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Switzerland Third Quarter UBS Real Estate Bubble Index

Following is a summary of the third quarter UBS real estate bubble index report from UBS in Zurich:

===============================================================================
                  2011   2010   2009   2008   2007   2006   2005   2004   2003
===============================================================================
               ---------------- UBS Real Estate Bubble Index ------------------
First quarter     0.47   0.22  -0.27  -0.82  -0.47  -0.28  -0.25  -0.53  -0.87
Second quarter    0.45   0.19  -0.05  -0.67  -0.56  -0.25  -0.25  -0.53  -0.65
Third quarter     0.58   0.38   0.08  -0.70  -0.66  -0.40  -0.15  -0.41  -0.52
Fourth quarter     n/a   0.47   0.15  -0.61  -0.71  -0.51  -0.27  -0.29  -0.56
               ----------------- Quarter-on-quarter change --------------------
First quarter     0.00   0.08   0.34  -0.11   0.04  -0.02   0.04   0.04   0.17
Second quarter   -0.02  -0.03   0.22   0.14  -0.09   0.03   0.00  -0.01   0.22
Third quarter     0.13   0.19   0.13  -0.03  -0.10  -0.15   0.09   0.12   0.12
Fourth quarter     n/a   0.08   0.07   0.09  -0.04  -0.11  -0.11   0.12  -0.04
===============================================================================

NOTE1: The UBS Swiss Real Estate Bubble Index is calculated as the average of standardized trend-adjusted and indicators weighted using a principal component analysis. The index level shows the deviation in standard deviations from the average, which is standardized to zero.

The index value is categorized into one of five levels: slump (below -1), balance (between -1 and 0), boom (between 0 and 1), risk (between 1 and 2) and bubble (above 2).

The index is comprised of six sub-indices that track: the relationship between purchase and rental prices, the relationship between house prices and household income, the relationship between house prices and inflation, the relationship between mortgage debt and income, the relationship between construction and gross domestic product and the proportion of credit applications for residential income property by UBS clients.

NOTE2: Quarter-on-quarter change is calculated by Bloomberg News.

SOURCE: UBS

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