Biennial level estimated by FOF section based on data from the U.S. Census Bureau's American Housing Survey on total value of owner-occupied and vacant homes, excluding mobile homes. Quarterly capital gains are based on the CoreLogic national house price index (FOF series FI075035243). Quarterly flow is equal to net investment (FOF series FA155012665). Quarterly levels between benchmarks are calculated as the previous level plus capital gains and the unadjusted flow less disaster losses (FOF series FU155404003), with adjustments to target the next benchmark level.
