�F.128 Real Estate Investment Trusts (REITs)������������
�Billions of dollars; quarterly figures are seasonally adjusted annual rates������������
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
�stock price direction� DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
�bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Gross saving 7.1 6.1 2.1 5.0 -5.9 23.2 -8.3 -7.6 -31.0 -14.7 -22.8 1
2 Fixed nonresidential investment 6.6 24.4 22.7 38.9 29.3 45.6 43.5 39.2 -11.2 42.5 23.5 2
3 Multifamily residential investment 4.1 4.5 -0.4 7.7 -0.6 2.3 -5.6 4.6 -3.7 4.0 -1.7 3
4 Net acquisition of financial assets 10.0 23.6 36.3 102.3 77.2 54.0 137.4 101.4 16.1 65.6 68.6 4
5 Checkable deposits and currency 1.1 -0.1 3.9 3.2 1.6 4.4 4.8 5.2 -8.2 4.0 -3.5 5
6 Credit market instruments 8.6 21.5 28.1 87.9 66.9 37.6 120.1 89.1 20.8 40.5 57.7 6
7 Agency- and GSE-backed securities 7.0 7.4 -1.9 16.1 1.3 -1.1 13.2 0.9 -8.0 1.6 30.0 7
8 Corporate and foreign bonds 2.3 2.3 10.1 17.3 25.1 8.6 47.4 28.2 16.1 13.3 15.7 8
9 Mortgages -0.7 11.8 19.8 54.5 40.6 30.1 59.4 60.0 12.7 25.7 12.0 9
10 Home 0.2 11.4 17.7 51.1 30.8 27.1 49.1 45.0 2.2 17.0 10.9 10
11 Multifamily residential -0.4 -0.2 0.1 0.0 0.2 0.1 -0.3 0.3 0.7 1.9 -0.3 11
12 Commercial -0.4 0.5 1.9 3.5 9.5 2.9 10.6 14.8 9.8 6.7 1.4 12
13 Miscellaneous assets 0.2 2.2 4.4 11.2 8.8 12.0 12.5 7.1 3.5 21.2 14.4 13
14 Net increase in liabilities 18.6 50.6 52.7 152.6 108.9 88.2 171.5 147.2 28.8 102.8 95.0 14
15 Security RPs 9.3 15.1 5.9 25.0 33.0 15.9 45.3 51.5 19.1 8.6 16.3 15
16 Credit market instruments 3.2 24.5 31.9 98.4 58.5 73.0 92.8 66.0 2.4 66.6 55.3 16
17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17
18 Corporate bonds 4.4 16.2 23.3 70.6 40.3 36.2 72.2 44.9 7.8 38.1 48.5 18
19 Bank loans n.e.c. -3.3 0.1 0.3 1.5 5.2 14.1 1.3 1.1 4.2 5.6 -5.8 19
20 Mortgages 2.2 8.2 8.3 26.3 13.1 22.7 19.3 19.9 -9.6 22.9 12.7 20
21 Corporate equity issues 6.1 8.4 13.3 21.5 16.1 10.7 20.1 23.7 9.9 18.2 17.2 21
22 Miscellaneous liabilities 0.1 2.6 1.6 7.7 1.4 -11.5 13.4 6.1 -2.6 9.4 6.2 22
23 Discrepancy 5.2 4.2 -3.8 8.7 -2.9 9.6 -12.1 -5.6 -3.4 -24.0 -18.2 23
Memo:
24 Securitized assets included above -3.2 7.5 15.7 51.9 32.8 40.2 16.8 31.6 42.6 16.7 22.0 24
25 Agency- and GSE-backed securities -3.1 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25
26 Home mortgages 0.2 7.2 15.9 50.4 28.5 39.1 15.7 27.2 31.7 10.7 8.0 26
27 Multifamily residential mortgages 0.0 0.0 0.0 0.0 0.1 0.4 -0.2 0.0 0.0 0.5 0.0 27
28 Commercial mortgages -0.2 0.6 -0.1 1.5 4.3 0.7 1.2 4.3 10.9 5.4 14.0 28
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