. For bonds, the focus is
whether economic growth goes overboard and leads to inflation.
GAFO includes the following: General merchandise stores (NAICS 452), Apparel: Clothing and
clothing accessories stores (NAICS 448), Furniture and home furnishings stores (NAICS 442),
Electronics and appliances stores (NAICS 443), Sporting goods, hobby, book and music stores
(NAICS 451), and Office supplies, stationery and gift stores (NAICS 4532)
                                  S&P500 10-Year Fixed        CPI:     CPI: All
               SNL REIT SNL REIT Price/For Conduit CMBS      Urban items less
                 Equity  Dividend  ward    Spreads (bps)   Consumer food &      Spot Oil
Data Series:   Price/FFO   Yield   EPS      Over Swaps     - All items energy    Price
  Source:         SNL      SNL    Yardeni Morgan Stanley    BLS: CPI BLS: CPI    WSJ
Data Source       SNL      SNL    Yardeni    CMA Alert     FreeLunch FreeLunch FRED
 1970.01                                                      37.9      39.6     3.350
 1970.02                                                      38.1      39.8     3.350
 1970.03                                                      38.3      40.1     3.350
 1970.04                                                      38.5      40.4     3.350
 1970.05                                                      38.6      40.5     3.350
 1970.06                                                      38.8      40.8     3.350
 1970.07                                                      38.9      40.9     3.310
 1970.08                                                        39      41.1     3.310
 1970.09                                                      39.2      41.3     3.310
 1970.10                                                      39.4      41.5     3.310
 1970.11                                                      39.6      41.8     3.310
 1970.12                                                      39.8       42      3.560
 1971.01                                                      39.9      42.1     3.560
 1971.02                                                      39.9      42.2     3.560
 1971.03                                                        40      42.2     3.560
 1971.04                                                      40.1      42.4     3.560
 1971.05                                                      40.3      42.6     3.560
 1971.06                                                      40.5      42.8     3.560
 1971.07                                                      40.6      42.9     3.560
 1971.08                                                      40.7       43      3.560
 1971.09                                                      40.8       43      3.560
 1971.10                                                      40.9      43.1     3.560
 1971.11                                                        41      43.2     3.560
 1971.12                                                      41.1      43.3     3.560
 1972.01                                                      41.2      43.5     3.560
 1972.02                                                      41.4      43.6     3.560
 1972.03                                                      41.4      43.6     3.560
 1972.04                                                      41.5      43.8     3.560
 1972.05                                                      41.6      43.9     3.560
 1972.06                                                      41.7       44      3.560
 1972.07                                                      41.8      44.1     3.560
 1972.08                                                      41.9      44.3     3.560
 1972.09                                                      42.1      44.3     3.560
 1972.10                                                      42.2      44.4     3.560
 1972.11                                                      42.4      44.4     3.560
 1972.12                                                      42.5      44.6     3.560
 1973.01                                                      42.7      44.6     3.560
 1973.02                                                        43      44.8     3.560
 1973.03                                                      43.4       45      3.560
 1973.04                                                      43.7      45.1     3.560
 1973.05                                                      43.9      45.3     3.560
 1973.06                                                      44.2      45.4     3.560
 1973.07                                                      44.2      45.5     3.560
 1973.08                                                        45      45.7     4.310
 1973.09                                                      45.2       46      4.310
 1973.10                                                      45.6      46.3     4.310
1973.11   45.9   46.5    4.310
1973.12   46.3   46.7    4.310
1974.01   46.8   46.9   10.110
1974.02   47.3   47.2   10.110
1974.03   47.8   47.6   10.110
1974.04   48.1   47.9   10.110
1974.05   48.6   48.5   10.110
1974.06    49     49    10.110
1974.07   49.3   49.5   10.110
1974.08   49.9   50.2   10.110
1974.09   50.6   50.7   10.110
1974.10    51    51.2   11.160
1974.11   51.5   51.6   11.160
1974.12   51.9    52    11.160
1975.01   52.3   52.3   11.160
1975.02   52.6   52.8   11.160
1975.03   52.8    53    11.160
1975.04    53    53.3   11.160
1975.05   53.1   53.5   11.160
1975.06   53.5   53.8   11.160
1975.07    54     54    11.160
1975.08   54.2   54.2   11.160
1975.09   54.6   54.5   11.160
1975.10   54.9   54.8   11.160
1975.11   55.3   55.2   11.160
1975.12   55.6   55.5   11.160
1976.01   55.8   55.9   11.160
1976.02   55.9   56.2   12.030
1976.03    56    56.5   12.100
1976.04   56.1   56.7   12.170
1976.05   56.4    57    12.170
1976.06   56.7   57.2   12.170
1976.07    57    57.6   12.170
1976.08   57.3   57.9   12.170
1976.09   57.6   58.2   13.900
1976.10   57.9   58.5   13.900
1976.11   58.1   58.7   13.900
1976.12   58.4   58.9   13.900
1977.01   58.7   59.3   13.900
1977.02   59.3   59.7   13.900
1977.03   59.6    60    13.900
1977.04    60    60.3   13.900
1977.05   60.2   60.6   13.900
1977.06   60.5    61    13.900
1977.07   60.8   61.2   13.900
1977.08   61.1   61.5   14.850
1977.09   61.3   61.8   14.850
1977.10   61.6    62    14.850
1977.11    62    62.3   14.850
1977.12   62.3   62.7   14.850
1978.01   62.7   63.1   14.850
1978.02    63    63.4   14.850
1978.03   63.4   63.8   14.850
1978.04   63.9   64.3   14.850
1978.05   64.5   64.7   14.850
1978.06    65    65.2   14.850
1978.07   65.5   65.6   14.850
1978.08   65.9   66.1   14.850
1978.09   66.5   66.7   14.850
1978.10   67.1   67.2   14.850
1978.11   67.5   67.6   14.850
1978.12   67.9    68    14.850
1979.01   68.5   68.5   14.850
1979.02   69.2   69.2   15.850
1979.03   69.9   69.8   15.850
1979.04   70.6   70.3   15.850
1979.05   71.4   70.8   18.100
1979.06   72.2   71.3   19.100
1979.07    73    71.9   21.750
1979.08   73.7   72.7   26.500
1979.09   74.4   73.3   28.500
1979.10   75.2    74    29.000
1979.11    76    74.8   31.000
1979.12   76.9   75.7   32.500
1980.01    78    76.7   32.500
1980.02    79    77.5   37.000
1980.03   80.1   78.6   38.000
1980.04   80.9   79.5   39.500
1980.05   81.7   80.1   39.500
1980.06   82.5    81    39.500
1980.07   82.6   80.8   39.500
1980.08   83.2   81.3   38.000
1980.09   83.9   82.1   36.000
1980.10   84.7    83    36.000
1980.11   85.6   83.9   36.000
1980.12   86.4   84.9   37.000
1981.01   87.2   85.4   38.000
1981.02    88    85.9   38.000
1981.03   88.6   86.4   38.000
1981.04   89.1    87    38.000
1981.05   89.7   87.8   38.000
1981.06   90.5   88.6   36.000
1981.07   91.5   89.8   36.000
1981.08   92.2   90.7   36.000
1981.09   93.1   91.8   36.000
1981.10   93.4   92.1   35.000
1981.11   93.8   92.5   36.000
1981.12   94.1    93    35.000
1982.01   94.4   93.3   33.850
1982.02   94.7   93.8   31.560
1982.03   94.7   93.9   28.480
1982.04    95    94.7   33.450
1982.05   95.9   95.4   35.930
1982.06    97    96.1   35.070
1982.07    97.5    96.7   34.160
1982.08    97.7    97.1   33.950
1982.09    97.7    97.2   35.630
1982.10    98.1    97.5   35.680
1982.11     98     97.3   34.150
1982.12    97.7    97.2   31.720
1983.01    97.9    97.6   31.190
1983.02     98      98    28.950
1983.03    98.1    98.2   28.820
1983.04    98.8    98.6   30.610
1983.05    99.2    98.9   30.000
1983.06    99.4    99.2   31.000
1983.07    99.8    99.8   31.660
1983.08   100.1   100.1   31.910
1983.09   100.4   100.5   31.110
1983.10   100.8    101    30.410
1983.11   101.1   101.5   29.840
1983.12   101.4   101.8   29.240
1984.01   102.1   102.5   29.690
1984.02   102.6   102.8   30.145
1984.03   102.9   103.2   30.761
1984.04   103.3   103.7   30.618
1984.05   103.5   104.1   30.520
1984.06   103.7   104.5   29.967
1984.07   104.1    105    28.752
1984.08   104.4   105.4   29.250
1984.09   104.7   105.8   29.311
1984.10   105.1   106.2   28.765
1984.11   105.3   106.4   28.098
1984.12   105.5   106.8   25.429
1985.01   105.7   107.1   25.641
1985.02   106.3   107.7   27.271
1985.03   106.8   108.1   28.238
1985.04    107    108.4   28.805
1985.05   107.2   108.8   27.623
1985.06   107.5   109.1   27.143
1985.07   107.7   109.4   27.329
1985.08   107.9   109.8   27.755
1985.09   108.1    110    28.289
1985.10   108.5   110.5   29.538
1985.11    109    111.1   30.813
1985.12   109.5   111.4   27.228
1986.01   109.9   111.9   22.945
1986.02   109.7   112.2   15.442
1986.03   109.1   112.5   12.618
1986.04   108.7   112.9   12.847
1986.05    109    113.1   15.444
1986.06   109.4   113.4   13.469
1986.07   109.5   113.8   11.575
1986.08   109.6   114.2   15.092
1986.09    110    114.6   14.913
1986.10   110.2    115    14.852
1986.11   110.4   115.3   15.207
1986.12   110.8   115.6   16.076
1987.01   111.4   115.9   18.656
1987.02   111.8   116.2   17.726
1987.03   112.2   116.6   18.305
1987.04   112.7   117.3   18.643
1987.05    113    117.7   19.415
1987.06   113.5   117.9   20.034
1987.07   113.8   118.3   21.355
1987.08   114.3   118.7   20.274
1987.09   114.7   119.2   19.526
1987.10    115    119.8   19.848
1987.11   115.4   120.1   18.920
1987.12   115.6   120.4   17.241
1988.01    116    120.9   17.160
1988.02   116.2   121.2   16.765
1988.03   116.5   121.7   16.217
1988.04   117.2   122.3   17.875
1988.05   117.5   122.7   17.438
1988.06    118    123.2   16.530
1988.07   118.5   123.6   15.498
1988.08    119     124    15.524
1988.09   119.5   124.7   14.467
1988.10   119.9   125.2   13.798
1988.11   120.3   125.6   13.977
1988.12   120.7    126    16.266
1989.01   121.2   126.5   17.983
1989.02   121.6   126.9   17.826
1989.03   122.2   127.4   19.445
1989.04   123.1   127.8   21.040
1989.05   123.7   128.3   20.032
1989.06   124.1   128.8   20.005
1989.07   124.5   129.2   19.644
1989.08   124.5   129.5   18.522
1989.09   124.8   129.9   19.594
1989.10   125.4   130.6   20.091
1989.11   125.9   131.1   19.820
1989.12   126.3   131.6   21.088
1990.01   127.5   132.1   22.641
1990.02    128    132.7   22.108
1990.03   128.6   133.5   20.418
1990.04   128.9    134    18.582
1990.05   129.1   134.4   18.237
1990.06   129.9   135.1   16.871
1990.07   130.5   135.8   18.638
1990.08   131.6   136.6   27.174
1990.09   132.5   137.1   33.687
1990.10   133.4   137.6   35.922
1990.11   133.7    138    32.300
1990.12   134.2   138.6   27.337
1991.01   134.7   139.5   24.959
1991.02   134.8   140.2   20.523
1991.03                 134.8   140.5   19.860
1991.04                 135.1   140.9   20.823
1991.05                 135.6   141.3   21.240
1991.06                  136    141.8   20.195
1991.07                 136.2   142.3   21.420
1991.08                 136.6   142.9   21.688
1991.09                  137    143.4   21.857
1991.10                 137.2   143.7   23.228
1991.11                 137.8   144.2   22.465
1991.12                 138.2   144.7   19.517
1992.01                 138.3   145.1   18.820
1992.02                 138.6   145.4   18.995
1992.03                 139.1   145.9   18.916
1992.04                 139.4   146.3   20.243
1992.05                 139.7   146.8   20.940
1992.06                 140.1   147.1   22.375
1992.07                 140.5   147.6   21.759
1992.08                 140.8   147.9   21.350
1992.09          5.63   141.1   148.1   21.902
1992.10          5.66   141.7   148.8   21.688
1992.11          5.26   142.1   149.2   20.342
1992.12          5.78   142.3   149.6   19.407
1993.01   19.4   5.39   142.8   150.1   19.075
1993.02   19.1   5.21   143.1   150.6   20.053
1993.03   18.8   5.15   143.3   150.8   20.347
1993.04   17.3   5.64   143.8   151.4   20.270
1993.05   17.1   5.92   144.2   151.8   19.940
1993.06   17.8   5.79   144.3   152.1   19.070
1993.07   17.9   5.76   144.5   152.3   17.866
1993.08   18.3   5.19   144.8   152.8   18.009
1993.09   17.2   5.16    145    152.9   17.514
1993.10   16.4   6.01   145.6   153.4   18.145
1993.11   15.1   6.07    146    153.9   16.699
1993.12   13.9   6.58   146.3   154.3   14.510
1994.01   14.0   6.32   146.3   154.5   15.000
1994.02   14.5   6.13   146.7   154.8   14.780
1994.03   13.3   6.66   147.1   155.3   14.660
1994.04   13.6   6.32   147.2   155.5   16.380
1994.05   13.8   6.17   147.5   155.9   17.880
1994.06   13.0   6.38   147.9   156.4   19.070
1994.07   12.9   6.41   148.4   156.7   19.650
1994.08   12.8   6.61    149    157.1   18.380
1994.09   11.8   7.07   149.3   157.5   17.460
1994.10   11.3   7.86   149.4   157.8   17.710
1994.11   10.9   8.58   149.8   158.2   18.100
1994.12   11.7   8.23   150.1   158.3   17.160
1995.01   11.0   8.33   150.5    159    17.990
1995.02   11.3   8.10   150.9   159.4   18.530
1995.03   11.1   8.22   151.2   159.9   18.550
1995.04   11.0   8.33   151.8   160.4   19.870
1995.05   11.3   8.03   152.1   160.7   19.740
1995.06   11.2   7.91   152.4   161.1   18.420
1995.07   11.2   7.84               152.6   161.4   17.300
1995.08   11.3   7.65               152.9   161.8   18.030
1995.09   11.5   7.37               153.1   162.2   18.230
1995.10   10.9   7.67               153.5   162.7   17.440
1995.11   11.0   7.65               153.7    163    17.990
1995.12   11.6   7.49               153.9   163.1   19.040
1996.01   11.5   7.34   14.5        154.7   163.7   18.880
1996.02   11.6   7.23   15.3         155     164    19.070
1996.03   11.5   7.37   15.2        155.5   164.4   21.360
1996.04   11.3   7.32   15.2        156.1   164.6   23.570
1996.05   11.5   7.24   15.4        156.4    165    21.250
1996.06   11.7   7.16   15.3        156.7   165.4   20.450
1996.07   11.2   7.18   14.4   44    157    165.7   21.320
1996.08   11.6   7.00   14.9   45   157.2    166    21.960
1996.09   11.4   6.90   15.4   41   157.7   166.5   23.990
1996.10   11.7   6.71   15.7   49   158.2   166.8   24.900
1996.11   12.1   6.50   16.6   42   158.7   167.2   23.710
1996.12   13.2   6.06   16.4   39   159.1   167.4   25.390
1997.01   13.3   5.90   16.6   37   159.4   167.8   25.170
1997.02   13.2   6.11   17.1   35   159.7   168.1   22.210
1997.03   13.4   6.17   16.7   28   159.8   168.4   20.990
1997.04   12.8   6.34   16.1   29   159.9   168.9   19.720
1997.05   13.2   6.12   17.6   29   159.9   169.2   20.830
1997.06   13.1   6.31   18.3   23   160.2   169.4   19.170
1997.07   13.3   5.92   19.0   22   160.4   169.7   19.630
1997.08   13.2   5.94   18.3   20   160.8   169.8   19.930
1997.09   14.1   5.62   19.0   19   161.2   170.2   19.790
1997.10   13.5   5.87   18.0   21   161.5   170.6   21.260
1997.11   13.9   5.81   18.8   35   161.7   170.8   20.170
1997.12   13.5   5.93   18.6   27   161.8   171.2   18.320
1998.01   13.4   6.02   19.1   26    162    171.6   16.710
1998.02   13.0   5.71   20.5   28    162    171.9   16.060
1998.03   12.9   5.69   21.7   29    162    172.2   15.020
1998.04   12.4   5.95   22.1   30   162.2   172.5   15.440
1998.05   12.3   6.05   21.3   25   162.6   172.9   14.860
1998.06   11.7   6.14   21.8   29   162.8   173.2   13.660
1998.07   11.0   6.67   21.8   30   163.2   173.5   14.080
1998.08   10.0   7.48   20.5   27   163.4    174    13.360
1998.09   10.4   7.16   20.0   64   163.5   174.2   14.950
1998.10   10.3   7.39   20.9   88   163.9   174.4   14.390
1998.11   10.4   7.36   23.0   44   164.1   174.8   12.850
1998.12    9.7   7.54   23.6   58   164.4   175.4   11.280
1999.01    9.7   7.75   24.3   49   164.7   175.6   12.470
1999.02    9.4   8.00   24.1   44   164.7   175.6   12.010
1999.03    9.3   8.34   24.4   47   164.8   175.7   14.660
1999.04   10.2   7.66   25.2   47   165.9   176.3   17.340
1999.05   10.4   7.59   23.9   41    166    176.5   17.750
1999.06    9.7   7.58   24.3   45    166    176.6   17.890
1999.07    9.3   7.87   24.1   52   166.7   177.1   20.070
1999.08    9.3   8.05   24.2   50   167.1   177.3   21.260
1999.09    8.9   8.54   22.9   47   167.8   177.8   23.880
1999.10    8.6   8.82   23.0   49   168.1   178.1   22.640
1999.11    8.5   8.96   24.6   45   168.4   178.4   24.970
1999.12    8.5   8.81   25.3   44   168.8   178.7   26.080
2000.01    8.5   8.82   23.7   44   169.3   179.3   27.180
2000.02    8.1   9.03   22.7   45    170    179.4   29.350
2000.03    8.4   8.90   25.0   47    171     180    29.890
2000.04    9.0   8.44   23.9   42   170.9   180.3   25.740
2000.05    9.0   8.34   22.6   45   171.2   180.7   28.780
2000.06    8.7   8.19   23.3   41   172.2   181.1   31.830
2000.07    9.5   7.52   23.3   40   172.7   181.5   29.770
2000.08    9.1   7.91   24.0   40   172.7   181.9   31.220
2000.09    9.4   7.77   22.8   39   173.6   182.3   33.880
2000.10    8.8   7.98   22.1   41   173.9   182.6   33.080
2000.11    8.9   7.95   21.7   40   174.2   183.1   34.400
2000.12    9.5   7.58   22.0   43   174.6   183.3   28.460
2001.01    9.2   7.47   23.0   47   175.6   183.9   29.580
2001.02    9.1   7.66   21.3   51    176    184.4   29.610
2001.03    9.0   7.71   20.2   57   176.1   184.8   27.240
2001.04    9.3   7.58   21.8   49   176.6   185.1   27.410
2001.05    9.5   7.49   22.9   48   177.4   185.3   28.640
2001.06    9.9   7.15   21.7   47   177.8    186    27.600
2001.07    9.5   7.39   21.5   47   177.4   186.4   26.450
2001.08    9.8   7.15   20.7   45   177.5   186.8   27.470
2001.09    9.6   7.71   18.8   61   178.1   187.1   25.880
2001.10    9.1   7.95   20.9   62   177.5   187.3   22.210
2001.11    9.5   7.56   21.9   59   177.5   188.1   19.670
