Credit Suisse Monthly Survey of Real Estate Agents Results June 2013

Monthly Survey of Real Estate Agents June 2013
Daniel Oppenheim, CFA Homebuilding & Building Products 212-325-5726 dan.oppenheim@credit-suisse.com

Michael Dahl 212-325-5882 michael.dahl@credit-suisse.com William Alexis 212-538-3992 william.alexis@credit-suisse.com July 9, 2013
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Home prices continued to increase through June, as sellers capitalize on healthy demand and a lack of competing listings
May-12
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
70
Our traffic index moderated, but remains at healthy levels as agents note urgency upon initial rise in rates
Buyer Traffic Index
60
50 40 30
20
10 0
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
May-13
Mar-12
Feb-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Feb-13
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
Source: Credit Suisse
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CREDIT SUISSE SECURITIES (USA) LLC
Jun-13
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
June Survey of Real Estate Agents: Rising Rates Scare Buyers...Into Acting; Inventory Rem ains Lim iting
Traffic rem ains healthy in the face of rising m ortgage rates, continuing to push prices higher: While there were spotty reports of some buyers being turned off by the sharp increase in mortgage rates, the majority of agents comments across markets said the move is driving a heightened sense of urgency among buyers, who fear missing out if they wait. More often, comments in the markets with lower traffic readings pointed to frustrations over an insufficient supply of quality listings, as well as agents having higher expectations (so that levels which would have warranted a more than expected response several months ago is now a meets expectations). This is leading to higher prices, though we would expect to see a moderation in demand and home prices if rates rise too much further in the near term.
Prices m arch higher; index hits another new high: Our home price index increased to 87.3 in June from 84.9 in May, with rising prices noted in all 40 markets and an index of 80 or higher in 35 of the 40 markets. This continues to point to broad price appreciation, though we still note further increases in our index will be difficult to achieve from these high levels. Markets in California and Florida led the pack along with Vegas, Phoenix, Houston, and Seattle. Modest decline in our traffic index not bad, all things considered: Our buyer traffic index edged down to 60.5 in June from 63.4 in May, remaining at levels indicative of traffic exceeding agents expectations for this time of year. Only seeing a slight decline is encouraging to us, given how quickly mortgage rates moved up during the month. Atlanta, New York Metro Area, Orlando, Washington D.C., and Detroit were among the weakest markets, while San Diego, Inland Empire, Houston and Dallas were the strongest. Tight supplies persist, contributing to a shorter tim e needed to sell: Our home listings index fell to 61.8 in June from 67.1 in May, pointing to overall inventory levels continuing to remain tight, though more markets showed signs of sellers beginning to emerge. Meanwhile, the time needed to sell continued to trend lower, as our index came in at 75.9 vs. 81.1 in May. This is a positive for pricing, though increasing inventory levels could temper the pace of recent gains.
Home Price Index 74.6 79.3 83.7 84.8 84.9 87.3 2.4 Incentive Index 52.4 51.5 53.0 52.9 54.1 54.1 0.1 Home Listings Index 74.7 72.7 71.7 73.7 67.1 61.8 (5.3) Time to Sell Index 71.5 75.4 80.8 81.0 81.1 75.9 (5.2)
Traffic Levels Versus Expectations
Buyer Traffic Month Index Jan-13 59.0 Feb-13 65.1 Mar-13 66.1 Apr-13 64.4 May-13 63.4 Jun-13 60.5 Point Change (2.9)
How Do the Recent 30 Days Compare to the Prior 30 Days...
18%
80%
76%
68%
61%
39%
60% 40% 22%
30% 12%
2% 20%
20%
9%
Time to Sell Decreased
43%
More than expected Meets expectations Less than expected
0% Home Prices Increased Incentives Remained the same

June 13 Slide 2
Table of Contents
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Key Housing Markets: Atlanta, Georgia Austin, Texas Baltimore, Maryland Boston, Massachusetts Charleston, South Carolina Charlotte, North Carolina Chicago, Illinois Cincinnati, Ohio Columbus, Ohio Dallas, Texas Denver, Colorado Detroit, Michigan Fort Myers, Florida Houston, Texas Inland Empire (Riverside-San Bernardino), California Jacksonville, Florida Las Vegas, Nevada Los Angeles, California Miami, Florida Minneapolis, Minnesota Nashville, Tennessee New York-Northern New Jersey 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45 50 52 Key Housing Markets Continued: Orlando, Florida Philadelphia-Southern New Jersey Phoenix, Arizona Portland, Oregon Raleigh, North Carolina Richmond, Virginia Sacramento, California San Antonio, Texas San Diego, California San Francisco, California Sarasota, Florida Seattle, Washington St. Louis, Missouri Tampa, Florida Tucson, Arizona Virginia Beach, Virginia Washington, D.C. Wilmington, North Carolina Appendix: Historical Trends by Market Agent Recommendations Survey Methodology
June 13 Slide 3
Atlanta, GA Traffic Below Expectations as Frustrated Buyers Take a Summer Break

