View from the Observation Deck

1. From 2000 through 2011, the average number (seasonally adjusted) of new single-family homes sold in the U.S. totaled 803,520 per year, according to the U.S. Census Bureau.
2. The peak in sales for that period was posted in July 2005 at 1.39 million (annualized) single-family homes, while the low point was set in February 2011 at 273,000 (annualized).
3. The most recent sales figure was the 389,000 (annualized) registered in September 2012.
4. Single-family home prices increased in 81% (120 out of 149) of U.S. cities in Q3'12, according to the National Association of Realtors.
5. Overall, U.S. home prices rose 5.0% (y-o-y) in September alone, the biggest 12-month increase since July 2006, according to CoreLogic Inc.
6. While the S&P Homebuilders Select Industry Index posted a total return of approximately 45% year-to-date through 11/14, the index currently stands 51% below its 10-year high on 7/20/05.

This chart is for illustrative purposes only and not indicative of any actual investment. The illustration excludes the effects of taxes and brokerage commissions or other expenses incurred when investing. Investors cannot invest directly in an index. The S&P Homebuilders Select Industry Index represents the homebuilding sub-industry portion of the S&P Total Markets Index.