2001.12   11.0   7.35   22.0   48   177.3   188.3   19.330
2002.01   10.9   7.19   21.1   49   177.7   188.7   19.670
2002.02   11.1   7.12   20.0   48   177.9   189.1   20.740
2002.03   11.7   6.82   20.7   46   178.6   189.2   24.420
2002.04   10.9   6.78   19.8   45   179.4   189.7   26.270
2002.05   10.9   6.64   19.0   46   179.5    190    27.020
2002.06   11.2   6.60   17.5   42   179.6   190.2   25.520
2002.07   10.7   6.99   14.9   47    180    190.5   26.940
2002.08   10.6   7.04   16.6   45   180.5   191.2   28.380
2002.09   10.3   7.37   15.1   46   180.8   191.4   29.670
2002.10    9.8   7.79   16.4   47   181.1   191.5   28.850
2002.11   10.2   7.39   17.1   49   181.4   191.8   26.270
2002.12   10.2   7.42   16.2   47   181.6    192    29.420
2003.01    9.9   7.65   15.6   42   182.3   192.3   32.940
2003.02   10.1   7.59   15.2   43   183.3   192.5   35.870
2003.03   10.2   7.52   15.7   45   184.1   192.5   33.550
2003.04   10.6   7.23   16.3   36   183.5   192.5   28.250
2003.05   11.1   6.84   16.9   35   183.3   192.9   28.140
2003.06   11.6   6.67   17.3   36   183.4    193    30.720
2003.07   12.1   6.42   17.1   35   183.8   193.4   30.760
2003.08   11.7   6.39   17.1   37   184.4   193.6   31.590
2003.09   11.7   6.27   17.1   37    185    193.7   28.290
2003.10   11.9   6.23   17.3   31   184.8    194    30.330
2003.11   12.3   5.97   17.4   34   184.6    194    31.090
2003.12   12.0   5.78   17.8   32    185    194.2   32.150
2004.01   12.4   5.26   18.1   27   185.9   194.6   34.270
2004.02   12.4   5.24   18.0   32   186.5   194.9   34.740
2004.03   13.9   5.01    17.0   30    187.3    195.5   36.760
2004.04   12.1   5.91    16.9   30    187.7    195.9   36.690
2004.05   12.8   5.54    16.3   31    188.8    196.2   40.280
2004.06   12.8   5.43    16.5   36    189.3    196.6   38.020
2004.07   12.8   5.45    15.7   35    189.2    196.8   40.690
2004.08   13.5   5.07   15.62   31    189.3    196.9   44.940
2004.09   13.5   5.18   15.73   32    189.6    197.5   45.950
2004.10   15.5   4.90   15.50   32    190.7    197.9   53.130
2004.11   18.6   4.81   16.17   27    191.2    198.2   48.460
2004.12   18.3   4.66   16.42   28    191.2    198.5   43.330
2005.01   18.1   5.11    15.8   24   191.40   199.00   46.840
2005.02   14.8   5.02    15.9   23   192.10   199.40   47.970
2005.03   14.4   5.18    15.5   25   193.20   200.00   54.310
2005.04   14.7   4.94    15.0   27   194.10   200.20   53.040
2005.05   15.3   4.79    15.4   30   194.00   200.50   49.830
2005.06   16.0   4.59    15.4   30   193.90   200.60   56.260
2005.07   17.1   4.30    15.4   29   195.10   201.00   58.700
2005.08   16.4   4.52    14.9   28   196.20   201.20   64.970
2005.09   16.3   4.54   14.52   32   198.60   201.50   65.570
 2005.1   15.9   4.69   14.06   29   199.10   202.00   62.370
2005.11   17.6   4.54   14.85   33   197.80   202.50   58.300
2005.12   17.5   4.58   14.59   32   197.70   202.80   59.430
2006.01   18.7   4.29    14.7   31   199.00   203.20   65.510
2006.02   18.3   4.30    14.8   31   199.10    203.6   61.630
2006.03   18.4   4.06    14.8   28    199.6    204.2   62.900
2006.04   17.8   4.20    14.7   25    200.8    204.8   69.690
2006.05   16.9   4.35    14.1   26    201.9    205.3   70.940
2006.06   17.8   4.19    13.8   25    202.4    205.9   70.960
2006.07   18.0   4.08    13.8   26    203.2    206.4   74.410
2006.08   18.0   3.94    13.9   25    203.8    206.9   73.050
2006.09   18.3   3.90    14.3   26    202.7    207.3   63.870
2006.10   19.5   3.68    14.7   25    201.8    207.6   58.880
2006.11   20.9   3.53    14.8   28    201.9    207.8   59.370
2006.12   20.4   3.63    14.9   27    202.8    208.1   62.030
2007.01   22.2   3.35    15.0   26   203.15   208.63   54.570
2007.02   20.3   3.59    15.2   29   203.91   209.13   59.260
2007.03   19.3   3.70    14.8   31   205.15   209.26   60.560
Per Capita Consumer               ISM Index Capacity      Retail               Loans &
Disposable Confidence Unemploy    Purchasing Utilization: Sales: Office using Leases in
 Income      Index    ment Rate   Managers'      Mfg      GAFO   employment Bank Credit
   BEA     ConfBoard     BLS         ISM        FRB        BOC       BLS      FedReserve
FreeLunch    WRDS     FreeLunch   FreeLunch FreeLunch FreeLunch FreeLunch       FRED
   3462                  3.90        48.7                           10800        291.7
   3481                  4.20        47.4                           10819        290.3
   3495                  4.40        46.9                           10838        291.1
   3580                  4.60        45.0                           10838        292.6
   3567                  4.80        47.2                           10838        293.1
   3559                  4.90        51.1                           10839        292.6
   3619                  5.00        49.5                           10848        297.2
   3640                  5.10        47.3                           10829        298.8
   3658                  5.40        44.1                           10861        300.0
   3650                  5.50        42.4                           10847        302.7
   3653                  5.90        39.7                           10854        303.8
   3680                  6.10        45.4                           10868        304.6
   3748                  5.90        47.9                           10898        309.0
   3756                  5.90        54.8                           10901        310.2
   3781                  6.00        51.2                           10909        311.6
   3799                  5.90        54.5                           10931        314.9
   3825                  5.90        54.2                           10961        318.1
   3919                  5.90        53.8                           10985        320.6
   3867                  6.00        54.4                           10997        323.8
   3896                  6.10        53.6                           10985        326.5
   3905                  6.00        55.1                           11033        329.9
   3917                  5.80        55.0                           11046        333.4
   3934                  6.00        52.3                           11080        336.0
   3975                  6.00        57.6                           11115        337.6
   3970                  5.80        59.6      81.15                11147        343.6
   4006                  5.70        60.6      81.51                11174        346.2
   4021                  5.80        59.8      81.89                11215        350.6
   4039                  5.70        59.3      82.63                11257        356.0
   4074                  5.70        61.4      82.58                11301        361.4
   4035                  5.70        58.6      82.68                11387        364.4
   4117                  5.60        60.1      82.54                11372        370.8
   4166                  5.60        61.7      83.38                11418        375.4
   4197                  5.50        65.1      83.75                11432        378.9
   4299                  5.60        67.0      84.76                11496        385.1
   4359                  5.30        69.9      85.62                11541        391.0
   4392                  5.20        70.5      86.57                11584        394.7
   4385                  4.90        72.1      86.86                11627        403.4
   4449                  5.00        69.6      88.07                11687        415.3
   4495                  4.90        69.6        87.9               11728        424.9
   4523                  5.00        67.7      87.48                11755        430.3
   4563                  4.90        64.8      87.82                11780        436.9
   4597                  4.90        65.0      87.54                11805        443.2
   4622                  4.80        57.8      87.69                11808        449.9
   4657                  4.80        62.7      87.12                11868        457.1
   4697                  4.80        63.5      87.66                11908        459.3
   4763                  4.60        66.2      88.09                11944        462.6
4810           4.80   68.1   88.45   11992   465.6
4828           4.90   63.6   88.21   12014   470.1
4841           5.10   62.1   87.17   12051   474.8
4855           5.20   58.6   86.57   12089   479.6
4871           5.10   61.8   86.26   12101   486.6
4894           5.10   59.9   85.72   12112   497.5
4943           5.10   55.7   85.97   12158   504.1
4980           5.40   54.7   85.83   12186   509.9
5047           5.50   54.8   85.44   12207   516.0
5070           5.50   52.9   84.54   12208   520.9
5108           5.90   46.2   84.51   12201   523.6
5155           6.00   42.7   83.66   12217   525.5
5158           6.60   37.9    80.9   12194   526.5
5190           7.20   30.9   77.03   12153   527.9
5214           8.10   30.7   75.27   12110   527.5
5236           8.10   34.4    72.9   12079   525.6
5252           8.60   31.6   71.79   12060   524.9
5367           8.80   37.5   71.52   12055   521.9
5701           9.00   41.2   71.35   12083   520.2
5530           8.80   45.1   71.87   12067   520.0
5490           8.60   47.2   72.84   12121   518.6
5550           8.40   51.4    73.4   12175   518.0
5592           8.40   54.4   74.55   12183   519.5
5647           8.40   55.5   74.77   12226   521.5
5678           8.30   54.5   74.87   12248   522.2
5712           8.20   54.9   75.67   12285   526.2
5774           7.90   58.8   76.55   12348   524.4
5818           7.70   61.5    77.5   12393   526.4
5849           7.60   58.4   77.47   12438   530.0
5872           7.70   60.6   77.83   12479   530.9
5900           7.40   58.8   78.05   12504   534.1
5923           7.60   58.2   77.91   12539   538.6
5989           7.80   55.9   78.28   12572   540.1
6030           7.80   54.5   78.61   12595   543.9
6060           7.60   53.6   78.57   12639   547.4
6079           7.70   53.5    78.4   12664   553.0
6160           7.80   51.7   79.23   12713   557.3
6207           7.80   56.6   79.88   12762   562.1
6226           7.50   54.8   79.46   12817   566.1
6210           7.60   55.0   80.64   12858   572.1
6329           7.40   58.4   81.61   12919   578.8
6371           7.20   56.9   82.21   12973   585.0
6409           7.00   59.7   82.62   13027   592.4
6468           7.20   56.8   83.05   13081   598.2
6537    98.2   6.90   57.7   82.91   13137   605.3
6592    97.5   7.00   54.9   83.14   13192   614.2
6650    98.7   6.80   53.9   82.99   13272   619.8
6737    96.7   6.80   55.4   82.98   13328   627.4
6814    95.5   6.80   56.1   82.82   13396   634.8
6856    98.9   6.40   59.8   83.52   13450   639.7
6862   109.7   6.40   57.4   82.05   13481   648.6
6929   107.8   6.30   55.9   82.02   13556   655.9
 7032   107.0   6.30   55.0   83.12   13630    664.7
 7107   104.7   6.10   57.7   84.26   13711    674.4
 7150   109.9   6.00   60.2   84.28   13774    685.2
 7189   105.5   5.90   60.5   84.75   13850    694.3
 7264   109.5   6.20   62.2   84.44   13897    704.8
 7315   105.4   5.90   60.3   84.63   13965    711.2
 7362   108.0   6.00   60.5   84.82   14008    719.6
 7432   106.6   5.80   60.1   85.25   14059    729.4
 7488   108.6   5.90   61.3   85.82   14149    739.9
 7552    96.5   6.00   59.4   86.25   14210    747.2
 7632   102.2   5.90   58.5   85.26   14253    757.6
 7692    99.5   5.90   58.2   85.42   14314    765.8
 7773   101.5   5.80   57.7   85.58   14378    776.4
 7778    96.4   5.80   56.2   84.05   14385    787.2
 7838    94.6   5.60   54.4   84.85   14480    796.6
 7880    96.0   5.70   52.7   84.75   14551    807.8
 7989    92.7   5.70   51.3   84.56   14575    819.1
 8051    81.4   6.00   49.5   83.18   14621    827.2
 8100    79.4   5.90   49.6   83.16   14638    840.2
 8200    87.8   6.00   49.0   83.25   14686    844.3
 8289    92.3   5.90   48.0    82.8   14720    844.5
 8377    90.2   6.00   44.8   82.87   14757    850.7
 8532    90.7   6.30   46.2   83.01   14812    857.6
 8574    85.9   6.30   50.2   82.71   14843    866.8
 8614    85.3   6.30   43.6   81.88   14885    874.7
 8576    80.8   6.90   37.4   79.97   14878    872.0
 8584    60.5   7.50   29.4    77.2   14877    863.2
 8636    50.1   7.60   30.3   75.76   14874    860.0
 8768    56.1   7.80   35.0   74.78   14887    861.7
 8846    65.4   7.70   45.5   75.12   14911    869.6
 8972    70.8   7.50   50.1   76.16   14953    875.9
 9155    80.3   7.50   55.5   77.37   15027    886.1
 9246    84.2   7.50   58.2   78.61   15077    899.5
 9350    87.2   7.20   53.0   78.58   15128    910.3
 9368    78.6   7.50   49.2   78.12   15179    916.4
 9427    74.4   7.40   48.8    77.4   15204    918.2
 9508    69.0   7.40   49.6   77.49   15231    923.9
 9524    77.8   7.20   51.6   77.64   15274    930.0
 9580    81.6   7.50   53.5    77.9   15302    941.1
 9669    86.9   7.50   50.7   77.32   15331    948.5
 9870    83.0   7.20   46.7    77.3   15363    952.6
 9956    83.5   7.40   48.3   77.19   15387    959.9
 9999    85.7   7.60   42.5   76.59   15405    966.6
10070    77.6   7.90   40.0   75.62   15414    972.0
10105    75.6   8.30   36.1   74.52   15413    978.8
10098    66.9   8.50   37.8   73.06   15404    991.6
10156    66.6   8.60   38.2   71.18   15405   1004.2
10199    64.9   8.90   38.3   72.95   15404   1014.3
10238    62.3   9.00   36.8   72.22   15404   1022.9
10325    56.7   9.30   37.8   71.63   15379   1032.1
10353    57.0   9.40   35.5   71.33   15388   1039.5
10358    61.4   9.60   38.3   71.03   15380   1047.5
10513    56.7    9.80   38.4   70.81   15373   1052.9
10524    63.2    9.80   38.3   70.05   15360   1057.3
10539    56.9   10.10   38.8   69.69   15351   1064.5
10579    58.1   10.40   39.4   68.82   15336   1070.8
10644    54.3   10.80   39.2   68.23   15347   1070.0
10682    57.4   10.80   42.8   67.84   15355   1073.7
10761    59.5   10.40   46.0   69.41   15379   1079.9
10778    59.0   10.40   54.4   69.32   15391   1081.2
10846    67.6   10.30   53.9   70.02   15448   1086.1
10896    79.4   10.20   54.2   70.81   15518   1087.7
10970    83.1   10.10   56.1   71.74   15564   1089.7
11006    87.7   10.10   57.5    72.3   15625   1098.6
11194    87.5    9.40   63.6   73.43   15704   1109.1
11193    89.0    9.50   63.1   73.94   15171   1119.7
11309    91.2    9.20   62.5   75.35   15850   1127.3
11430    91.1    8.80   64.4   76.17   15891   1138.6
11536    92.1    8.50   66.0   76.36   15945   1150.9
11644    96.7    8.30   69.9   76.52   16008   1163.0
11800   103.6    8.00   60.5   77.87   16076   1170.5
11906   103.9    7.80   61.3   78.59   16149   1190.3
12014   101.0    7.80   58.9   78.83   16214   1201.2
12155   101.1    7.70   61.0    79.1   16269   1216.4
12202   106.1    7.40   58.6   79.15   16334   1233.4
12309   104.8    7.20   58.1   79.33   16396   1247.2
12415   105.8    7.50   56.1   79.49   16441   1260.9
12482   100.4    7.50   53.0   79.43   16489   1269.4
12562   103.1    7.30   50.0   79.03   16559   1283.1
12571   100.0    7.40   50.8   79.13   16624   1295.4
12645    99.1    7.20   50.3   79.17   16682   1310.0
12753   105.4    7.30   50.6   79.22   16735   1326.9
12813    97.0    7.30   50.3   78.65   16806   1334.9
12743   102.0    7.20   49.9   78.11   16857   1347.7
12718   103.1    7.20   47.8   78.49   16915   1361.6
12970    96.1    7.30   48.2   78.01   16969   1371.7
13283   104.4    7.20   47.1   77.91   17035   1380.3
13014    99.6    7.40   47.8   77.82   17082   1394.7
13022   102.6    7.40   47.9   77.17   17124   1403.5
13044   103.2    7.10   47.7   77.49   17196   1412.4
13074   100.9    7.10   49.9   77.43   17267   1425.6
13189    96.0    7.10   50.9   77.12   17333   1432.5
13211    96.1    7.00   52.0   77.52   17409   1448.7
13353    98.1    7.00   50.7   77.72   17462   1466.3
13405    98.2    6.70   51.2   78.52   17496   1484.1
13468    96.9    7.20   51.0   77.92   17553   1491.7
13567    96.0    7.20   51.0   77.62   17598   1509.5
13555    95.1    7.10   49.7   77.72   17660   1510.7
13603   100.0    7.20   53.4   77.74   17710   1514.3
13644   100.2    7.20   50.5   77.39   17671   1521.7
13696   100.0    7.00   48.0   77.73   17818   1529.8
13721    97.5    6.90   52.6   77.86   17838   1539.4
13759    91.7    7.00   52.4   77.92   17930   1551.4
13757    89.7    7.00   51.2   78.07   17973   1555.7
13811    85.8   6.90   51.2   78.31   18037   1566.9
13800    89.7   6.60   50.5   78.86   18101   1596.5
13949    93.2   6.60   54.9   78.47   18163   1625.4
14061    85.4   6.60   52.6   79.41   18223   1626.9
14100    91.8   6.60   55.0   79.27   18288   1635.2
13589    95.8   6.30   55.5   79.47   18369   1650.6
14155    97.4   6.30   57.2    79.9   18433   1657.0
14183   103.0   6.20   57.4   80.01   18476   1668.4
14246   102.1   6.10   57.5   80.38   18547   1671.5
14358   105.8   6.00   59.3   80.59   18604   1684.6
14394   110.7   5.90   60.1   80.93   18645   1703.0
14523   115.7   6.00   60.7   82.14   18708   1714.5
14595   115.1   5.80   58.8   82.47   18743   1716.3
14729   100.8   5.70   61.0    82.9   18800   1720.2
14792   107.7   5.70   57.5   82.64   18867   1737.1
14893   109.9   5.70   56.2   82.71   18939   1748.9
15012   114.9   5.70   54.6   82.95   18987   1761.3
15090   112.7   5.40   55.8   83.63   19033   1779.0
15152   115.7   5.60   55.5   83.49   19081   1798.2
15255   120.2   5.40   59.3    83.6   19152   1813.5
15380   115.7   5.40   58.2   83.66   19205   1824.5
15425   113.5   5.60   56.0    83.7   19243   1836.0
15498   119.7   5.40   54.6   83.96   19297   1838.4
15604   110.7   5.40   55.5   84.36   19352   1850.8
15648   116.9   5.30   55.6   84.53   19423   1859.8
15805   112.9   5.30   56.0   84.78   19496   1871.5
15974   119.4   5.40   54.7   85.33   19526   1878.4
16030   115.8   5.20   54.1    84.3   19605   1905.9
16137   120.7   5.00   51.5   84.03   19641   1914.3
16159   117.4   5.20   52.2   83.97   19679   1924.5
16133   116.6   5.20   49.3   83.05   19719   1938.6
16207   116.7   5.30   47.3   83.04   19747   1951.0
16281   117.2   5.20   45.9   81.91   19768   1969.8
16298   120.4   5.20   45.1   82.56   19649   1985.9
16337   115.4   5.30   46.0   82.19   19800   1997.0
16416   116.3   5.30   46.8   81.82   19819   2010.4
16527   117.0   5.40   46.8   81.76   19895   2017.0
16573   115.1   5.40   47.4   81.75   19998   2017.4
