Economic and Commercial Real Estate

Outlook
Lawrence Yun, Ph.D.
Chief Economist
NATIONAL ASSOCIATION OF REALTORS®
Presentation at NAR Annual Conference
Commercial Real Estate & Economic Trends Forum

San Francisco, CA
November 8, 2013

GDP Growth … Unimpressive but no
Fresh Recession
(Could be on the verge of recession if not for housing recovery)
% growth from one year ago
4
3
2
1
0
-1

-2
-3
-4
-5

140000

138000

2000 - Jan
2000 - Jul
2001 - Jan
2001 - Jul
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
2011 - Jul
2012 - Jan
2012 - Jul
2013 - Jan
2013 - May

U.S. Total Payroll Jobs

(8 million lost … 7 million gained)

In thousands

136000

134000

132000

130000

128000

126000

124000

States with Fast Job Growth
1
2
3
4
5
6
7
8
9
10

State
North Dakota
Utah
Idaho
Texas
Colorado
Minnesota
Georgia
Washington
Arizona
New Jersey

Job Growth Rate
3.2%
2.7%
2.5%
2.4%
2.3%
2.3%
2.1%
2.1%
2.0%
2.0%

2000 - Jan
2000 - Jul
2001 - Jan
2001 - Jul
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
2011 - Jul
2012 - Jan
2012 - Jul
2013 - Jan
2013 - Jul

Unemployment Rate

12

10

8

6

4

2

0

2000 - Jan
2000 - Jul
2001 - Jan
2001 - Jul
2002 - Jan
2002 - Jul
2003 - Jan
2003 - Jul
2004 - Jan
2004 - Jul
2005 - Jan
2005 - Jul
2006 - Jan
2006 - Jul
2007 - Jan
2007 - Jul
2008 - Jan
2008 - Jul
2009 - Jan
2009 - Jul
2010 - Jan
2010 - Jul
2011 - Jan
2011 - Jul
2012 - Jan
2012 - Jul
2013 - Jan
2013 - Jul

Employment Rate

66

64

62

60

58

56

54

2012 - Jan

2010 - Jan

2008 - Jan

2006 - Jan

2004 - Jan

2002 - Jan

2000 - Jan

1998 - Jan

1996 - Jan

Women

1994 - Jan

1992 - Jan

1990 - Jan

1988 - Jan

1986 - Jan

1984 - Jan

1982 - Jan

1980 - Jan

1978 - Jan

1976 - Jan

1974 - Jan

1972 - Jan

1970 - Jan

Labor Force Participation Rate:

Record Low for Men and Cyclical Low for Women
(Adults 20 years old and up)
Men

90
85
80
75
70
65
60
55
50
45
40

150
140

130
120
110
100
90

80
70
60

Well Shy of Long Run Trend
(6 to 8 million more jobs needed)
In millions

-2

-4
1980 - Q1
1981 - Q2
1982 - Q3
1983 - Q4
1985 - Q1
1986 - Q2
1987 - Q3
1988 - Q4
1990 - Q1
1991 - Q2
1992 - Q3
1993 - Q4
1995 - Q1
1996 - Q2
1997 - Q3
1998 - Q4
2000 - Q1
2001 - Q2
2002 - Q3
2003 - Q4
2005 - Q1
2006 - Q2
2007 - Q3
2008 - Q4
2010 - Q1
2011 - Q2
2012 - Q3

Consumer Spending Growth
(2% growth; not 3% or 4%)

8

6

4

2

0

-5

-10

-15

-20
1980 - Q1
1981 - Q3
1983 - Q1
1984 - Q3
1986 - Q1
1987 - Q3
1989 - Q1
1990 - Q3
1992 - Q1
1993 - Q3
1995 - Q1
1996 - Q3
1998 - Q1
1999 - Q3
2001 - Q1
2002 - Q3
2004 - Q1
2005 - Q3
2007 - Q1
2008 - Q3
2010 - Q1
2011 - Q3
2013 - Q1

