Rick Sharga, Exec VP, Auction.com 6.1% unemployment for the nation now. We have just recovered since 2009. Ironically, labor force participation is dropping off due to the aging population of baby boomers. Also unemployment is still high. When adding labor force participation, it creates a 10% drop in labor force. Recipe for a Stable Housing Market Len Kiefer, Economic Research Director & Deputy Chief Economist Freddie Mac Due to the weak recovery, the labor force dropping, and the unemployment rates, we will have a difficult time recovering. Jobs are still also recovering and causing the growth to stagnate. Four indicators of a stable housing market 1. Purchase applications - solid home sales that match demographics 2. Payment to Income - Mortgage payment in line with income 3. Current on Mortgage - few defaults, less foreclosures 4. Employment - low unemployment, more jobs, rising salaries and wages Multi Indicator of Market: people looking to buy homes p