16766   113.0   5.40   47.2   81.39   20032   2022.2
16884   106.5   5.30   49.1   82.37   20123   2032.1
16943   106.7   5.20   49.9   82.53   20180   2044.2
17068   110.6   5.40   50.0   82.14   20184   2053.8
17058   107.3   5.40   49.5   82.06   20183   2061.7
17150   107.3   5.20   49.2    82.1   20215   2071.3
17235   102.4   5.50   46.6   81.74   20224   2081.7
17232   101.7   5.70   46.1   81.81   20207   2102.1
17317    84.7   5.90   44.5   81.67   20184   2101.3
17273    85.6   5.90   43.2   80.87   20131   2107.5
17285    62.6   6.20   41.3   79.81   20101   2108.0
17349    61.7   6.30   40.8   79.01   20055   2114.0
17366    61.2   6.40   39.2   78.19   20077   2110.9
17392    55.1   6.60   39.4   77.52   20026   2123.7
17417    59.4   6.80   40.7   76.93           19996   2124.2
17485    81.1   6.70   42.8   77.06           19957   2121.4
17534    79.4   6.90   44.5    77.5           19912   2119.1
17637    76.4   6.90   50.3   78.27           19916   2120.3
17601    78.0   6.80   50.6   78.36           19905   2110.9
17641    77.7   6.90   52.9   78.41           19914   2109.3
17723    76.1   6.90   54.9   79.14           19937   2106.3
17737    72.9   7.00   53.1   78.86           19933   2106.5
17798    60.1   7.00   49.5   78.58           19919   2106.1
17965    52.7   7.30   46.8   78.37           19930   2108.0
18092    52.5   7.30   47.3   77.81   42909   19926   2112.8
18227    50.2   7.40   52.7   78.36   43425   19941   2116.5
18278    47.3   7.40   54.6   78.93   43412   19982   2120.2
18335    56.5   7.40   52.6   79.21   43629   20031   2118.9
18400    65.1   7.60   55.7    79.5   43690   20100   2112.1
18437    71.9   7.80   53.6    79.6   44012   20132   2111.5
18481    72.6   7.70   53.9   80.09   43997   20135   2100.3
18563    61.2   7.60   53.4   79.59   44475   20189   2104.0
18537    59.0   7.60   49.7   79.47   44788   20239   2110.1
18633    57.3   7.30   50.3   79.77   45026   20296   2109.8
18655    54.6   7.40   53.6    79.9   45249   20359   2110.2
19274    65.6   7.40   54.2    79.6   46532   20444   2110.5
18551    78.1   7.30   55.8   80.27   46723   20516   2111.0
18545    76.7   7.10   55.2    80.2   45942   20569   2110.0
18513    68.5   7.00   53.5    79.9   45705   20611   2115.5
18831    63.2   7.10   50.2   80.24   46826   20692   2113.2
18897    67.6   7.10   51.2   80.03   47242   20766   2132.4
18862    61.9   7.00   49.6   79.79   47420   20815   2147.9
18852    58.6   6.90   50.2   79.94   47984   20878   2159.8
18915    59.2   6.80   50.7   79.79   47896   20946   2163.9
18896    59.3   6.70   50.8   80.17   48240   21025   2167.2
18948    63.8   6.80   53.4   80.72   48421   21127   2174.9
19019    60.5   6.60   53.8   80.89   48792   21210   2187.6
19622    71.9   6.50   55.6   81.21   49022   21271   2194.6
18914    79.8   6.60   56.0   81.26   48735   21328   2199.2
19079    82.6   6.60   56.5   81.18   49754   21403   2208.1
19189    79.9   6.50   56.9   82.06   50578   21513   2220.5
19247    86.7   6.40   57.4   82.48   50375   21620   2229.7
19556    92.1   6.10   58.2   82.79   50256   21668   2241.2
19573    88.9   6.10   58.8   82.78   51045   21748   2250.6
19622    92.5   6.10   58.5   82.92   51219   21845   2276.6
19688    91.3   6.00   58.0   83.17   51962   21906   2300.4
19781    90.4   5.90   59.0   83.12   52076   21973   2314.1
19973    89.5   5.80   59.4   83.66   52909   22023   2331.2
19979    89.1   5.60   59.2   83.98   52969   22117   2349.1
20043   100.4   5.50   56.1   84.66   53304   22160   2375.3
20129   103.4   5.60   57.4   84.67   53706   22213   2398.9
20159   101.4   5.40   55.1   84.25   52352   22299   2423.0
20200    99.4   5.40   52.1   84.03   53064   22360   2446.7
20066   100.2   5.80   51.5   83.52   53205   22379   2473.2
20249   104.6   5.60   46.7   83.14   53899   22389   2507.0
20287   102.0   5.60   45.9   83.07   54270   22436   2529.5
20304    94.6   5.70   50.7   82.17   54443   22487   2552.0
20315   101.4   5.70   47.1   82.79   54437   22578   2565.9
20360   102.4   5.60   48.1   83.16   55340   22687   2583.8
20398    97.3   5.50   46.7   82.66   54611   22736   2590.8
20444    96.3   5.60   45.9   82.35   55597   22793   2604.5
20527   101.6   5.60   46.2   82.24   55637   22854   2612.8
20594    99.2   5.60   45.5   81.07   54796   22852   2637.4
20787    88.4   5.50   45.9   81.89   55559   23014   2644.6
20906    98.0   5.50   46.9   81.21   55887   23084   2654.0
20798    98.4   5.60   49.3   81.72   56678   23144   2674.1
21063   104.8   5.60   49.1   81.87   56747   23235   2675.2
21164   103.5   5.30   53.6   82.33   56676   23332   2689.1
21135   100.1   5.50   49.7   82.13   56953   23426   2703.7
21196   107.0   5.10   51.6    82.2   57400   23525   2708.2
21278   112.0   5.20   51.1   82.33   57567   23597   2727.8
21308   111.8   5.20   50.5   81.88   58122   23633   2739.6
21383   107.3   5.40   53.0   82.19   57765   23763   2752.1
21466   109.5   5.40   55.2   82.49   58288   23845   2768.9
21540   114.2   5.30   53.8   82.12   58255   23941   2786.2
21629   118.7   5.20   53.1   82.78   58562   24080   2805.9
21725   118.9   5.20   53.8   83.29   58973   24214   2831.5
21731   118.5   5.10   53.7   82.47   58363   24365   2856.0
21779   118.5   4.90   56.1   82.62   58755   24472   2881.2
21851   127.9   5.00   54.9   82.58   59142   24561   2904.0
21923   129.9   4.90   57.7   82.32   59888   24691   2923.2
22032   126.3   4.80   56.3   83.06   60159   24735   2938.3
22113   127.6   4.90   53.9    83.2   60154   24843   2956.5
22196   130.2   4.70   56.5   83.21   60564   24954   2976.1
22328   123.4   4.60   55.7   83.63   60818   25074   2984.9
22428   128.1   4.70   54.5   83.47   61002   25202   2997.4
22627   136.2   4.60   53.8   83.55   61719   25301   3023.7
22756   128.3   4.60   52.9   82.91   62150   25389   3052.4
22876   137.4   4.70   52.9   82.09   62162   25482   3079.2
22958   133.8   4.30   52.2   82.01   62794   25571   3098.7
23069   137.2   4.40   50.9   81.84   62631   25699   3106.2
23153   136.3   4.50   48.9   80.74   63301   25796   3130.0
23233   138.2   4.50   49.2   79.84   63276   25886   3141.9
23332   137.2   4.50   49.3   81.49   63396   25964   3176.8
23379   133.1   4.60   48.7    80.8   63638   26006   3206.6
23445   126.4   4.50   48.7   81.07   64257   26141   3257.5
23527   119.3   4.40   48.2   80.72   64755   26257   3284.3
23562   126.4   4.40   46.8   80.75   64973   26379   3292.6
23647   126.7   4.30   50.6   80.68   65735   26480   3293.3
23691   128.9   4.40   51.7   80.99   66363   26570   3288.4
23715   133.1   4.20   52.4   80.49   67178   26646   3286.7
23750   134.0   4.30   52.3   80.41   66710   26770   3294.9
23810   135.5   4.20   54.3    80.8   67396   26878   3305.0
23857   137.7   4.30   55.8   80.21   68055   26979   3323.7
23903   139.0   4.30   53.6   80.26   67811   27092   3308.0
24016   136.2   4.20   54.8   80.37   68292   27169   3327.3
24019   136.0   4.20   57.0   79.66   69039   27206   3348.8
24224   134.2   4.10   57.2   80.53   69028   27388   3369.0
24378   130.5   4.10   58.1   80.71   69190   27472   3427.4
24596   137.0   4.00   57.8   80.96   70336   27572   3478.4
24938   141.7   4.00   56.7   80.72   69479   27649   3504.4
25099   144.7   4.10   55.8   80.61   70438   27710   3547.3
25246   140.8   4.00   54.9   80.77   71394   27804   3590.0
25236   137.1   3.80   54.7   80.97   71461   27898   3623.0
25313   137.7   4.00   53.2   80.64   72056   27870   3668.3
25417   144.7   4.00   51.4   80.42   71516   27973   3710.3
25635   139.2   4.00   52.5   79.95   71795   28042   3747.2
25689   143.0   4.10   49.9   79.16   72213   27996   3776.9
25759   140.8   3.90   49.7   79.22   73237   28172   3807.9
25797   142.5   3.90   48.7   78.57   72905   28190   3818.6
25765   135.8   3.90   48.5   77.97   72692   28254   3836.6
25763   132.6   3.90   43.9   77.17   72272   28281   3869.1
25974   128.6   4.20   41.3   76.46   73745   28303   3885.8
26004   115.7   4.20   41.1   75.85   72879   28306   3902.4
26036   109.2   4.30   42.8    75.3   72121   28276   3927.7
25973   116.9   4.40   43.2   74.82   73242   28116   3935.9
25978   109.9   4.30   42.0   74.07   73089   28072   3938.0
26037   116.1   4.50   43.9   73.41   72847   27975   3933.4
26452   118.9   4.60   44.6   72.93   73751   27896   3929.0
26901   116.3   4.90   48.1   72.28   74159   27833   3915.2
26683   114.0   5.00   47.5   71.91   72593   27733   3968.2
26222    97.0   5.30   40.3   71.29   74001   27606   3933.6
26261    85.3   5.50   45.1   71.03   75217   27471   3944.5
26312    84.9   5.70   47.3   71.07   76093   27430   3932.6
26899    94.6   5.70   49.1    71.3   75724   27370   3917.6
26995    97.8   5.70   53.2   71.32   76009   27319   3932.8
27088    95.0   5.70   55.0   71.84   76296   27297   3935.0
27218   110.7   5.90   54.4   71.95   76476   27302   3945.1
27241   108.5   5.80   55.2   72.34   75951   27252   3962.6
27278   110.3   5.80   55.8   73.15   76275   27233   3982.1
27211   106.3   5.80   51.2   72.79   75572   27166   3994.3
27176    97.4   5.70   50.9   73.07   76114   27175   4031.7
27173    94.5   5.70   51.3   73.11   75529   27148   4073.6
27203    93.7   5.70   50.0   72.75   77137   27185   4104.7
27225    79.6   5.90   49.2   73.14   76835   27152   4135.8
27292    84.9   6.00   53.1   72.86   77186   27076   4166.1
27417    80.7   5.80   52.8   73.27   76716   27107   4161.3
27489    78.8   5.90   49.7   73.32   75925   27105   4199.3
27592    64.8   5.90   46.5   73.52   77108   27044   4229.6
27685    61.4   6.00   46.4   73.02   77076   27079   4266.6
27843    81.0   6.10   49.9   73.02   78094   27103   4319.9
27931    83.6   6.30   50.4   73.44   78795   27107   4351.3
28296    83.5   6.20   52.1   73.63   79720   27174   4382.7
28513    77.0   6.10   55.5   73.54   80861   27144   4405.6
28215    81.7   6.10   54.3   74.19   80505   27203   4403.1
28326    77.0   6.00   57.5   74.09   80150   27227   4366.7
28524    81.7   5.90   60.9   74.85   80962   27236   4376.4
28624    92.5   5.70   63.2   74.82   81386   27285   4406.7
28832    94.8   5.70   63.1   74.88   82190   27279   4465.6
28970    97.7   5.60   61.8   75.37   82329   27282   4510.5
29084    88.5   5.70   62.4   75.29   83364   27319   4539.3
29204    88.5   5.50   62.9   75.73   82479   27444   4585.0
29362    93.0   5.60   62.9   76.16   83249   27540   4620.1
29399    93.1   5.60   61.4   75.67   82721   27573   4656.6
29512   101.9   5.50   61.2   76.28   83932   27562   4695.9
29624    98.7   5.40   59.5   76.67   83681   27573   4719.5
29613    96.7   5.40   57.9   76.51   83991   27621   4780.6
29859    92.9   5.40   57.1   77.06   84989   27732   4800.8
29917    92.6   5.40   57.2   77.02   85162   27713   4840.4
31037   102.7   5.40   58.5    77.4   85604   27769   4859.2
30016   105.1   5.20   56.7   77.71   85867   27804   4897.1
30083   104.4   5.40   55.1   78.16   87406   27868   4954.9
30121    103    5.10   55.3    77.9   86873   27900   5025.6
30199    97.5   5.10   53.5   77.99   87945   27969   5065.4
30246   103.1   5.10   51.9   78.32   87974   27992   5092.5
30375   106.2   5.00   54.1   78.53   88939   28075   5164.5
30600   103.6   5.00   56.1   78.49   88686   28182   5219.0
29930   105.5   4.90   53.4   78.62   89250   28247   5293.4
30852    87.5   5.10   57.9   77.75   88928   28354   5332.7
30976    85.2   4.90   58.5   78.79   91033   28413   5357.1
30990    98.3   5.00   57.7   79.42   90917   28513   5390.4
31094   103.8   4.90   55.5   79.58   90582   28597   5450.1
31351   106.8   4.70   55.3   80.02   92991   28639   5491.3
31468   102.7   4.80   56.1   79.68   92901   28743   5540.5
31591   107.5   4.70   55.3   79.85   92242   28803   5599.3
31554   109.8   4.70   56.9   80.44   93549   28854   5637.8
31565   104.7   4.60   54.7   80.11   93446   28899   5718.5
31665   105.4   4.60   54.0   80.64   93804   28935   5742.6
31794   107.0   4.80   54.4   80.77   94240   29003   5787.1
31914   100.2   4.70   54.3   80.94   94389   29047   5834.9
32042   105.9   4.60   52.7   80.73   95456   29096   5869.4
32091   105.1   4.40   51.5   79.82   94967   29131   5991.5
32151   105.3   4.50   49.9   79.53   95242   29205   6029.0
32280   110.0   4.50   51.4   80.28   96002   29303   6086.0
32538   110.2   4.60   49.3   79.59   97055   29315   6129.8
32725   111.2   4.50   52.3   79.49   96415   29370   6187.9
32920   108.2   4.40   50.9   79.81   97971   29373   6145.7
                                              MBA       Ten Year  Inflation
                 FRM       ARM             Refinancing Constant Indexed 10 Yield to Yield to
Securities in Mortgages Mortgages   LTVR   Index: Conv Maturity       Yr    Maturity: Maturity:
Bank Credit (IntRate)    (IntRate) ConvMtg    Mtgs     TreasBond TreasBond    Aaa       Baa
FedReserve      FHFB       FHFB     FHFB      MBA         FRB       FRB     Moodys Moodys
  FRED        FreeLunch FreeLunch FreeLunch DRI Pro       FRB       FRB      FRED      FRED
   111.4                                                  7.79                7.91      8.86
   111.0                                                  7.24                7.93      8.78
   112.2                                                  7.07                7.84      8.63
   113.8                                                  7.39                7.83      8.70
   115.3                                                  7.91                8.11      8.98
   116.3                                                  7.84                8.48      9.25
   118.1                                                  7.46                8.44      9.40
   120.6                                                  7.53                8.13      9.44
   122.5                                                  7.39                8.09      9.39
   125.1                                                  7.33                8.03      9.33
   127.1                                                  6.84                8.05      9.38
   129.7                                                  6.39                7.64      9.12
   133.0                                                  6.24                7.36      8.74
   135.9                                                  6.11                7.08      8.39
   137.1                                                   5.7                7.21      8.46
   138.8                                                  5.83                7.25      8.45
   139.5                                                  6.39                7.53      8.62
   141.2                                                  6.52                7.64      8.75
   143.8                                                  6.73                7.64      8.76
   142.9                                                  6.58                7.59      8.76
   143.5                                                  6.14                7.44      8.59
   144.6                                                  5.93                7.39      8.48
   146.2                                                  5.81                7.26      8.38
   147.5                                                  5.93                7.25      8.38
   148.7                                                  5.95                7.19      8.23
   150.3                                                  6.08                7.27      8.23
   152.3                                                  6.07                7.24      8.24
   153.3                                                  6.19                7.30      8.24
   154.7                                                  6.13                7.30      8.23
   155.4                                                  6.11                7.23      8.20
   155.9                                                  6.11                7.21      8.23
   157.1                                                  6.21                7.19      8.19
   158.9                                                  6.55                7.22      8.09
   159.1                                                  6.48                7.21      8.06
   159.5                                                  6.28                7.12      7.99
   160.6                                                  6.36                7.08      7.93
   162.9                             75.4                 6.46                7.15      7.90
   160.9                             77.8                 6.64                7.22      7.97
   159.4                             76.3                 6.71                7.29      8.03
   159.3                             75.9                 6.67                7.26      8.09
   159.9                             76.4                 6.85                7.29      8.06
   160.9                             75.6                  6.9                7.37      8.13
   161.9                             74.8                 7.13                7.45      8.24
   162.7                              75                   7.4                7.68      8.53
   164.1                             74.3                 7.09                7.63      8.63
   166.0                             72.6                 6.79                7.60      8.41
167.7   71.3   6.73   7.67    8.42
168.4   72.2   6.74   7.68    8.48
170.0   72.5   6.99   7.83    8.48
170.7    74    6.96   7.85    8.53
171.9   74.6   7.21   8.01    8.62
171.8   73.9   7.51   8.25    8.87
172.0   74.5   7.58   8.37    9.05
172.3   73.6   7.54   8.47    9.27
171.8   72.1   7.81   8.72    9.48
172.9    72    8.04   9.00    9.77
172.0   71.7   8.04   9.24   10.18
171.8   71.7    7.9   9.27   10.48
172.4   71.4   7.68   8.89   10.60
173.8   71.1   7.43   8.89   10.63
174.2   69.6    7.5   8.83   10.81
174.7   73.2   7.39   8.62   10.65
179.0   72.9   7.73   8.67   10.48
183.4   73.7   8.23   8.95   10.58
187.3   74.1   8.06   8.90   10.69
191.3   73.9   7.86   8.77   10.62
194.5   73.6   8.06   8.84   10.55
198.0   74.3    8.4   8.95   10.59
201.7   73.8   8.43   8.95   10.61
203.6   74.6   8.14   8.86   10.62
205.0   74.3   8.05   8.78   10.56
206.7   73.5     8    8.79   10.56
207.6   73.8   7.74   8.60   10.41
209.1   74.2   7.79   8.55   10.24
210.9    74    7.73   8.52   10.12
214.4   73.7   7.56   8.40    9.94
216.5   74.7    7.9   8.58    9.86
217.5   73.5   7.86   8.62    9.89
218.3   73.9   7.83   8.56    9.82
220.4   74.1   7.77   8.45    9.64
221.2   73.7   7.59   8.38    9.40
