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In Thousands of Units <br />HOUSING <br />2,400 <br />2,200 <br />2,000 <br />1,800 <br />1,600 <br />1,400 <br />1,200 <br />1,000 <br />800 <br />600 <br />400 <br />200 <br />0 <br />Annualized Housing Starts <br />d/2,1 <br />1 <br />Source: US Department of Commerce <br />■ Multi Family Housing Starts <br />■Single Family Housing Starts <br />.4/),1 1 <br />d�1 ✓d�1j ✓d�1 ✓d�� <br />) S 9 1 <br />24.0% <br />20.0% <br />16.0% <br />12.0% <br />a 8.0% <br />c <br />.c 4.0% <br />v <br />0.0% <br />o -4.0% <br />r -8.0% <br />-12.0% <br />-16.0% <br />-20.0% <br />CM <br />CHANDLER <br />ASSET MANAGEMENT <br />S&P/Case-Shiller 20 City Composite Home Price Index <br />OPc0 OPc06 <br />Source: S&P <br />IN Recession <br />■ <br />Ooe Ooc Ooe Ooe Ooe Ooc Ooe 0oc Ooe <br />O� 1p 1� 1g 16 1,9 c)0 c� �Q <br />Housing starts declined 9.8% to 1.4 million units in January. Total starts are down 0.7% compared to January 2024. Single family homes <br />starts slowed to 993,000 units and multi -family starts slowed to 355,000 units. The Freddie Mac 30-year fixed rate mortgage averaged <br />approximately 6.8% in February. According to the Case-Shiller 20-City Home Price Index, housing prices rose 4.5% year -over -year in <br />December versus 4.4% year -over -year in November. With more inventory entering the market the trend is gradually improving; however <br />higher mortgage rates continue to impact affordability. <br />18/143 <br />9 <br />