(9,146 single-family building permits in 2012, 5th largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell in June and dipped below agents expectations, as our index fell to 43 from 53 (below a neutral 50). Most agents cited low supply, whether they noted stronger or weaker trends. Those who said traffic weakened said buyers have become frustrated and are taking a break, while others said the lack of supply is creating urgency. Home prices increased again, as our price index came in at 80 vs. 93 in May, still well above a neutral 50. Inventory levels fell, but there are signs that sellers are becoming more willing and able to sell at current levels.
Buyer Traffic Index 45.5 73.1 63.6 53.6 53.1 42.9 (10.3) Home Price Index 36.4 84.6 83.3 82.1 93.3 80.0 (13.3) Incentive Index 45.5 42.9 50.0 46.4 43.3 35.7 (7.6) Home Listings Index 90.9 92.9 75.0 57.1 65.6 56.7 (9.0) Time to Sell Index 59.1 76.9 87.5 71.4 81.3 70.0 (11.3)
Feb-12
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-12
Jun-11
Jan-12
Jun-12
Jan-13
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
Comments from Real Estate Agents:

Buyers are frustrated due to the shortage of homes for sale on the market. Fewer buyers. Buyers do not have a sense of urgency.. Low inventory levels/purchase options. In many areas of the Atlanta market, there are many more buyers than there are properties for sale. I think that rising interest rates are also getting many buyers who have been on the fence to get more motivated to buy sooner, rather than later. Rates edging up has some buyers jumping off the fence.
Source: Credit Suisse; Census Bureau
Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

80% 60% 40% 27% 29%
21% 36%
67%
71% 53%
33%
13% 0%
20%
0%
7% Home Prices
43%
Incentives
Time to Sell
Decreased
Increased
Remained the same
June 13 Slide 4
Austin, TX Traffic Dips but Remains at Solid Levels, Supported by a Healthy Local Economy
(7,970 single-family permits in 2012, 7th largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic appeared to fall seasonally in June, but remained above agents expectations. Our traffic index fell to 63 from 81 in May, still above a neutral 50. Continued job growth, rising rates, and tight inventory levels were all cited as primary drivers. Home prices continued to march higher, as our home price index came in at a still-strong 86 vs. 100 in May. Low inventory levels and a shorter time to sell continue to point to rising prices in the months ahead, though more sellers will likely start to emerge.
Buyer Traffic Index 57.1 76.7 76.7 81.8 80.8 63.3 (17.4) Home Price Index 82.1 93.3 96.7 95.8 100.0 85.7 (14.3) Incentive Index 57.1 66.7 63.3 69.2 63.6 65.4 1.7 Home Listings Index 64.3 85.7 63.3 76.9 75.0 60.7 (14.3) Time to Sell Index 75.0 93.3 93.3 92.3 87.5 76.7 (10.8)
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

It's all about interest rates and diminishing supply. Builders prices have risen too high and too fast, so this housing boom is leaving re-sales as our only avenue. A little more inventory is creeping on the market. We're on a roll. While there is no price bubble, our housing market is strong and solid. Qualified buyers rule. Because of multiple offers, we are asked to provide proof of funding not only for the mortgage, but also for the down payment to give the offer more credibility. Builders are still blowing through any inventory left.
13%
80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 71%
69%
60%
40%
60%
40% 20% 29% 0% 0% Home Prices Incentives Time to Sell Decreased 0%
31%
7%
33%
47%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
June 13 Slide 5
Baltimore, MD Demand Remains at Tepid Levels; Economic and Affordability Concerns Weigh
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained weaker than expected in June, as our traffic index fell to 30 from 39 in May, below a neutral 50. Agents responses were similar to last months, centering around the relatively weak local economy and employment conditions along with the recent increase in prices and rates. Home prices increased again despite the weaker traffic, as our price index increased to 100 from 83. However, better demand will likely be needed to sustain these increases. Inventory levels flattened out in June, while the time needed to sell decreased.
Buyer Traffic Index 33.3 66.7 61.1 25.0 38.9 30.0 (8.9) Home Price Index 55.6 58.3 80.0 100.0 83.3 100.0 16.7 Incentive Index 62.5 50.0 55.6 50.0 43.8 60.0 16.3 Home Listings Index 87.5 91.7 75.0 100.0 66.7 50.0 (16.7) Time to Sell Index 72.2 91.7 65.0 87.5 88.9 70.0 (18.9)
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Buyers think that prices have risen more than they have and that interest rates may not be as good as they were several months ago. Severe lack of inventory. Interest rates starting to go up; this has scared buyers into making decisions. Buyers are still out there looking at new inventory.
How Do the Recent 30 Days Compare to the Prior 30 Days... 120% 100% 80% 60% 40% 20% 0%
20%
100%
80%
60%
20% 0% 0% Home Prices 0% Incentives Time to Sell Decreased 20% 20%
60%
20%
More than expected
Meets expectations
Less than expected
Increased
Remained the same