223.6   73.6   7.41   8.32    9.29
225.8   73.8   7.29   8.25    9.23
228.6   73.3   6.87   7.98    9.12
229.2   74.8   7.21   7.96    9.08
231.1   74.6   7.39   8.04    9.12
232.8   75.7   7.46   8.10    9.12
233.5   75.6   7.37   8.04    9.07
235.7   75.8   7.46   8.05    9.01
236.7   75.1   7.28   7.95    8.91
236.8    75    7.33   7.94    8.87
236.6   74.9    7.4   7.98    8.82
236.3   74.5   7.34   7.92    8.80
235.7   74.7   7.52   8.04    8.89
236.0   74.7   7.58   8.08    8.95
236.3   74.7   7.69   8.19    8.99
235.6   74.9   7.96   8.41    9.17
237.6   75.3   8.03   8.47    9.20
238.8   75.2    8.04    8.47    9.22
240.2   75.6    8.15    8.56    9.32
241.0   75.5    8.35    8.69    9.49
242.4   74.6    8.46    8.76    9.60
242.6   74.7    8.64    8.88    9.60
242.7   74.7    8.41    8.69    9.48
243.8   73.7    8.42    8.69    9.42
243.8   74.1    8.64    8.89    9.59
243.1   74.4    8.81    9.03    9.83
242.2   73.6    9.01    9.16    9.94
245.6   74.6     9.1    9.25   10.13
246.2   73.9     9.1    9.26   10.08
248.2   73.9    9.12    9.37   10.26
249.9   74.3    9.18    9.38   10.33
250.5   73.4    9.25    9.50   10.47
251.4   73.5    8.91    9.29   10.38
252.1   72.6    8.95    9.20   10.29
253.2   72.7    9.03    9.23   10.35
256.9   73.1    9.33    9.44   10.54
258.0   73.3    10.3   10.13   11.40
259.1   74.1   10.65   10.76   11.99
260.7   72.5   10.39   10.74   12.06
260.5   71.9    10.8   11.09   12.42
263.2   72.4   12.41   12.38   13.57
264.4   72.3   12.75   12.96   14.45
265.0    73    11.47   12.04   14.19
269.1   71.8   10.18   10.99   13.17
272.4   71.5    9.78   10.58   12.71
276.8    73    10.25   11.07   12.65
283.0   72.8    11.1   11.64   13.15
286.3   72.8   11.51   12.02   13.70
289.4   74.1   11.75   12.31   14.23
293.9   73.9   12.68   12.97   14.64
296.8   73.2   12.84   13.21   15.14
299.9   75.4   12.57   12.81   15.03
302.0   73.7   13.19   13.35   15.37
303.0   73.6   13.12   13.33   15.34
304.2   74.4   13.68   13.88   15.56
306.4   73.9    14.1   14.32   15.95
307.2   72.7   13.47   13.75   15.80
306.3   73.1   14.28   14.38   16.17
307.0   71.9   14.94   14.89   16.34
307.3    72    15.32   15.49   16.92
309.4   70.1   15.15   15.40   17.11
309.6   73.2   13.39   14.22   16.39
311.1    72    13.72   14.23   16.55
311.9   71.7   14.59   15.18   17.10
314.2   73.8   14.43   15.27   17.18
314.5   73.9   13.86   14.58   16.82
317.4   73.9   13.87   14.46   16.78
317.8   68.6   13.62   14.26   16.64
318.1   73.2    14.3   14.81   16.92
319.3                   72.6   13.95   14.61   16.80
321.9                   72.7   13.06   13.71   16.32
324.6                    74    12.34   12.94   15.63
328.3                   74.3   10.91   12.12   14.73
330.9                   74.9   10.55   11.68   14.30
338.6                   71.2   10.54   11.83   14.14
346.7                   73.2   10.46   11.79   13.94
352.1                   73.9   10.72   12.01   13.95
359.5                   72.4   10.51   11.73   13.61
367.0                   72.8    10.4   11.51   13.29
375.1                   74.4   10.38   11.46   13.09
381.4                   73.9   10.85   11.74   13.37
383.6                   74.1   11.38   12.15   13.39
385.8                   72.9   11.85   12.51   13.64
390.3                   75.5   11.65   12.37   13.55
396.0                   75.2   11.54   12.25   13.46
400.6                   76.2   11.69   12.41   13.61
403.8                   76.6   11.83   12.57   13.75
407.4                   77.3   11.67   12.20   13.65
406.6                    77    11.84   12.08   13.59
408.4                   77.5   12.32   12.57   13.99
407.1                    78    12.63   12.81   14.31
404.9                   78.5   13.41   13.28   14.74
401.3                   77.4   13.56   13.55   15.05
402.4                    77    13.36   13.44   15.15
403.6                   76.6   12.72   12.87   14.63
405.0                   75.6   12.52   12.66   14.35
404.5                   76.7   12.16   12.63   13.94
405.6                   75.8   11.57   12.29   13.48
406.6                   76.2    11.5   12.13   13.40
410.5   12.54   11.58   76.7   11.38   12.08   13.26
414.7   12.42   11.23   76.4   11.51   12.13   13.23
414.6   12.39   10.92   76.8   11.86   12.56   13.69
413.9   12.35   10.84   77.2   11.43   12.23   13.51
420.2   12.41   10.85   75.9   10.85   11.72   13.15
424.9   12.14   10.66   76.3   10.16   10.94   12.40
428.4   11.79   10.31   78.2   10.31   10.97   12.43
428.4   11.64   10.13   75.3   10.33   11.05   12.50
431.6   11.54     9.9   75.2   10.37   11.07   12.48
433.5   11.63     10    74.6   10.24   11.02   12.36
442.9    11.5    9.94   74.5    9.78   10.55   11.99
455.9   11.41    9.81   74.7    9.26   10.16   11.58
466.5   10.93     9.8   75.1    9.19   10.05   11.44
468.9   10.82    9.78   74.1     8.7    9.67   11.11
462.7   10.46     9.6   74.3    7.78    9.00   10.50
461.4   10.16    9.53   74.1     7.3    8.79   10.19
465.0    9.94    9.45   73.4    7.71    9.09   10.29
466.6    9.98    9.17   73.3     7.8    9.13   10.34
479.9    10.1    9.17   73.2     7.3    8.88   10.16
492.0   10.17    9.09   73.9    7.17    8.72   10.18
503.8   10.05    8.94   73.6    7.45    8.89   10.20
502.7    9.96    8.74   74.7    7.43    8.86   10.24
505.0    9.87   8.54   74.6           7.25    8.68   10.07
510.0    9.72   8.49   74.9           7.11    8.49    9.97
510.2    9.44   8.51   74.9           7.08    8.36    9.72
514.7    9.16   8.23    75            7.25    8.38    9.65
513.8    9.03   8.07   74.9           7.25    8.36    9.61
515.6      9    8.08   74.8           8.02    8.85   10.04
521.1    9.25   8.13   74.3           8.61    9.33   10.51
519.5     9.6   8.06   75.3            8.4    9.32   10.52
522.3    9.86    8.2   74.9           8.45    9.42   10.61
527.7    9.89   8.21   75.2           8.76    9.67   10.80
530.8    9.87   8.15   74.9           9.42   10.18   11.31
528.1   10.01   8.14    76            9.52   10.52   11.62
530.7   10.12   8.28   75.6           8.86   10.01   11.23
535.0   10.01   8.35   76.3           8.99   10.11   11.29
537.2   10.06   8.27   75.1           8.67    9.88   11.07
538.4    9.88   8.23   76.2           8.21    9.40   10.62
541.1     9.7   8.07   75.8           8.37    9.39   10.57
544.9    9.79   7.98    76            8.72    9.67   10.90
548.4    9.79   8.02   73.3           9.09    9.90   11.04
552.2    9.99    8.1   76.4           8.92    9.86   11.00
552.9   10.11   8.13   76.1           9.06    9.96   11.11
554.3   10.17   8.17   76.5           9.26   10.11   11.21
553.5   10.23   8.22    76            8.98    9.82   10.90
554.2   10.33    8.3   75.5            8.8    9.51   10.41
557.9   10.16   8.46    76            8.96    9.45   10.48
562.1   10.19   8.57    76            9.11    9.57   10.65
560.6   10.25   8.54   75.2           9.09    9.62   10.65
560.4   10.38   8.78   75.2           9.17    9.64   10.61
563.5   10.48   8.93   75.6           9.36    9.80   10.67
562.7    10.6   9.11   75.8           9.18    9.79   10.61
565.0   10.78   9.42   75.5           8.86    9.57   10.46
564.4   10.69   9.72   75.2           8.28    9.10   10.03
564.3   10.33   9.52   74.5           8.02    8.93    9.87
565.0    9.99   9.26   75.2           8.11    8.96    9.88
565.3     10    9.37   74.5           8.19    9.01    9.91
574.5   10.05   9.25   73.6           8.01    8.92    9.81
579.7   10.03   9.12   73.9           7.87    8.89    9.81
585.0    9.88   8.99   74.1           7.84    8.86    9.82
594.7    9.81   9.06   73.9   1.391   8.21    8.99    9.94
603.5    9.96   9.02   74.6   0.978   8.47    9.22   10.14
607.1   10.02   8.95   75.2   1.106   8.59    9.37   10.21
609.8   10.15   8.94   75.3   0.845   8.79    9.46   10.30
613.4   10.19     9    74.8   0.774   8.76    9.47   10.41
620.5   10.22   9.07    75    0.797   8.48    9.26   10.22
624.2   10.19   8.98   74.7   1.058   8.47    9.24   10.20
628.1   10.01   8.93   74.6    1.02   8.75    9.41   10.41
631.4   10.01   8.83   73.9   0.957   8.89    9.56   10.64
633.6   10.05   8.79   74.2   0.858   8.72    9.53   10.74
634.1   10.09   8.84   74.9   1.168   8.39    9.30   10.62
634.9    9.92    8.7   74.3   0.999   8.08    9.05   10.43
642.2    9.77   8.79   74.4   1.669   8.09    9.04   10.45
646.4     9.7   8.62   73.8   3.421   7.85    8.83   10.07
 656.8    9.4   8.56   73.6    2.534   8.11   8.93   10.09
 660.2   9.43   8.39   73.7     1.93   8.04   8.86    9.94
 666.2    9.5   8.21   74.3    1.857   8.07   8.86    9.86
 675.4   9.49   7.94   74.6    1.592   8.28   9.01    9.96
 684.1   9.48   7.91   75.1    1.539   8.27   9.00    9.89
 692.4    9.5   8.03   74.5    3.297    7.9   8.75    9.65
 703.9   9.32   7.71   74.4    4.764   7.65   8.61    9.51
 721.2   9.15   7.55   73.8    6.824   7.53   8.55    9.49
 734.7   8.77    7.5   75.4    6.526   7.42   8.48    9.45
 747.5   8.53   7.43   75.4     5.76   7.09   8.31    9.26
 755.5    8.3   6.78    74    11.736   7.03   8.20    9.13
 760.5    8.4   6.91   74.5    8.001   7.34   8.29    9.23
 765.6   8.57   6.64   76.6    4.209   7.54   8.35    9.25
 773.4   8.64   6.73   77.6    3.461   7.48   8.33    9.21
 782.5    8.6   6.71   78.1    3.045   7.39   8.28    9.13
 790.8   8.46   6.73   77.6    3.911   7.26   8.22    9.05
 802.6   8.16   6.27   76.6   12.253   6.84   8.07    8.84
 816.6   7.96   6.19   77.3   11.409   6.59   7.95    8.65
 822.8   7.83    6.1   76.2   11.385   6.42   7.92    8.62
 831.3   7.82   5.95   75.4    8.284   6.59   7.99    8.84
 837.8   7.96   6.06   75.7    2.793   6.87   8.10    8.96
 842.1   8.06   5.99   77.8    2.448   6.77   7.98    8.81
 846.7   7.97   6.12   77.2     5.69    6.6   7.91    8.67
 858.0   7.77   5.76   76.2   11.926   6.26   7.71    8.39
 872.0   7.56   5.49   76.9   12.694   5.98   7.58    8.15
 876.2   7.48   5.75   76.3   11.015   5.97   7.46    8.14
 880.1   7.42   5.75   78.1    7.395   6.04   7.43    8.21
 888.0   7.43   5.63   77.5    7.375   5.96   7.33    8.07
 894.2   7.25   5.61   77.9   11.423   5.81   7.17    7.93
 901.5   7.12   5.53   76.9   13.195   5.68   6.85    7.60
 905.3   7.01   5.48   77.8   16.081   5.36   6.66    7.34
 903.6   6.87   5.35   76.5   12.582   5.33   6.67    7.31
 909.0   6.91   5.23    77      6.06   5.72   6.93    7.66
 915.9   7.12   5.21   78.3    4.035   5.77   6.93    7.69
 945.1   7.13   5.46   76.7    6.688   5.75   6.92    7.65
 941.1   7.06   5.26   77.8    5.746   5.97   7.08    7.76
 957.4   7.26   5.42   79.4    4.468   6.48   7.48    8.13
 967.0   7.61   5.79   79.3    1.906   6.97   7.88    8.52
 961.7   8.06   5.95    80     1.335   7.18   7.99    8.62
 965.8   8.24   6.22   80.3    1.249    7.1   7.97    8.65
 972.5   8.31   6.33   80.6    1.226    7.3   8.11    8.80
 965.4   8.41   6.44   80.7    1.263   7.24   8.07    8.74
 961.8   8.44   6.51   80.5    1.219   7.46   8.34    8.98
 957.2   8.57   6.58   80.3    1.132   7.74   8.57    9.20
 948.0   8.74   6.61   80.8    0.615   7.96   8.68    9.32
 939.9   8.82   6.83   80.8    0.515   7.81   8.46    9.10
 939.7   9.02   6.95   80.5    0.887   7.78   8.46    9.08
 933.7   8.96   7.18   80.7    0.908   7.47   8.26    8.85
 947.6   8.79   7.18   80.2    1.246    7.2   8.12    8.70
1000.5   8.57   7.14   80.5    1.295   7.06   8.03    8.60
 988.4   8.28   7.16   79.9    2.662   6.63   7.65    8.20
 983.6   7.85   6.89   80.2    4.383   6.17   7.30    7.90
 987.2   7.72     7    80.1    4.262   6.28   7.41   8.04
 994.1   7.84    6.8   79.6    3.161   6.49   7.57   8.19
 996.6   7.78   6.97   79.2    3.984    6.2   7.32   7.93
 995.4    7.7   6.87   79.2    5.734   6.04   7.12   7.75
 989.5    7.6    6.8   78.8    4.218   5.93   7.02   7.68
 984.2   7.48   6.45   79.1    4.491   5.71   6.82   7.49
 982.9   7.23   6.86   77.8   11.451   5.65   6.81   7.47
 995.6   7.19   6.72   78.7    9.232   5.81   6.99   7.63
 989.9    7.4   6.75   79.3    5.599   6.27   7.35   8.03
 991.4   7.76   6.85   79.7    3.223   6.51   7.50   8.19
 998.0   7.99   7.07   79.9    2.253   6.74   7.62   8.30
 991.4    8.1   6.96   79.4    2.187   6.91   7.71   8.40
 990.3   8.24    7.2   78.8    2.389   6.87   7.65   8.35
 981.7   8.13   6.99   79.2    2.925   6.64   7.46   8.18
 974.1   8.15   7.02   78.3    2.785   6.83   7.66   8.35
 981.4   8.09   6.89   78.7    3.246   6.53   7.39   8.07
 986.8   7.88   6.77   78.5    3.688    6.2   7.10   7.79
 984.9   7.75   6.76   78.8    1.704    6.3   7.20   7.89
1004.9   7.84   6.83   78.3    3.608   6.58   7.42   8.09
1023.8   7.82   6.81   79.4    4.964   6.42   7.31   7.94
1023.1   7.86   6.89   79.5    5.413   6.69   7.55   8.18
1039.9   8.02     7    79.9    2.961   6.89   7.73   8.34
1026.3   8.08   6.86   79.8    2.633   6.71   7.58   8.20
1025.4   7.95   6.91   79.4    4.353   6.49   7.41   8.02
1048.7   7.77    6.7   79.5     6.17   6.22   7.14   7.75
1048.8   7.66   6.68   78.9    4.801    6.3   7.22   7.82
1050.5   7.66   6.67   78.9    6.968   6.21   7.15   7.70
1067.3   7.54   6.59    79    10.047   6.03   7.00   7.57
1095.8   7.48    6.6   79.6    5.775   5.88   6.87   7.42
1100.3    7.4   6.53   79.9    4.294   5.81   6.76   7.32
1124.0   7.21   6.55   78.2   20.775   5.54   6.61   7.19
1124.9   7.15   6.48    78    15.552   5.57   6.67   7.25
1138.7   7.16   6.48   79.3    12.94   5.65   6.72   7.32
1130.3   7.18   6.45   79.4    11.43   5.64   6.69   7.33
1140.6   7.18   6.44   78.8    9.521   5.65   6.69   7.30
1140.4   7.17   6.36   79.5   12.166    5.5   6.53   7.13
1145.0   7.12    6.3   78.8     12.7   5.46   6.55   7.15
1168.4   7.06   6.37   80.1   13.245   5.34   6.52   7.14
1186.4   6.96   6.21   79.3   27.217   4.81   6.40   7.09
1235.1    6.8   6.13   78.3   24.212   4.53   6.37   7.18
1238.9   6.82   6.18   77.9   14.723   4.83   6.41   7.34
1239.6   6.84   6.09   78.7    8.659   4.65   6.22   7.23
1230.4   6.86   6.16   77.8   17.463   4.72   6.24   7.29
1217.9   6.89   6.17    78    15.491     5    6.40   7.39
1200.0   6.99    6.2   78.5   12.307   5.23   6.62   7.53
1204.8   7.03   6.13   78.2   11.045   5.18   6.64   7.48
1204.0   7.07   6.21   78.2    9.064   5.54   6.93   7.72
1221.2   7.31   6.39   78.4    6.512    5.9   7.23   8.02
1236.4   7.56   6.65   78.7    4.744   5.79   7.19   7.95
1248.3   7.75   6.58   78.5    4.924   5.94   7.40   8.15
1252.9   7.84    6.6    79     4.136   5.92   7.39   8.20
1267.1   7.85   6.55    79     4.524   6.11   7.55   8.38
1268.0   7.84   6.59   78.6    3.251   6.03          7.36   8.15
1285.7   7.87   6.57   79.3    2.632   6.28          7.55   8.19
1284.0   8.06   7.02   78.9    4.198   6.66          7.78   8.33
1277.6   8.25   7.23   78.9    3.201   6.52          7.68   8.29
1288.9   8.28   7.14   78.4    3.536   6.26          7.68   8.37
1303.3   8.26   7.09   78.3    3.495   5.99          7.64   8.40
1319.1   8.34   7.16   78.4    3.086   6.44          7.99   8.90
1314.2   8.42   7.16   77.6    3.648    6.1          7.67   8.48
1320.4   8.29   7.01   77.6    3.818   6.05          7.65   8.35
1325.1   8.17   6.92   77.3    4.336   5.83          7.55   8.26
1340.8   8.04   6.83   77.6     5.1     5.8          7.62   8.35
1325.9   7.96   6.73   77.2    6.491   5.74          7.55   8.34
1325.8   7.87   6.63   77.1    4.286   5.72          7.45   8.28
1351.4    7.7   6.66   76.8    6.333   5.24          7.21   8.02
1374.2   7.34   6.51    77    20.998   5.16          7.15   7.93
1362.4   7.13   6.65   76.5   20.718    5.1          7.10   7.87
1360.4   7.06   6.53   76.7   29.354   4.89          6.98   7.84
1374.5   7.07   6.46   76.4   23.624   5.14          7.20   8.07
1379.9   7.16   6.48   76.1   17.197   5.39          7.29   8.07
1393.1   7.19   6.37   76.6   15.994   5.28          7.18   7.97
1394.6   7.19   6.47   76.5   17.354   5.24          7.13   7.97
1425.5   7.11   6.36   76.7   24.903   4.97          7.02   7.85
1445.8   6.96   6.27    76    36.955   4.73          7.17   8.03
1475.8   6.74   6.05   75.8   45.514   4.57          7.03   7.91
1490.7   6.62   6.02   75.1   32.739   4.65          6.97   7.81
1490.3   6.79   6.02   74.6    8.183   5.09          6.77   8.05
1491.1   6.95   6.01   75.3   16.954   5.04          6.55   7.87
1488.5   6.94   5.95   75.9   18.675   4.91          6.51   7.89
1488.4   6.95   5.92   75.8   13.639   5.28          6.81   8.11
1501.1   7.07   5.91   76.8   16.734   5.21          6.76   8.03
1528.0   6.97   5.72    77    13.979   5.16          6.75   8.09
1557.2   6.85   5.64   75.7   29.118   4.93          6.63   7.95
1590.2   6.72   5.44   76.1   53.482   4.65          6.53   7.90
1631.0   6.53   5.38   74.7   57.531   4.26          6.37   7.58
1648.2   6.36   5.39   73.9   74.843   3.87          6.15   7.40
1648.6    6.2   5.31   73.3   47.221   3.94          6.32   7.73
1684.5   6.14   5.34   73.3   31.542   4.05          6.31   7.62
1724.5   6.14   5.26    74    29.985   4.03          6.21   7.45
1726.7   6.05   5.22   73.2   62.169   4.05   2.29   6.17   7.35
1766.0   6.02   5.15   73.4   73.417    3.9   1.99   5.95   7.06
1776.0   5.89     5    72.9   72.791   3.81   1.94   5.89   6.95
1777.7   5.84   4.98   73.8   56.245   3.96   2.18   5.74   6.85
1830.2    5.7   4.93   72.7   88.876   3.57   1.91   5.22   6.38
1854.3   5.47   4.65   72.6   94.872   3.33   1.72   4.97   6.19
1815.8   5.46   4.67   73.9   44.632   3.98   2.11   5.49   6.62
1779.8   5.82   4.85   73.3   21.317   4.45   2.32   5.88   7.01
1789.4    6.1   5.09   73.6   26.813   4.27   2.19   5.72   6.79
1806.2   6.03   5.08   73.8   24.605   4.29   2.08   5.70   6.73
1828.8   6.03   5.13   74.6   15.673    4.3   1.96   5.65   6.66
1851.8   5.98     5    75.7    10.67   4.27   1.98   5.62   6.60
1860.4   5.88   4.91   75.3   35.303   4.15   1.89   5.54   6.44
1930.8   5.86   4.94   72.4   38.654   4.08   1.76   5.50   6.27
1978.6   5.76   4.66    72.3    54.49   3.83   1.47   5.33   6.11
1951.0   5.72   4.66    73.7   27.813   4.35    1.9   5.73   6.46
1927.3    6.1   5.04    74.1   17.411   4.72   2.09   6.04   6.75
1932.5   6.28   5.34    74.1   15.349   4.73   2.15   6.01   6.78
1910.3   6.22   5.36    76.1   17.785    4.5   2.02   5.82   6.62
1918.2   6.07   5.31    76.4    20.12   4.28   1.86   5.65   6.46
1926.7   5.86   5.24    76.1   24.871   4.13    1.8   5.46   6.27
1919.9   5.86   5.33    75.9   25.888    4.1   1.73   5.47   6.21
1921.2   5.87    5.4    75.7   15.043   4.19   1.68   5.52   6.20
1936.5   5.88   5.58    76.4    13.35   4.23   1.67   5.47   6.15
1996.1   5.87   5.62   76.10   25.413   4.22   1.72   5.36   6.02
2038.9   5.87   5.24   74.80   23.145   4.17   1.63   5.20   5.82
