Chart 1. The title is "Home Prices Have Advanced at a Quicker Pace than After-Tax Incomes During the Past Several Years, Raising Concerns of an Asset Bubble in Home Prices".

A line graph showing the paired-sales home price index and four-quarter average disposable per capita personal income percentage change from one year ago.

In 1985, the home price index was 6.71%; the change in disposable per capita income was 5.86%. In 1987, the home price index was 6.88%; the change in disposable per capita income was 4.33%. In 1989, the home price index was 6.04%; the change in disposable per capita income was 6.29%. In 1991, the home price index was 2.55%; the change in disposable per capita income was 2.79%. In 1993, the home price index was 2.02%; the change in disposable per capita income was 2.05%. In 1995, the home price index was 4.50%; the change in disposable per capita income was 3.77%. In 1997, the home price index was 4.59%; the change in disposable per capita income was 4.03%. In 1999, the home price index was 5.34%; the change in disposable per capita income was 3.49%. In 2001, the home price index was 7.55%; the change in disposable per capita income was 2.70%. In 2003, the home price index was 5.61% as of the third quarter; the change in disposable per capita income was 3.17%.