TABLE 1

Net Prices and Average Yields for HUD-Insured

New Home Mortgages (Section 203) Immediate Delivery

Transactions 30-Year Maturity - Minimum Downpayment

8.00% 8.00%

Mortgages Mortgages

Nov '99 Oct '99

Average Average Average Average

Price Yield 1/ Price Yield 1/

Northeast $ 100.00 8.00% $ 98.50 8.21%

Middle Atlantic $ 100.00 8.00% $ 100.00 8.00%

Southeast * * $ 100.00 8.00%

North Central $ 100.00 8.00% $ 100.00 8.00%

Southwest * * * *

West $ 99.71 8.04% $ 100.00 8.00%

United States $ 99.86 8.02% $ 99.63 8.05%

1/-Gross yield to investors, without allowance for

 servicing costs based on prepayment of the mortgage 

 at the end of 12 years.

* Dominant rate not quoted by respondents in region

United States

 Price Yield Mtg. Rate

---- $ ---- ---- % ---- ---- % ----

1984 High/Low 97.60/95.00 15.00/12.90 14.00/13.00

1985 High/Low 98.30/95.50 13.43/11.28 13.00/10.50

1986 High/Low 99.40/96.22 10.78/ 9.26 10.50/ 9.50

1987 High/Low 98.54/95.42 11.22/ 8.79 10.50/ 8.50

1988 High/Low 99.49/96.99 10.84/ 9.86 10.50/ 9.50

1989 High/Low 99.65/97.01 11.16/ 9.61 11.00/ 9.50

1990 High/Low 99.25/97.94 10.75/ 9.71 10.50/ 9.50

1991 High/Low 99.57/98.53 9.71/ 8.69 9.50/ 8.50

1992 High/Low 99.60/97.54 8.85/ 8.06 8.50/ 8.00

1993 High/Low 99.95/99.13 8.12/ 7.02 8.00/ 7.00

1994 High/Low 99.88/98.44 9.53/ 7.05 9.50/ 7.00

1995 High/Low 99.97/99.18 9.54/ 7.51 9.50/ 7.50

1996 High/Low 100.00/99.14 8.58/ 7.11 8.50/ 7.00

1997 High/Low 99.91/99.20 8.56/ 7.51 8.50/ 7.50

1998 High/Low 99.83/98.25 7.17/ 6.53 7.25/ 6.50

Data as of: November 1, 1999 HQE: 12/30/1999
Table 2

Most Frequently Quoted Contract Rates and Yields

for FHA Mortgages Sold in the Secondary Market

Contract Average Contract Average

Year Rate Yield 1/ Year Rate Yield 1/

1994 Jan 7.50% 7.52% 1997 Jan 8.00% 8.06%

 Feb 7.00% 7.00% Feb 8.00% 8.06%

 Mar 7.50% 7.50% Mar 8.00% 8.08%

 Apr * * Apr 8.50% 8.55%

 May 8.50% 8.50% May 8.50% 8.56%

 Jun 8.50% 8.50% Jun 8.00% 8.05%

 Jul 9.00% 9.00% Jul 8.00% 8.02%

 Aug 8.50% 8.50% Aug 7.50% 7.61%

Sep 2/ 8.50% 8.50% Sep 8.00% 8.02%

Sep 2/ 9.00% 9.03% Oct 7.50% 7.52%

Oct 9.00% 9.10% Nov 7.50% 7.53%

Nov 9.00% 9.23% Dec 7.50% 7.51%

 Dec 9.50% 9.53%

1995 Jan 9.50% * 1998 Jan 7.00% 7.17%

Feb 9.00% 9.10% Feb 7.00% 7.08%

Mar 9.00% 9.05% Mar 7.00% 7.06%

Apr 8.50% 8.60% Apr 7.00% 7.09%

May 8.50% 8.56% May 7.25% 7.37%

Jun 8.00% 8.03% Jun 7.00% 7.07%

Jul 8.00% 8.00% Jul 7.00% 7.07%

 Aug 8.00% 8.09% Aug 7.00% 7.05%

Sep 8.00% 8.03% Sep 7.00% 7.03%

Oct 8.00% 8.03% Oct 6.50% 6.53%

Nov 7.50% 7.61% Nov 7.00% 7.07%

Dec 7.50% 7.51% Dec 7.00% 7.02%

 1996 Jan 7.50% 7.52% 1999 Jan 7.00% 7.06%

Feb 7.00% 7.11% Feb 7.00% 7.08%

Mar 7.50% 7.57% Mar 7.00% 7.10%

Apr 8.00% 8.09% Apr 7.00% 7.07%

May 8.50% 8.52% May 7.00% 7.08%

Jun 8.50% 8.57% Jun 7.50% 7.58%

Jul 8.50% 8.55% Jul 8.00% 8.13%

Aug 8.50% 8.56% Aug 8.00% 8.00%

Sep 8.50% 8.58% Sep 8.00% 8.10%

Oct 8.50% 8.56% Oct 8.00% 8.05%

Nov 8.00% 8.00% Nov 8.00% 8.02%

Dec 8.00% 8.14%

1/-Gross yield to investors, without allowance for servicing costs

 based on prepayment of the mortgage at the end of 12 years.

