Accessible Version

1. U.S. Real GDP
Period	Percent change, annual rate
2007	2.21
2008	-3.32
2009H1	-3.73
2009H2	2.74
2010H1	3.86
2010H2	2.43
2011Q1	.36
2011Q2	1.34
2011Q3	1.81

Source: Bureau of Economic Analysis (BEA).

2. Change in Private Payroll Employment
Month	Thousands of employees
Jan-04	104.00
Feb-04	100.67
Mar-04	163.00
Apr-04	185.00
May-04	278.00
Jun-04	209.33
Jul-04	148.67
Aug-04	79.00
Sep-04	98.00
Oct-04	194.00
Nov-04	169.67
Dec-04	163.00
Jan-05	84.33
Feb-05	152.00
Mar-05	157.00
Apr-05	241.00
May-05	211.33
Jun-05	250.67
Jul-05	227.00
Aug-05	242.67
Sep-05	181.67
Oct-05	123.33
Nov-05	161.67
Dec-05	180.67
Jan-06	251.67
Feb-06	245.67
Mar-06	287.00
Apr-06	238.00
May-06	144.00
Jun-06	84.67
Jul-06	79.67
Aug-06	127.33
Sep-06	127.67
Oct-06	79.33
Nov-06	93.67
Dec-06	123.67
Jan-07	185.00
Feb-07	141.00
Mar-07	149.33
Apr-07	105.00
May-07	122.67
Jun-07	72.67
Jul-07	59.33
Aug-07	-9.33
Sep-07	-24.33
Oct-07	-5.33
Nov-07	59.00
Dec-07	70.00
Jan-08	46.67
Feb-08	-28.67
Mar-08	-70.33
Apr-08	-133.67
May-08	-171.00
Jun-08	-214.33
Jul-08	-240.67
Aug-08	-266.33
Sep-08	-338.67
Oct-08	-414.00
Nov-08	-570.67
Dec-08	-638.00
Jan-09	-754.67
Feb-09	-732.67
Mar-09	-783.00
Apr-09	-760.33
May-09	-628.67
Jun-09	-512.33
Jul-09	-350.33
Aug-09	-313.33
Sep-09	-238.33
Oct-09	-226.00
Nov-09	-165.67
Dec-09	-128.67
Jan-10	-59.33
Feb-10	-55.00
Mar-10	27.00
Apr-10	117.33
May-10	140.33
Jun-10	114.00
Jul-10	68.67
Aug-10	89.33
Sep-10	104.00
Oct-10	120.67
Nov-10	126.67
Dec-10	146.00
Jan-11	129.67
Feb-11	174.00
Mar-11	191.33
Apr-11	240.33
May-11	186.33
Jun-11	138.33
Jul-11	115.67
Aug-11	106.67
Sep-11	155.00
Oct-11	142.00
Nov-11	158.00
Dec-11	155.33

Source: Bureau of Labor Statistics (BLS).

3. Unemployment Rate
Month	Percent
Jan-04	5.70
Feb-04	5.60
Mar-04	5.80
Apr-04	5.60
May-04	5.60
Jun-04	5.60
Jul-04	5.50
Aug-04	5.40
Sep-04	5.40
Oct-04	5.50
Nov-04	5.40
Dec-04	5.40
Jan-05	5.30
Feb-05	5.40
Mar-05	5.20
Apr-05	5.20
May-05	5.10
Jun-05	5.00
Jul-05	5.00
Aug-05	4.90
Sep-05	5.00
Oct-05	5.00
Nov-05	5.00
Dec-05	4.90
Jan-06	4.70
Feb-06	4.80
Mar-06	4.70
Apr-06	4.70
May-06	4.60
Jun-06	4.60
Jul-06	4.70
Aug-06	4.70
Sep-06	4.50
Oct-06	4.40
Nov-06	4.50
Dec-06	4.40
Jan-07	4.60
Feb-07	4.50
Mar-07	4.40
Apr-07	4.50
May-07	4.40
Jun-07	4.60
Jul-07	4.70
Aug-07	4.60
Sep-07	4.70
Oct-07	4.70
Nov-07	4.70
Dec-07	5.00
Jan-08	5.00
Feb-08	4.80
Mar-08	5.10
Apr-08	4.90
May-08	5.40
Jun-08	5.60
Jul-08	5.80
Aug-08	6.10
Sep-08	6.20
Oct-08	6.60
Nov-08	6.80
Dec-08	7.30
Jan-09	7.80
Feb-09	8.20
Mar-09	8.60
Apr-09	8.90
May-09	9.40
Jun-09	9.50
Jul-09	9.50
Aug-09	9.70
Sep-09	9.80
Oct-09	10.10
Nov-09	9.90
Dec-09	9.90
Jan-10	9.70
Feb-10	9.70
Mar-10	9.70
Apr-10	9.80
May-10	9.60
Jun-10	9.50
Jul-10	9.50
Aug-10	9.60
Sep-10	9.60
Oct-10	9.70
Nov-10	9.80
Dec-10	9.40
Jan-11	9.00
Feb-11	8.90
Mar-11	8.80
Apr-11	9.00
May-11	9.10
Jun-11	9.20
Jul-11	9.10
Aug-11	9.10
Sep-11	9.00
Oct-11	8.90
Nov-11	8.70
Dec-11	8.50

Source: Bureau of Labor Statistics (BLS).

4. Real PCE
Period	Percent change, annual rate
2007	1.68
2008	-2.54
2009H1	-1.70
2009H2	1.37
2010H1	2.82
2010H2	3.10
2011H1	1.38
2011Q3	1.75

Source: Bureau of Labor Statistics (BLS).

5. Reuters/Michigan Consumer Sentiment Index
Month	Index Value, 1966=100
Jan-04	103.80
Feb-04	94.40
Mar-04	95.80
Apr-04	94.20
May-04	90.20
Jun-04	95.60
Jul-04	96.70
Aug-04	95.90
Sep-04	94.20
Oct-04	91.70
Nov-04	92.80
Dec-04	97.10
Jan-05	95.50
Feb-05	94.10
Mar-05	92.60
Apr-05	87.70
May-05	86.90
Jun-05	96.00
Jul-05	96.50
Aug-05	89.10
Sep-05	76.90
Oct-05	74.20
Nov-05	81.60
Dec-05	91.50
Jan-06	91.20
Feb-06	86.70
Mar-06	88.90
Apr-06	87.40
May-06	79.10
Jun-06	84.90
Jul-06	84.70
Aug-06	82.00
Sep-06	85.40
Oct-06	93.60
Nov-06	92.10
Dec-06	91.70
Jan-07	96.90
Feb-07	91.30
Mar-07	88.40
Apr-07	87.10
May-07	88.30
Jun-07	85.30
Jul-07	90.40
Aug-07	83.40
Sep-07	83.40
Oct-07	80.90
Nov-07	76.10
Dec-07	75.50
Jan-08	78.40
Feb-08	70.80
Mar-08	69.50
Apr-08	62.60
May-08	59.80
Jun-08	56.40
Jul-08	61.20
Aug-08	63.00
Sep-08	70.30
Oct-08	57.60
Nov-08	55.30
Dec-08	60.10
Jan-09	61.20
Feb-09	56.30
Mar-09	57.30
Apr-09	65.10
May-09	68.70
Jun-09	70.80
Jul-09	66.00
Aug-09	65.70
Sep-09	73.50
Oct-09	70.60
Nov-09	67.40
Dec-09	72.50
Jan-10	74.40
Feb-10	73.60
Mar-10	73.60
Apr-10	72.20
May-10	73.60
Jun-10	76.00
Jul-10	67.80
Aug-10	68.90
Sep-10	68.20
Oct-10	67.70
Nov-10	71.60
Dec-10	74.50
Jan-11	74.20
Feb-11	77.50
Mar-11	67.50
Apr-11	69.80
May-11	74.30
Jun-11	71.50
Jul-11	63.70
Aug-11	55.70
Sep-11	59.40
Oct-11	60.90
Nov-11	64.10
Dec-11	69.90

Note: The average Index Value since 1966 is 88.95

Source: Thomas Reuters/University of Michigan Surveys of Consumers.

6. Single-Family Housing Starts
Month	Millions of units, annual rate
Jan-98	1.23
Feb-98	1.24
Mar-98	1.22
Apr-98	1.23
May-98	1.21
Jun-98	1.28
Jul-98	1.30
Aug-98	1.27
Sep-98	1.26
Oct-98	1.30
Nov-98	1.38
Dec-98	1.41
Jan-99	1.35
Feb-99	1.32
Mar-99	1.35
Apr-99	1.22
May-99	1.31
Jun-99	1.27
Jul-99	1.31
Aug-99	1.27
Sep-99	1.29
Oct-99	1.31
Nov-99	1.32
Dec-99	1.38
Jan-00	1.27
Feb-00	1.26
Mar-00	1.31
Apr-00	1.28
May-00	1.23
Jun-00	1.20
Jul-00	1.14
Aug-00	1.23
Sep-00	1.20
Oct-00	1.24
Nov-00	1.21
Dec-00	1.23
Jan-01	1.28
Feb-01	1.28
Mar-01	1.22
Apr-01	1.31
May-01	1.29
Jun-01	1.30
Jul-01	1.30
Aug-01	1.29
Sep-01	1.24
Oct-01	1.24
Nov-01	1.24
Dec-01	1.29
Jan-02	1.31
Feb-02	1.49
Mar-02	1.28
Apr-02	1.28
May-02	1.39
Jun-02	1.36
Jul-02	1.33
Aug-02	1.25
Sep-02	1.45
Oct-02	1.37
Nov-02	1.40
Dec-02	1.46
Jan-03	1.54
Feb-03	1.30
Mar-03	1.40
Apr-03	1.37
May-03	1.39
Jun-03	1.51
Jul-03	1.54
Aug-03	1.48
Sep-03	1.56
Oct-03	1.63
Nov-03	1.69
Dec-03	1.65
Jan-04	1.56
Feb-04	1.48
Mar-04	1.63
Apr-04	1.65
May-04	1.65
Jun-04	1.53
Jul-04	1.68
Aug-04	1.69
Sep-04	1.56
Oct-04	1.66
Nov-04	1.46
Dec-04	1.71
Jan-05	1.74
Feb-05	1.79
Mar-05	1.58
Apr-05	1.66
May-05	1.71
Jun-05	1.72
Jul-05	1.72
Aug-05	1.73
Sep-05	1.79
Oct-05	1.74
Nov-05	1.81
Dec-05	1.63
Jan-06	1.82
Feb-06	1.80
Mar-06	1.60
Apr-06	1.51
May-06	1.57
Jun-06	1.45
Jul-06	1.42
Aug-06	1.36
Sep-06	1.38
Oct-06	1.21
Nov-06	1.29
Dec-06	1.25
Jan-07	1.13
Feb-07	1.19
Mar-07	1.20
Apr-07	1.20
May-07	1.13
Jun-07	1.13
Jul-07	1.04
Aug-07	.96
Sep-07	.94
Oct-07	.88
Nov-07	.83
Dec-07	.81
Jan-08	.77
Feb-08	.72
Mar-08	.73
Apr-08	.68
May-08	.68
Jun-08	.65
Jul-08	.62
Aug-08	.61
Sep-08	.54
Oct-08	.54
Nov-08	.46
Dec-08	.40
Jan-09	.36
Feb-09	.36
Mar-09	.35
Apr-09	.39
May-09	.41
Jun-09	.48
Jul-09	.51
Aug-09	.49
Sep-09	.51
Oct-09	.48
Nov-09	.50
Dec-09	.48
Jan-10	.51
Feb-10	.52
Mar-10	.53
Apr-10	.57
May-10	.46
Jun-10	.45
Jul-10	.43
Aug-10	.43
Sep-10	.45
Oct-10	.43
Nov-10	.45
Dec-10	.42
Jan-11	.44
Feb-11	.39
Mar-11	.42
Apr-11	.41
May-11	.42
Jun-11	.45
Jul-11	.43
Aug-11	.43
Sep-11	.42
Oct-11	.44
Nov-11	.45

