Testimony on the Current Economic Situation

December 5, 2007

Testimony before the Committee on the Budget, U.S. House of Representatives

S&P;/Case-Shiller Home Price Index and Futures Market (Percentage change from a year ago)
Line chart shows the year-to-year percentage change in an S&P/Case-Shiller home price index from the first quarter of 1988 to the third quarter of 2007 and in prices in the futures market thereafter. The percentage change at the start of 1988 was 11.7; it dropped to -5.7 in the second quarter of 1991. It then generally climbed until the third quarter of 2004, reaching 20.3. Since then, it has dropped sharply; the percentage change in futures market prices from the end of 2007 to the end of 2008 is -6.4.

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