2/-The September 1, 1994 survey found two rates reported with equal 

 frequency, evenly balanced between 8.50 and 9.00 percent.

Data as of: November 1, 1999 HQE: 12/30/1999
TABLE 3

Effective FHA Primary Rates

 "Dominant" Contract Rate

 Nov 1999 Oct 1999 Nov 1998

United States 8.00% 8.00% 7.00%

Average Points 

Northeast 1.00 0.00 0.00

Middle Atlantic 0.00 0.25 *

Southeast 1.00 0.17 0.17

North Central 0.00 0.50 0.33

Southwest 1.00 1.00 0.50

West 0.40 0.33 0.19

United States 0.42 0.30 0.30

Effective Rate

Northeast 8.00% 8.00% 7.00%

Middle Atlantic 8.00% 8.03% *

Southeast 8.00% 8.02% 7.02%

North Central 8.00% 8.07% 7.04%

Southwest 8.19% 8.14% 7.07%

West 8.06% 8.05% 7.03%

United States 8.06% 8.04% 7.04%

* Dominant rate not quoted by respondents in region

Data as of: November 1, 1999 HQE: 12/30/1999
TABLE 4

FHA Primary Market Rates

===================== ============== ======== ======== =========

November 1, 1999

Percentage of 

Field Offices Contract Average Effective

Reporting Rate Points Rate

------------------------- -------------- -------------- ----------------

Most Active Quote 32% 8.00% 0.42 8.06%

Second Most Popular Quote 22% 7.75% 0.19 7.78%

Third Most Popular Quote 14% 8.25% 0.00 8.25%

All Others 32% N/A N/A N/A

U.S. Average Rate 100% 7.99% 0.44 8.05%

Oct 1, 1999

Percentage of 

Field Offices Contract Average Effective

Reporting Rate Points Rate

------------------------- -------------- -------------- ----------------

Most Active Quote 48% 8.00% 0.30 8.04%

Second Most Popular Quote 12% 8.25% 0.00 8.25%

Third Most Popular Quote 9% 7.88% 1.67 8.11%

All Others 31% N/A N/A N/A

U.S. Average Rate 100% 7.95% 0.49 8.02%

Sep 1, 1999

Percentage of 

Field Offices Contract Average Effective

Reporting Rate Points Rate

------------------------- -------------- -------------- ----------------

Most Active Quote 36% 8.00% 0.97 8.13%

Second Most Popular Quote 23% 8.25% 0.00 8.25%

Third Most Popular Quote 5% 8.38% 2.00 8.66%

All Others 36% N/A N/A N/A

U.S. Average Rate 100% 8.09% 0.62 8.18%

Data as of: November 1, 1999 HQE: 12/30/1999
TABLE 5

Average Interest Rates on Conventional First Mortgages

========= ============== ======== ======== ======== ========== ======== ======== =========

 New Home Loans Existing Home Loans

-------------- -------------- -------------- -------------- -------------- -----------------

Nov '99 Oct '99 Nov '98 Nov '99 Oct '99 Nov '98

-------------- -------------- -------------- -------------- -------------- -----------------

Northeast 7.73% 7.60% 6.83% 7.70% 7.60% 6.83%

Middle Atlantic 7.83% 7.73% 7.02% 7.83% 7.73% 7.02%

Southeast 7.84% 7.75% 6.80% 7.83% 7.84% 6.80%

North Central 7.61% 7.89% 6.89% 7.73% 7.89% 6.89%

Southwest 7.88% 7.75% 6.88% 7.78% 7.75% 6.82%

West 7.77% 7.82% 6.83% 7.85% 7.88% 6.83%

United States 7.77% 7.76% 6.86% 7.80% 7.80% 6.85%

 United States Average

-------------- -------------- -------------------

 New Existing

 Home Loans Home Loans

-------------- ------------------

1984 High/Low 14.65/13.20 14.67/13.21

1985 High/Low 13.26/11.56 13.28/11.58

1986 High/Low 11.03/ 9.47 11.03/ 9.47

1987 High/Low 10.84/ 9.04 10.87/ 9.04

1988 High/Low 10.55/ 9.80 10.56/ 9.81

1989 High/Low 10.93/ 9.70 10.95/ 9.69

1990 High/Low 10.46/ 9.75 10.48/ 9.76

1991 High/Low 9.66/ 8.67 9.65/ 8.66

1992 High/Low 8.91/ 7.95 8.92/ 7.95

1993 High/Low 8.19/ 6.89 8.19/ 6.89

1994 High/Low 9.34/ 7.13 9.34/ 7.13

1995 High/Low 9.32/ 7.46 9.33/ 7.46

1996 High/Low 8.67/ 7.73 8.65/ 7.73

1997 High/Low 8.25/ 7.38 8.25/ 7.39

1998 High/Low 7.25/ 6.64 7.23/ 6.65

Data as of: November 1, 1999 HQE: 12/30/1999
TABLE 6

 Average Interest Rate for Home Construction Financing

========= ============= ======== ======== ======== ======== ======== ======== =========