Business Spending Growth
(3% growth; not sustained 5% to 10%)

25

20

15

10

5

0

Monetary and Fiscal Policies

Monetary Policy by Federal Reserve
(zero rate policy to 2015 ?)
%

Fed Funds

6
5
4

3
2
1
0

2005

2006

2007

2008

2009

2010

2011

2012

2013 2014
forecast forecast

4000000
3500000
3000000
2500000
2000000
1500000
1000000
500000
0
2005 - Jan
2005 - Jun
2005 - Nov
2006 - Apr
2006 - Sep
2007 - Feb
2007 - Jul
2007 - Dec
2008 - May
2008 - Oct
2009 - Mar
2009 - Aug
2010 - Jan
2010 - Jun
2010 - Nov
2011 - Apr
2011 - Sep
2012 - Feb
2012 - Jul
2012 - Dec
2013 - May

Federal Reserve Balance Sheet from
Quantitative Easing
Total Asset Purchase

$ million

6
5
4
3
2
1
0
-1
-2
-3
2013 - Jul

2013 - Jan

2012 - Jul

2012 - Jan

2011 - Jul

2011 - Jan

2010 - Jul

2010 - Jan

2009 - Jul

2009 - Jan

Core

2008 - Jul

2008 - Jan

2007 - Jul

2007 - Jan

2006 - Jul

2006 - Jan

2005 - Jul

2005 - Jan

2004 - Jul

2004 - Jan

2003 - Jul

2003 - Jan

Consumer Price Inflation
Less than 2%
(% change from one year ago)

Overall

-1
2003 - Jan
2003 - Jun
2003 - Nov
2004 - Apr
2004 - Sep
2005 - Feb
2005 - Jul
2005 - Dec
2006 - May
2006 - Oct
2007 - Mar
2007 - Aug
2008 - Jan
2008 - Jun
2008 - Nov
2009 - Apr
2009 - Sep
2010 - Feb
2010 - Jul
2010 - Dec
2011 - May
2011 - Oct
2012 - Mar
2012 - Aug
2013 - Jan
2013 - Jun

Rising Renters’ and Homeowners’ Rent Growth
(Above 2% and On the Way to 3%)

Owners' Equivalent Rent
Renters' Rent

5

4

3

2

1

0

2012 - Q4

2012 - Q1

2011 - Q2

2010 - Q3

2009 - Q4

2009 - Q1

2008 - Q2

2007 - Q3

2006 - Q4

2006 - Q1

2005 - Q2

2004 - Q3

2003 - Q4

2003 - Q1

2002 - Q2

2001 - Q3

75000

2000 - Q4

2000 - Q1

Household Net Worth

$ billion

70000

65000

60000

55000

50000

45000

40000

2013 - May

2012 - Dec

2012 - Jul

2012 - Feb

2011 - Sep

2011 - Apr

2010 - Nov

2010 - Jun

2010 - Jan

2009 - Aug

2009 - Mar

2008 - Oct

2008 - May

2007 - Dec

2007 - Jul

2007 - Feb

2006 - Sep

2006 - Apr

2005 - Nov

2005 - Jun

3.80
3.60
3.40
3.20
3.00
2.80
2.60
2.40
2.20
2.00
2005 - Jan

Federal Government Spending
(Stimulus … Flat … Decline)

$ trillion

Shrinking Budget Deficit
(in $billion)
0
-200
-400
-600
-800
-1000
-1200
-1400

-1600

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

4.0

1992 - Jan
1993 - Jan
1994 - Jan
1995 - Jan
1996 - Jan
1997 - Jan
1998 - Jan
1999 - Jan
2000 - Jan
2001 - Jan
2002 - Jan
2003 - Jan
2004 - Jan
2005 - Jan
2006 - Jan
2007 - Jan
2008 - Jan
2009 - Jan
2010 - Jan
2011 - Jan
2012 - Jan
2013 - Jan

Federal Government Annual
Spending/Revenue

$ trillion

3.5

3.0

2.5

2.0

1.5
Tax Revenue

1.0
Govt Spending

0.5

0.0

1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

Federal Debt Held By Public

(Cumulative Accumulation as % of GDP)

80

70

60

50

40

30

20

10

0

Germany
• Too High Trade Surplus
• No Stimulus
• Budget Surplus in 2013 (though still has high
debt from prior deficits)
• Blame Germany for holding back the World
Economy?
• Or Emulate Germany’s Economic Reforms?

