Fall Regulatory Summit

Internal Use Only Case Shiller: Pandemic Surge (source: Standard & Poor’s Case-Shiller)

10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%

0% 5%

Dallas

Seattle

Miami

Boston

Tampa

Detroit

Denver

Atlanta

Phoenix

Chicago

Portland

Charlotte

Cleveland

Las Vegas

San Diego

New York

Washington

Los Angeles

Minneapolis

San Francisco

(source: Standard & Poor’s Case-Shiller)

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only

Housing Affordability: Mortgage Rate Effect (source: S&P Case-Shiller, Freddie Mac)

120%

CS-NAT PAYMENT

100%

80%

60%

40%

20%

0%

-20%

Jul-22

Jul-21

Jul-20

Jan-23

Jan-22

Jan-21

Jan-20

Sep-22

Sep-21

Sep-20

Mar-23

Mar-22

Mar-21

Mar-20

Nov-22

Nov-21

Nov-20

May-23

May-22

May-21

May-20

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023