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109 109
2005 2007 2009 2011 2013 2015 2017
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
EXHIBIT 1: PRICE GROWTH PROJECTED TO MODERATE 4.7% IN 2017
CoreLogic Home Price Index Growth (Annual Percent)
Source: CoreLogic Home Price Index (December 6, 2016 release)
Forecast
2017
4.7%
2005 2007 2009 2011 2013 2015 2017
6%
4%
1%
-1%
-4%
EXHIBIT 2: RENT GROWTH PROJECTED TO MODERATE TO 3.0% IN 2017
Single-Family Repeat Rent Index Growth (Annual Percent)
Source: CoreLogic Single-Family Repeat Rent Index through October 2016, weighted 21 markets for 2004-2005, 27 markets for
2006-2009, 40 markets for 2010 and forward; ULI Real Estate Consensus Forecast (October 2016) for 2017
Forecast
2017
3.0%
Source: CoreLogic Housing Credit Index (through 2016Q2)
2001 2003 2006 2008 2011 2013 2016
130
97.5
65
32.5
0
2001-03 mean
+1 s.d
EXHIBIT 3: 2016 LOANS HAVE LESS CREDIT RISK THAN PRE-2009 LOANS
CoreLogic Housing Credit Index (2001 = 100)
MORE RISK
2001-2003 BENCHMARK
LESS RISK