International Sovereign Borrowing Cost
Country

10-year Government Borrowing Cost

Japan

0.6%

Switzerland

1.1%

Germany

1.7%

France

2.3%

Canada

2.4%

U.S.

2.5%

Britain

2.6%

China

4.0%

Spain

4.1%

Italy

4.2%

Russia

7.5%

India

8.6%

Greece

8.7%

Brazil

11.6%

2000 - Jan
2000 - Aug
2001 - Mar
2001 - Oct
2002 - May
2002 - Dec
2003 - Jul
2004 - Feb
2004 - Sep
2005 - Apr
2005 - Nov
2006 - Jun
2007 - Jan
2007 - Aug
2008 - Mar
2008 - Oct
2009 - May
2009 - Dec
2010 - Jul
2011 - Feb
2011 - Sep
2012 - Apr
2012 - Nov
2013 - Jun

Consumer Confidence
Now and About Future
Expectations
Present

200
180
160
140
120
100
80
60
40
20
0

Productivity and Income Doubling
Productivity Growth

Years for Income to Double Examples

1%

72 years

U.S. today?

2%

36 years

3%

24 years

1970 to 2007
(pre-financial
market crash)
U.S. post-war to
1970

5%

14 years

Asian Tigers

GDP Forecast
5.0
4.5
4.0
CBO

3.5

White House
Blue Chip Consensus

3.0
2.5
2.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Commercial Market Activity

Transactions Up 27% YoY – 2013 YTD
billions

Individual

$180

Portfolio

Entity

$160

$140
$120
$100
$80
$60
$40
$20
$0
'06

'07

'08

'09

'10

'11

'12

'13

'11

'12

'13

200%
100%
0%
-100%
'06

'07

Source: Real Capital Analytics

'08

'09

'10

CRE Prices Advance – CBD Off & Apt Lead
Moody’s/RCA CPPI
225

Apartment
CBD-Office
175

Retail

125

Sub - Office
Industrial
75
'07

'08

Source: Real Capital Analytics

'09

'10

'11

'12

'13

Spreads Remain Elevated
10yr UST*

Cap Rate

Spread (bps)

10%

700

9%
600
8%
500

7%
6%

400

5%

300

4%
3%

200

2%
100
1%
0%

0
'01

'02

'03

Source: Real Capital Analytics

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

REALTOR® Markets Deal Size
2013 CRE Lending Survey: Value of most recent sales transaction

> $10,000,000
$5,000,000 - $10,000,000
$2,000,000 - $5,000,000
$1,000,000 - $2,000,000

2%

1%
12%
17%

$500,000 - $1,000,000
$250,000 - $500,000
< $250,000

Source: NAR

26%

22%
21%

REALTOR® CRE Markets Rebound
Sales Volume (YoY % Chg)
Major CRE Markets

Realtor CRE Markets

200%

150%

Deals > $2.5M

100%

50%

0%

-50%

-100%

Sources: NAR, Real Capital Analytics

Prices Accelerate in REALTOR® Markets
Sales Prices (YoY % Chg)

Moody’s/RCA CPPI - Major Markets

Realtor CRE Markets

10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
-25.0%

Sources: NAR, Real Capital Analytics

Small Banks Important to REALTORS®
3% Current sources of financing for commercial deals
National banks (“Big four”)

