ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

•

•

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

•

•

•

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

•••

➢

➢

➢

•➢

➢

➢

➢

➢

ARBOR.COM • 1.800.ARBOR.10

•➢

•➢

➢

➢

•➢

•••

ARBOR.COM • 1.800.ARBOR.10

•

ARBOR.COM • 1.800.ARBOR.10

••

•

•

➢

ARBOR.COM • 1.800.ARBOR.10

•

•

•

•➢

➢

ARBOR.COM • 1.800.ARBOR.10

•

➢

➢

––

➢

➢

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

Source: Fannie Mae Multifamily Economics and Market Research Estimates * Preliminary

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

ARBOR.COM • 1.800.ARBOR.10

•

•

•

< 3

Sources: Chandan Economics and National Bureau of Economic Research

3 - 5 5 - 7 7 - 9

Duration of Expansion in Years

> 9

Freq

uenc

y

Historical BusinessCycles 1945 — Present