Source: U.S. Census Bureau.

7. Vacant Units for Sale
Quarter	Thousands of units
1998Q1	1185.14
1998Q2	1220.98
1998Q3	1195.19
1998Q4	1214.80
1999Q1	1285.77
1999Q2	1170.55
1999Q3	1122.22
1999Q4	1154.60
2000Q1	1160.37
2000Q2	1103.69
2000Q3	1160.03
2000Q4	1162.31
2001Q1	1149.96
2001Q2	1343.80
2001Q3	1379.79
2001Q4	1325.63
2002Q1	1214.20
2002Q2	1260.42
2002Q3	1184.59
2002Q4	1221.12
2003Q1	1262.69
2003Q2	1281.41
2003Q3	1380.88
2003Q4	1308.23
2004Q1	1287.13
2004Q2	1294.72
2004Q3	1299.62
2004Q4	1352.46
2005Q1	1390.62
2005Q2	1410.14
2005Q3	1467.69
2005Q4	1538.91
2006Q1	1568.70
2006Q2	1785.67
2006Q3	1929.95
2006Q4	2058.53
2007Q1	2153.36
2007Q2	2104.31
2007Q3	2083.09
2007Q4	2127.44
2008Q1	2246.29
2008Q2	2240.14
2008Q3	2226.06
2008Q4	2145.85
2009Q1	2077.53
2009Q2	1962.04
2009Q3	2006.53
2009Q4	2016.83
2010Q1	1968.08
2010Q2	2013.60
2010Q3	1979.60
2010Q4	1985.58
2011Q1	1973.65
2011Q2	1997.82
2011Q3	1892.80

Source: U.S. Census Bureau.

8. Vacancy Rates for Nonresidential Structures
By percent
Quarter	Office	Industrial	Retail
2004Q1	16.60	11.90	8.50
2004Q2	16.20	11.60	8.40
2004Q3	15.80	11.30	8.30
2004Q4	15.30	11.10	8.10
2005Q1	15.00	11.00	8.10
2005Q2	14.50	10.60	8.00
2005Q3	14.10	10.20	7.80
2005Q4	13.70	10.00	6.50
2006Q1	13.50	10.10	7.20
2006Q2	13.10	9.90	7.50
2006Q3	12.90	9.80	7.60
2006Q4	12.60	9.80	7.70
2007Q1	12.70	9.70	8.00
2007Q2	12.40	9.80	8.40
2007Q3	12.50	9.70	8.90
2007Q4	12.60	9.90	9.00
2008Q1	13.00	10.30	9.40
2008Q2	13.30	10.80	9.80
2008Q3	13.60	11.10	10.20
2008Q4	14.20	11.80	10.80
2009Q1	14.90	12.70	11.60
2009Q2	15.80	13.40	12.20
2009Q3	16.30	13.90	12.40
2009Q4	16.60	14.30	12.70
2010Q1	16.80	14.50	12.90
2010Q2	16.80	14.60	13.00
2010Q3	16.70	14.50	13.10
2010Q4	16.50	14.30	13.00
2011Q1	16.40	14.10	13.10
2011Q2	16.20	13.90	13.30
2011Q3	16.20	13.70	13.20

Note: Industrial space includes both manufacturing structures and warehouses.

Source: U.S. Census Bureau.

9. ISM Purchasing Managers Index
Month	Index
Jan-04	60.80
Feb-04	59.90
Mar-04	60.60
Apr-04	60.60
May-04	61.40
Jun-04	60.50
Jul-04	59.90
Aug-04	58.50
Sep-04	57.40
Oct-04	56.30
Nov-04	56.20
Dec-04	57.20
Jan-05	56.60
Feb-05	54.80
Mar-05	54.90
Apr-05	52.50
May-05	51.00
Jun-05	52.60
Jul-05	54.00
Aug-05	51.60
Sep-05	56.50
Oct-05	57.20
Nov-05	56.50
Dec-05	54.90
Jan-06	55.00
Feb-06	55.50
Mar-06	54.70
Apr-06	55.80
May-06	53.50
Jun-06	52.40
Jul-06	53.20
Aug-06	52.80
Sep-06	51.80
Oct-06	50.50
Nov-06	50.40
Dec-06	52.00
Jan-07	49.90
Feb-07	52.00
Mar-07	51.30
Apr-07	52.60
May-07	52.30
Jun-07	52.40
Jul-07	51.70
Aug-07	50.20
Sep-07	50.00
Oct-07	50.90
Nov-07	51.50
Dec-07	49.00
Jan-08	51.10
Feb-08	48.90
Mar-08	49.00
Apr-08	48.80
May-08	48.80
Jun-08	49.00
Jul-08	49.60
Aug-08	48.00
Sep-08	43.80
Oct-08	38.40
Nov-08	36.90
Dec-08	33.30
Jan-09	35.70
Feb-09	36.00
Mar-09	36.60
Apr-09	39.90
May-09	41.90
Jun-09	44.70
Jul-09	49.00
Aug-09	51.40
Sep-09	53.20
Oct-09	55.80
Nov-09	54.70
Dec-09	56.40
Jan-10	58.30
Feb-10	57.10
Mar-10	60.40
Apr-10	59.60
May-10	57.80
Jun-10	55.30
Jul-10	55.10
Aug-10	55.20
Sep-10	55.30
Oct-10	56.90
Nov-10	58.20
Dec-10	58.50
Jan-11	60.80
Feb-11	61.40
Mar-11	61.20
Apr-11	60.40
May-11	53.50
Jun-11	55.30
Jul-11	50.90
Aug-11	50.60
Sep-11	51.60
Oct-11	50.80
Nov-11	52.70
Dec-11	53.90

Source: Institute for Supply Management.

10. Real Federal Purchases
Percent change, annual rate
Quarter	4-quarter moving average
2004Q1	1.16
2004Q2	.83
2004Q3	.59
2004Q4	.36
2005Q1	.24
2005Q2	.22
2005Q3	.27
2005Q4	.22
2006Q1	.45
2006Q2	.41
2006Q3	.26
2006Q4	.33
2007Q1	.05
2007Q2	.13
2007Q3	.24
2007Q4	.24
2008Q1	.42
2008Q2	.84
2008Q3	1.04
2008Q4	1.10
2009Q1	1.00
2009Q2	1.12
2009Q3	1.06
2009Q4	1.29
2010Q1	1.57
2010Q2	1.19
2010Q3	.98
2010Q4	.55
2011Q1	.04
2011Q2	-.12
2011Q3	-.21

Source: BEA.

11. Real State and Local Spending in Consumption and Investment
Percent change, annual rate.
Quarter	4-quarter moving average
2004Q1	-.18
2004Q2	.38
2004Q3	-.46
2004Q4	-.41
2005Q1	-.51
2005Q2	-.65
2005Q3	-.14
2005Q4	.38
2006Q1	.40
2006Q2	.94
2006Q3	1.16
2006Q4	1.16
2007Q1	1.75
2007Q2	1.43
2007Q3	1.17
2007Q4	1.21
2008Q1	.53
2008Q2	.18
2008Q3	.15
2008Q4	-.86
2009Q1	-.89
2009Q2	-.63
2009Q3	-1.03
2009Q4	-1.06
2010Q1	-1.83
2010Q2	-1.95
2010Q3	-1.70
2010Q4	-1.64
2011Q1	-1.52
2011Q2	-2.33
2011Q3	-2.59

Source: BEA.

12. Contribution of Net Exports to Real GDP Growth
Quarter	4-quarter percent change
2004Q1	-.37
2004Q2	-.57
2004Q3	-.80
2004Q4	-.88
2005Q1	-.65
2005Q2	-.17
2005Q3	-.12
2005Q4	-.15
2006Q1	-.14
2006Q2	-.19
2006Q3	-.29
2006Q4	.39
2007Q1	.23
2007Q2	.34
2007Q3	.92
2007Q4	1.00
2008Q1	1.19
2008Q2	1.59
2008Q3	1.38
2008Q4	.68
2009Q1	1.14
2009Q2	1.28
2009Q3	.98
2009Q4	1.04
2010Q1	.20
2010Q2	-.83
2010Q3	-.86
2010Q4	-.56
2011Q1	-.42
2011Q2	.14
2011Q3	.43

Source: BEA.