June 13 Slide 6
Boston, MA Buyer Urgency On the Rise Alongside Higher Rates

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained at similar, solid levels in June vs. May, as our traffic index edged up to 68 from 67 (above a neutral reading of 50). Agents cited increased buyer urgency as mortgage rates began to increase, while additional inventory in some areas has provided more options. Home prices increased broadly in June, as our price index came in at 93 vs. 92, with almost all agents noting higher prices. Lower inventory levels and a shorter time to sell are positive leading indicators for near-term home price trends.
Buyer Traffic Index 61.1 73.3 80.8 75.0 66.7 67.9 1.2 Home Price Index 80.6 86.7 88.5 91.7 91.7 92.9 1.2 Incentive Index 52.8 53.6 65.4 60.0 59.1 53.6 (5.5) Home Listings Index 76.3 73.3 60.7 79.2 70.8 67.9 (3.0) Time to Sell Index 81.6 76.7 82.1 75.0 91.7 82.1 (9.5)
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

A slight rise in interest rates helped fuel an already active market. More inventory has come on the market allowing buyers something to buy. Buyers are jumping in to buy because they are hearing interest rates are going up. Development of the waterfront district is spurring strong trends in South Boston.
7%
100%
86%
43%
50%
80%
79%
71%
60%
40% 20% 0% Home Prices Incentives Time to Sell Decreased Increased Remained the same 14% 0% 7% 14% 7% 21%
More than expected
Meets expectations
Less than expected

June 13 Slide 7
Charleston, SC Demand Treads Water at the Start of Summer; Prices Continue to Rise
70
Buyer Traffic Index
60
50 40 30
Our Take:
Buyer traffic slipped in June vs. May, though levels still met agents expectations for this time of year. Our traffic index registered a neutral 50, down from 64 in May. Agents noted a sequential slowing and suggested buyers remain a bit hesitant as rates and prices move higher. Our home price index increased to 92 from 86 in May, indicating prices continued to rise in June. Inventory levels declined again, while it also took less time to sell a home both are positive indicators for home prices.
Buyer Traffic Index 25.0 25.0 57.1 33.3 64.3 50.0 (14.3) Home Price Index 75.0 66.7 85.7 66.7 85.7 91.7 6.0 Incentive Index 50.0 50.0 50.0 50.0 50.0 58.3 8.3 Home Listings Index 25.0 50.0 57.1 66.7 64.3 66.7 2.4 Time to Sell Index 62.5 37.5 78.6 66.7 78.6 58.3 (20.2)
20
10 0
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Feb-12 May-12 Feb-13 May-13 Mar-12 Mar-13 Jul-11 Jul-12
Jun-13
Home Price Index
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Sales had been increasing the last several months and now mid-June starting to slow down again. I do not see an increase in buyers. I have no REO buyers, just two that are interested in buying. Buyers are wishywashy just like last year is my experience. Prices seem to be rising along with mortgage rates. Appraisers are doing better.
100%
33%
34%
83% 50% 33% 17%

0% Home Prices Incentives Time to Sell Decreased
80% 60% 40% 20%
50%
33%
17%
17%
0%
33%
Increased
Remained the same

June 13 Slide 8
Charlotte, NC More Buyers Get Off the Fence as They Fear Missing the Boat
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic levels remained healthy in June, as our traffic index came in at 60 vs. 67 in May, still indicating levels above agents expectations. Agents suggested the combination of low inventory levels and rising mortgage rates is fueling buyer urgency. Home prices increased again in June, as our home price index increased to 90 from 88 in May. Inventory levels and the time to sell trends remained favorable in June, pointing to higher home prices in the months ahead.
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Seems like the market has leveled off a bit since the spring flurry. Mortgage rates moved up as anticipated. Rising interest rates are getting buyers off the fence, but lack of inventory is frustrating in the better school districts. Rising interest rates have spurred buyers to search for housing. Summer is always a bit slower but with the low inventory, buyers are regularly checking the market for their dream home.
10%
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 80% 60% 40% 40% 50%
30%
60%
40% 20% 0% Home Prices
20%
0% 0% Incentives
10%
60%
Increased
Remained the same
June 13 Slide 9
Chicago, IL Pent-Up Demand Emerging as Home Prices and Mortgage Rates Increase
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained at solid levels above agents expectations in June, as our traffic index edged down to 64 from 68 but remained above a neutral 50. Agents noted a growing sense of urgency among buyers following the rise in prices and now rates, though there is still a lack of quality inventory holding the market back. Home prices continued to recover in June, as our home price index was essentially unchanged at 80 vs. 81 in May. Lower inventory levels and a shorter time to sell should continue to support higher prices in the coming months.
Buyer Traffic Index 60.6 68.3 63.5 59.6 68.3 64.0 (4.3) Home Price Index 62.0 60.9 76.4 70.0 81.3 80.0 (1.3) Incentive Index 50.0 57.4 51.6 41.7 50.0 45.2 (4.8) Home Listings Index 78.0 64.1 77.8 61.5 68.8 76.0 7.3 Time to Sell Index 59.2 68.8 75.0 73.1 77.4 79.2 1.7
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12

