Deputy Seminar, Denver, CO

House Prices: Net

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

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CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018

CS/S&P Home Price Index (Source: S&P Case Shiller)

-80% -60% -40% -20% 0% 20% 40% 60%

Bust Net

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CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018