13. Total PCE Prices
Month	3-month percent change	12-month percent change
Jan-07	3.30	2.13
Feb-07	4.27	2.46
Mar-07	4.27	2.70
Apr-07	3.98	2.53
May-07	3.69	2.57
Jun-07	2.73	2.54
Jul-07	2.51	2.39
Aug-07	1.62	2.07
Sep-07	2.56	2.67
Oct-07	3.00	3.20
Nov-07	4.97	3.63
Dec-07	4.64	3.55
Jan-08	4.71	3.55
Feb-08	3.38	3.41
Mar-08	3.54	3.36
Apr-08	3.63	3.46
May-08	4.41	3.59
Jun-08	5.53	4.06
Jul-08	6.44	4.44
Aug-08	4.35	4.28
Sep-08	2.30	4.00
Oct-08	-1.89	3.17
Nov-08	-6.20	1.38
Dec-08	-8.52	.56
Jan-09	-6.04	.42
Feb-09	-.23	.49
Mar-09	1.45	.05
Apr-09	1.51	-.10
May-09	.83	-.39
Jun-09	3.36	-.47
Jul-09	3.02	-.91
Aug-09	3.75	-.53
Sep-09	2.28	-.48
Oct-09	3.23	.36
Nov-09	2.79	1.77
Dec-09	2.32	2.35
Jan-10	2.02	2.44
Feb-10	1.57	2.23
Mar-10	1.97	2.48
Apr-10	1.12	2.34
May-10	.58	2.16
Jun-10	-.70	1.46
Jul-10	.04	1.60
Aug-10	.89	1.45
Sep-10	2.02	1.39
Oct-10	1.99	1.29
Nov-10	1.65	1.17
Dec-10	2.20	1.37
Jan-11	2.82	1.49
Feb-11	4.14	1.81
Mar-11	4.75	2.05
Apr-11	4.64	2.36
May-11	3.72	2.59
Jun-11	1.57	2.63
Jul-11	1.68	2.78
Aug-11	2.07	2.89
Sep-11	3.27	2.94
Oct-11	1.54	2.66
Nov-11	.29	2.54

Source: BEA.

14. Bank Capital
Percent
Quarter	Tier 1 leverage ratio
1990Q1	6.26
1990Q2	6.25
1990Q3	6.24
1990Q4	6.29
1991Q1	6.38
1991Q2	6.46
1991Q3	6.56
1991Q4	6.60
1992Q1	6.72
1992Q2	6.95
1992Q3	7.14
1992Q4	7.32
1993Q1	7.50
1993Q2	7.58
1993Q3	7.62
1993Q4	7.83
1994Q1	7.61
1994Q2	7.69
1994Q3	7.69
1994Q4	7.72
1995Q1	7.67
1995Q2	7.60
1995Q3	7.68
1995Q4	7.69
1996Q1	7.70
1996Q2	7.74
1996Q3	7.74
1996Q4	7.74
1997Q1	7.80
1997Q2	7.76
1997Q3	7.70
1997Q4	7.62
1998Q1	7.55
1998Q2	7.61
1998Q3	7.61
1998Q4	7.57
1999Q1	7.67
1999Q2	7.71
1999Q3	7.72
1999Q4	7.82
2000Q1	7.77
2000Q2	7.69
2000Q3	7.76
2000Q4	7.72
2001Q1	7.65
2001Q2	7.70
2001Q3	7.75
2001Q4	7.79
2002Q1	7.89
2002Q2	7.94
2002Q3	7.89
2002Q4	7.78
2003Q1	7.77
2003Q2	7.75
2003Q3	7.75
2003Q4	7.84
2004Q1	7.84
2004Q2	7.70
2004Q3	7.73
2004Q4	7.79
2005Q1	7.83
2005Q2	7.92
2005Q3	7.85
2005Q4	7.86
2006Q1	7.87
2006Q2	7.86
2006Q3	7.89
2006Q4	7.88
2007Q1	7.88
2007Q2	7.82
2007Q3	7.75
2007Q4	7.65
2008Q1	7.56
2008Q2	7.60
2008Q3	7.68
2008Q4	7.42
2009Q1	7.93
2009Q2	8.14
2009Q3	8.35
2009Q4	8.54
2010Q1	8.46
2010Q2	8.62
2010Q3	8.76
2010Q4	8.77
2011Q1	9.06
2011Q2	9.08
2011Q3	8.97

Source: Consolidated Reports of Condition and Income (FFIEC 031 and 041).

15. Loans and Deposits
Billions of dollars
Quarter	Loans	Deposits
1990Q1	2.05	1.82
1990Q2	2.06	1.83
1990Q3	2.08	1.87
1990Q4	2.10	1.92
1991Q1	2.09	1.95
1991Q2	2.08	1.96
1991Q3	2.06	2.00
1991Q4	2.05	2.05
1992Q1	2.04	2.07
1992Q2	2.03	2.08
1992Q3	2.03	2.08
1992Q4	2.03	2.13
1993Q1	2.02	2.15
1993Q2	2.03	2.13
1993Q3	2.07	2.15
1993Q4	2.11	2.18
1994Q1	2.15	2.20
1994Q2	2.18	2.18
1994Q3	2.24	2.17
1994Q4	2.31	2.19
1995Q1	2.38	2.19
1995Q2	2.45	2.19
1995Q3	2.51	2.21
1995Q4	2.56	2.25
1996Q1	2.60	2.29
1996Q2	2.65	2.29
1996Q3	2.70	2.31
1996Q4	2.76	2.35
1997Q1	2.78	2.38
1997Q2	2.80	2.40
1997Q3	2.86	2.41
1997Q4	2.91	2.45
1998Q1	2.97	2.51
1998Q2	3.03	2.53
1998Q3	3.08	2.54
1998Q4	3.15	2.60
1999Q1	3.21	2.65
1999Q2	3.24	2.63
1999Q3	3.30	2.64
1999Q4	3.39	2.66
2000Q1	3.49	2.70
2000Q2	3.59	2.73
2000Q3	3.70	2.75
2000Q4	3.75	2.82
2001Q1	3.78	2.90
2001Q2	3.79	2.94
2001Q3	3.80	2.99
2001Q4	3.83	3.10
2002Q1	3.83	3.17
2002Q2	3.85	3.19
2002Q3	3.93	3.27
2002Q4	4.03	3.37
2003Q1	4.09	3.46
2003Q2	4.16	3.56
2003Q3	4.24	3.61
2003Q4	4.30	3.63
2004Q1	4.36	3.72
2004Q2	4.48	3.80
2004Q3	4.64	3.86
2004Q4	4.76	3.93
2005Q1	4.86	4.01
2005Q2	4.97	4.05
2005Q3	5.11	4.10
2005Q4	5.23	4.18
2006Q1	5.35	4.25
2006Q2	5.49	4.28
2006Q3	5.61	4.28
2006Q4	5.78	4.37
2007Q1	5.88	4.49
2007Q2	6.00	4.55
2007Q3	6.21	4.55
2007Q4	6.44	4.63
2008Q1	6.58	4.77
2008Q2	6.60	4.82
2008Q3	6.74	4.94
2008Q4	6.82	5.24
2009Q1	6.71	5.44
2009Q2	6.65	5.51
2009Q3	6.56	5.59
2009Q4	6.45	5.73
2010Q1	6.54	5.86
2010Q2	6.61	5.89
2010Q3	6.56	5.94
2010Q4	6.55	6.08
2011Q1	6.48	6.23
2011Q2	6.47	6.42
2011Q3	6.52	6.68

Source: Consolidated Reports of Condition and Income (FFIEC 031 and 041).

16. Number of Respondents Reporting a Tightening of C&I Standards to Large/Middle Market Firms
Quarter	Percent
1990Q1	NA
1990Q2	56.90
1990Q3	39.45
1990Q4	48.90
1991Q1	36.00
1991Q2	15.50
1991Q3	12.25
1991Q4	9.00
1992Q1	5.25
1992Q2	.90
1992Q3	-1.70
1992Q4	4.35
1993Q1	2.65
1993Q2	-7.85
1993Q3	-19.45
1993Q4	-17.75
1994Q1	-12.95
1994Q2	-12.20
1994Q3	-6.95
1994Q4	-17.40
1995Q1	-6.85
1995Q2	-5.90
1995Q3	-6.05
1995Q4	-3.45
1996Q1	6.95
1996Q2	-.90
1996Q3	-3.70
1996Q4	-7.80
1997Q1	-5.45
1997Q2	-6.95
1997Q3	-5.70
1997Q4	-7.00
1998Q1	1.80
1998Q2	-7.10
1998Q3	.00
1998Q4	36.40
1999Q1	7.40
1999Q2	10.00
1999Q3	5.40
1999Q4	9.10
2000Q1	10.90
2000Q2	24.60
2000Q3	33.90
2000Q4	43.80
2001Q1	59.70
2001Q2	50.90
2001Q3	40.40
2001Q4	50.90
2002Q1	45.40
2002Q2	25.00
2002Q3	21.40
2002Q4	20.00
2003Q1	22.00
2003Q2	8.90
2003Q3	3.50
2003Q4	.00
2004Q1	-17.90
2004Q2	-22.80
2004Q3	-20.00
2004Q4	-21.10
2005Q1	-23.60
2005Q2	-24.10
2005Q3	-16.70
2005Q4	-8.80
2006Q1	-10.70
2006Q2	-12.30
2006Q3	-8.90
2006Q4	.00
2007Q1	.00
2007Q2	-3.70
2007Q3	7.50
2007Q4	19.20
2008Q1	32.20
2008Q2	55.40
2008Q3	57.60
2008Q4	83.60
2009Q1	64.20
2009Q2	39.60
2009Q3	31.50
2009Q4	14.00
2010Q1	-5.50
2010Q2	-7.10
2010Q3	-8.80
2010Q4	-10.50
2011Q1	-10.50
2011Q2	-16.40
2011Q3	-21.80
2011Q4	-5.90

Note: NA Not Applicable

Source: Senior Loan Officer Opinion Survey on Bank Lending Practices.

