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Chart 1 <br />Median Home Price Treads Comparison <br />—a—us <br />saaq,on9 , -... — m— canr„m�a <br />S3U0.9UU !. .. �- Ormehc {aunty <br />I »- �-YnnM1a Ana <br />2002 2003. 2000 zoos 2006 2007 2003 <br />Source: California Association of Realtors and National Association of Realtors <br />The apparent disconnect between the modest increase in household incomes and the dramatic <br />increase in home sales prices during the 2002 — 2007 period was almost certainly a result of the <br />availability of subprime and adjustable loans. Chart 2 below shows a huge increase in the <br />numbers of subprime loans originated in Santa Ana during this same period. <br />Chart 2 <br />$0 Subprime Loans Originated in Santa <br />40 -I-- <br />I <br />0 <br />Jan -01 Jan -02 Jan -03 Jan -04 Jan -05 Jan -06 Jan -07 Jan -08 <br />Source: First American Core Logic <br />NSP 2 Substantial Amendment - City of Santa Ana Page 4 <br />29A -6 <br />