Dear GUEST:

The latest Hanley Wood Market Intelligence:

The Economy                    

INDICATOR                               STAT         GRADE

Real GDP                              1.6%         D+
>Leading Economic Indicators             139.0         C+
        -6 Month Change               1.5%         A
        -Number of indicators up         8         B+
>Inflation                              3.6%         B-
        -Consumer Price Index               3.6%         C
        -Core CPI                       2.1%         A-
        -Employment Cost Index               3.1%         C+
        -Implicit Price Deflator      3.3%         C+
>Mortgage Rates                       6.32%         A+
        -Freddie Mac                       6.32%         A+
        -HSH.com                       6.53%         A+
Consumer Confidence                     101.7         C
Housing Market Index                       55         B-
Personal Income Growth Rate                5.8%         C+

Existing Home Market                  

INDICATOR                                     STAT         GRADE
> Existing Home Prices                         
        -Median                           $210,500         A+
        -Appreciation Rate, Real          13.1%               A+
>Existing Home Sales Volume                 5,770,000         B-
        -1 year % change                 (4.8%)                D+
        -% of Households                 5.4%                A+
Months of Inventory                        5.2                B
>Purchase Mortgage Applications         393.6                D+
        -% Change over last year         (11.83%)         D+
> Affordability Ratio                           44.5%         D-
        -fixed mortgage rates                  44.5%         
        -adjustable mortgage rates          48.1%         

New Home Market                  

INDICATOR                                     STAT         GRADE

> New Home Prices                           $238,100         B-
        -Median                           $238,100         B-
        -Nominal                           6.3%         B-
> New Home Sales Volume                 1,233,000         B+
        -1 year % change                     3.3%         C+
        -% of Households                     1.16%         A+
> Months of New Home Inventory                     5.2         B+
        -Completed                              1.1         A
        -Under Construction                     3.0         B-
        -Speculative (Compl. + U/C)             4.2         A-
        -Not Started                              1.0         C-
> Affordability Ratio                              37.8%         D
        -fixed ratio                             37.8%         D
        -adjustable ratio                     41.9%         D

Housing Supply                  

INDICATOR                                     STAT         GRADE

> Total Building Permits                 2,145,000         B
        > -Single-Family Permits         1,639,000         B+
        -Multifamily (5+) Permits         417,000         C+
> Total Housing Starts                        2,120,000         B-
        -Single-Family                        1,800,000         B
        -Multifamily (5+)                 275,000         D-
> Manufactured Housing Placements         115,000         D-
        -% of Households                 0.11%            F
        -1 year % change                 (7.3%)                D+
Housing Growth Ratio                        7.4            A+
> Housing Vacancies                        2.0%            F
        -Rental Units                        9.6%            F
        -Homeowner Units                 1.8%                F

Given the figures herein, and especially the vacancies vs. the affordability ration vs. the real GDP vs. the CPI vs. the unemployment trends --

no, I wouldn't put my money in real estate just now.

And yes, I DO follow trade analyses (not just the publications, but analyses used by investors).