17. Spreads on Loans to Large and Small Companies
Basis points
Quarter	Large companies	Small companies
2000Q1	193.92	267.79
2000Q2	199.35	274.04
2000Q3	196.72	289.87
2000Q4	197.35	268.81
2001Q1	208.70	310.16
2001Q2	211.59	318.46
2001Q3	196.16	313.80
2001Q4	201.21	346.04
2002Q1	210.12	329.31
2002Q2	218.49	345.16
2002Q3	214.82	309.46
2002Q4	218.39	383.28
2003Q1	241.06	341.86
2003Q2	227.58	335.88
2003Q3	220.72	344.46
2003Q4	223.04	318.70
2004Q1	234.70	345.99
2004Q2	224.48	306.32
2004Q3	217.58	310.10
2004Q4	222.20	324.34
2005Q1	224.66	288.53
2005Q2	224.21	333.10
2005Q3	210.00	326.88
2005Q4	216.70	317.05
2006Q1	207.77	316.19
2006Q2	217.95	298.33
2006Q3	215.70	316.70
2006Q4	207.56	300.18
2007Q1	207.81	306.29
2007Q2	217.23	293.22
2007Q3	201.61	287.96
2007Q4	200.34	288.75
2008Q1	210.36	341.17
2008Q2	204.43	308.98
2008Q3	208.94	303.20
2008Q4	224.87	347.42
2009Q1	229.91	393.28
2009Q2	253.91	408.88
2009Q3	274.74	428.13
2009Q4	307.11	449.04
2010Q1	313.03	454.13
2010Q2	322.19	448.09
2010Q3	329.19	452.26
2010Q4	328.78	442.41
2011Q1	303.49	425.57
2011Q2	311.66	407.42
2011Q3	300.76	424.93
2011Q4	303.07	434.52

Source: Survey of Terms of Business Lending.

18. Measures of the Household Debt Burden
Percentage
Quarter	Debt/DPI	Debt service ratio^*
1980Q1	.68	.11
1980Q2	.68	.11
1980Q3	.67	.11
1980Q4	.66	.11
1981Q1	.65	.11
1981Q2	.66	.11
1981Q3	.65	.11
1981Q4	.65	.11
1982Q1	.65	.11
1982Q2	.64	.11
1982Q3	.64	.11
1982Q4	.64	.11
1983Q1	.63	.11
1983Q2	.63	.11
1983Q3	.64	.11
1983Q4	.64	.11
1984Q1	.63	.11
1984Q2	.64	.11
1984Q3	.64	.11
1984Q4	.65	.11
1985Q1	.67	.11
1985Q2	.68	.12
1985Q3	.71	.12
1985Q4	.73	.12
1986Q1	.72	.12
1986Q2	.73	.12
1986Q3	.75	.12
1986Q4	.77	.12
1987Q1	.76	.12
1987Q2	.78	.12
1987Q3	.78	.12
1987Q4	.78	.12
1988Q1	.77	.12
1988Q2	.78	.12
1988Q3	.79	.12
1988Q4	.79	.12
1989Q1	.79	.12
1989Q2	.80	.12
1989Q3	.81	.12
1989Q4	.81	.12
1990Q1	.81	.12
1990Q2	.81	.12
1990Q3	.82	.12
1990Q4	.83	.12
1991Q1	.82	.12
1991Q2	.83	.12
1991Q3	.83	.12
1991Q4	.83	.12
1992Q1	.81	.11
1992Q2	.81	.11
1992Q3	.82	.11
1992Q4	.82	.11
1993Q1	.82	.11
1993Q2	.82	.11
1993Q3	.83	.11
1993Q4	.83	.11
1994Q1	.84	.11
1994Q2	.84	.11
1994Q3	.84	.11
1994Q4	.85	.11
1995Q1	.85	.11
1995Q2	.86	.11
1995Q3	.87	.12
1995Q4	.88	.12
1996Q1	.87	.12
1996Q2	.87	.12
1996Q3	.88	.12
1996Q4	.88	.12
1997Q1	.88	.12
1997Q2	.88	.12
1997Q3	.88	.12
1997Q4	.88	.12
1998Q1	.87	.12
1998Q2	.88	.12
1998Q3	.88	.12
1998Q4	.89	.12
1999Q1	.90	.12
1999Q2	.91	.12
1999Q3	.92	.12
1999Q4	.92	.12
2000Q1	.90	.12
2000Q2	.91	.12
2000Q3	.92	.12
2000Q4	.94	.13
2001Q1	.94	.13
2001Q2	.96	.13
2001Q3	.96	.13
2001Q4	1.00	.13
2002Q1	.98	.13
2002Q2	1.00	.13
2002Q3	1.02	.13
2002Q4	1.05	.13
2003Q1	1.06	.13
2003Q2	1.08	.13
2003Q3	1.09	.13
2003Q4	1.11	.13
2004Q1	1.12	.13
2004Q2	1.13	.13
2004Q3	1.15	.13
2004Q4	1.16	.13
2005Q1	1.19	.14
2005Q2	1.21	.14
2005Q3	1.22	.14
2005Q4	1.24	.14
2006Q1	1.24	.14
2006Q2	1.26	.14
2006Q3	1.27	.14
2006Q4	1.28	.14
2007Q1	1.28	.14
2007Q2	1.29	.14
2007Q3	1.30	.14
2007Q4	1.30	.14
2008Q1	1.27	.14
2008Q2	1.23	.13
2008Q3	1.25	.13
2008Q4	1.26	.13
2009Q1	1.27	.13
2009Q2	1.26	.13
2009Q3	1.27	.13
2009Q4	1.25	.13
2010Q1	1.22	.12
2010Q2	1.20	.12
2010Q3	1.19	.12
2010Q4	1.18	.12
2011Q1	1.15	.11
2011Q2	1.14	.11
2011Q3	1.14	.11

*. Debt service ratio is debt service payments (principal and interest) to earnings (disposable personal income (DPI)). Return to table

Source: Federal Reserve Board

19. Delinquency Rates
Percent
Quarter	Credit card	Other consumer loan
1991Q1	5.24	3.56
1991Q2	5.45	3.51
1991Q3	5.34	3.50
1991Q4	5.30	3.46
1992Q1	5.26	3.25
1992Q2	5.08	3.14
1992Q3	4.97	3.01
1992Q4	4.69	2.93
1993Q1	4.59	2.89
1993Q2	4.45	2.78
1993Q3	4.07	2.70
1993Q4	3.90	2.44
1994Q1	3.59	2.46
1994Q2	3.27	2.43
1994Q3	3.24	2.38
1994Q4	3.27	2.38
1995Q1	3.46	2.50
1995Q2	3.69	2.53
1995Q3	3.84	2.76
1995Q4	3.93	2.86
1996Q1	4.03	2.87
1996Q2	4.26	2.95
1996Q3	4.46	3.04
1996Q4	4.59	3.06
1997Q1	4.68	3.10
1997Q2	4.72	3.10
1997Q3	4.68	3.04
1997Q4	4.78	3.07
1998Q1	4.74	3.08
1998Q2	4.74	3.14
1998Q3	4.70	3.15
1998Q4	4.70	3.13
1999Q1	4.64	3.24
1999Q2	4.47	3.16
1999Q3	4.54	3.02
1999Q4	4.50	2.94
2000Q1	4.39	2.92
2000Q2	4.51	2.94
2000Q3	4.53	2.98
2000Q4	4.56	3.05
2001Q1	4.80	2.97
2001Q2	4.95	2.97
2001Q3	5.00	3.09
2001Q4	4.69	3.07
2002Q1	4.94	2.87
2002Q2	4.79	2.83
2002Q3	4.89	2.79
2002Q4	4.85	2.70
2003Q1	4.68	2.79
2003Q2	4.53	2.70
2003Q3	4.24	2.60
2003Q4	4.43	2.61
2004Q1	4.21	2.52
2004Q2	4.15	2.53
2004Q3	4.07	2.47
2004Q4	4.03	2.33
2005Q1	3.70	2.38
2005Q2	3.66	2.33
2005Q3	3.90	2.14
2005Q4	3.54	2.11
2006Q1	3.86	2.11
2006Q2	4.13	2.17
2006Q3	4.12	2.28
2006Q4	3.95	2.27
2007Q1	3.98	2.29
2007Q2	4.02	2.37
2007Q3	4.41	2.48
2007Q4	4.60	2.66
2008Q1	4.77	2.76
2008Q2	4.89	2.80
2008Q3	4.80	3.05
2008Q4	5.64	3.36
2009Q1	6.52	3.52
2009Q2	6.75	3.69
2009Q3	6.50	3.61
2009Q4	6.34	3.48
2010Q1	5.78	3.49
2010Q2	5.07	3.36
2010Q3	4.59	3.38
2010Q4	4.16	3.07
2011Q1	3.82	3.02
2011Q2	3.62	2.94
2011Q3	3.47	2.83

Source: Call Report

20. Willingness to Make Consumer Installment Loans
Quarter	Percent
1990Q1	7.00
1990Q2	9.00
1990Q3	12.00
1990Q4	2.00
1991Q1	-15.00
1991Q2	2.00
1991Q3	.00
1991Q4	11.00
1992Q1	9.00
1992Q2	22.00
1992Q3	21.00
1992Q4	16.30
1993Q1	18.00
1993Q2	28.10
1993Q3	25.90
1993Q4	18.90
1994Q1	32.70
1994Q2	30.90
1994Q3	21.40
1994Q4	25.00
1995Q1	16.10
1995Q2	21.70
1995Q3	7.00
1995Q4	5.40
1996Q1	7.10
1996Q2	-2.00
1996Q3	-6.10
1996Q4	-3.80
1997Q1	1.90
1997Q2	.00
1997Q3	10.40
1997Q4	10.00
1998Q1	.00
1998Q2	2.00
1998Q3	11.80
1998Q4	5.80
1999Q1	13.50
1999Q2	14.50
1999Q3	11.40
1999Q4	9.80
2000Q1	3.90
2000Q2	-3.70
2000Q3	1.90
2000Q4	1.80
2001Q1	-5.50
2001Q2	.00
2001Q3	.00
2001Q4	-7.10
2002Q1	-5.70
2002Q2	1.80
2002Q3	9.30
2002Q4	5.50
2003Q1	5.30
2003Q2	3.70
2003Q3	16.40
2003Q4	16.10
2004Q1	11.30
2004Q2	17.00
2004Q3	10.90
2004Q4	14.80
2005Q1	13.50
2005Q2	15.70
2005Q3	23.00
2005Q4	3.70
2006Q1	11.50
2006Q2	14.50
2006Q3	7.70
2006Q4	1.90
2007Q1	1.80
2007Q2	9.90
2007Q3	.00
2007Q4	-4.00
2008Q1	-15.10
2008Q2	-22.60
2008Q3	-36.00
2008Q4	-58.49
2009Q1	-20.00
2009Q2	-3.92
2009Q3	-8.00
2009Q4	-3.77
2010Q1	7.69
2010Q2	14.00
2010Q3	22.64
2010Q4	21.82
2011Q1	20.37
2011Q2	32.69
2011Q3	25.00

Note: Net percentage of demestic respondents reporting increased willingness..

