Reuters Us May Housing Market Results

U.S. HOUSING MARKET POLL - MAY 2009 When do you think the bottom in the U.S. housing market will be reached?

No. of Forecasts

Already reached 10

less than 6 months 16

Change in average house prices over the year

MEDIAN MAXIMUM MINIMUM No. of Forecasts

6-12 months 16

1-2 years 1

>2 years 0

How much, in percentage terms, is the U.S. housing market likely to fall before stabilizing:

2009

2010

From its peak

From here

-13.0 -9.0 -19.0 33

-2.0 4.6 -10.0 31

-38.0 -30.0 -45.0 27

-10.0 0.0 -25.0 25

Is stabilization in the U.S. housing market a prerequisite for an end to the financial crisis? YES/NO

No. of Forecasts

MEDIAN MAXIMUM MINIMUM No. of Forecasts

YES 27

NO 14

On a scale of 1 to 10, where 1 is extremely undervalued, 5 is fairly valued and 10 is extremely overvalued, what best describes the current average level of U.S. house prices relative to fundamentals? 6 8 1 42

Following is a list of contributors: 4Cast, Action Economics, Bank of Tokyo-Mitsubishi, Banc of America Securities-Merrill Lynch, BBVA (Banco Bilbao Viscaya), BMO Capital Markets, Bank of New York Mellon, Barclays Capital, Calyon, Capital Economics, CIBC, Citi, ClearView Economics, Conference-Board, Desjardins, Deutsche Bank, Fact & Opinion Economics, Fannie Mae, FTN Financial, HSBC, IFR Markets, IHS Global Insight, Inforum/University of Maryland, JPMorgan, Mesirow Financial, MFC Global, Moody's Economy.com, Moody's Investor Service, Morgan Keegan, Mortgage Banker's Association, National Association of Home Builders, National Association of Realtors, National Bank Financial, Nomura, Oxford Economic Forecasting, Peter Morici, Raymond James, Standard Chartered, Standard & Poor's, TD Bank Financial Group, UBS, UniCredit MIB, University of Central Florida, Wachovia

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