A stock index of multifamily companies compiled by the National Association of Home Builders did not outperform the Standard & Poor's 500 stock index in 2003.Final figures for 2003 show that the S&P 500 had a 28.6% total return, while the NAHB's multifamily stock index posted a 23.9% total return. MortgageWire reported Dec. 31 that the NAHB's stock index of 24 real estate investment trusts and four other publicly trade multifamily companies had a 20% gain, compared with a 15% gain by the S&P 500. But those results were for the first 11 months of 2003 -- not the full year.

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