Source: Senior Loan Officer Opinion Survey on Bank Lending Practices.

21. Corporate Cash Positions and Interest Expense
Percent
Quarter	Stock of liquid assets to total assets	Interest expense to cash flow^*
1990Q1	3.84	23.72
1990Q2	3.82	23.37
1990Q3	3.64	24.49
1990Q4	3.77	24.69
1991Q1	3.63	24.13
1991Q2	3.73	23.56
1991Q3	4.07	23.00
1991Q4	4.30	21.66
1992Q1	4.20	19.96
1992Q2	4.51	18.34
1992Q3	4.55	17.66
1992Q4	4.73	15.94
1993Q1	4.70	16.12
1993Q2	4.83	14.52
1993Q3	4.91	13.73
1993Q4	4.99	12.70
1994Q1	5.13	12.09
1994Q2	5.11	11.94
1994Q3	5.00	12.27
1994Q4	4.94	12.49
1995Q1	4.56	13.31
1995Q2	4.94	13.26
1995Q3	4.65	12.64
1995Q4	4.93	12.47
1996Q1	4.64	11.54
1996Q2	4.85	11.55
1996Q3	4.93	11.60
1996Q4	5.22	11.70
1997Q1	5.19	11.88
1997Q2	5.15	11.84
1997Q3	5.07	11.72
1997Q4	4.97	12.23
1998Q1	5.37	13.50
1998Q2	5.16	14.03
1998Q3	5.12	14.21
1998Q4	5.01	14.77
1999Q1	5.01	14.43
1999Q2	5.09	14.84
1999Q3	5.15	15.82
1999Q4	5.35	16.61
2000Q1	5.31	17.60
2000Q2	5.28	17.92
2000Q3	5.30	18.62
2000Q4	5.16	19.25
2001Q1	4.77	19.69
2001Q2	4.83	19.64
2001Q3	4.90	19.75
2001Q4	5.32	20.37
2002Q1	5.27	17.58
2002Q2	5.24	15.47
2002Q3	5.13	14.54
2002Q4	5.29	13.44
2003Q1	5.42	14.71
2003Q2	5.64	13.34
2003Q3	5.82	12.24
2003Q4	5.82	11.39
2004Q1	5.96	10.43
2004Q2	5.90	10.09
2004Q3	5.99	9.58
2004Q4	5.86	9.37
2005Q1	5.76	9.71
2005Q2	5.65	9.57
2005Q3	5.86	10.10
2005Q4	6.13	9.39
2006Q1	5.87	9.13
2006Q2	5.58	9.40
2006Q3	5.54	9.24
2006Q4	5.67	10.52
2007Q1	5.36	12.05
2007Q2	5.32	12.79
2007Q3	5.40	15.01
2007Q4	5.33	16.17
2008Q1	5.15	16.07
2008Q2	5.19	15.74
2008Q3	5.07	14.88
2008Q4	5.23	17.52
2009Q1	5.38	19.34
2009Q2	5.71	18.00
2009Q3	6.14	15.44
2009Q4	6.53	12.92
2010Q1	6.39	9.53
2010Q2	6.13	7.60
2010Q3	6.66	6.31
2010Q4	6.77	5.84
2011Q1	7.10	5.76
2011Q2	7.31	5.29
2011Q3	7.22	5.28

*. Cash flow is equal to economic profits plus depreciation. Return to table

Source: Federal Reserve Board

22. Cyclicality of Residential Investment
Quarter¹	Contribution to percent change in real GDP, 4-quarter moving average
1970Q1	-.39
1970Q2	-.62
1970Q3	-.38
1970Q4	.34
1971Q1	.57
1971Q2	1.29
1971Q3	1.33
1971Q4	1.13
1972Q1	1.25
1972Q2	.91
1972Q3	.68
1972Q4	.68
1973Q1	.52
1973Q2	.11
1973Q3	-.14
1973Q4	-.60
1974Q1	-1.17
1974Q2	-1.08
1974Q3	-.99
1974Q4	-1.31
1975Q1	-1.17
1975Q2	-.88
1975Q3	-.47
1975Q4	.28
1976Q1	.93
1976Q2	.97
1976Q3	.63
1976Q4	1.02
1977Q1	.77
1977Q2	1.23
1977Q3	1.28
1977Q4	.65
1978Q1	.52
1978Q2	.21
1978Q3	.31
1978Q4	.36
1979Q1	.20
1979Q2	-.18
1979Q3	-.33
1979Q4	-.52
1980Q1	-.80
1980Q2	-1.60
1980Q3	-1.46
1980Q4	-.84
1981Q1	-.50
1981Q2	.26
1981Q3	-.13
1981Q4	-.93
1982Q1	-1.05
1982Q2	-1.01
1982Q3	-.70
1982Q4	-.08
1983Q1	.69
1983Q2	1.25
1983Q3	1.68
1983Q4	1.64
1984Q1	1.20
1984Q2	.83
1984Q3	.37
1984Q4	.18
1985Q1	.04
1985Q2	-.02
1985Q3	.08
1985Q4	.18
1986Q1	.39
1986Q2	.62
1986Q3	.64
1986Q4	.52
1987Q1	.31
1987Q2	.08
1987Q3	-.02
1987Q4	.02
1988Q1	-.07
1988Q2	-.06
1988Q3	-.04
1988Q4	-.03
1989Q1	.05
1989Q2	-.12
1989Q3	-.17
1989Q4	-.30
1990Q1	-.23
1990Q2	-.26
1990Q3	-.44
1990Q4	-.55
1991Q1	-.81
1991Q2	-.57
1991Q3	-.20
1991Q4	.08
1992Q1	.47
1992Q2	.54
1992Q3	.41
1992Q4	.46
1993Q1	.30
1993Q2	.20
1993Q3	.33
1993Q4	.40
1994Q1	.48
1994Q2	.57
1994Q3	.39
1994Q4	.13
1995Q1	-.06
1995Q2	-.33
1995Q3	-.16
1995Q4	-.01
1996Q1	.19
1996Q2	.51
1996Q3	.37
1996Q4	.23
1997Q1	.14
1997Q2	.01
1997Q3	.04
1997Q4	.13
1998Q1	.19
1998Q2	.27
1998Q3	.38
1998Q4	.44
1999Q1	.40
1999Q2	.32
1999Q3	.22
1999Q4	.17
2000Q1	.18
2000Q2	.10
2000Q3	-.02
2000Q4	-.07
2001Q1	-.09
2001Q2	.01
2001Q3	.11
2001Q4	.07
2002Q1	.17
2002Q2	.22
2002Q3	.23
2002Q4	.34
2003Q1	.27
2003Q2	.27
2003Q3	.50
2003Q4	.57
2004Q1	.57
2004Q2	.66
2004Q3	.46
2004Q4	.36
2005Q1	.42
2005Q2	.35
2005Q3	.36
2005Q4	.31
2006Q1	.14
2006Q2	-.29
2006Q3	-.69
2006Q4	-.99
2007Q1	-1.15
2007Q2	-1.02
2007Q3	-.99
2007Q4	-1.05
2008Q1	-1.14
2008Q2	-1.12
2008Q3	-.99
2008Q4	-.94
2009Q1	-.92
2009Q2	-.93
2009Q3	-.65
2009Q4	-.37
2010Q1	-.17
2010Q2	.10
2010Q3	-.19
2010Q4	-.15
2011Q1	-.07
2011Q2	-.17
2011Q3	.03

1. Official National Bureau of Economic Research business recession periods represented in the chart are: 1969Q4-1970Q4, 1973Q4-1975Q1, 1980Q1-190Q3, 1981Q3-1982Q4, 1990Q3-1991Q1, 2001Q1-2001Q4, and 2007Q4-2009Q2. Return to table

Source: BEA.

