TABLE 1

Net Prices and Average Yields for HUD-Insured

New Home Mortgages (Section 203) Immediate Delivery

Transactions 30-Year Maturity - Minimum Downpayment

8.50% 8.00%

Mortgages Mortgages

Jan 2000 Dec 1999

Average Average Average Average

Price Yield 1/ Price Yield 1/

Northeast * * $ 100.00 8.00%

Middle Atlantic $ 98.91 8.65% $ 99.39 8.08%

Southeast $ 100.00 8.50% $ 100.00 8.00%

North Central $ 100.00 8.50% $ 99.64 8.05%

Southwest $ 100.00 8.50% $ 99.90 8.01%

West $ 100.00 8.50% $ 98.08 8.13%

United States $ 99.67 8.55% $ 99.54 8.06%

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

1999 High/Low 100.03/99.08 8.13/ 7.06 8.00/ 7.00

Data as of: January 1, 2000 HQE: 02/08/2000
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/

1995 Jan 9.50% 9.54% 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% Dec 8.00% 8.06%

1997 Jan 8.00% 8.06% 2000 Jan 8.50% 8.55%

 Feb 8.00% 8.06%

 Mar 8.00% 8.08%

 Apr 8.50% 8.55%

 May 8.50% 8.56%

 Jun 8.00% 8.05%

 Jul 8.00% 8.02%

 Aug 7.50% 7.61%

 Sep 8.00% 8.02%

 Oct 7.50% 7.52%

 Nov 7.50% 7.53%

 Dec 7.50% 7.51%

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

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

Data as of: January 1, 2000 HQE: 02/08/2000
TABLE 3

Effective FHA Primary Rates

 "Dominant" Contract Rate

 Jan 2000 Dec 1999 Jan 1999

United States 8.25% 8.00% 7.00%

Average Points 

Northeast * * 0.00

Middle Atlantic * 0.00 0.00

Southeast 0.00 0.00 0.00

North Central * 0.28 0.44

Southwest * 0.20 0.08

West 1.25 0.30 0.22

United States 0.71 0.18 0.14

Effective Rate

Northeast * * 7.00%

Middle Atlantic * 8.00% 7.00%

Southeast 8.25% 8.00% 7.00%

North Central * 8.04% 7.06%

Southwest * 8.03% 7.01%

West 8.43% 8.05% 7.03%

United States 8.35% 8.03% 7.02%

* Dominant rate not quoted by respondents in region

Data as of: January 1, 2000 HQE: 02/08/2000
TABLE 4

FHA Primary Market Rates

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

January 1, 2000

Percentage of 

Field Offices Contract Average Effective

Reporting Rate Points Rate

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

Most Active Quote 23% 8.25% 0.71 8.35%

Second Most Popular Quote 20% 8.00% 0.96 8.27%

Third Most Popular Quote 13% 8.50% 0.00 8.50%

All Others 44% N/A N/A N/A

U.S. Average Rate 100% 8.18% 0.73 8.28%

Dec 1, 1999

Percentage of 

Field Offices Contract Average Effective

Reporting Rate Points Rate

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

Most Active Quote 49% 8.00% 0.18 8.03%

Second Most Popular Quote 7% 7.75% 1.00 7.89%

Third Most Popular Quote 7% 8.25% 1.08 8.40%

All Others 37% N/A N/A N/A

U.S. Average Rate 100% 8.01% 0.43 8.07%

Nov 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%

Data as of: January 1, 2000 HQE: 02/08/2000
TABLE 5

Average Interest Rates on Conventional First Mortgages

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

 New Home Loans Existing Home Loans

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

Jan 2000 Dec 1999 Jan 1999 Jan 2000 Dec 1999 Jan 1999

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

Northeast 7.65% 7.60% 6.66% 7.65% 7.63% 6.66%

Middle Atlantic 8.17% 7.82% 6.96% 8.17% 7.82% 6.96%

Southeast 8.00% 7.87% 6.78% 8.10% 7.90% 6.78%

North Central 7.99% 7.95% 6.84% 8.08% 7.95% 6.84%

Southwest 8.06% 7.73% 6.86% 8.06% 7.73% 6.87%

West 7.97% 7.80% 6.81% 7.99% 7.82% 6.79%

United States 7.95% 7.79% 6.83% 7.99% 7.82% 6.82%

 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

1999 High/Low 7.87/ 6.80 7.89/ 6.82

Data as of: January 1, 2000 HQE: 02/08/2000
TABLE 6

 Average Interest Rate for Home Construction Financing

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

 HUD/FHA * CONVENTIONAL

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

Jan 2000 Dec 1999 Jan 1999 Jan 2000 Dec 1999 Jan 1999

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

Northeast 8.81% 8.71% 7.21% 8.81% 8.71% 7.33%

Middle Atlantic 9.46% 8.38% 7.85% 9.46% 8.46% 8.04%

Southeast 8.98% 9.18% 8.41% 9.05% 9.01% 8.08%

North Central 9.27% 8.47% 7.97% 9.22% 8.40% 7.88%

Southwest 7.75% 7.83% 7.60% 8.06% 7.75% 7.91%

West 9.36% 8.84% 8.40% 9.40% 8.65% 8.55%

United States 9.11% 8.63% 8.05% 9.13% 8.59% 8.07%

* Type of financing planned for permanent loans.

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

TABLE 7

 National Percent of HUD Offices Reporting Adequate

 Construction Funds Available for Homes

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

Jan 2000 Dec 1999 Jan 1999

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

FHA-Insured 100% 100% 100%

Conventional 100% 100% 100%

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: January 1, 2000 HQE: 02/08/2000
TABLE 8

Trend of Builder's Plans Compared to Previous Month

by Housing Price Category

(Percent of Field Offices Reporting)

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

Jan 2000 Jan 1999

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

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

Down Stable Up Down Stable Up

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

Low-Priced 24% 76% 0% 8% 75% 17%

Mod-Priced 3% 87% 10% 0% 71% 29%

High-priced 8% 79% 13% 6% 67% 27%

All 4% 86% 10% 6% 70% 24%

Dec 1999 Dec 1998

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

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

Down Stable Up Down Stable Up

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

Low-Priced 17% 58% 25% 13% 76% 11%

Mod-Priced 5% 60% 35% 4% 67% 29%

High-priced 11% 61% 28% 9% 61% 30%

All 6% 70% 24% 6% 74% 20%

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% 65% 33%

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

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

PERCENTAGE POINT DIFFERENCE

Nov 1999 - Jan 2000 Nov 1998 - Jan 1999

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

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

Down Stable Up Down Stable Up

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

Low-Priced 5% 5% -10% 4% -1% -3%

Mod-Priced 3% 11% -14% -2% 6% -4%

High-priced -1% -2% 3% 2% 7% -9%

All 1% 1% -2% 4% -5% 1%

 Data as of: January 1, 2000 HQE: 02/08/2000
TABLE 9

Unsold Inventory of New Homes Compared

to Previous Month

(Percent of Field Offices Reporting)

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

Jan 2000 Jan 1999

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

Declining 28% 16%

Stationary 69% 84%

Advancing 3% 0%

Total 100% 100%

Dec 1999 Dec 1998

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

Declining 22% 16%

Stationary 61% 74%

Advancing 17% 10%

Total 100% 100%

Nov 1999 Nov 1998

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

Declining 12% 14%

Stationary 75% 75%

Advancing 13% 11%

Total 100% 100%

Nov 1999 - Nov 1998 -

Jan 2000 Jan 1999

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

Declining 16% 2%

Stationary -6% 9%

Advancing -9% -11%

Data as of: January 1, 2000 HQE: 02/08/2000