2055.9   5.95   5.32   75.90   20.882   4.50   1.79   5.40   6.06
2041.4   6.06   5.40   75.10   23.283   4.34   1.71   5.33   6.05
2067.2   5.98   5.41   75.60   24.273   4.14   1.65   5.15   6.01
2051.8   5.82   5.33   73.70   28.744   4.00   1.67   4.96   5.86
2063.1   5.80   5.39   74.40   25.447   4.18   1.88   5.06   5.95
2069.3   5.95   5.46   74.80   24.885   4.26   1.89   5.09   5.96
2078.5   5.99   5.53   74.40    23.69   4.20    1.7   5.13   6.03
2073.1   6.10   5.63   74.10   20.909   4.46   1.94   5.35   6.30
2060.0   6.33   5.84   74.10   11.666   4.54   2.06   5.42   6.39
2051.9   6.46   5.86   74.80   10.652   4.47   2.12   5.37   6.32
2067.7   6.40   5.97   75.30   19.423   4.42   2.01   5.29   6.24
2107.6   6.43   6.01   75.20   15.753   4.57   2.05   5.35   6.27
2118.5   6.51   6.23   75.90   18.251   4.72    2.2   5.53   6.41
2170.6   6.57   6.34   76.50   17.318   4.99   2.41   5.84   6.68
2205.9   6.67   6.42   76.40   15.722   5.11   2.45   5.95   6.75
2189.5   6.72   6.48   76.10    15.84   5.11   2.53   5.89   6.78
2196.0   6.83   6.53   76.90   15.712   5.09   2.51   5.85   6.76
2207.3   6.78   6.66   76.60   18.096   4.88   2.29   5.68   6.59
2192.3   6.64   6.30   77.30   22.066   4.72   2.32   5.51   6.43
2209.5   6.59   6.30   76.90   19.061   4.73   2.41   5.51   6.42
2223.1   6.47   6.31   77.20   13.788   4.60   2.29   5.33   6.20
2225.7   6.38   6.29   78.00   12.988   4.56   2.25   5.32   6.22
2217.2   6.36   6.25   78.30   21.778   4.76   2.44   5.40   6.34
2235.4   6.37   6.27   77.90   19.537   4.72   2.36   5.39   6.28
2262.3   6.30   6.15   78.60   23.262   4.56   2.18   5.30   6.27
             S&P                               Total    Return Dividend
 S&P500     Price/                   S&P500 Return:      Index: Yield:     PvtOwn
 Dividend Earnings S&P Stock S&P500 Forward    Equity    Equity Equity     Housing
   Yield    Ratio   Price Index EPS    EPS     REITs     REITs  REITs       Starts
   S&P       S&P        S&P     Calc Thomson NAREIT     NAREIT NAREIT     HOUST1F
FreeLunch FreeLunch FreeLunch   Calc  Yardeni NAREIT    NAREIT NAREIT       FRED
   3.56     14.93      90.31    6.05                                         596
   3.68     14.49      87.16    6.02                                         740
    3.6     15.43      88.65    5.75                                         726
    3.7     15.53      85.95    5.53                                         720
    4.2     13.58      76.06    5.60                                         749
   4.17     14.18      75.59    5.33                                         806
    4.2     14.53      75.72    5.21                                         818
   4.07       15       77.92    5.19                                         834
   3.82     15.44      82.58    5.35                                         865
   3.74     15.48      84.37    5.45                                         883
   3.72     15.44      84.28    5.46                                         926
   3.46     16.71      90.05    5.39                                        1108
   3.32     17.43      93.49    5.36                                        1004
   3.18     18.14      97.11    5.35                                        1009
    3.1     18.73      99.60    5.32                                        1078
   2.99     20.15     103.04    5.11                                        1134
   3.04     19.85     101.64    5.12                                        1151
    3.1     19.29      99.72    5.17                                        1159
   3.13     18.95      99.00    5.22                                        1148
   3.18     18.56      97.24    5.24                                        1174
   3.09     18.71      99.40    5.31                                        1155
   3.16     18.24      97.29    5.33                                        1212
   3.31     17.46      92.78    5.31                                        1225
    3.1     18.31      99.17    5.42                    100.00              1302
   2.96     19.03     103.30    5.43            0.00    100.00   6.13       1409
   2.92      19.4     105.24    5.42            1.74    101.74   5.74       1249
   2.86     19.41     107.69    5.55           -0.32    101.42   5.92       1320
   2.83     19.08     108.81    5.70            3.84    105.31   5.72       1239
   2.88     18.66     107.65    5.77           -9.37     95.44   6.53       1275
   2.87     18.58     108.01    5.81            9.98    104.96   6.20       1273
    2.9     18.45     107.21    5.81            5.80    111.05   6.02       1290
    2.8     19.09     111.01    5.82           -1.34    109.56   6.16       1345
   2.83     18.46     109.39    5.93            3.86    113.78   6.10       1399
   2.82     18.36     109.56    5.97           -2.32    111.15   6.25       1341
   2.73     19.23     115.05    5.98           -1.31    109.70   6.59       1332
    2.7     19.11     117.50    6.15           -1.54    108.01   6.92       1259
   2.69     19.23     118.42    6.16            1.51    109.64   6.95       1431
    2.8     18.53     114.16    6.16           -5.52    103.59   7.34       1341
   2.83      17.5     112.42    6.42            2.38    106.05   7.30       1237
    2.9     17.11     110.27    6.44           -4.70    101.07   7.62       1216
   3.01     16.44     107.22    6.52           -2.83     98.21   7.48       1220
   3.06     15.42     104.75    6.79            2.12    100.30   7.47       1106
   3.04     15.53     105.83    6.81            3.52    103.82   7.32       1178
   3.16     15.11     103.80    6.87           -4.67     98.97   7.68       1106
   3.13     14.58     105.61    7.24            6.48    105.39   7.93       1019
   3.05      15.1     109.84    7.27            0.91    106.35   8.04        970
3.36   13.46   102.03    7.58   -14.00    91.46    9.34    960
 3.7   12.25    94.78    7.74    -0.23    91.25    9.60    824
3.64   12.51    96.11    7.68     4.58    95.43    9.38    813
3.81   12.16    93.45    7.69     4.29    99.53    8.96    991
3.65   12.08    97.44    8.07    -2.18    97.36    9.22    970
3.86    11.4    92.46    8.11    -5.49    92.02   13.07   1004
  4    10.99    89.67    8.16    -7.02    85.56   13.07    909
4.02   10.67    89.79    8.42     1.56    86.89   10.64    979
4.42    9.86    82.82    8.40    -7.65    80.25   11.59    906
 4.9     8.7    76.03    8.74    -7.54    74.20   12.58    817
5.45    7.69    68.12    8.86    -0.48    73.84   12.67    860
5.38    7.92    69.44    8.77     4.29    77.01   11.90    770
5.13    8.07    71.74    8.89    -5.35    72.89   12.59    808
5.43    7.33    67.07    9.15    -1.61    71.72   12.91    760
5.07    7.99    72.56    9.08    14.08    81.82   11.17    765
4.61    8.72    80.10    9.19     2.43    83.81   10.81    667
4.42    9.82    83.78    8.53     2.82    86.17   10.68    769
4.34    9.36    84.72    9.05     2.75    88.54   10.50    787
4.08   10.14    90.10    8.89    -1.37    87.33   10.57    885
4.02   10.84    92.40    8.52     6.25    92.78   10.14    872
4.02   10.94    92.49    8.45    -1.53    91.37   10.47    919
4.36   10.08    85.71    8.50    -1.53    89.97   10.62    973
4.39   10.74    84.67    7.88    -6.31    84.30   11.56    957
4.22   11.19    88.57    7.92    -2.45    82.23   11.07   1039
4.07   11.47    90.07    7.85     1.69    83.62   10.78   1035
4.14    11.7    88.70    7.58     2.32    85.56   10.65   1025
 3.8   12.68    96.86    7.64    13.68    97.27    8.84   1059
3.67   13.21   100.64    7.62     4.93   102.06    7.96   1255
3.65   13.12   101.08    7.70     0.41   102.49    8.04   1110
3.66   13.13   101.93    7.76     1.85   104.39    7.96   1076
3.76   13.02   101.16    7.77    -2.80   101.46    8.19   1093
3.75   12.24   101.77    8.31     3.99   105.51    8.23   1127
3.64   12.29   104.20    8.48     2.51   108.17    8.21   1126
3.74   12.23   103.29    8.45     3.70   112.16    7.92   1177
3.71    11.5   105.45    9.17     1.00   113.29    8.11   1226
3.85   11.15   101.89    9.14     1.16   114.60    8.07   1230
4.04   11.02   101.19    9.18     3.32   118.41    7.81   1212
3.93   11.02   104.66    9.50     6.64   126.28    7.40   1307
3.99   10.93   103.81    9.50     5.82   133.62    7.04   1100
4.21   10.62   100.96    9.51     0.99   134.95    7.21   1503
4.37   10.21   100.57    9.85     0.66   135.84    7.45   1486
4.47   10.01    99.05    9.90     1.31   137.62    7.26   1421
4.57    9.99    98.76    9.89     0.34   138.09    7.37   1466
 4.6    9.86    99.29   10.07     4.28   144.00    7.17   1389
4.59    9.92   100.18   10.10     0.23   144.33    7.26   1450
4.72    9.72    97.75   10.06     0.17   144.57    7.33   1442
4.82    9.24    96.23   10.41     0.49   145.28    7.55   1475
4.97    8.98    93.74   10.44    -0.02   145.25    7.81   1487
5.02    9.04    94.28   10.43     4.46   151.73    7.57   1499
5.11    8.75    93.82   10.72     1.89   154.59    7.57   1530
5.32    8.48    90.25   10.64    -2.29   151.05    7.80   1257
5.49    8.34    88.98   10.67     1.44   153.22    7.85   1235
5.68   8.18    88.82   10.86             4.75   160.50   7.62   1429
5.42    8.5    92.71   10.91             3.32   165.84   7.44   1517
 5.2   8.93    97.41   10.91            -2.99   160.88   7.69   1508
5.19    8.9    97.66   10.97            -0.75   159.68   7.76   1430
5.25   8.83    97.19   11.01             3.32   164.98   7.65   1459
4.93   9.51   103.92   10.93             4.35   172.15   7.36   1425
4.97   9.28   103.86   11.19             0.02   172.19   7.53   1389
5.11   9.02   100.58   11.15            -7.54   159.20   8.36   1384
5.45   8.41    94.71   11.26             3.28   164.42   8.21   1525
5.39   8.26    96.11   11.64             3.74   170.57   8.04   1460
5.29   8.54    99.71   11.68   13.62     3.90   177.23   8.11   1110
5.43   8.44    98.23   11.64   12.35     2.07   180.89   8.13   1052
5.36   8.26   100.11   12.12   13.13     7.22   193.95   7.73   1322
5.35   8.29   102.07   12.31   13.73     0.78   195.45   7.98   1287
5.58   8.08    99.73   12.34   14.17    -0.94   193.61   8.08   1277
5.53   7.67   101.73   13.26   14.35     9.20   211.42   7.50   1316
 5.5   7.71   102.71   13.32   14.53     4.31   220.54   7.38   1192
 5.3   8.06   107.36   13.32   14.73    12.60   248.33   6.63   1223
5.31   7.76   108.60   13.99   14.93    -2.29   242.65   6.96   1188
5.56   7.44   104.47   14.04   15.13   -10.65   216.81   8.00   1119
5.71    7.4   103.66   14.01   15.13     3.51   224.41   7.79    957
5.53   7.42   107.78   14.53   15.25     3.26   231.73   7.66   1016
5.41   7.66   110.87   14.47    15.4     7.50   249.11   7.41    940
5.24   7.91   115.34   14.58   15.25     1.19   252.08   7.37    809
5.87   7.15   104.69   14.64    14.2   -12.15   221.44   8.63    633
6.05   6.96   102.97   14.79   15.38    -0.31   220.76   9.10    645
5.77    7.3   107.69   14.75   15.75     5.10   232.01   9.87    656
5.39   7.53   114.55   15.21   16.13     6.98   248.21   9.36    772
 5.2   7.81   119.83   15.34   16.28     7.79   267.55   8.02    857
5.06   8.05   123.50   15.34   16.38     3.03   275.66   7.77    992
 4.9   8.53   126.51   14.83   16.58    -1.64   271.15   8.14   1019
 4.8   8.73   130.22   14.92   16.76    10.21   298.85   7.43   1009
4.63   9.12   135.65   14.87   17.05    -1.98   292.93   7.47    993
4.74   9.06   133.48   14.73   17.44    -1.61   288.20   7.72    935
 4.8   9.03   132.97   14.73   17.71     2.06   294.13   7.85    945
  5    8.78   128.40   14.62     17      0.89   296.76   7.75    806
4.88   9.03   133.19   14.75   17.81     2.53   304.26   7.69    852
4.86   9.09   134.43   14.79   17.87     1.50   308.81   7.61    907
4.98   8.89   131.73   14.82   18.06    -0.38   307.65   7.66    756
5.03   9.05   132.28   14.62   18.22     2.33   314.81   7.59    696
5.18   8.84   129.13   14.61   18.28    -0.75   312.44   7.75    698
5.16   8.94   129.63   14.50   18.47    -3.81   300.53   8.25    611
5.69   7.92   118.27   14.93   18.67    -6.45   281.13   8.94    635
5.65   7.96   119.80   15.05   18.73     5.06   295.35   8.74    523
5.54   8.19   122.92   15.01   18.63     3.72   306.33   8.51    538
5.57   8.07   123.79   15.34    18.5    -0.27   305.50   8.62    563
5.95    7.6   117.28   15.43   18.66    -0.39   304.30   8.58    557
6.06   7.51   114.50   15.25   17.39    -1.84   298.69   8.79    541
6.28   7.32   110.84   15.14   17.77    -1.50   294.22   8.98    609
5.99   7.63   116.31   15.24   17.58     2.81   302.49   8.90    586
5.97   7.62   116.35   15.27   17.33    -0.02   302.43   8.98    604
6.28   7.41   109.70   14.80    17.2    -3.77   291.02   9.38    613
6.31    7.39   109.38   14.80   16.98    0.44   292.31   9.50    639
6.32    7.33   109.65   14.96   16.67    3.67   303.04   9.27    654
5.63     8.5   122.43   14.40   16.63    4.60   316.98   8.88    689
5.12    9.42   132.66   14.08   16.55   10.12   349.07   8.21    737
4.92    9.81   138.10   14.08    16.5    3.73   362.09   7.89    865
4.93   10.17   139.37   13.70   16.57    2.60   371.49   7.83    862
4.79   10.55   145.13   13.76   16.59    4.01   386.38   7.71   1046
4.74   10.73   146.80   13.68   16.57   -0.64   383.91   8.05   1042
4.59   11.95   151.88   12.71   16.67    9.41   420.06   7.45    998
4.44   12.52   157.71   12.60   16.93    6.39   446.92   7.16    995
4.27     13    164.10   12.62   16.87    1.28   452.62   7.09   1140
4.26   13.25   166.39   12.56   17.11    1.78   460.65   7.10   1121
4.21   13.45   166.96   12.41   17.37   -2.42   449.52   7.30   1064
4.35   13.09   162.42   12.41   17.79   -0.28   448.24   7.43   1155
4.24   13.28   167.16   12.59   17.89   -1.16   443.02   7.57   1060
4.25   13.27   167.65   12.63   18.18    3.34   457.83   7.49   1035
4.31   13.14   165.23   12.57    18.4    2.09   467.42   7.36   1106
4.32   12.41   164.36   13.24   18.66    3.83   485.30   7.19   1017
4.27   12.58   166.39   13.23   18.95    3.70   503.27   7.71   1217
4.59   11.83   157.70   13.33   19.28    0.63   506.44   7.38   1400
4.63    11.2   157.44   14.06   19.41    0.07   506.80   7.47   1046
4.64   11.18   157.60   14.10    19.6    1.41   513.96   7.55   1124
4.72   11.14   156.55   14.05   19.83   -1.99   503.75   7.76   1100
4.86   10.08   153.12   15.19   20.02    0.00   503.74   7.83   1086
4.93    9.92   151.08   15.23   20.24   -1.69   495.22   8.03   1006
4.62   10.67   164.42   15.41   20.24    4.18   515.92   7.85    967
4.54   10.22   166.11   16.25   20.27    7.08   552.43   7.49   1038
4.62   10.14   164.82   16.25   20.37    2.09   563.97   7.43   1002
4.61   10.26   166.27   16.21   20.37    2.02   575.34   7.32   1098
4.68    9.93   164.48   16.56   20.37    2.00   586.86   7.06   1097
4.51   10.36   171.61   16.56   20.26    4.88   615.51   8.26    988
 4.3   10.97   180.88   16.49   20.19    2.73   632.34   8.30   1077
4.37    10.7   179.42   16.77   20.13    1.57   642.30   8.23   1127
4.37   10.79   180.62   16.74   19.93    0.94   648.36   8.31   1103
4.31     11    184.90   16.81   19.77    3.10   668.47   8.11   1027
4.21    11.4   188.89   16.57   19.73    2.04   682.14   8.09   1029
4.14   11.73   192.54   16.41   19.72    1.93   695.28   8.01   1079
4.23   11.47   188.31   16.42   19.73   -2.45   678.26   8.30   1078
4.32   11.51   184.06   15.99   19.77   -2.03   664.51   8.60   1020
4.28   11.81   186.18   15.76   19.85    2.82   683.23   8.50   1160
4.06   12.71   197.45   15.54   19.86   -0.44   680.24   8.38   1040
3.88   13.47   207.26   15.39   19.95    2.75   698.93   7.89   1123
 3.9   14.09   208.19   14.78   20.13    4.43   729.88   7.51   1270
3.72   14.27   219.37   15.37     20     2.06   744.90   7.20   1143
 3.5   15.36   232.33   15.13   19.73    6.66   794.53   6.69   1180
3.43   15.93   237.97   14.94   19.63   -0.17   793.19   6.85   1197
3.42   16.33   238.46   14.60   19.51   -1.70   779.74   7.73   1228
3.36   16.75   245.30   14.64   19.57    5.12   819.64   7.44   1221
3.43   16.48   240.18   14.57   19.67   -0.52   815.35   7.61   1153
3.36   16.99   245.00   14.42   19.56    3.32   842.41   7.43   1194
3.43   16.44   238.27   14.49   19.57   -0.82   835.48   7.38   1137
3.49   16.12   237.36   14.72   19.69    2.25   854.28   7.28   1126
 3.4   16.63   245.09   14.74   19.79    -0.70    848.27     7.21   1113
3.38   16.77   248.61   14.82   19.97    -1.82    832.83     7.65   1227
3.17   17.89   264.51   14.79   20.12     5.60    879.50     7.25   1224
3.02   18.94   280.93   14.83   20.34     3.59    911.03     7.08   1282
2.93   19.71   292.47   14.84   20.52     0.18    912.70     6.77   1205
2.99   19.97   289.32   14.49    20.8    -1.21    901.69     7.18   1181
3.02   19.06   289.12   15.17   21.55    -0.76    894.84     7.56   1141
2.92   19.87   301.36   15.17    21.4     2.76    919.54     7.88   1092
2.83   20.47   310.09   15.15   21.41     0.00    919.58     7.70   1137
2.69   22.33   329.36   14.75   21.88    -2.39    897.59     7.98   1120
2.78    22.1   318.66   14.42   22.45    -0.77    890.64     7.65   1232
3.25   19.34   280.16   14.49   22.81   -15.24    754.91     9.25   1090
3.66   15.81   245.01   15.50   23.04     2.25    771.92     8.87   1112
3.71   15.41   240.96   15.64   23.26     3.96    802.51     8.73   1034
3.66   15.71   250.48   15.94   23.46     5.48    846.49     8.15    924
3.56   15.86   258.13   16.28   23.78     3.82    878.86     7.92   1070
3.48   15.22   265.74   17.46   23.99     0.50    883.23     7.95   1177
3.57    15.1   262.61   17.39   24.27     0.70    889.37     8.04   1072
 3.8   14.13   256.12   18.13   25.16    -1.48    876.25     8.23   1020
3.59   14.61   270.68   18.53   25.52     3.47    906.69     7.94   1106
3.65   14.44   269.05   18.63   25.83     1.07    916.38     7.89   1061
3.75   13.78   263.73   19.14   26.32    -0.47    912.10     8.00   1109
3.69   12.38   267.97   21.65   26.62     0.56    917.24     7.89   1044
3.61   12.74   277.40   21.77   26.78    -0.44    913.22     7.98   1139
 3.7   12.07   271.02   22.45   27.17    -2.03    894.73     8.20   1141
3.68   12.19   276.50   22.68    27.4     1.79    910.74     8.57   1131
3.64   13.07   285.41   21.84   27.89     2.22    930.92     8.41   1149
3.59   12.99   294.01   22.63   28.27    -0.30    928.15     8.31   1002
3.68   12.28   292.71   23.84   28.67     0.46    932.46     8.44    982
3.59   12.73   302.25   23.74   28.78     2.83    958.81     8.34   1030
3.52   12.85   313.93   24.43   28.95     0.93    967.76     8.27    989