1%

8%

11%

Regional banks
Local banks

17%

Credit unions
Life insurance companies
REITs

18%

Private investors
Public companies
Small Business Administration

4%

25%

6%
7%
Source: NAR

Other, please specify

SIOR Markets in Recovery
SIOR Commercial Real Estate Index
160.0

Northeast

Midwest

South

West

140.0
120.0
100.0
80.0
60.0
40.0
20.0
Source: SIOR, NAR

CCIM Quarterly Market Trends

Apartment Fundamentals
U.S. Apartment Fundamentals
300,000

Completions

Net Absorption

Vac %

9.0
8.0

250,000

7.0
200,000

6.0

150,000

5.0

100,000

4.0
3.0

50,000

2.0
0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-50,000

2013 2014

1.0
0.0

Source: NAR, Reis

Apartment Rents
Asking Rent $

Asking Rent % Chg

$1,400

10.0

$1,200

8.0

$1,000

6.0

$800

4.0

$600

2.0

$400

0.0

$200

-2.0

$0

-4.0
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Source: Reis

Apartment Vacancy Comparison
APARTMENT Vacancy Rates
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

Source: NAR, Reis

Apartment Investments
Billions

$ Volume

$40.0

2013 YTD: $45.3 B

$30.0
$20.0
$10.0
$'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'08

'09

'10

'11

'12

'13

Avg. Cap Rate

9.0%
8.0%
7.0%

6.0%
5.0%
4.0%

'01

'02

Source: Real Capital Analytics

'03

'04

'05

'06

'07

41,000

39,000

1980 - Q1
1981 - Q1
1982 - Q1
1983 - Q1
1984 - Q1
1985 - Q1
1986 - Q1
1987 - Q1
1988 - Q1
1989 - Q1
1990 - Q1
1991 - Q1
1992 - Q1
1993 - Q1
1994 - Q1
1995 - Q1
1996 - Q1
1997 - Q1
1998 - Q1
1999 - Q1
2000 - Q1
2001 - Q1
2002 - Q1
2003 - Q1
2004 - Q1
2005 - Q1
2006 - Q1
2007 - Q1
2008 - Q1
2009 - Q1
2010 - Q1
2011 - Q1
2012 - Q1
2013 - Q1

Renter Households

In thousands

37,000

35,000

33,000

31,000

29,000

27,000

25,000

80,000

1980 - Q1
1981 - Q1
1982 - Q1
1983 - Q1
1984 - Q1
1985 - Q1
1986 - Q1
1987 - Q1
1988 - Q1
1989 - Q1
1990 - Q1
1991 - Q1
1992 - Q1
1993 - Q1
1994 - Q1
1995 - Q1
1996 - Q1
1997 - Q1
1998 - Q1
1999 - Q1
2000 - Q1
2001 - Q1
2002 - Q1
2003 - Q1
2004 - Q1
2005 - Q1
2006 - Q1
2007 - Q1
2008 - Q1
2009 - Q1
2010 - Q1
2011 - Q1
2012 - Q1
2013 - Q1

Homeowner Households has not Grown since
2006 … but Primed to Grow
In thousands

75,000

70,000

65,000

60,000

55,000

50,000

Household Formation Bursting Out
(in millions)
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00

Office Fundamentals
U.S. Office Fundamentals

Completions

Net Absorption

Vac %

150,000,000

20.0
18.0

100,000,000

16.0
14.0

Square Feet

50,000,000

12.0
0

10.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-50,000,000
-100,000,000

2013 2014 8.0
6.0
4.0

2.0
-150,000,000

0.0

Source: NAR, Reis

Office Rents
Asking Rent $

Asking Rent % Chg

$35.00

14.0
12.0

$30.00

10.0
$25.00

8.0
6.0

$20.00

4.0
$15.00

2.0
0.0

$10.00

-2.0
$5.00

-4.0

$0.00

-6.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2013 2014
Source: Reis

Office Vacancy Comparison
OFFICE Vacancy Rates
30.0
25.0
20.0
15.0
10.0
5.0

0.0

Source: NAR, Reis

Office Investments

Billions

$ Volume

$100.0

2013 YTD: $31.5B

$80.0
$60.0
$40.0
$20.0
$'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'08

