in November represented the highest reading since October 2016, with the construction of single-family housing surging to a ten-year high. • Per the National Association of Realtors, existing home sales in November increased 3.8% y/y to a seasonally adjusted 5.81 MM (+5.6% m/m). Sales are at the strongest pace since December 20

in decades, and stagnant home prices, the chief economist for 34 EFTA00316762 Case 1:08-cv-02793-RWS Document 102 Filed 02/27/09 Page 50 of 347 the National Association of Realtors ("NAR") — a long-time advocate of the "soft landing" school — admitted that "hard landings" in certain markets were probable. 146. The monthly yea