3.44   13.01   323.73   24.88   29.14     1.94    986.52     8.04    973
3.38   13.27   331.92   25.01   29.21     3.70   1,022.98    7.78   1027
3.28   13.75   346.61   25.21   29.22     0.92   1,032.42    7.68   1000
3.29   13.73   347.33   25.30   29.35    -0.94   1,022.76    7.81    966
3.29   13.86   347.40   25.06     29     -2.58    996.38     8.12   1025
3.39   14.21   340.22   23.94    28.9    -0.31    993.25     8.22   1023
3.32    14.7   348.57   23.71   28.92    -0.20    991.26     8.42    909
3.41   14.37   339.97   23.66   28.92    -4.15    950.14     8.81   1100
3.54   14.21   330.45   23.25   28.73    -0.70    943.47     8.73   1102
3.49   14.77   338.47   22.92   28.71     1.00    952.88     8.90    971
3.51   14.82   338.18   22.82   28.69    -1.74    936.32     8.78    922
3.44   15.84   350.25   22.11   28.77    -0.08    935.60     8.81    893
3.36   16.66   360.39   21.63   28.89     1.73    951.76     9.25    885
3.37   16.65   360.03   21.62   28.91    -0.91    943.09     9.15    883
3.65   15.57   330.75   21.24   29.07    -7.20    875.17     9.86    827
3.85    14.9   315.41   21.17   28.87    -7.07    813.28    10.68    858
4.01   14.36   307.12   21.39   28.62    -3.37    785.86    11.12    835
3.91   14.59   315.29   21.61   28.15     7.10    841.63    10.23    780
3.74   15.19   328.75   21.64   27.81    -0.30    839.09    10.15    751
3.82   14.95   325.49   21.77   27.67    10.94    930.88     9.27    604
3.35   16.82   362.26   21.54   27.22     1.81    947.73     8.69    755
3.26   17.48   372.28   21.30   26.98    8.67   1,029.89   8.17    750
3.19   17.85   379.68   21.27   26.75    2.53   1,055.97   7.88    819
3.23   17.92   377.99   21.09   26.76    1.11   1,067.71   7.75    839
3.23   17.96   378.29   21.06   26.76   -2.79   1,037.91   8.02    874
 3.2   18.07   380.23   21.04   26.79    2.02   1,058.85   7.96    887
 3.1   19.72   389.40   19.75   26.95   -0.40   1,054.57   8.34    882
3.15   19.88   387.20   19.48   27.14    2.45   1,080.39   8.12    868
3.14   19.92   386.88   19.42   27.27   -1.10   1,068.51   8.19    878
3.15   21.02   385.87   18.36   27.33   -0.56   1,062.58   8.38    916
3.11   21.85   388.51   17.78   27.22    7.15   1,138.61   7.85    947
 2.9   23.35   416.08   17.82   27.12    4.87   1,194.06   7.42    969
2.94   23.83   412.56   17.31     27    -2.39   1,165.50   7.78   1102
3.01   25.45   407.36   16.01   27.27   -1.66   1,146.15   7.91   1037
3.02   25.51   407.41   15.97    27.5   -0.36   1,142.08   7.98    945
2.99   25.71   414.81   16.13   27.91    4.37   1,191.99   7.72   1038
3.06   25.08   408.27   16.28   28.25   -1.31   1,176.38   7.80    999
  3    25.61   415.05   16.21   28.58    4.34   1,227.49   7.53    984
2.97    25.5   417.93   16.39   28.62    0.31   1,231.27   7.36   1037
  3    24.52   418.48   17.07   28.82    2.06   1,256.65   7.25   1024
3.07    26.1   412.50   15.80   28.87   -0.13   1,255.04   7.30   1093
2.98   24.44   422.84   17.30    28.7    2.12   1,281.61   7.20   1078
 2.9   24.09   435.64   18.08   28.77    1.80   1,304.73   7.10   1075
2.88   24.09   435.23   18.07   29.03    6.42   1,388.46   6.70   1091
2.81    24.5   441.70   18.03   29.01    5.38   1,463.11   6.36   1063
2.76   23.45   450.16   19.20    29.3    8.47   1,587.08   5.93    950
2.82    23.2   443.08   19.10    29.3   -4.40   1,517.18   6.24   1110
 2.8   23.21   445.25   19.18   29.66   -1.58   1,493.13   6.38   1128
2.81   22.58   448.06   19.84   30.05    3.24   1,541.53   6.22   1081
2.81   22.52   447.29   19.86    30.3    1.75   1,568.45   6.15   1086
2.76   23.02   454.13   19.73   30.45    2.47   1,607.18   6.18   1162
2.73   23.74   459.24   19.34   30.74    4.88   1,685.64   5.85   1143
2.72   23.97   463.90   19.35   30.99   -1.91   1,653.50   6.16   1209
2.72   23.26   462.89   19.90   31.29   -5.42   1,563.83   6.61   1228
2.61   22.78   465.95   20.45   31.46   -0.17   1,561.17   6.81   1316
2.69   23.13   472.99   20.45   31.64    2.91   1,606.61   6.77   1140
 2.7   23.24   471.58   20.29   32.05    4.34   1,676.38   6.62   1133
2.78   20.98   463.81   22.11   32.34   -3.70   1,614.31   6.96   1306
 2.9   20.43   447.23   21.89   32.72    1.70   1,641.72   6.97   1206
2.89   20.43   450.90   22.07   33.32    2.23   1,678.26   6.89   1244
2.84   20.09   454.83   22.64   33.62   -2.04   1,644.03   7.13   1193
2.87   19.81   451.40   22.79     34    -0.49   1,635.99   7.24   1231
2.78   19.71   464.24   23.55   34.75    0.30   1,640.88   7.28   1149
 2.8   18.52   466.96   25.21   35.26   -1.86   1,610.41   7.44   1201
2.82   18.37   463.81   25.25   35.94   -3.47   1,554.55   7.79   1152
2.86   17.42   461.01   26.46    36.6   -3.44   1,501.09   8.18   1187
2.91    16.7   455.19   27.26   37.06    7.30   1,610.67   7.67   1151
2.87   17.01   465.25   27.35   37.67   -2.18   1,575.50   7.95   1083
2.81   17.58   481.92   27.41   38.14    2.47   1,614.41   7.87   1053
2.76   16.05   493.15   30.73    38.5   -0.40   1,607.94   7.96    996
2.68   16.56   507.91   30.67   38.92   -0.03   1,607.53   8.04   1013
 2.6   16.78   523.81   31.22   39.81    4.25   1,675.84   7.79   1024
2.55   16.53   539.35   32.63   40.14    1.59   1,702.51   7.69   1022
 2.5   17.02    557.37   32.75   40.56    1.72   1,731.85   7.67   1133
2.49   16.97    559.11   32.95   41.14    1.20   1,752.64   7.67   1138
2.42    16.8    578.77   34.45   41.58    1.71   1,782.69   7.51   1095
2.41   16.93    582.92   34.43   41.97   -2.14   1,744.50   7.69   1128
2.37   17.14    595.53   34.75   42.35    0.91   1,760.44   7.75   1131
 2.3    17.5    614.57   35.12   42.68    5.46   1,856.57   7.37   1168
2.31   17.52    614.42   35.07   42.52    1.65   1,887.12   7.23   1143
2.22   18.61    649.54   34.90   42.66    1.17   1,909.21   7.24   1158
2.22   19.02    647.07   34.02   42.71   -0.55   1,898.79   7.35   1147
2.24     19     647.17   34.06   42.83    0.51   1,908.42   7.49   1211
2.21   19.48    661.23   33.94   43.34    2.58   1,957.73   7.35   1156
2.21   19.63    668.50   34.06   43.67    1.30   1,983.25   7.28   1192
2.31    18.8    644.07   34.26    43.9    0.75   1,998.22   7.33   1151
2.22   19.28    662.68   34.37   44.19    3.94   2,076.88   7.22   1252
 2.2   19.28    674.88   35.00   44.49    1.74   2,113.03   7.03   1148
2.11   20.07    701.46   34.95   44.91    2.97   2,175.76   6.87   1113
2.01   20.64    735.67   35.64   45.33    4.56   2,274.89   6.65   1121
2.01   20.59    743.25   36.10   45.87   10.39   2,511.32   6.05   1060
1.95   21.35    766.22   35.89   46.38    1.12   2,539.38   6.02   1108
1.89   21.28    798.39   37.52    46.8   -0.20   2,534.19   6.07   1181
1.91    20.5    792.16   38.64   47.03   -0.21   2,528.80   6.12   1130
1.98   19.89    763.93   38.41   47.57   -2.75   2,459.21   6.40   1124
1.85   21.24    833.09   39.22   48.09    2.94   2,531.51   6.28   1105
1.77   21.76    876.29   40.27    48.4    4.86   2,654.55   6.06   1120
1.66   23.05    925.29   40.14   48.86    3.09   2,736.55   5.83   1133
1.65   23.12    927.74   40.13   49.45   -0.24   2,730.00   5.91   1100
1.65   23.02    937.02   40.70   49.74    8.73   2,968.26   5.45   1205
1.61   23.59    951.16   40.32   50.15   -2.70   2,888.03   5.61   1127
1.65   23.08    938.92   40.68   50.41    2.16   2,950.45   5.58   1154
1.62   23.71    962.37   40.59   50.65    2.36   3,020.11   5.48   1149
1.62   23.81    963.36   40.46   50.98   -0.53   3,004.15   5.46   1227
1.55   24.95   1023.74   41.03   50.78   -1.70   2,953.03   5.54   1237
1.48   26.89   1076.83   40.05   50.61    1.79   3,006.02   5.55   1221
1.43   27.96   1112.20   39.78   50.76   -3.26   2,908.10   5.97   1230
1.45   27.95   1108.42   39.66   51.25   -0.70   2,887.73   6.07   1212
1.45   28.04   1108.39   39.53   51.41   -0.68   2,868.18   6.13   1275
1.39   29.23   1156.58   39.57   51.68   -6.49   2,681.98   6.49   1300
1.48   27.49   1074.62   39.09   51.83   -9.44   2,428.88   7.22   1274
1.59   26.31   1020.64   38.79   52.18    5.66   2,566.38   6.88   1262
1.59   26.39   1032.47   39.12   51.78   -1.85   2,518.87   7.17   1298
1.43    29.5   1144.43   38.79   51.64    1.47   2,555.96   7.20   1383
1.37   31.38   1190.05   37.92    51.2   -2.52   2,491.53   7.47   1412
 1.3   32.86   1248.77   38.00   51.37   -2.09   2,439.47   7.41   1349
1.32   32.64   1246.58   38.19   51.85   -2.35   2,382.18   7.61   1317
 1.3   33.77   1281.66   37.95   52.16   -0.45   2,371.43   7.96   1345
1.24   35.42   1334.76   37.68   53.01    9.49   2,596.46   7.28   1220
1.24   35.54   1332.07   37.48   54.06    2.20   2,653.50   7.18   1312
1.25   34.62   1322.55   38.20   54.75   -1.62   2,610.53   7.34   1266
 1.2   34.62   1380.99   39.89   55.28   -3.18   2,527.46   7.72   1308
1.25   34.67   1327.49   38.29   56.19   -1.27   2,495.34   7.90   1265
1.27   31.99   1318.17   41.21   56.54   -3.80   2,400.60   8.27   1286
1.28   31.67   1300.01   41.05   57.18   -2.46   2,341.56   8.52   1310
1.21   33.29   1391.00   41.78   57.36   -1.63   2,303.47   8.77   1321
1.18   32.37   1428.68   44.14   57.46    3.17   2,376.42   8.70   1375
1.18   32.39   1425.59   44.01   58.09    0.33   2,384.25   8.52   1268
1.21   31.67   1388.87   43.85   59.43   -1.19   2,355.84   8.46   1255
1.18   30.18   1442.21   47.79    59.3    3.29   2,433.30   8.30   1313
1.14    30.3   1461.36   48.23   60.45    6.72   2,596.80   7.78   1275
1.17   29.01   1418.48   48.90   61.24    0.98   2,622.34   7.78   1230
1.13   29.27   1461.96   49.95   61.83    2.57   2,689.61   7.61   1202
 1.1   28.83   1473.00   51.09   62.32    8.74   2,924.69   7.02   1142
1.09   28.89   1485.46   51.42   62.52   -4.06   2,805.99   7.42   1231
 1.1   27.96   1468.05   52.51   62.69    3.18   2,895.27   7.45   1195
1.15   26.51   1390.14   52.44   62.55   -4.33   2,769.93   7.92   1235
1.16   26.17   1375.04   52.54   61.98    1.28   2,805.50   7.85   1212
1.19   24.67   1330.93   53.95   60.81    7.04   3,002.97   7.52   1226
1.16   25.03   1335.63   53.36   59.51    1.04   3,034.31   7.23   1275
1.22   24.31   1305.75   53.71   59.12   -1.60   2,985.85   7.43   1280
1.33   23.12   1185.85   51.29   58.14    0.97   3,014.83   7.48   1218
1.32    23.3   1189.84   51.07   56.53    2.39   3,086.75   7.26   1311
1.23   25.85   1270.37   49.14   56.56    2.42   3,161.48   7.18   1285
1.27   27.06   1238.72   45.78    56.6    5.86   3,346.78   6.84   1295
 1.3   26.48   1204.45   45.49   55.62   -1.99   3,280.30   7.07   1298
1.34   25.93   1178.51   45.45   55.38    3.66   3,400.25   7.06   1286
1.48   28.82   1044.64   36.25   55.12   -4.15   3,259.05   7.43   1243
1.45   29.22   1076.59   36.84   52.77   -2.86   3,165.80   7.64   1240
1.38   30.73   1129.68   36.76   52.06    5.50   3,340.02   7.30   1244
1.36   35.83   1144.93   31.95   52.26    2.44   3,421.37   7.14   1285
1.38   39.92   1140.21   28.56   52.27    0.20   3,428.08   6.79   1318
1.43   39.09   1100.67   28.16   54.05    1.93   3,494.18   6.72   1501
1.37   40.53   1153.79   28.47   54.75    6.00   3,703.79   6.44   1292
1.42   45.12   1112.04   24.65   55.17    0.85   3,735.37   6.41   1277
1.48   43.71   1079.27   24.69   55.51    1.35   3,785.94   6.35   1402
1.58   41.14   1014.05   24.65   56.08    2.73   3,889.42   6.21   1368
1.76   36.73    903.59   24.60   55.28   -5.23   3,685.98   6.64   1323
1.72   37.08    912.55   24.61   55.59   -0.20   3,678.77   6.65   1247
 1.8   34.23    867.81   25.35   55.52   -3.84   3,537.59   7.01   1446
1.86    31.8    854.63   26.88   54.64   -4.81   3,367.35   7.30   1352
1.73   34.21    909.93   26.60   54.57    4.71   3,525.92   7.06   1394
1.77   30.39    899.18   29.59   54.56    0.74   3,552.10   7.05   1439
 1.8   29.57    895.84   30.30   54.84   -2.91   3,448.83   7.28   1537
1.95   27.75    837.62   30.18   54.48    1.65   3,505.89   7.23   1301
1.93   29.66    846.62   28.54   55.13    2.00   3,576.08   7.21   1399
1.83   32.16    890.03   27.68   55.41    4.40   3,733.31   6.91   1374
1.75   33.94    935.96   27.58   56.03    6.04   3,958.77   6.53   1391
1.66   32.74    988.00   30.18   56.61    2.18   4,044.88   6.42   1513
1.71   32.76    992.54   30.30   57.27    5.35   4,261.36   6.05   1535
1.78   32.55    989.53   30.40   58.15    0.54   4,284.18   6.07   1484
1.73   32.54   1019.44   31.33     59     3.40   4,429.85   5.99   1555
1.71   29.95   1038.73   34.68   59.67    1.81   4,509.88   5.90   1631
1.69   29.66   1049.90   35.40   60.45    4.36   4,706.49   5.66   1694
1.67     28    1080.64   38.59   60.94    3.50   4,871.12   5.52   1647
1.62   29.35   1132.52   38.59   61.98    4.33   5,081.85   5.21   1560
1.63   29.68   1143.36   38.52   63.22    1.75   5,170.71   5.23   1481
1.68   22.89   1123.98   49.10   64.15     5.53   5,456.47   5.01   1632
1.68   23.12   1133.08   49.01   65.46   -14.58   4,660.84   5.90   1646
1.74   22.67   1102.63   48.64   67.62     7.13   4,993.06   5.55   1652
 1.7   21.81   1132.76   51.94   68.67     2.93   5,139.48   5.43   1526
1.77   21.24   1105.85   52.06   69.44     0.33   5,156.41   5.43   1675
1.81   20.64   1088.94   52.76   70.26     7.94   5,565.66   5.08   1691
1.78   19.84   1117.66   56.33   70.77    -0.06   5,562.34   5.12   1555
1.79   19.97   1118.07   55.99   71.53     5.36   5,860.44   4.90   1660
1.74   20.65   1168.94   56.61   72.71     4.30   6,112.63   4.79   1458
1.72   20.79   1199.21   57.68   73.32     4.85   6,409.30   4.66   1714
1.77   20.47   1181.41   57.71   74.16    -8.40   5,871.11   5.04   1739
1.76   20.44   1199.63   58.69   75.16     3.07   6051.17    4.79   1792
1.79   19.87   1194.90   60.14   76.03    -1.55   5957.39    5.17   1583
1.86   19.86   1164.42   58.63   77.15     5.32   6274.28    4.96   1658
1.86   20.01   1178.28   58.88   77.74     3.47   6491.74    4.81   1714
1.83   19.94   1202.26   60.29   78.38     5.03   6818.11    4.60   1719
1.82   20.26   1222.24   60.33   80.10     7.14   7304.69    4.30   1724
1.82   19.91   1224.27   61.49   81.57    -3.66   7037.58    4.53   1728
1.84   19.28   1225.91   63.58   84.10     0.60   7079.51    4.56   1789
1.90   19.05   1191.96   62.57   84.84    -2.37   6911.99    4.70   1740
1.85   19.11   1237.37   64.75   85.04     4.21   7203.22    4.56   1808
1.84   18.92   1262.07   66.71   85.98    -0.20   7188.85    4.57   1628
1.83   19.15   1278.72   66.77   86.39     7.30   7714.00    4.20   1837
1.86   18.90   1276.65   67.55   87.04     1.79   7852.01    4.08   1808
1.86   18.11   1293.74   71.44   87.70     5.05   8248.59    4.06   1610
1.85   18.54   1302.18   70.24   89.04    -3.72   7942.04    4.21   1510
1.90   18.12   1290.00   71.19   89.96    -2.85   7715.96    4.37   1582
1.96   17.16   1253.12   73.03   91.22     5.20   8117.39    4.21   1469
1.94   17.41   1260.24   72.39   92.17     3.37   8391.19    4.10   1434
1.92   17.52   1287.15   73.47   92.95     3.78   8708.79    3.97   1355
1.87   17.67   1317.81   74.58   93.53     1.85   8869.74    3.93   1391
1.83   18.26   1363.38   74.66   93.93     6.26   9425.35    3.73   1181
1.80   18.28   1388.63   75.96   94.50     4.65    9863.50   3.59   1273
1.79   18.06   1416.42   78.43   95.34    -1.56    9709.31   3.69   1241
1.81   18.18   1424.16   78.34   95.13     8.42   10526.96   3.40   1123
1.82   17.75   1444.79   81.40   95.57    -2.24   10291.24   3.57   1188
1.89   17.12   1406.95   82.18   96.61    -2.39   10045.60   3.73   1206
Construction Construction Construction
Put in Place: Put in Place: Put in Place:
   Office        Retail     Warehouse
    BOC           BOC           BOC
 FreeLunch FreeLunch         FreeLunch
22366   23362   5192
21804   23829   5112
20809   24001   5459
20953   25003   4008
18807   26167   4404
19699   25428   4934
18683   23874   4755
19082   25481   5422
19106   26662   5536
19427   26697   5603
19360   29061   5584
20643   27958   6006
18322   24762   5262
18977   24765   4697
22331   28442   5241
20387   30006   5678
20810   29342   6185
19980   30022   6708
19258   31175   6352
20662   31719   6194
21267   32824   6593
20620   32410   7040
21808   31312   7351
20529   31377   7509
22953   30213   7746
22902   31870   8086
23160   33227   9415
22713   31206   9634
23334   29888   9028
23368   33348   9076
24088   31749    9085
23994   31073    9048
22329   32455    9580
22649   32509    9907
21929   32486   10015
22439   31638   10825
21950   31432   11632
23067   32508   10937
23367   32312   10816
25038   33077   10841
25461   33650   10764
28174   33947   10682
26330   33116   11181
26819   35681   11890
28478   35945   11953
29458   36770   11851
29873   36033   12207
29569   35919   12047
30713   38043   12183
32297   37671   12760
30473   36589   12533
29599   36232   12505
28443   36031   13159
31269   36049   13192
33271   37361   13153
34328   37513   12969
35154   36754   12661
36065   36444   12066
35605   36269   12133
36364   36147   11860
37910   35802   12430
37298   36769   11581
37432   38942   11473
39202   39882   11112
38972   38681   11779
42775   39411   13233
39950   39769   12917
39134   38470   13060
40125   37903   13387
42583   38746   13817
44164   39916   13579
44838   39502   13635
44242   37060   13446
46061   37220   13905
45183   39606   13570
44694   40137   13457
44733   41509   13492
46003   40428   13585
44636   40672   13446
45742   40533   13615
46525   41251   13884
45046   40808   14432
43862   44700   13890
43709   43327   14172
42558   41606   14390
47567   44930   14366
49334   42531   14859
50719   41827   14728
52588   42470   14732
51906   43533   14259
52106   42931   14497
54796   44830   14899
56252   44566   14958
54921   44425   15103
56587   41885   15647
58202   42235   15675
57565   41718   15809
55683   42946   16066
56789   43091   16254
53994   43479   17002
51841   42887   16432
53527   42082   16231
50497   43729   16117
46992   42531   15644
44443   42643   15095
44497   43068   14734
42142   43118   14802
39970   42726   14410
40176   44647   14270
38891   42768   13821
37058   44089   13408
37198   43423   12490
35652   41576   12200
35208   40724   11844
34703   39431   10717
34243   40734   10937
33767   41414   11110
32887   40880   11050
33125   40248   10987
31654   38156   10846
30788   39713   11433
29409   38156   11965
29378   39052   12260
28653   38937   12299
28774   40026   12111
30211   40897   12340
30003   41061   12700
30887   41616   14353
30869   40831   11920
33208   40663   12525
32572   40139   12004
32384   39821   12062
30531   40903   12152
32007   42433   10995
32384   42767   10871
