National Housing Report - thebubblebuster.com

SUMMARY HISTORY PEAKS & TROUGHS FORECASTS

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The National housing market has seen an abrupt end to the remarkable price increases over the past few years. Continued sharp declines in sales activity have further increased the number of homes on the market. Further sales and pricing declines should be expected, particularly if mortgage rates move higher. One positive of the National market is the recent improvement in the mortgage debt servicing cost which is very near historical levels.

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Nominal Price Activity		National	Comment
.	Quarterly Appreciation (Q4:2006 – Q1:2007)	-1.8%	Poor
	Rolling Year Appreciation (Q1:2006 – Q1:2007)	1.7%	Weak
	Last Year Appreciation (2006)	5.9%	Fair
	Rolling 5 Year App. (Q1:2002 – Q1:2007)	50.1%	Good
	Historical Average Annual Appreciation	6.0%	Fair
Real Price Activity		National	Comment
.	Quarterly Appreciation (Q4:2006 – Q1:2007)	-2.5%	Poor
	Rolling Year Appreciation (Q1:2006 – Q1:2007)	-1.3%	Weak
	Last Year Appreciation (2006)	2.8%	Fair
	Rolling 5 Year App. (Q1:2002 – Q1:2007)	32.1%	Good
	Historical Average Annual Appreciation	1.8%	Fair
Affordability Activity		National	Comment
	Mortgage-Debt-to-Income Ratio* (Q1:2007)	21.1%	Neutral
	Historical Mortgage-Debt-to-Income Ratio*	19.8%	Neutral
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*	This ratio compares the monthly mortgage payment (principal & interest only, which does not include hazard insurance, property taxes or any needed private mortgage insurance) for a median priced home financed at the prevailing 30 year mortgage rate to the local median 4-person family income.
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	National historical data is for the time period of Q1:1975 – Q1:2007

NATIONAL REPORT - Q1:2007