Home Prices

Rating

Annual Price Increases

Actual

Equilibrium

Diff.

2002

2003

2004

2005

2006 Q1

Overpriced Markets

US Average

 $    251.9

0.0%

7%

7%

11%

13%

13%

Albuquerque NM

 $    183.2

 $   185.7

-1%

FairValue

3%

4%

7%

13%

18%

Santa Barbara-Santa Maria CA

Ann Arbor MI

 $    241.9

 $   235.4

3%

FairValue

6%

4%

5%

5%

2%

Naples FL

Atlanta GA

 $    208.5

 $   201.5

3%

FairValue

5%

4%

7%

6%

5%

Modesto CA

Atlantic City NJ

 $    263.2

 $   182.4

44%

Overpriced

11%

12%

19%

21%

21%

San Diego CA

Augusta GA

 $    158.3

 $   190.1

-17%

Undervalued

3%

4%

5%

8%

10%

Stockton CA

Austin TX

 $    174.2

 $   170.8

2%

FairValue

2%

1%

1%

6%

7%

Riverside-San Bernardino CA

Bakersfield CA

 $    233.2

 $   170.5

37%

Overpriced

9%

13%

27%

31%

27%

San Jose CA

Baltimore MD

 $    283.8

 $   244.7

16%

Overpriced

10%

10%

18%

22%

20%

Port St. Lucie-Fort Pierce FL

Baton Rouge LA

 $    152.5

 $   165.4

-8%

FairValue

3%

4%

4%

6%

12%

Miami-West Palm Beach FL

Birmingham AL

 $    177.7

 $   196.9

-10%

FairValue

4%

5%

5%

8%

8%

Vallejo-Fairfield CA

Boise City ID

 $    172.7

 $   171.2

1%

FairValue

4%

4%

6%

14%

27%

Los Angeles-Anaheim CA

Boston MA

 $    377.7

 $   290.4

30%

Overpriced

13%

10%

12%

10%

6%

Sacramento CA

Brownsville-Harlingen TX

 $    131.1

 $   142.9

-8%

FairValue

4%

4%

2%

8%

0%

San Francisco-Oakland CA

Cape Coral-Fort Myers FL

 $    286.3

 $   208.6

37%

Overpriced

13%

11%

18%

32%

37%

Fresno CA

Charleston SC

 $    252.8

 $   224.4

13%

FairValue

5%

5%

9%

16%

17%

Sarasota-Bradenton FL

Charlotte-Gastonia NC

 $    191.0

 $   219.5

-13%

FairValue

2%

3%

3%

5%

6%

Vero Beach FL

Chicago IL

 $    266.4

 $   234.4

14%

FairValue

7%

6%

10%

11%

11%

Atlantic City NJ

Cincinnati OH

 $    179.6

 $   204.7

-12%

FairValue

4%

3%

4%

5%

4%

New York-North New Jersey NY

Cleveland OH

 $    172.6