23. Prices of Existing Homes
Month	Jan. 2000 = 100
Jan-82	45.43
Feb-82	45.46
Mar-82	45.52
Apr-82	45.55
May-82	45.74
Jun-82	45.55
Jul-82	45.37
Aug-82	45.53
Sep-82	45.60
Oct-82	45.70
Nov-82	45.70
Dec-82	45.86
Jan-83	45.88
Feb-83	45.97
Mar-83	46.08
Apr-83	46.28
May-83	46.50
Jun-83	46.77
Jul-83	46.95
Aug-83	47.26
Sep-83	47.46
Oct-83	47.68
Nov-83	47.89
Dec-83	48.14
Jan-84	48.34
Feb-84	48.55
Mar-84	48.63
Apr-84	48.94
May-84	49.19
Jun-84	49.36
Jul-84	49.58
Aug-84	49.82
Sep-84	50.05
Oct-84	50.15
Nov-84	50.34
Dec-84	50.43
Jan-85	50.62
Feb-85	50.87
Mar-85	51.16
Apr-85	51.50
May-85	51.71
Jun-85	51.89
Jul-85	52.12
Aug-85	52.34
Sep-85	52.63
Oct-85	53.01
Nov-85	53.40
Dec-85	53.77
Jan-86	54.22
Feb-86	54.57
Mar-86	54.94
Apr-86	55.18
May-86	55.51
Jun-86	55.99
Jul-86	56.46
Aug-86	56.93
Sep-86	57.32
Oct-86	57.74
Nov-86	58.11
Dec-86	58.33
Jan-87	59.15
Feb-87	59.88
Mar-87	60.56
Apr-87	60.99
May-87	61.52
Jun-87	62.11
Jul-87	62.61
Aug-87	63.06
Sep-87	63.52
Oct-87	63.77
Nov-87	64.17
Dec-87	64.63
Jan-88	65.14
Feb-88	65.56
Mar-88	65.65
Apr-88	66.00
May-88	66.46
Jun-88	67.24
Jul-88	68.04
Aug-88	68.66
Sep-88	69.19
Oct-88	69.81
Nov-88	70.34
Dec-88	70.84
Jan-89	71.47
Feb-89	72.00
Mar-89	72.50
Apr-89	73.02
May-89	73.30
Jun-89	73.55
Jul-89	73.55
Aug-89	73.62
Sep-89	74.09
Oct-89	74.55
Nov-89	74.93
Dec-89	75.22
Jan-90	75.48
Feb-90	75.77
Mar-90	75.99
Apr-90	76.08
May-90	76.00
Jun-90	75.94
Jul-90	75.89
Aug-90	75.73
Sep-90	75.67
Oct-90	75.45
Nov-90	75.30
Dec-90	75.14
Jan-91	74.82
Feb-91	74.53
Mar-91	74.33
Apr-91	74.53
May-91	74.81
Jun-91	75.11
Jul-91	75.08
Aug-91	75.06
Sep-91	74.96
Oct-91	74.80
Nov-91	74.72
Dec-91	74.68
Jan-92	74.73
Feb-92	74.73
Mar-92	74.83
Apr-92	74.88
May-92	74.87
Jun-92	74.75
Jul-92	74.61
Aug-92	74.62
Sep-92	74.67
Oct-92	74.81
Nov-92	74.92
Dec-92	74.94
Jan-93	74.97
Feb-93	75.09
Mar-93	75.12
Apr-93	75.29
May-93	75.43
Jun-93	75.61
Jul-93	75.79
Aug-93	75.99
Sep-93	76.26
Oct-93	76.55
Nov-93	76.88
Dec-93	77.09
Jan-94	77.17
Feb-94	77.20
Mar-94	77.14
Apr-94	77.05
May-94	77.23
Jun-94	77.39
Jul-94	77.47
Aug-94	77.58
Sep-94	77.66
Oct-94	77.78
Nov-94	77.86
Dec-94	78.00
Jan-95	77.98
Feb-95	78.02
Mar-95	78.07
Apr-95	78.23
May-95	78.49
Jun-95	78.64
Jul-95	78.95
Aug-95	79.21
Sep-95	79.40
Oct-95	79.55
Nov-95	79.70
Dec-95	79.90
Jan-96	80.09
Feb-96	80.36
Mar-96	80.55
Apr-96	80.76
May-96	80.96
Jun-96	81.13
Jul-96	81.25
Aug-96	81.33
Sep-96	81.46
Oct-96	81.60
Nov-96	81.75
Dec-96	81.98
Jan-97	82.15
Feb-97	82.36
Mar-97	82.56
Apr-97	82.76
May-97	83.04
Jun-97	83.43
Jul-97	83.77
Aug-97	84.15
Sep-97	84.59
Oct-97	85.02
Nov-97	85.50
Dec-97	86.01
Jan-98	86.54
Feb-98	87.51
Mar-98	88.06
Apr-98	88.41
May-98	88.76
Jun-98	89.17
Jul-98	89.67
Aug-98	90.25
Sep-98	90.84
Oct-98	91.48
Nov-98	92.19
Dec-98	92.70
Jan-99	93.17
Feb-99	93.51
Mar-99	93.94
Apr-99	94.51
May-99	95.17
Jun-99	95.84
Jul-99	96.43
Aug-99	97.11
Sep-99	97.74
Oct-99	98.43
Nov-99	99.10
Dec-99	99.85
Jan-00	100.72
Feb-00	101.60
Mar-00	102.64
Apr-00	103.62
May-00	104.61
Jun-00	105.43
Jul-00	106.18
Aug-00	106.99
Sep-00	107.88
Oct-00	108.77
Nov-00	109.60
Dec-00	110.22
Jan-01	111.40
Feb-01	112.49
Mar-01	113.41
Apr-01	114.03
May-01	114.53
Jun-01	115.17
Jul-01	116.02
Aug-01	116.74
Sep-01	117.55
Oct-01	118.43
Nov-01	119.34
Dec-01	119.63
Jan-02	120.70
Feb-02	121.54
Mar-02	122.36
Apr-02	123.29
May-02	124.47
Jun-02	125.66
Jul-02	126.93
Aug-02	128.08
Sep-02	129.00
Oct-02	129.79
Nov-02	130.62
Dec-02	131.03
Jan-03	132.64
Feb-03	133.50
Mar-03	134.49
Apr-03	135.34
May-03	136.32
Jun-03	137.34
Jul-03	138.54
Aug-03	140.02
Sep-03	141.52
Oct-03	143.01
Nov-03	144.59
Dec-03	145.75
Jan-04	148.31
Feb-04	150.25
Mar-04	152.56
Apr-04	154.50
May-04	156.61
Jun-04	158.90
Jul-04	160.81
Aug-04	162.26
Sep-04	164.13
Oct-04	166.04
Nov-04	168.05
Dec-04	169.63
Jan-05	173.03
Feb-05	175.97
Mar-05	180.03
Apr-05	181.93
May-05	183.91
Jun-05	186.20
Jul-05	188.20
Aug-05	189.84
Sep-05	192.19
Oct-05	193.75
Nov-05	195.26
Dec-05	196.42
Jan-06	198.49
Feb-06	199.74
Mar-06	201.63
Apr-06	200.87
May-06	200.21
Jun-06	199.12
Jul-06	198.16
Aug-06	197.24
Sep-06	197.83
Oct-06	198.16
Nov-06	198.32
Dec-06	198.39
Jan-07	197.61
Feb-07	196.67
Mar-07	195.99
Apr-07	194.51
May-07	192.61
Jun-07	190.77
Jul-07	188.91
Aug-07	186.75
Sep-07	185.21
Oct-07	183.20
Nov-07	181.12
Dec-07	179.44
Jan-08	177.57
Feb-08	174.53
Mar-08	172.56
Apr-08	169.67
May-08	167.14
Jun-08	164.86
Jul-08	162.51
Aug-08	160.24
Sep-08	157.90
Oct-08	155.04
Nov-08	152.08
Dec-08	149.22
Jan-09	145.97
Feb-09	143.05
Mar-09	142.44
Apr-09	141.97
May-09	142.35
Jun-09	143.21
Jul-09	144.04
Aug-09	144.46
Sep-09	144.51
Oct-09	144.64
Nov-09	145.16
Dec-09	145.10
Jan-10	145.66
Feb-10	144.05
Mar-10	146.18
Apr-10	146.63
May-10	146.54
Jun-10	145.71
Jul-10	144.45
Aug-10	142.99
Sep-10	141.50
Oct-10	140.53
Nov-10	140.00
Dec-10	139.49
Jan-11	139.12
Feb-11	136.94
Mar-11	137.63
Apr-11	137.72
May-11	137.45
Jun-11	137.37
Jul-11	137.38
Aug-11	136.85
Sep-11	136.30
Oct-11	135.41
Nov-11	134.12

Source: CoreLogic.

24. Home Equity as a Share of Personal Income
Quarter	Percent
1952Q1	93.04
1952Q2	95.50
1952Q3	92.72
1952Q4	94.13
1953Q1	94.03
1953Q2	94.25
1953Q3	97.08
1953Q4	96.10
1954Q1	95.12
1954Q2	95.70
1954Q3	97.58
1954Q4	97.54
1955Q1	96.23
1955Q2	95.94
1955Q3	96.05
1955Q4	95.99
1956Q1	96.49
1956Q2	96.73
1956Q3	96.57
1956Q4	94.97
1957Q1	95.51
1957Q2	95.72
1957Q3	95.83
1957Q4	96.05
1958Q1	94.36
1958Q2	94.56
1958Q3	94.55
1958Q4	95.17
1959Q1	92.86
1959Q2	92.68
1959Q3	93.73
1959Q4	93.68
1960Q1	95.01
1960Q2	94.35
1960Q3	94.67
1960Q4	93.89
1961Q1	91.61
1961Q2	92.03
1961Q3	91.84
1961Q4	91.04
1962Q1	90.95
1962Q2	89.69
1962Q3	88.88
1962Q4	88.70
1963Q1	88.54
1963Q2	86.62
1963Q3	86.29
1963Q4	84.45
1964Q1	81.71
1964Q2	80.80
1964Q3	79.49
1964Q4	79.56
1965Q1	78.85
1965Q2	77.45
1965Q3	75.03
1965Q4	74.80
1966Q1	72.51
1966Q2	75.99
1966Q3	74.08
1966Q4	75.41
1967Q1	74.30
1967Q2	74.17
1967Q3	73.70
1967Q4	74.65
1968Q1	75.43
1968Q2	75.25
1968Q3	75.34
1968Q4	78.83
1969Q1	80.95
1969Q2	80.58
1969Q3	78.60
1969Q4	79.32
1970Q1	78.69
1970Q2	79.80
1970Q3	77.17
1970Q4	78.00
1971Q1	78.13
1971Q2	78.07
1971Q3	78.60
1971Q4	78.77
1972Q1	81.19
1972Q2	80.94
1972Q3	81.49
1972Q4	82.40
1973Q1	82.48
1973Q2	83.17
1973Q3	85.49
1973Q4	85.16
1974Q1	81.65
1974Q2	78.14
1974Q3	75.18
1974Q4	75.87
1975Q1	79.61
1975Q2	78.93
1975Q3	77.43
1975Q4	77.53
1976Q1	77.14
1976Q2	79.90
1976Q3	79.10
1976Q4	79.71
1977Q1	81.57
1977Q2	84.11
1977Q3	84.58
1977Q4	85.36
1978Q1	86.59
1978Q2	88.14
1978Q3	89.00
1978Q4	89.79
1979Q1	92.34
1979Q2	95.28
1979Q3	95.57
1979Q4	94.98
1980Q1	95.93
1980Q2	97.93
1980Q3	98.97
1980Q4	95.58
1981Q1	94.39
1981Q2	99.43
1981Q3	99.23
1981Q4	98.98
1982Q1	100.91
1982Q2	99.74
1982Q3	98.13
1982Q4	97.69
1983Q1	98.10
1983Q2	96.97
1983Q3	94.46
1983Q4	92.20
1984Q1	94.32
1984Q2	95.00
1984Q3	95.71
1984Q4	96.80
1985Q1	98.07
1985Q2	98.89
1985Q3	101.97
1985Q4	103.40
1986Q1	103.48
1986Q2	104.57
1986Q3	105.03
1986Q4	105.77
1987Q1	106.53
1987Q2	108.40
1987Q3	107.34
1987Q4	106.45
1988Q1	106.39
1988Q2	106.99
1988Q3	106.54
1988Q4	105.98
1989Q1	105.58
1989Q2	106.34
1989Q3	108.13
1989Q4	107.63
1990Q1	106.34
1990Q2	103.71
1990Q3	102.16
1990Q4	99.89
1991Q1	98.28
1991Q2	97.29
1991Q3	96.37
1991Q4	95.06
1992Q1	94.11
1992Q2	92.81
1992Q3	92.32
1992Q4	91.02
1993Q1	91.85
1993Q2	90.42
1993Q3	90.47
1993Q4	89.38
1994Q1	90.04
1994Q2	88.75
1994Q3	87.97
1994Q4	86.54
1995Q1	85.93
1995Q2	85.78
1995Q3	85.61
1995Q4	85.50
1996Q1	85.04
1996Q2	84.31
1996Q3	83.87
1996Q4	83.52
1997Q1	82.94
1997Q2	83.28
1997Q3	82.52
1997Q4	82.49
1998Q1	82.49
1998Q2	83.06
1998Q3	84.10
1998Q4	85.37
1999Q1	86.36
1999Q2	87.77
1999Q3	88.88
1999Q4	89.42
2000Q1	91.30
2000Q2	94.15
2000Q3	96.23
2000Q4	99.04
2001Q1	102.37
2001Q2	103.98
2001Q3	104.39
2001Q4	107.28
2002Q1	106.19
2002Q2	107.08
2002Q3	109.11
2002Q4	108.98
2003Q1	110.18
2003Q2	109.35
2003Q3	109.61
2003Q4	111.32
2004Q1	115.75
2004Q2	118.17
2004Q3	120.25
2004Q4	121.42
2005Q1	131.50
2005Q2	134.22
2005Q3	136.97
2005Q4	138.54
2006Q1	139.41
2006Q2	132.51
2006Q3	128.42
2006Q4	127.13
2007Q1	121.34
2007Q2	113.27
2007Q3	105.54
2007Q4	97.24
2008Q1	87.08
2008Q2	76.91
2008Q3	71.49
2008Q4	64.50
2009Q1	57.84
2009Q2	58.78
2009Q3	61.62
2009Q4	62.81
2010Q1	63.76
2010Q2	62.75
2010Q3	58.89
2010Q4	57.20
2011Q1	54.73
2011Q2	54.45
2011Q3	54.04

