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SUMMARY HISTORY PEAKS & TROUGHS FORECASTS

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The past five years have seen fair nominal and real price growth. The Buffalo mortgage-debt-to-income ratio has only slightly increased throughout the past five years, mirroring only a portion of the recent rise in the national ratio. Nominal and real prices should be expected to grow towards historical affordability ratios as long as interest rates remain steady.

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Year	Nominal Price History	Nominal Price Growth	Real Price History	Real Price Growth	Buffalo Mortgage-Debt-to-Income Ratio	National Mortgage-Debt-to-Income Ratio
2001	$83,600	6.2%	$94,600	3.3%	10.1%	17.5%
2002	$87,000	4.1%	$97,000	2.5%	9.9%	17.7%
2003	$91,800	5.5%	$100,100	3.1%	10.1%	18.4%
2004	$96,900	5.6%	$102,900	2.9%	10.2%	19.6%
2005	$103,700	7.0%	$106,500	3.5%	10.8%	22.1%
2006	$106,000	2.2%	$106,000	-0.5%	11.4%	23.7%

BUFFALO, NEW YORK - Q3:2006