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

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

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

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

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

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

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

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

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

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

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

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

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