Source: United States Flow of Funds Accounts.

25. Mortgages with Negative Equity
Millions of loans
Quarter	Prime	Nonprime	FHA
2005Q1	.01	.06	.13
2005Q2	.01	.04	.10
2005Q3	.01	.06	.12
2005Q4	.00	.13	.21
2006Q1	.00	.20	.30
2006Q2	-.01	.20	.30
2006Q3	-.02	.37	.50
2006Q4	-.02	.70	.91
2007Q1	-.02	1.18	1.48
2007Q2	-.02	1.32	1.61
2007Q3	.12	1.73	2.09
2007Q4	.73	3.06	3.69
2008Q1	2.17	5.51	6.60
2008Q2	2.55	6.05	7.14
2008Q3	3.16	6.90	8.24
2008Q4	4.58	8.87	11.03
2009Q1	6.34	11.09	13.83
2009Q2	5.64	9.96	12.13
2009Q3	5.15	9.14	11.09
2009Q4	5.13	9.03	11.14
2010Q1	5.54	9.41	12.05
2010Q2	4.64	8.24	10.24
2010Q3	4.98	8.65	11.41
2010Q4	5.31	9.16	12.75
2011Q1	6.33	10.34	14.94
2011Q2	5.20	8.78	12.22
2011Q3	5.05	8.65	12.11

Note: Negative equity number likely is understated because of incomplete data on junio liens. Nonprime category includes alt-A and subprime loans.

Source: Federal Reserve staff calculations using CoreLogic and LPS Applied Analytics data.

26. Housing Affordability
Quarter	Index
1982Q1	57.90
1982Q2	59.50
1982Q3	61.94
1982Q4	72.78
1983Q1	77.73
1983Q2	78.58
1983Q3	73.40
1983Q4	76.35
1984Q1	76.94
1984Q2	73.39
1984Q3	71.89
1984Q4	78.74
1985Q1	80.77
1985Q2	81.89
1985Q3	85.56
1985Q4	90.95
1986Q1	97.37
1986Q2	96.54
1986Q3	99.67
1986Q4	106.92
1987Q1	107.84
1987Q2	96.84
1987Q3	95.75
1987Q4	96.16
1988Q1	99.25
1988Q2	97.16
1988Q3	96.02
1988Q4	99.51
1989Q1	101.77
1989Q2	98.43
1989Q3	102.90
1989Q4	106.37
1990Q1	106.30
1990Q2	102.00
1990Q3	103.63
1990Q4	108.50
1991Q1	108.67
1991Q2	105.10
1991Q3	105.13
1991Q4	114.03
1992Q1	116.80
1992Q2	113.37
1992Q3	120.17
1992Q4	120.97
1993Q1	125.77
1993Q2	124.43
1993Q3	126.97
1993Q4	130.07
1994Q1	130.87
1994Q2	118.10
1994Q3	114.10
1994Q4	114.83
1995Q1	116.33
1995Q2	120.47
1995Q3	121.10
1995Q4	126.23
1996Q1	131.73
1996Q2	119.87
1996Q3	117.57
1996Q4	124.30
1997Q1	126.33
1997Q2	120.53
1997Q3	122.93
1997Q4	128.50
1998Q1	134.33
1998Q2	129.90
1998Q3	131.20
1998Q4	137.13
1999Q1	138.07
1999Q2	131.80
1999Q3	123.70
1999Q4	125.73
2000Q1	124.33
2000Q2	119.27
2000Q3	118.07
2000Q4	124.73
2001Q1	134.27
2001Q2	128.10
2001Q3	125.57
2001Q4	132.20
2002Q1	126.17
2002Q2	120.50
2002Q3	123.60
2002Q4	128.03
2003Q1	133.10
2003Q2	131.67
2003Q3	125.83
2003Q4	124.97
2004Q1	129.37
2004Q2	118.93
2004Q3	116.50
2004Q4	120.03
2005Q1	121.67
2005Q2	109.97
2005Q3	108.00
2005Q4	105.63
2006Q1	110.40
2006Q2	103.87
2006Q3	104.27
2006Q4	111.13
2007Q1	117.70
2007Q2	112.43
2007Q3	111.77
2007Q4	125.13
2008Q1	138.57
2008Q2	131.23
2008Q3	131.93
2008Q4	162.90
2009Q1	172.23
2009Q2	169.77
2009Q3	160.10
2009Q4	174.13
2010Q1	176.60
2010Q2	166.20
2010Q3	171.07
2010Q4	178.70
2011Q1	186.23
2011Q2	175.47
2011Q3	179.57

Note: The 2008Q4 observation for the Fixed Rate Housing Affordability Index, JHAF_N.M, has been corrected to 162.9. The value was previously reported as ND.

Source: National Association of Realtors.

27. Rent Index and Multifamily Rental Vacancy Rate
Period	Multifamily rental vacancy rate (Percent)	Average Rent (1982-1984 = 100)
2008Q1	10.55
2008Q2	10.45
2008Q3	10.19
2008Q4	10.74
2009Q1	10.75
2009Q2	11.04
2009Q3	11.64
2009Q4	11.87
2010Q1	11.76
2010Q2	11.53
2010Q3	10.77
2010Q4	9.91
2011Q1	10.24
2011Q2	9.56
2011Q3	10.09
Jan-08		239.61
Feb-08		240.11
Mar-08		240.71
Apr-08		241.42
May-08		241.86
Jun-08		242.82
Jul-08		243.63
Aug-08		244.40
Sep-08		245.13
Oct-08		245.95
Nov-08		246.61
Dec-08		247.11
Jan-09		247.68
Feb-09		248.08
Mar-09		248.45
Apr-09		248.81
May-09		249.10
Jun-09		249.23
Jul-09		249.25
Aug-09		249.27
Sep-09		249.19
Oct-09		249.04
Nov-09		248.87
Dec-09		248.85
Jan-10		248.84
Feb-10		248.80
Mar-10		248.88
Apr-10		248.89
May-10		248.93
Jun-10		249.09
Jul-10		249.35
Aug-10		249.28
Sep-10		249.59
Oct-10		249.82
Nov-10		250.35
Dec-10		250.84
Jan-11		251.25
Feb-11		251.61
Mar-11		251.93
Apr-11		252.10
May-11		252.40
Jun-11		252.68
Jul-11		253.32
Aug-11		254.27
Sep-11		254.86
Oct-11		255.85
Nov-11		256.40

Note: Rental vacancy rate is seasonally adjusted by Board staff..

Source: For average rent, BLS; for vacancy rate, Census Bureau.