 HUD/FHA * CONVENTIONAL

------------- ------------- ------------- ------------- ------------- ----------------

Nov '99 Oct '99 Nov '98 Nov '99 Oct '99 Nov '98

------------- ------------- ------------- ------------- ------------- ----------------

Northeast 8.25% 8.71% 8.25% 8.06% 8.63% 8.58%

Middle Atlantic 8.43% 9.00% 7.47% 8.53% 8.93% 7.24%

Southeast 8.29% 8.85% 8.98% 8.44% 8.66% 8.90%

North Central 8.19% 8.81% 7.99% 8.21% 8.60% 7.77%

Southwest 8.25% 7.75% 7.83% 7.88% 7.75% 8.21%

West 8.52% 8.91% 8.19% 8.21% 8.78% 8.73%

United States 8.30% 8.80% 8.14% 8.24% 8.66% 8.32%

* Type of financing planned for permanent loans.

************** ******************** ************ ************ ************ ************ ************ ************ **************

TABLE 7

 National Percent of HUD Offices Reporting Adequate

 Construction Funds Available for Homes

========= ============= ======== ======== ======== ======== ======== ======== =========

Nov '99 Oct '99 Nov '98

---------------- ---------------- ----------------

FHA-Insured 100% 100% 98%

Conventional 100% 100% 98%

These data are not based on actual transactions. They are

compiled from the best information available to HUD Field

Offices throughout the US.

 Data as of: November 1, 1999 HQE: 12/30/1999
TABLE 8

Trend of Builder's Plans Compared to Previous Month

by Housing Price Category

(Percent of Field Offices Reporting)

========== ============= ======== ======== ======== ======== ======== ======== =========

Nov 1999 Nov 1998

-------------- -------------- -------------- -------------- -------------- ----------------

------ Trend -------- ------ Trend -------

Down Stable Up Down Stable Up

-------------- -------------- -------------- -------------- -------------- ----------------

Low-Priced 19% 71% 10% 4% 76% 20%

Mod-Priced 0% 76% 24% 2% 64% 33%

High-priced 9% 81% 10% 4% 60% 36%

All 3% 84% 13% 2% 75% 23%

Oct 1999 Oct 1998

-------------- -------------- -------------- -------------- -------------- ----------------

------ Trend -------- ------ Trend -------

Down Stable Up Down Stable Up

-------------- -------------- -------------- -------------- -------------- ----------------

Low-Priced 14% 72% 14% 17% 70% 13%

Mod-Priced 0% 76% 24% 4% 79% 17%

High-priced 7% 73% 20% 4% 74% 22%

All 0% 83% 17% 2% 81% 17%

Sep 1999 Sep 1998

-------------- -------------- -------------- ----------------------------- ----------------

------ Trend -------- ------ Trend -------

Down Stable Up Down Stable Up

-------------- -------------- -------------- ----------------------------- ----------------

Low-Priced 17% 67% 16% 15% 75% 10%

Mod-Priced 0% 67% 33% 2% 75% 23%

High-priced 4% 67% 29% 2% 71% 27%

All 4% 75% 21% 0% 81% 19%

PERCENTAGE POINT DIFFERENCE

 Sep 1999 - Nov 1999 Sep 1998 - Nov 1998

-------------- -------------- -------------- -------------- -------------- ----------------

 ------ Trend -------- ------ Trend -------

Down Stable Up Down Stable Up

-------------- -------------- -------------- -------------- -------------- ----------------

Low-Priced 2% 4% -6% -11% 1% 10%

Mod-Priced 0% 9% -9% 0% -11% 10%

High-priced 5% 15% -19% 2% -11% 9%

All -1% 9% -8% 2% -6% 4%

 Data as of: November 1, 1999 HQE: 12/30/1999
TABLE 9

Unsold Inventory of New Homes Compared

to Previous Month

(Percent of Field Offices Reporting)

========= ============== ======= ======= =======

Nov 1999 Nov 1998

------------- -------------

Declining 12% 14%

Stationary 75% 75%

Advancing 13% 11%

Total 100% 100%

Oct 1999 Oct 1998

------------- -------------

Declining 14% 17%

Stationary 79% 74%

Advancing 7% 9%

Total 100% 100%

Sep 1999 Sep 1998

------------- -------------

Declining 8% 23%

Stationary 92% 73%

Advancing 0% 4%

Total 100% 100%

Sep '99- Sep'98-

Nov '99 Nov '98

------------- -------------

Declining 4% -9%

Stationary -17% 2%

Advancing 13% 7%

Data as of: November 1, 1999 HQE: 12/30/1999