Valley econoWatch.

VALLEY
ECONOWATCH

GENERAL
INDICATORS

                                                              %[+ or -]
                                                                   From
                                         Latest    Previous    Previous
                                         Period      Period      Period

Air cargo (September)
  Inbound (lbs. in millions)                2.8         3.0       -6.7%
  Outbound (lbs. in millions)               4.6         4.7       -2.2%
Bankruptcies (October)
  Chapter 7                                 794         738       +7.1%
  Chapter 11                                  2           4      -50.0%
  Chapter 13                                100         114      -12.3%
Electricity (July)
  Residential accounts                  454,216     454,042       -0.1%
  Commercial accounts                    43,774      43,800       +0.1%
  Industrial accounts                     6,736       6,748       -0.2%
Tourism (September)
  Hotel occupancy rate                    67.4%       77.2%         N/A
  Room rate                              $81.50      $98.94         N/A
  Airline Passengers (September) (1)    374,805     437,389       -14.4

                                                  %[+ or -]
                                           Year        From
                                            Ago    Year Ago

Air cargo (September)
  Inbound (lbs. in millions)                2.6       +7.2%
  Outbound (lbs. in millions)               4.0      +13.1%
Bankruptcies (October)
  Chapter 7                                 835       -5.0%
  Chapter 11                                  3      -33.4%
  Chapter 13                                173      -42.2%
Electricity (July)
  Residential accounts                  451,923       +0.6%
  Commercial accounts                    43,630       +0.4%
  Industrial accounts                     6,832       -1.5%
Tourism (September)
  Hotel occupancy rate                    67.2%         N/A
  Room rate                             $104.17         N/A
  Airline Passengers (September) (1)    377,808       -0.8%

REAL ESTATE

                                                             %[+ or-]
                                                                 from
                                        Latest    Previous   previous
                                        Period      Period     Period

Home mortgages and sales (July)
  Price, repeat sales index (2)          145.7       143.2      +1.8%
  Lending (millions)                    $793.4      $714.4     +10.0%
  No. of home sales                      3,324       2,979     +10.4%
  Average home sale price             $412,454    $400,862      +2.9%
Single-family resales (November)
  Closed escrows                         1,105       1,198      -7.1%
  New listings                           1,793       2,038     -12.1%
  Active listings                        2,696       2,661      +1.3%
Condominium resales (November)
  Closed escrows                           422         461      -8.0%
  New listings                             442         516     -14.4%
  Active listings                          481         484      -0.6%
Vacant apartments (October)              6,008       5,969      +0.7%
Apartment vacancy rate (October)          2.8%        2.8%        N/A
Office vacancy rates (3rd qtr.)
  East Valley                            11.6%       11.1%        N/A
  Central Valley                         10.8%       10.8%        N/A
  West Valley                            14.5%       14.5%        N/A
  Conejo Valley                          13.8%       15.4%        N/A
  Santa Clarita Valley                   12.1%       16.0%        N/A
  Valley overall                         12.6%       13.0%        N/A
Industrial vacancy rates (3rd qtr.)
  East Valley                             3.1%        2.7%        N/A
  Central Valley                          3.3%        2.5%        N/A
  West Valley                             2.8%        2.7%        N/A
  Conejo Valley                          10.7%       10.6%        N/A
  Valley overall                          3.0%        2.6%        N/A

                                                 %[+ or -]
                                          Year        from
                                           Ago    Year Ago

Home mortgages and sales (July)
  Price, repeat sales index (2)          129.7      +11.0%
  Lending (millions)                    $572.4      +27.9%
  No of home sales                       2,707      +18.6%
  Average home sale price             $333,309      +10.2%
Single-family resales (November)
  Closed escrows                         1,085       +2.0%
  New listings                           2,379      -24.7%
  Active listings                        3,721      -27.6%
Condominium resales (November)
  Closed escrows                           385      +10.0%
  New listings                             520      -15.0%
  Active listings                          657      -26.8%
Vacant apartments (October)              5,693       +5.3%
Apartment vacancy rate (October)          2.7%         N/A
Office vacancy rates (3rd qtr.)
  East Valley                            14.3%         N/A
  Central Valley                         11.4%         N/A
  West Valley                            17.3%         N/A
  Conejo Valley                          18.1%         N/A
  Santa Clarita Valley                   15.8%         N/A
  Valley overall                         15.3%         N/A
Industrial vacancy rates (3rd qtr.)
  East Valley                             4.9%         N/A
  Central Valley                          2.8%         N/A
  West Valley                             2.2%         N/A
  Conejo Valley                          12.2%         N/A
  Valley overall                          3.6%         N/A

FOOTNOTES

(1) For Burbank-Glendale-Pasadena Airport.

(2) The index, generated by First American Real Estate Solutions, is
based on a statistical model that tracks the resale value of a
preselected group of homes and is considered by the industry to be a
more accurate measure than either the average or median sales price.
It eliminates trend shifts which occur from differing types of houses
sold from one period to another. The index base value is 100 which
reflects its level in January of 1990.

(3) Thousands of jobless to index point of job ads.

(5) Through Los Angeles Customs District.

N/A--Not Applicable.

BOLDFACE INDICATES UPDATED FIGURES

Sources: Centeral District of Calif., (bankruptcies); Economic
Development Corporation, Los Angeles (business failures, exports,
imports); Burbank-Glendale-Pasadena Airport Authority (Burbank
passenger traffic and air cargo); Axicom/DataQuick Information Systems
Inc., La Jolla (construction lending, property lending, refinance
lending, home sales, home prices); First American Real Estate Solutions
(foreclosures); Grubb & Ellis (office and industrial vacancy rates);
PKF Consulting (hotel occupancy, room rate), City of Los Angeles
Housing Department (apartment vacancies), Southland Regional
Association of Realtors (home resales).