28. Prime
Month	10% confidence level	Median	90% confidence level
Jan-00	642	726	781
Feb-00	639	726	781
Mar-00	638	725	781
Apr-00	641	727	782
May-00	641	729	783
Jun-00	641	730	784
Jul-00	642	731	784
Aug-00	643	731	785
Sep-00	643	731	785
Oct-00	642	729	785
Nov-00	640	728	784
Dec-00	641	727	785
Jan-01	641	728	785
Feb-01	641	728	784
Mar-01	642	728	785
Apr-01	641	728	785
May-01	641	729	786
Jun-01	640	730	786
Jul-01	639	729	786
Aug-01	639	728	786
Sep-01	639	728	787
Oct-01	638	726	787
Nov-01	639	728	787
Dec-01	637	725	786
Jan-02	634	724	786
Feb-02	636	726	786
Mar-02	635	727	786
Apr-02	634	726	787
May-02	636	726	787
Jun-02	637	729	788
Jul-02	639	730	788
Aug-02	641	731	788
Sep-02	641	730	788
Oct-02	643	730	788
Nov-02	642	730	787
Dec-02	640	728	787
Jan-03	637	727	786
Feb-03	638	727	786
Mar-03	639	728	786
Apr-03	641	729	786
May-03	641	730	787
Jun-03	643	732	787
Jul-03	645	732	787
Aug-03	645	732	787
Sep-03	642	729	787
Oct-03	642	727	786
Nov-03	643	727	786
Dec-03	643	727	786
Jan-04	643	727	785
Feb-04	643	727	785
Mar-04	644	728	786
Apr-04	645	729	787
May-04	645	730	787
Jun-04	645	731	788
Jul-04	645	730	788
Aug-04	644	730	788
Sep-04	645	729	788
Oct-04	645	730	789
Nov-04	646	730	790
Dec-04	645	730	790
Jan-05	645	730	791
Feb-05	646	730	791
Mar-05	647	732	792
Apr-05	649	735	794
May-05	650	736	794
Jun-05	651	737	794
Jul-05	652	737	794
Aug-05	652	736	794
Sep-05	652	735	794
Oct-05	650	734	794
Nov-05	649	734	794
Dec-05	645	730	793
Jan-06	644	729	793
Feb-06	644	729	792
Mar-06	644	730	793
Apr-06	645	731	794
May-06	645	732	794
Jun-06	646	734	795
Jul-06	644	732	795
Aug-06	644	732	794
Sep-06	643	729	794
Oct-06	642	728	794
Nov-06	641	727	793
Dec-06	641	729	794
Jan-07	639	728	794
Feb-07	638	727	793
Mar-07	637	728	794
Apr-07	635	727	794
May-07	637	728	794
Jun-07	640	732	795
Jul-07	641	732	795
Aug-07	638	730	795
Sep-07	637	729	794
Oct-07	637	729	795
Nov-07	640	731	795
Dec-07	643	732	795
Jan-08	649	734	795
Feb-08	654	737	795
Mar-08	660	741	797
Apr-08	669	747	798
May-08	676	752	800
Jun-08	680	755	800
Jul-08	681	756	800
Aug-08	680	756	800
Sep-08	681	757	801
Oct-08	684	759	801
Nov-08	684	760	801
Dec-08	687	762	801
Jan-09	692	765	801
Feb-09	695	766	802
Mar-09	697	766	802
Apr-09	698	767	803
May-09	698	769	803
Jun-09	698	769	803
Jul-09	696	768	802
Aug-09	691	767	802
Sep-09	688	767	802
Oct-09	688	766	802
Nov-09	684	765	802
Dec-09	684	766	802
Jan-10	688	767	802
Feb-10	689	767	801
Mar-10	687	767	802
Apr-10	685	768	803
May-10	696	771	804
Jun-10	702	773	804
Jul-10	704	774	805
Aug-10	705	774	805
Sep-10	705	774	804
Oct-10	704	774	805
Nov-10	702	773	804
Dec-10	698	772	803
Jan-11	695	769	803
Feb-11	695	770	802
Mar-11	694	769	803
Apr-11	693	769	803
May-11	691	770	804
Jun-11	692	769	803
Jul-11	689	769	803
Aug-11	688	768	803
Sep-11	691	770	803

Source: Calculations from LPS Applied Analytics data.

29. FHA
Month	10% confidence level	Median	90% confidence level
Jan-00	562	646	745
Feb-00	556	644	742
Mar-00	555	640	741
Apr-00	556	643	743
May-00	558	645	747
Jun-00	561	646	745
Jul-00	560	645	747
Aug-00	559	643	745
Sep-00	559	643	745
Oct-00	562	646	749
Nov-00	563	648	750
Dec-00	562	643	741
Jan-01	564	646	744
Feb-01	564	646	744
Mar-01	565	646	745
Apr-01	565	647	747
May-01	569	651	749
Jun-01	569	652	751
Jul-01	570	652	751
Aug-01	568	652	751
Sep-01	568	652	752
Oct-01	568	651	749
Nov-01	569	653	750
Dec-01	570	653	750
Jan-02	568	652	751
Feb-02	569	653	751
Mar-02	567	650	748
Apr-02	565	648	748
May-02	567	650	750
Jun-02	569	652	752
Jul-02	569	653	753
Aug-02	571	653	752
Sep-02	572	653	753
Oct-02	572	654	751
Nov-02	574	655	753
Dec-02	575	656	754
Jan-03	575	655	753
Feb-03	577	656	752
Mar-03	574	654	750
Apr-03	575	654	750
May-03	577	656	750
Jun-03	578	657	753
Jul-03	581	659	754
Aug-03	582	660	755
Sep-03	579	656	751
Oct-03	578	654	749
Nov-03	574	651	748
Dec-03	573	650	748
Jan-04	572	649	745
Feb-04	571	649	746
Mar-04	570	646	742
Apr-04	573	647	744
May-04	573	649	747
Jun-04	574	650	749
Jul-04	572	650	749
Aug-04	573	650	748
Sep-04	571	647	747
Oct-04	569	645	745
Nov-04	569	646	746
Dec-04	567	644	746
Jan-05	567	645	747
Feb-05	567	643	746
Mar-05	567	644	746
Apr-05	569	646	748
May-05	572	649	751
Jun-05	573	650	753
Jul-05	574	651	754
Aug-05	574	652	755
Sep-05	573	650	754
Oct-05	573	651	752
Nov-05	573	651	753
Dec-05	571	651	754
Jan-06	573	650	754
Feb-06	573	649	752
Mar-06	572	648	752
Apr-06	573	650	753
May-06	573	652	757
Jun-06	574	654	759
Jul-06	573	654	759
Aug-06	570	651	756
Sep-06	569	648	755
Oct-06	566	645	749
Nov-06	566	646	753
Dec-06	562	644	752
Jan-07	564	644	752
Feb-07	563	643	749
Mar-07	560	638	747
Apr-07	559	639	749
May-07	559	640	752
Jun-07	561	642	755
Jul-07	560	640	754
Aug-07	558	635	748
Sep-07	556	633	745
Oct-07	556	633	745
Nov-07	556	633	744
Dec-07	556	634	744
Jan-08	564	639	748
Feb-08	573	644	749
Mar-08	580	649	752
Apr-08	585	657	757
May-08	594	665	762
Jun-08	598	668	764
Jul-08	599	670	764
Aug-08	600	669	764
Sep-08	599	665	762
Oct-08	602	672	766
Nov-08	602	672	766
Dec-08	604	674	767
Jan-09	606	677	769
Feb-09	608	679	769
Mar-09	615	681	770
Apr-09	624	687	773
May-09	626	692	776
Jun-09	628	695	778
Jul-09	630	697	778
Aug-09	631	696	778
Sep-09	630	694	777
Oct-09	630	694	776
Nov-09	630	692	776
Dec-09	629	690	776
Jan-10	631	692	777
Feb-10	631	694	777
Mar-10	632	694	777
Apr-10	632	693	778
May-10	631	693	778
Jun-10	630	691	777
Jul-10	632	696	781
Aug-10	632	697	782
Sep-10	632	696	781
Oct-10	633	696	781
Nov-10	635	697	781
Dec-10	640	698	781
Jan-11	641	698	780
Feb-11	642	698	780
Mar-11	641	696	779
Apr-11	640	694	778
May-11	640	694	779
Jun-11	639	694	779
Jul-11	638	693	778
Aug-11	638	693	778
Sep-11	634	693	779

Source: Calculations from LPS Applied Analytics data.

30. Percentage of Lenders Offering GSE-Eligible Loans by Credit Quality
Measure	2011 to date	2010
Low	45.4	42.9
Medium	83.9	71.5
High	100	99.9

Note: For a hypothetical owner-occupied 30-year conventional fully documented mortgage.

Source: LoanSifter data.

31. Distressed Sales and Inventory of Existing Homes
Month	Distressed (Percent of sales)	Inventory of existing homes (Months' supply)
Jan-04	NA	4.30
Feb-04	NA	4.50
Mar-04	7.65	4.40
Apr-04	7.53	4.30
May-04	7.45	4.20
Jun-04	7.41	4.10
Jul-04	7.50	4.30
Aug-04	7.72	4.50
Sep-04	8.15	4.20
Oct-04	8.72	4.30
Nov-04	9.25	4.40
Dec-04	9.73	3.90
Jan-05	10.33	3.60
Feb-05	10.84	4.10
Mar-05	11.25	4.00
Apr-05	11.38	4.20
May-05	11.51	4.30
Jun-05	11.70	4.50
Jul-05	11.87	4.60
Aug-05	12.33	4.70
Sep-05	13.03	4.60
Oct-05	13.69	4.80
Nov-05	14.37	5.00
Dec-05	15.08	5.00
Jan-06	15.62	5.10
Feb-06	15.85	5.20
Mar-06	15.65	5.60
Apr-06	15.44	6.10
May-06	15.09	6.50
Jun-06	14.60	6.90
Jul-06	14.36	7.30
Aug-06	14.48	7.30
Sep-06	14.98	7.20
Oct-06	15.60	7.30
Nov-06	16.03	7.20
Dec-06	16.46	6.50
Jan-07	15.41	6.60
Feb-07	14.30	7.00
Mar-07	13.03	7.40
Apr-07	12.80	8.50
May-07	12.55	8.90
Jun-07	12.09	9.10
Jul-07	11.96	9.60
Aug-07	12.08	9.60
Sep-07	12.70	10.20
Oct-07	13.73	10.60
Nov-07	14.82	10.00
Dec-07	16.12	9.60
Jan-08	18.31	10.00
Feb-08	20.34	9.80
Mar-08	21.75	9.80
Apr-08	22.26	11.10
May-08	22.61	10.80
Jun-08	23.00	11.10
Jul-08	23.27	11.00
Aug-08	24.05	10.30
Sep-08	25.76	10.10
Oct-08	28.41	10.40
Nov-08	31.30	11.00
Dec-08	34.08	9.40
Jan-09	37.86	9.50
Feb-09	40.38	9.70
Mar-09	41.28	9.40
Apr-09	39.30	10.10
May-09	36.73	9.60
Jun-09	34.14	9.40
Jul-09	31.65	9.40
Aug-09	30.22	9.00
Sep-09	29.96	8.20
Oct-09	30.24	7.20
Nov-09	30.11	6.60
Dec-09	31.08	7.30
Jan-10	33.79	7.70
Feb-10	36.73	8.40
Mar-10	36.98	8.00
Apr-10	34.52	8.40
May-10	31.79	8.20
Jun-10	30.22	8.90
Jul-10	30.98	12.40
Aug-10	32.35	11.70
Sep-10	34.39	10.90
Oct-10	34.92	10.60
Nov-10	35.45	9.60
Dec-10	35.87	8.10
Jan-11	37.92	7.50
Feb-11	40.05	8.60
Mar-11	41.03	8.30
Apr-11	39.34	9.00
May-11	36.46	9.10
Jun-11	33.44	9.20
Jul-11	31.03	9.50
Aug-11	30.00	8.40
Sep-11	30.35	8.30
Oct-11	33.27	7.70
Nov-11	37.54	7.00

Note: NA Not Available

Note: Distressed slaes is a 3-month moving average; it includes both short sales and non-auction sales of foreclosed homes by banks.

Source: For inventory of existing homes, National Association of Realtors; for distressed sales, staff calculation using unweighted counts of repeat sales from CoreLogic.