'09

'10

'11

'12

'13

Avg. Cap Rate

10.0%
9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
'01

'02

Source: Real Capital Analytics

'03

'04

'05

'06

'07

Jobs in Professional Business and
Financial Services … at New Peak
27.0

In millions

26.5
26.0
25.5
25.0
24.5
24.0
23.5
23.0
2000 - 2001 - 2002 - 2003 - 2004 - 2005 - 2006 - 2007 - 2008 - 2009 - 2010 - 2011 - 2012 - 2013 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Retail Fundamentals
U.S. Retail Fundamentals
Completions

Net Absorption

Vac %

50,000,000

12.0

40,000,000

10.0

30,000,000
8.0

Square Feet

20,000,000
10,000,000

6.0

0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2013 2014

4.0

-10,000,000
-20,000,000
-30,000,000

2.0

0.0
Source: NAR, Reis

Retail Rents
Asking Rent $

Asking Rent % Chg

$25.00

5.0
4.0

$20.00
3.0

2.0

$15.00

1.0
$10.00

0.0
-1.0

$5.00
-2.0
$0.00

-3.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2013 2014
Source: Reis

Retail Vacancy Comparison
RETAIL Vacancy Rates
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

Source: NAR, Reis

Retail Investments
Billions

$ Volume

$35.0
$30.0

2013 YTD: $23.5B

$25.0
$20.0
$15.0
$10.0
$5.0
$'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'08

'09

'10

'11

'12

'13

Avg. Cap Rate

10.0%

9.0%
8.0%
7.0%
6.0%
5.0%

4.0%
'01

'02

Source: Real Capital Analytics

'03

'04

'05

'06

'07

Jobs in Retail Trade
(Still Below Prior Peak)
15.8
15.6
15.4
15.2
15.0
14.8
14.6
14.4
14.2
14.0
13.8
13.6

In millions

2000 - 2001 - 2002 - 2003 - 2004 - 2005 - 2006 - 2007 - 2008 - 2009 - 2010 - 2011 - 2012 - 2013 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Spending Effect from Higher Home Prices
18% cumulative gains over 2 years
$240,000

Median Existing Home Price

$220,000

$200,000
$180,000
$160,000
$140,000
$120,000
$100,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Industrial Fundamentals
U.S. Industrial Fundamentals

Completions

Net Absorption

Vac %

150,000,000

14.0
12.0

100,000,000

Square Feet

10.0
50,000,000

8.0
6.0

0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2013 2014

4.0

-50,000,000
2.0
-100,000,000

0.0
Source: NAR, Reis

Industrial Rents
Asking Rent $

Asking Rent % Chg

$5.00

6.0

$4.90

4.0

$4.80

2.0

$4.70

0.0
$4.60
-2.0

$4.50
$4.40

-4.0

$4.30

-6.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

2013 2014
Source: Reis

Industrial Vacancy Comparison
INDUSTRIAL Vacancy Rates
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

Source: NAR, Reis

Industrial Investments
Billions

$ Volume

$20.0
$15.0
$10.0
$5.0
$'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'08

'09

'10

'11

'12

'13

Avg. Cap Rate

10.0%

9.0%
8.0%
7.0%
6.0%
5.0%
4.0%
'01

'02

Source: Real Capital Analytics

'03

'04

'05

'06

'07

Jobs in Wholesale Trade
(Still Below Prior Peak)
6.1
6.0
5.9
5.8
5.7
5.6
5.5
5.4
5.3
5.2
5.1

In millions

2000 - 2001 - 2002 - 2003 - 2004 - 2005 - 2006 - 2007 - 2008 - 2009 - 2010 - 2011 - 2012 - 2013 Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