32935   45326   10668
32729   46353   11715
32531   46624   13074
34291   48199   13393
33044   47094   12536
32543   47128   12835
33104   47076   12170
33551   46555   12218
33812   46184   11635
33599   46479   11888
38006   45531   13447
36585   47786   12713
37443   48393   12913
37133   49548   13200
36681   47772   12870
34881   47955   12988
35639   48983   13423
37442   48940   13330
36992   50145   13598
36921   50971   13759
39040   52198   14323
38392   52418   14324
39508   50157   14623
39332   51103   14756
40207   52459   14651
41203   54597   13708
42045   54543   14190
45464   55136   14193
47643   55279   14605
47487   57859   14518
45861   57478   14198
48287   56218   15081
49751   56083   16200
51142   57099   14973
51422   58762   15552
51700   60398   14926
               Net Percentage Net Percentage of                   Net Percentage of
                 of Domestic       Domestic     Net Percentage of     Domestic      Price per unit of
                Respondents     Respondents         Domestic        Respondents        Apartment
                  Tightening      Reporting       Respondents         Reporting     Properties and
                Standards for Stronger Demand       Tightening    Stronger Demand    portfolios $5
                Commercial     for Commercial     Standards for       for Loans        million and
                 Real Estate     Real Estate      Mortgages to     (Mortgages) to       greater
Data Series:        Loans           Loans          Individuals       Households       ($1000/unit)
  Source:            FRB             FRB               FRB               FRB              RCA
Data Source          Fed             Fed               Fed               Fed             MBAA
  1952Q1
  1952Q2
  1952Q3
  1952Q4
  1953Q1
  1953Q2
  1953Q3
  1953Q4
  1954Q1
  1954Q2
  1954Q3
  1954Q4
  1955Q1
  1955Q2
  1955Q3
  1955Q4
  1956Q1
  1956Q2
  1956Q3
  1956Q4
  1957Q1
  1957Q2
  1957Q3
  1957Q4
  1958Q1
  1958Q2
  1958Q3
  1958Q4
  1959Q1
  1959Q2
  1959Q3
  1959Q4
  1960Q1
  1960Q2
  1960Q3
  1960Q4
  1961Q1
  1961Q2
  1961Q3
  1961Q4
  1962Q1
1962Q2
1962Q3
1962Q4
1963Q1
1963Q2
1963Q3
1963Q4
1964Q1
1964Q2
1964Q3
1964Q4
1965Q1
1965Q2
1965Q3
1965Q4
1966Q1
1966Q2
1966Q3
1966Q4
1967Q1
1967Q2
1967Q3
1967Q4
1968Q1
1968Q2
1968Q3
1968Q4
1969Q1
1969Q2
1969Q3
1969Q4
1970Q1
1970Q2
1970Q3
1970Q4
1971Q1
1971Q2
1971Q3
1971Q4
1972Q1
1972Q2
1972Q3
1972Q4
1973Q1
1973Q2
1973Q3
1973Q4
1974Q1
1974Q2
1974Q3
1974Q4
1975Q1
1975Q2
1975Q3
1975Q4
1976Q1
1976Q2
1976Q3
1976Q4
1977Q1
1977Q2
1977Q3
1977Q4
1978Q1
1978Q2
1978Q3
1978Q4
1979Q1
1979Q2
1979Q3
1979Q4
1980Q1
1980Q2
1980Q3
1980Q4
1981Q1
1981Q2
1981Q3
1981Q4
1982Q1
1982Q2
1982Q3
1982Q4
1983Q1
1983Q2
1983Q3
1983Q4
1984Q1
1984Q2
1984Q3
1984Q4
1985Q1
1985Q2
1985Q3
1985Q4
1986Q1
1986Q2
1986Q3
1986Q4
1987Q1
1987Q2
1987Q3
1987Q4
1988Q1
1988Q2
1988Q3
1988Q4
1989Q1
1989Q2
1989Q3
1989Q4
1990Q1
1990Q2
1990Q3   69.38             8.7
1990Q4   61.68            22.8
1991Q1   46.43            32.7
1991Q2   25.75            22.9
1991Q3   27.13            12.5
1991Q4   14.93             6.9     5.3
1992Q1     7.1             3.5    38.6
1992Q2    10.1              0     25.9
1992Q3    4.38            -1.8    24.6
1992Q4     3.5            -5.3     34
1993Q1    2.23            -3.6     3.6
1993Q2    2.17             3.4    43.8
1993Q3   -0.85           -11.7    45.8
1993Q4   -3.88           -15.5    24.1
1994Q1   -4.72            -5.5    17.2
1994Q2   -7.13            -7.1   -12.5
1994Q3    -3.1            -5.5   -57.2
1994Q4   -3.05            -5.5   -66.7
1995Q1    0.45            -1.8   -76.8
1995Q2   -0.43    13.5    -5.5   -14.5
1995Q3    2.97    20.7      0      51
1995Q4    6.08    25.5     3.7    16.4
1996Q1   13.33     8.9      0     14.5
1996Q2    10.9    -1.8     -2      22
1996Q3     5.7    13.3      4     -22
1996Q4    -1.7    17.6     3.9   -11.7
1997Q1    -1.8    16.4     3.8     5.7
1997Q2    -5.2    10.4    -1.8    -9.5
1997Q3   -11.4    15.1     -2      20
1997Q4    -8.8    36.9     1.9    28.8
1998Q1    -7.2    39.9      0     57.7
1998Q2    -7.2    47.4    -5.8    63.5
1998Q3      0      25       0     35.3
1998Q4    46.4      0     -1.9     47
1999Q1    14.8    29.6      2      10
1999Q2     5.1    10.1      0      8.9
1999Q3     8.9    10.7    -1.9   -33.4
1999Q4     9.1     1.9     -2    -41.2
2000Q1    10.9    11.1    -1.9   -63.5
2000Q2    21.4     5.4    -5.6   -42.6
2000Q3    32.1    -7.1      0    -39.7
2000Q4    26.3    -8.7      0    -32.7
2001Q1    44.6   -28.6      0       0    $66
2001Q2    41.8   -21.8    3.8    46.1   $65
2001Q3    42.6   -30.9    3.8    24.5   $63
2001Q4    44.7   -51.8    3.8    -1.9   $58
2002Q1    46.3   -42.6    1.9    28.9   $71
2002Q2    30.9   -29.1    1.9     5.6   $72
2002Q3    25.5   -32.7    3.9    27.5   $69
2002Q4    22.2   -35.2    10      40    $76
2003Q1    13.6   -20.3   11.1     7.4   $65
2003Q2    17.8   -28.6    5.7     17    $71
2003Q3    13.8    -12     1.9    46.3   $73
2003Q4      0    -10.5     0    -18.6   $72
2004Q1    -5.5    16.4   -1.9   -38.5   $84
2004Q2   -10.7    21.5   -7.8    -5.8   $86
2004Q3    -8.9     25    -5.8    -7.7   $94
2004Q4   -17.5    22.8    1.9   -24.5   $94
2005Q1   -23.7    16.4   -7.8   -27.5   $84
2005Q2   -22.2    20.4   -2.1   -18.3   $102
2005Q3   -12.9     24      0     20.4   $107
2005Q4    -5.2    12.3   -3.7   -22.2   $112
2006Q1     1.8     3.6     0     -44    $98
2006Q2     1.8     5.3   -9.4   -23.1   $93
2006Q3    10.7    -3.6   -9.3   -58.5   $94
2006Q4    36.3   -27.2    1.9   -60.4   $99
2007Q1    26.3   -35.1   16.4    -37
 Cap Rate of     Price per Sqft    Cap Rate of   Price per Sqft  Cap Rate of Price per Sqft of
  Apartment       of Industrial      Industrial     of Office       Office         Retail
Properties and   Properties and   Properties and Properties and Properties and Properties and
 portfolios $5    portfolios $5    portfolios $5  portfolios $5  portfolios $5  portfolios $5
  million and      million and      million and    million and    million and    million and
   greater           greater          greater        greater       greater        greater
 ($1000/unit)     ($1000/unit)     ($1000/unit)   ($1000/unit)   ($1000/unit)   ($1000/unit)
     RCA              RCA              RCA            RCA            RCA            RCA
    MBAA             MBAA              MBAA          MBAA           MBAA           MBAA
8.5%   $56   9.3%   $145   9.9%   $109
8.3%   $54   9.7%   $154   9.7%   $90
9.0%   $60   9.5%   $142   9.6%   $93
8.5%   $50   9.7%   $165   9.7%   $106
8.5%   $46   9.5%   $153   9.6%   $88
8.2%   $46   9.6%   $153   9.4%   $116
8.2%   $50   9.7%   $170   9.3%   $111
7.9%   $43   9.4%   $155   9.2%   $110
7.8%   $43   9.2%   $157   9.1%   $100
7.5%   $46   9.1%   $136   9.0%   $124
7.4%   $53   8.9%   $184   8.6%   $118
7.2%   $50   8.4%   $154   8.6%   $117
6.9%   $54   8.6%   $170   8.4%   $118
6.9%   $50   8.4%   $165   8.0%   $136
6.8%   $53   8.3%   $163   7.9%   $137
6.6%   $61   8.1%   $166   7.7%   $142
6.5%   $56   8.3%   $175   7.8%   $141
6.2%   $61   7.6%   $202   7.6%   $153
5.9%   $68   7.5%   $183   7.2%   $143
5.8%   $66   7.5%   $188   7.1%   $157
5.9%   $68   7.2%   $202   7.2%   $150
6.1%   $70   7.3%   $214   7.2%   $142
6.0%   $65   7.2%   $217   7.0%   $168
6.2%   $67   7.4%   $234   6.9%   $168
 Cap Rate of
    Retail     Price per Sqft of Cap Rate of
Properties and ALL Properties ALL Properties
 portfolios $5  and portfolios   and portfolios                                         Per Capita
  million and   $5 million and   $5 million and                     Gross    Disposable Disposable
   greater          greater         greater        Net Change in Investment- Personal    Personal
 ($1000/unit)    ($1000/unit)     ($1000/unit)    Home Mortgage Residential   Income     Income
     RCA             RCA             RCA                FRB          FRB        FRB        BEA
    MBAA            MBAA             MBAA           FreeLunch     FreeLunch FreeLunch FreeLunch
                                                        6620        15553      236667
                                                        6456        15973      239577
                                                        6608        15960      245951
                                                        7068        16711      251225
                                                        7556        16951      255633
                                                        8432        17020      259572
                                                        7132        16517      259946
                                                        6948        16308      259434
                                                        6868        16450      262193
                                                       10844        17569      261966
                                                        7572        18860      264020
                                                       12116        20043      268983
                                                       12800        21742      273872
                                                       13416        22254      280741
                                                       12436        21932      287160
                                                       11660        21010      291309
                                                       11044        20538      295483
                                                       11432        20728      300426
                                                       10388        20352      304658
                                                       10368        19940      311349
                                                        9956        19365      314749
                                                        8256        18940      318856
                                                        8308        18809      322938
                                                        8004        18705      322740
                                                        8116        17169      323842
                                                        8008        17225      326581
                                                       10376        18449      333623
                                                       12728        20363      337827
                                                       12996        23034      343031      1948
                                                       12952        23789      350463      1983
                                                       13664        23304      351970      1983
                                                       12520        22662      356602      2000
                                                       11900        23329      361416      2011
                                                       10184        21510      365209      2025
                                                       11668        20853      366867      2026
                                                       11368        20812      368257      2024
                                                       11168        19912      372303      2039
                                                       10720        20025      377866      2061
                                                       13160        21070      384424      2088
                                                       15560        21710      392460      2123
                                                       12096        21480      397965      2145
13680   22103    403828   2169
15332   22042    407100   2178
16012   21966    411638   2194
14556   22491    416142   2210
16324   23998    420662   2227
18444   24154    427417   2254
17868   25042    436126   2291
17264   26105    447058   2341
16664   25178    460285   2403
17932   24848    467823   2434
17052   24963    474849   2461
16972   25531    481668   2490
15884   25798    489411   2523
18088   25903    504735   2593
17516   26071    516486   2645
17160   26382    525330   2683
13464   25165    530892   2705
11568   24204    541730   2752
 9616   22140    552196   2796
 9348   21678    562155   2839
 9328   24217    569468   2869
17244   25633    580253   2915
17256   27785    589513   2954
16584   27204    606154   3031
15488   28298    622515   3106
17768   28873    630172   3135
18432   30329    641316   3182
18484   30656    648601   3212
17392   30788    663518   3278
18900   30612    685361   3376
16052   28785    698412   3430
11940   28222    710111   3479
 5080   27312    730545   3569
11408   27966    747549   3639
16724   31182    754605   3661
21716   33862    777792   3762
16384   38021    797878   3848
26708   40639    808976   3889
31716   42843    822485   3942
33780   46023    836354   3999
25924   47098    848914   4049
35716   48045    874304   4160
40924   51308    916656   4350
43372   55711    938367   4443
33348   54204    965371   4561
36664   53790    988506   4659
44480   52183   1021016   4800
40384   50615   1034970   4856
34292   49585   1055025   4939
38300   49522   1086863   5075
36192   44305   1109466   5168
31936   46217   1125976   5234
 32420    48047   1193150    5533
 40844    51956   1199078    5544
 53752    55148   1231521    5679
 58260    62592   1263474    5814
 46724    66306   1284479    5898
 59584    66272   1315766    6026
 65964    76020   1346121    6149
 77136    80295   1372544    6255
 80744    91941   1411250    6416
 92400    94642   1454253    6593
 93480    96174   1504643    6802
 96196    97815   1538942    6941
 95688   105578   1589026    7149
111496   109793   1630461    7314
119552   112297   1674778    7491
122952   107184   1725758    7699
105208   108764   1760164    7832
117772   110914   1813873    8047
120096   109315   1874215    8289
 94940   103044   1944042    8573
 63000    85957   1955198    8599
 98104    89433   2021245    8862
104872   100582   2115491    9250
 72236   100173   2161861    9434
 86216    98297   2202832    9591
 59048    91851   2289649    9942
 50448    83647   2330062   10091
 54192    82626   2359718   10198
 37032    81179   2399121   10345
 33336    81592   2447164   10525
 65212    87984   2478696   10635
 87984   104363   2521159   10795
 95868   117036   2564312   10957
114692   129282   2635073   11232
121776   135963   2712904   11537
145373   141323   2805332   11907
120210   145107   2885355   12222
110977   145096   2954973   12486
132278   146338   3002428   12656
192210   145548   3032163   12758
125069   146972   3117520   13089
212982   149811   3115404   13047
165319   155040   3172165   13251
158643   164012   3233357   13480
162234   174895   3269146   13601
233975   179925   3307247   13725
240914   181070   3330699   13789
233172   186915   3397078   14037
252775   189154   3389388   13976
198103   190152   3484530   14333
203227   192504   3562120   14616
193657   195385   3638483   14899
                    232342   198720   3711322   15166
                    213262   200084   3786880   15434
                    219997   203521   3858208   15686
                    157631   203100   3954923   16047
                    202941   199448   3993382   16166
                    247498   197794   4038785   16305
                    292050   194836   4099546   16505
                    207941   197401   4198193   16864
                    217300   190586   4268097   17092
                    189002   180534   4325655   17261
                    179869   170693   4351268   17302
                    195638   165200   4387148   17392
                    221817   169750   4441813   17552
                     81879   177760   4483721   17655
                    195109   181264   4544513   17833
                    194698   195634   4651418   18199
                    113697   205233   4716101   18391
                    181711   207089   4768612   18527
                    194752   207357   4869605   18854
                     98691   219494   4801614   18536
                    196916   224672   4901143   18863
                    169289   228509   4924272   18888
                    160555   241893   5020760   19196
                    170578   253337   4998696   19061
                    159996   262307   5118078   19459
                    145295   261847   5197468   19697
                    189173   269235   5293107   19998
                    152963   255047   5350937   20163
                    163973   245496   5376329   20201
                    163970   256040   5427117   20326
                    135872   262939   5478589   20456
                    254194   271786   5574493   20762
                    210371   283739   5656595   21008
                    164777   285401   5727491   21203
                    192005   282589   5795262   21386
                    250956   288810   5877415   21631
                    197684   293466   5936650   21787
                    270774   295097   6020765   22023
                    146491   295762   6120456   22317
                    311434   310940   6255930   22753
                    293390   323985   6357669   23060
                    234830   334076   6448073   23315
                    365354   350916   6522050   23511
                    421410   345627   6586706   23684
                    345792   362657   6638619   23806
                    400614   361498   6708233   23979
                    348072   369193   6846232   24399
                    379187   375088   7059178   25094
                    403733   376599   7141218   25322
                    360407   370791   7266397   25694
                    365484   371816   7309279   25775
9.9%   $90   9.5%   445596   388416   7392136   26005
9.9%   $88    9.3%    542208   400911   7407562   25996
9.5%   $84    9.4%    462654   404262   7622822   26679
9.3%   $82    9.4%    488355   399400   7524815   26265
9.7%   $87    9.3%    603546   410564   7751521   26994
9.2%   $98    9.1%    580800   426016   7841654   27246
9.2%   $101   9.1%    711838   428482   7845429   27187
9.2%   $92    8.9%    829792   445772   7881683   27240
8.9%   $87    8.8%    793483   461969   7975470   27499
8.4%   $88    8.4%    948407   474880   8087632   27820
8.6%   $108   8.3%    909642   508314   8261014   28341
8.2%   $95    8.1%    774877   525791   8325976   28491
8.2%   $106   8.0%    851919   527677   8481647   28962