1992 - Jan
1992 - Dec
1993 - Nov
1994 - Oct
1995 - Sep
1996 - Aug
1997 - Jul
1998 - Jun
1999 - May
2000 - Apr
2001 - Mar
2002 - Feb
2003 - Jan
2003 - Dec
2004 - Nov
2005 - Oct
2006 - Sep
2007 - Aug
2008 - Jul
2009 - Jun
2010 - May
2011 - Apr
2012 - Mar
2013 - Feb

U.S. International Trade
Long-Term Growth
Exports
Imports

250000

200000

150000

100000

50000

0

U.S. International Trade
But No Growth in Recent Years
Exports

Imports

250000
200000
150000

100000
50000
0
2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013
- Jan - Jul - Jan - Jul - Jan - Jul - Jan - Jul - Jan - Jul - Jan - Jul - Jan - Jul

International Dimension

International CRE Investment in U.S.

Source: Real Capital Analytics

Volume of International Transactions
(April 2012 to March 2013)

REALTORS® Working With International Clients
• In Past 12 Months, 27 Percent of
REALTORS® Have Worked with an
International Client.
– Clients Residing in Another
Country: 51 Percent.
– Clients Residing in this Country:
49 Percent.
– A Niche Market on Buyer Side:
Facility with languages and
cultures very helpful.
– On Sellers Side—Understanding
of foreign cultures helpful.

Percent of Total U.S. International Sales by Country
Top Countries—2013 Report

Shares of the Top Countries of Origin to
Total Reported International Transactions
Canada
Mexico

United Kingdom
Argentina
Australia
Brazil
Venezuela

3%
3%
2%
2%
2%
2%
2%
2%
2%

*China includes PROC, Hong Kong, Taiwan

5%
5%

8%

12%

23%

Top State Destinations—2013 Report
Florida

23%

California

17%

Arizona

9%

Texas

9%

New York

3%

Virginia

3%

Nevada

2%

Hawaii

2%

Illinois

2%

Michigan

2%

Georgia

2%

Majority of International Buyers Pay All Cash

Impact of the Value of the Dollar on Foreign
Purchases

2000 - Jan
2000 - Aug
2001 - Mar
2001 - Oct
2002 - May
2002 - Dec
2003 - Jul
2004 - Feb
2004 - Sep
2005 - Apr
2005 - Nov
2006 - Jun
2007 - Jan
2007 - Aug
2008 - Mar
2008 - Oct
2009 - May
2009 - Dec
2010 - Jul
2011 - Feb
2011 - Sep
2012 - Apr
2012 - Nov
2013 - Jun

U.S. Dollar vs. Chinese Yuan
(Yuan per $)

8.5
8
7.5
7
6.5
6
5.5
5

2000 - Jan
2000 - Aug
2001 - Mar
2001 - Oct
2002 - May
2002 - Dec
2003 - Jul
2004 - Feb
2004 - Sep
2005 - Apr
2005 - Nov
2006 - Jun
2007 - Jan
2007 - Aug
2008 - Mar
2008 - Oct
2009 - May
2009 - Dec
2010 - Jul
2011 - Feb
2011 - Sep
2012 - Apr
2012 - Nov
2013 - Jun

U.S. Dollar vs. Euro
($ per Euro)

1.7
1.6
1.5
1.4
1.3
1.2
1.1
1
0.9
0.8

2000 - Jan
2000 - Aug
2001 - Mar
2001 - Oct
2002 - May
2002 - Dec
2003 - Jul
2004 - Feb
2004 - Sep
2005 - Apr
2005 - Nov
2006 - Jun
2007 - Jan
2007 - Aug
2008 - Mar
2008 - Oct
2009 - May
2009 - Dec
2010 - Jul
2011 - Feb
2011 - Sep
2012 - Apr
2012 - Nov
2013 - Jun

Broad U.S. Dollar Strength/Weakness
(Broad Trade Weighted)

140

130

120

110

100

90

80

REALTORS® Working With International Clients

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