8.0%   $108   7.7%    962771   581398   8607077   29322
7.7%   $111   7.6%   1051834   590429   8706318   29583
7.6%   $114   7.4%   1009604   596680   8931203   30271
7.4%   $104   7.3%    854074   619696   8890946   30073
6.9%   $124   7.1%   1066823   664259   8969658   30273
7.4%   $121   6.8%   1220449   677280   9047713   30461
7.0%   $126   6.7%   1158106   692855   9236086   31020
7.0%   $114   6.6%    970614   688336   9388821   31470
7.1%   $126   6.9%    859593   672939   9446216   31595
6.7%   $130   6.7%    728089   615102   9576978   31917
6.9%   $141   6.8%    611683   588291   9680462   32174
                                                  32728
  Single                                                                   All   Apartment
  Family     Median      All   Apartment Industrial    Office   Retail  Property Property
Home Price   House    Property Property Property      Property Property Returns   Returns
  Index       Price   Returns   Returns   Returns     Returns Returns    Index     Index
  FNMA       FNMA     NCREIF NCREIF NCREIF            NCREIF NCREIF       MIT       MIT
FreeLunch             NCREIF NCREIF NCREIF            NCREIF NCREIF       MIT       MIT
32.18   26,136
32.87   26,696
31.91   25,916
32.44   26,347
32.88   26,704
34.24   27,809
33.34   27,078
33.48   27,191
33.95   27,573
35.34   28,702
35.12   28,523
35.84   29,108
36.78   29,872
38.34   31,139
38.71   31,439
 39.4   31,999
40.28   32,714
 41.5   33,705
41.85   33,989
42.54   34,550
42.52   34,533
 44.38   36,044
 44.24   35,930
 44.86   36,434
 46.06   37,408
 47.37   38,472
 47.87   38,878
  48.5   39,390
 49.47   40,178
 51.98   42,216
 53.48   43,435
 55.02   44,685
 56.96   46,261    2.9    3.16   3.05    2.45   2.78
  59.2   48,080   3.06    3.74   2.83    2.85   2.46
 60.95   49,502   3.39    4.66   2.42    3.02   2.71
 62.59   50,834   5.89    4.42   5.15    11.7   2.56
 64.46   52,352   3.81    4.84   2.95    4.37   2.36
 66.84   54,285   4.32     6.7   4.55    4.98   1.56
 68.36   55,520   4.75   10.77   4.01     2.3    2.5
  69.4   56,364   6.19    6.33   6.31     6.7    4.4
  70.7   57,420   5.54    2.07   3.85   10.67   2.37
  72.2   58,639   2.36    4.03   2.39    2.65   2.37
 74.03   60,125   3.79    6.81   3.71    3.85   3.55
 74.37   60,401   5.32    4.65   5.44    6.79   3.93
 74.94   60,864   2.96    2.11   3.92    3.58   1.52
 76.83   62,399   4.23    2.98    3.9    5.48    2.6
 77.93   63,292   3.21    2.76   4.37    2.72   2.71
 78.36   63,641   5.29    5.27   4.31    7.14   3.78
 79.57   64,624   2.49     3.1    2.2     2.9   1.61
 79.46   64,535   2.07    4.29   2.35    1.72   1.38
   79    64,161   1.52    3.39   2.33    1.66   1.22
  79.3   64,405   3.04    3.96    2.6    3.21   2.64
 80.81   65,631   1.75    2.72   1.82    1.51   1.96
 81.58   66,257   2.54     3.6   2.38    2.42    2.7
 82.18   66,744   2.96     5.9   2.48      3     3.1
 82.43   66,947   5.31    5.46   5.56    5.27   5.45
  83.5   67,816   3.35    2.31   3.31    2.72   4.36   101.99
 84.88   68,937   3.16    5.53   2.96    3.56   2.68   102.98
 85.71   69,611   2.46    2.16   2.97     2.1   2.73   100.42
 86.31   70,098   4.21    2.56    3.5    3.49   6.19   103.12
 87.44   71,016   2.08    1.66   2.82    1.74   2.24   108.63
  88.6   71,958    2.6    1.93   2.36    2.12   3.56   112.49
 90.09   73,168   2.39    3.56   3.16     2.4   2.01   115.59
 91.09   73,980   3.73    3.99   3.38     2.5   5.92   120.99
 92.94   75,483   2.03    1.86   1.97    2.21     2    116.11
 94.87   77,050   1.96    1.18   2.27    1.45   2.61   123.48
 96.37   78,269    1.5      1    1.96     1.1   2.05   124.02
 97.93   79,536   2.57    2.89   2.21    0.83   5.35   126.43
  100    81,217   1.83    1.39   2.37    1.42   1.99   127.18
101.78   82,662   1.19    0.61   1.69   -0.09   2.59   131.62
103.16   83,783   2.09    2.28    2.5    1.77   2.28   134.32
104.01   84,474   2.67     2.5   2.98    0.82   5.01   124.63
 105.9   86,009   1.84     1.9   2.38    1.53   1.91   128.64
108.26    87,925      2     2.13    1.99    1.12    3.19    135.2
109.53    88,957    2.39    3.84    2.74    1.98    2.64   136.73
110.75    89,948    3.07     2.1    2.43    1.22    6.49   129.84
112.39    91,280    1.75    2.02    2.09    1.18    2.41   133.46
114.15    92,709      2     0.97    1.86    1.63    3.02   136.99
116.92    94,959    2.05    2.73    2.86    1.25     2.6   137.45
118.19    95,990    1.75    2.83    1.67    0.03    3.96   131.28
118.81    96,494    1.38    2.28    1.21    1.12    1.63   130.34
119.06    96,697    1.52    1.68    1.49    0.77     2.5   137.67
119.69    97,208    0.84    1.52    0.57    0.49    1.36   142.18
119.35    96,932   -1.43    0.21   -1.31   -3.38    0.35    139.2
120.43    97,809    0.05   -0.05   -0.06   -0.57     0.9   132.38
121.16    98,402    0.01    1.13    0.69   -1.26    0.62    132.3
 121.3    98,516   -0.33    0.43    -0.7   -1.26    0.35    142.6
123.04    99,929   -5.33   -2.82    -3.8   -8.64   -3.67   135.87
123.97   100,684   -0.03    0.83   -0.46   -0.05    0.12   137.54
123.91   100,636   -1.03    0.05   -0.74   -1.88   -0.75   135.92
 125.3   101,765   -0.44    0.27   -0.73   -0.99    0.07    137.1
125.94   102,284   -2.81    0.56    -2.6    -5.3    -1.7   127.63
125.86   102,219    0.77    1.21    0.61     0.5    0.95   133.53
126.97   103,121   -0.24    1.54   -1.02   -1.94    1.03    143.5
127.89   103,868     1.1      2     0.64    0.49    1.55   149.38
128.99   104,762   -0.25    3.72   -0.97   -3.01    1.22   148.04
129.75   105,379    1.31    2.48     1.5    0.91    1.08   149.89    84.18
130.56   106,037    1.54     2.6    1.25    1.56    1.27   152.74    92.36
 131.3   106,638    1.51    2.46    2.27    0.32    2.08   158.68    96.68
131.29   106,630    1.88    4.03    2.42    1.08    1.45   158.43   101.81
 131.9   107,125    2.11    2.49    3.05    1.91    1.75    160.8    94.87
134.22   109,009    2.08    2.66    3.03    1.98    1.46   168.51   100.16
136.37   110,755    2.06    2.63    2.93    2.17    1.32   174.97   104.58
137.52   111,689    1.09    3.41    2.76    0.95   -0.58   176.84   107.59
139.28   113,119     2.4    2.68    3.17    2.67    1.68   178.01   112.12
139.88   113,606    2.29    2.85    2.68    2.75    1.32   185.46   120.23
140.76   114,321    2.63    2.63    3.74    2.57    1.74   190.81   126.58
142.07   115,385    2.61    2.91    3.33    4.96    0.04   199.78   130.11
143.43   116,489    2.34    2.28    3.11    3.04    1.24   204.72   138.33
144.81   117,610    2.82     2.9    3.68    3.36    1.64   214.29   145.45
147.08   119,454    3.38    3.29     4.4    3.87    2.33   230.12    154.2
149.06   121,062     4.7    3.85    3.86    6.54    3.07   246.76   162.42
151.34   122,913    4.13    3.28    3.71    5.48    2.91   256.77   166.48
152.53   123,880    4.19    3.23    4.64    4.87    3.52   269.24   174.76
154.74   125,675    3.47    3.56    3.68    3.82    2.76   266.37   187.89
156.65   127,226    3.55    3.33    2.97    4.16    3.13   279.86   185.99
158.26   128,534    2.59    2.84    2.55    2.77    2.21   286.61   186.22
160.53   130,377    2.62     2.5    2.82    2.87    2.26   285.24   193.56
163.21   132,554    2.81     2.7    2.96    3.16    2.16   287.52   191.32
165.16   134,138    2.89    3.19    2.83    2.96    2.59   297.13   191.14
168.62   136,948     2.4    2.37    2.47    2.66    1.99   299.86   194.67
171.49   139,279    3.05     2.9    3.62    3.47    2.05   311.19   205.27
174.84   141,999    2.95    3.08    3.44    3.31     1.9    321.9   215.21
177.65   144,282    3.32      4     3.79    3.96     1.6   323.26   220.26
182.34   148,091    2.37    2.47    2.55    2.34    2.21   327.83    222.4
185.54   150,690   2.46   2.76   3.33    2.31   1.88   352.27   240.75
188.64   153,207    1.6   2.23   2.02    1.46   1.28    353.5   243.07
190.95   155,083   0.68   1.55   1.13   -0.02   1.21   345.71   245.95
193.97   157,536   1.51   1.95   1.86    0.94   1.88   349.91   252.03
197.54   160,436   1.61   1.83   1.21    0.79   3.55   354.03   249.29
201.66   163,782   1.79   2.63    1.8    0.81   3.07   368.75   252.85
204.64   166,202   1.67   2.01   1.68    0.21   4.56   395.64    264.5
207.27   168,338   1.88   2.25   2.09    1.23   2.86   392.33   266.63
210.02   170,571   2.09    2.3   1.28    1.44   3.98   411.44   269.12
213.65   173,520   1.97   2.03   2.26    1.25   3.04   407.58   278.67
220.51   179,091   2.76   2.04   2.35    1.63   6.29   424.83   284.46
224.41   182,259   2.56     3    2.39    2.24     3    436.82   284.99
230.38   187,107   3.13   2.73   2.68    2.36   5.35   472.34   300.67
240.56   195,375   3.42   2.88   2.74    3.17   5.08   479.69   320.18
246.49   200,191   4.66   3.84   3.75    3.74   7.83   492.82   330.89
252.84   205,348   3.51   3.68   2.84    3.25   4.48   502.53    362.1
262.02   212,804   5.34   5.72   7.23    4.77   4.31   597.82   372.03
270.88   220,000   4.44   4.52   3.99    5.06   3.88   629.53   431.17
 279.2   226,757   5.43   5.76   4.92    5.12   5.99   658.46   456.07
285.73   232,061   3.62   3.52   3.34    3.91   3.41   698.75   476.12
289.52   235,139   4.01   3.85   5.09    4.10   2.96   713.67   471.53
292.67   237,697   3.51   2.91   3.47    4.14   2.97    743.2   480.53
296.18   240,548   4.51   3.61   4.09    5.77   3.39   780.06   483.69
                   3.62   2.87   3.22    4.60   3.14
Industrial Office   Retail
 Property Property Property Delinquency
 Returns Returns Returns Rates on All
  Index    Index    Index   R.E. Loans REIT Flows
   MIT      MIT      MIT        FRB        FRB
   MIT      MIT      MIT        FRB     FreeLunch
  652
  992
  680
 1240
  728
 1216
  976
 2136
 1528
 1692
 1788
 3188
 2156
 2692
 2784
 3324
 6004
 5868
 4260
 6936
 5956
 6376
 5972
 3912
 2492
 1764
-1928
 -964
-5284
       -10748
       -11344
        -7064
        -2144
        -2024
        -2096
        -2060
         -772
        -1816
         -740
          556
          -24
          452
           -0
         1336
          800
          756
          776
          720
          720
          732
          720
          684
          812
          756
          704
          792
          612
          340
          572
          432
          464
          452
           76
          384
         2956
         2896
         3276
         4212
         3104
         4204
         4552
         6888
         6008
         8484
         8232
         7828
5.02     6396
4.83    10256
4.77    11324
4.89    11092
4.91     7912
                           4.89     5472
                           4.80     6564
                           4.44    12128
                           4.83      -40
                           4.82     4432
                           5.02     2240
                           5.15     3476
                           5.42      716
                           5.73      740
                           6.15     1868
                           7.13     1000
                           7.43     3648
                           7.48     3504
                           7.29      508
                           7.09     9076
                           6.78     3408
                           6.62     1504
                           6.35     4660
                           5.88     6452
                           5.51     5720
                            5.2    17676
                           4.81    22784
                           4.25    21456
 98.39    99.76    88.27   4.02    40592
 99.59    99.14    92.34   3.67    31980
 101.1   103.71    99.33   3.32    35660
103.11    98.35   100.94   3.03     7568
 107.1    101.7   100.85   3.09     8484
111.97   106.28   100.57   2.98    21848
113.61   113.66   103.04   2.91    11820
120.61   114.01   101.75   2.76    20900
121.27   115.88   101.02   2.73    18292
122.97   123.65   105.04   2.71    25196
131.73   121.13   111.47   2.64    30284
132.95   131.44   112.43   2.58    44196
139.83   141.26    114.8   2.49    60344
149.13   150.51    119.5   2.39    75788
158.36   163.73    130.1    2.3    86672
173.92   177.24   137.59   2.28   145956
164.33   189.98    145.7   2.23   137392
179.88   194.31   148.68   2.16    99328
184.43   191.42   147.85   2.14    85320
179.36   195.33   161.82    2.1    23432
188.43   200.73   164.86   1.99    42656
188.66   204.05   163.59   1.95   -18004
197.63   204.26   168.28   1.99    30816
192.36   205.24    174.6    1.8    15108
199.84   211.93   170.19   1.84     2248
213.53   219.95   169.03   1.82     7696
227.15   227.38   171.91   1.89    -4260
 229.8   229.31   167.61   1.98     9752
238.55   235.71   167.55   2.05    10576
247.28   234.19   178.76   2.17    10520
247.32   235.06   185.93   2.17    15964
243.47   232.47   187.01   2.15    37504
237.35   244.14   197.16    2.1    50300
246.15   239.68   207.53   2.04    73460
255.56   258.57    221.2   1.98    57268
270.13   257.48   240.12   1.86    32072
262.45   262.68   242.33   1.91     1140
281.44   264.73   262.29    1.8    53592
302.97   274.13   244.58   1.68    61620
310.24   278.51    266.5   1.66    93224
321.87   284.01   283.84   1.53   143276
 342.7   302.82   305.17   1.49    98208
341.22   301.45   330.21   1.44    84224
348.96   315.97   347.81   1.29   284396
347.47   326.24   354.46   1.33    89464
432.85   361.26   434.32   1.37   170388
443.54   386.03   477.06   1.39   147116
444.75   432.74   480.72    1.4    28192
497.74   448.18   475.69   1.36   103004
 515.8   455.05   475.57   1.39    96744
519.45   488.98   469.86   1.49    83224
523.36   524.02   462.52   1.67    95568
                           1.75
Source: http://www.gpec.org

Company                                            Emp Classification Ticker  CUSIP   EmpWt
America West Airlines (US Airways Group, Inc.)     8,539  Aerospace     LCC 90341W10 0.090
American Express                                   7,000 Bus Services   AXP 02581610 0.074
Bank of America                                    7,268 Bus Services   BAC 06050510 0.077
Charles Schwab & Co. Inc.                          2,300 Bus Services SCHW 80851310 0.024
Discover Card                                      1,100 Bus Services    MS 61744644 0.012
General Dynamics C4 Systems                        3,400  Aerospace      GD  36955010 0.036
Goodrich Corporation                                733   Aerospace      GR  38238810 0.008
Honeywell                                         12,000  Aerospace    HON 43851610 0.127
Information Network Corp.                           360    Software    UNH 91324P10 0.004
Intel Corp.                                        9,500  High Tech    INTC 45814010 0.101
JDA Software Group Inc.                             646    Software   JDAS 46612K10 0.007
JP Morgan Chase                                    9,200 Bus Services   JPM 46625H10 0.097
Medicis                                             175   BioScience   MRX 58469030 0.002
Medtronic Microelectronics                         1,365  High Tech    MDT 58505510 0.014
Mesa Air Group                                      390   Aerospace   MESA 59047910 0.004
Microchip Technology Inc.                          1,500  High Tech   MCHP 59501710 0.016
Motorola                                           1,800  High Tech    MOT 62007610 0.019
ON Semiconductor                                   1,190  High Tech   ONNN 68218910 0.013
Oracle Corp.                                         85    Software   ORCL 68389X10 0.001
Orbital Sciences Corporation                        930   Aerospace    ORB 68556410 0.010
Sanmina-SCI Phoenix                                 750   High Tech   SANM 80090710 0.008
Southwest Airlines                                 4,672  Aerospace     LUV 84474110 0.049
STMicroelectronics Inc.                             842   High Tech    STM 86101210 0.009
The Boeing Company                                 4,500  Aerospace     BA   09702310 0.048
U-Haul                                             1,000 Bus Services UHAL 02358610 0.011
United Parcel Service                              2,021 Bus Services   UPS 91131210 0.021
Watson Pharmaceuticals Inc.                         245   BioScience    WPI 94268310 0.003
Wells Fargo                                       11,000 Bus Services WFC 94974610 0.116



    Question: What is the anticipated growth rate in expected corporate eps over the next two years? What
    does this suggest for anticipated commercial real estate returns?

    Answer:
            EPS06A EPS07 EPS08




                3.34


o years? What
                CS Index        Settlement Prices         Expected Change in Home Prices
For              Nov-06         Fri, Feb 16, 2007                Fri, Feb 16, 2007
Reported        30-Jan-07 May-07 Aug-07 Nov-07 Feb-08   May-07 Aug-07 Nov-07 Feb-08
Los Angeles      273.05   269.60 268.00 266.00          -1.26%   -1.85%    -2.58%
San Diego        242.11
San Francisco    213.84
Denver           137.65
Las Vegas        232.56
Composite        223.58

                CS Index        Settlement Prices        Expected Change in Home Prices
For              Nov-06         Fri, Feb 23, 2007               Fri, Feb 23, 2007
Reported        30-Jan-07 May-07 Aug-07 Nov-07 Feb-08   May-07 Aug-07 Nov-07 Feb-08
Los Angeles      273.05
San Diego        242.11
San Francisco    213.84
Denver           137.65
Las Vegas        232.56
Composite        223.58

                CS Index        Settlement Prices        Expected Change in Home Prices
For              Dec-06         Fri, Mar 02, 2007               Fri, Mar 02, 2007
Reported        27-Feb-07 May-07 Aug-07 Nov-07 Feb-08   May-07 Aug-07 Nov-07 Feb-08
Los Angeles      270.03
San Diego        238.07
San Francisco    212.13
Denver           137.11
Las Vegas        231.57
Composite        222.01

                CS Index        Settlement Prices        Expected Change in Home Prices
For              Dec-06         Fri, Mar 09, 2007               Fri, Mar 09, 2007
Reported        27-Feb-07 May-07 Aug-07 Nov-07 Feb-08   May-07 Aug-07 Nov-07 Feb-08
Los Angeles      270.03
San Diego        238.07
San Francisco    212.13
Denver           137.11
Las Vegas        231.57
Composite        222.01
Question: What does the CME Case-Shiller housing futures predict for the U.S.
as a whole in the short term and in the long term with respect to house
appreciation or housing declines given the trend over the period from February
16, 2007 through March 9, 2007?

Answer:

								
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