Has slowed down a bit from hot spring, but this is typical for end-of-school-year lull. Increased comfort; market shifting so clients want to beat the increasing prices; still great interest rates. The rise in interest rates is finally making the buyers buy, plus many people who sold 5 years ago short are now back in the market. No fresh inventory...it's the same junk that's been on the market for months! Higher rates spooked fence sitters...now they're waiting for rates to go back down.
16%
80%
68% 71%
67%
44%
60% 40% 24% 8% Home Prices 19% 25%
20%
10%
Incentives
8% Time to Sell Decreased
40%
0% Increased Remained the same
More than expected
Meets expectations
Less than expected
June 13 Slide 10
Cincinnati, OH Price Gains Appear to Moderate as Higher Rates Pressure Traffic

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic levels declined in June and fell short of agents expectations for this time of year, as our index fell to 33 from 50 in May (below a neutral reading of 50). Agents cited a pause in buying decisions given the sharpness of the recent move higher in rates. Home prices increased, though our reading dipped sharply to 58 in June from 79 in May, suggesting the gains were not as broad-based as in recent months. Inventory levels continued to trend lower, though our time to sell index fell closer to a neutral level.
Buyer Traffic Index 71.4 70.0 66.7 50.0 50.0 33.3 (16.7) Home Price Index 57.1 60.0 58.3 81.3 78.6 58.3 (20.2) Incentive Index 42.9 50.0 58.3 50.0 57.1 50.0 (7.1) Home Listings Index 92.9 60.0 83.3 81.3 57.1 66.7 9.5 Time to Sell Index 71.4 80.0 83.3 81.3 71.4 58.3 (13.1)
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11

90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13

Traffic is still pretty good; but buyers are pausing before making a move due to interest rate hikes. It's not that mid 4's are so high; it's how quickly it happened. Improved confidence in the market. Buyers are on vacation. Baby boomers are out.
0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0%
67% 50% 33% 17% 17% 17% 33% 17% 50%
33%
67%
Home Prices
Incentives
Time to Sell
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased

June 13 Slide 11
Columbus, OH Sellers Take Advantage of Increased Buyer Urgency and Limited Competition
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index jumped to 70 in June from 50 in May, pointing to better traffic levels, ahead of agents expectations for this time of year (a reading of 50). While the lack of inventory is still somewhat limiting, agents said buyers are scrambling to find homes and want to get in before mortgage rates increase much further. Every agent surveyed pointed to higher home prices over the past 30 days, as our price index increased to 100 from 83. Inventory levels increased again, though, which could slow price gains.
Buyer Traffic Index 50.0 57.1 40.0 68.8 50.0 70.0 20.0 Home Price Index 75.0 68.8 60.0 78.6 83.3 100.0 16.7 Incentive Index 50.0 42.9 40.0 50.0 41.7 40.0 (1.7) Home Listings Index 66.7 68.8 80.0 78.6 41.7 40.0 (1.7) Time to Sell Index 83.3 87.5 90.0 92.9 75.0 90.0 15.0
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 120
Home Price Index
Jun-13
100 80 60 40 20 0
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Low inventory has buyers scrambling. Lack of inventory offers little choice. Some buyers are holding off until the market opens up a little more. Increased buyer confidence, fear of increasing interest rates, and lower levels of inventory are leading to buyer competition. Appraisers seem to be a bit behind the price curve.
20%
120% 100% 80% 60% 40% 20% 0% 100%
80% 80%
20%
60%
20%
0% 0% Home Prices 0% Incentives 0%
20%
More than expected
Meets expectations
Less than expected
Increased
Remained the same

June 13 Slide 12
Dallas, TX Buyers Continue to Clamor for Listings and Sellers are Capitalizing on the Strong Demand
(17,821 single-family permits in 2012, 2nd largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index bounced back a bit in June after declining in April and May, pointing to traffic levels remaining well above expectations. Our index improved to 70 from 65. Agents noted increased confidence from both buyers and sellers, along with healthy local job growth and a desire to lock in current prices and rates. Agents continued to point to broad price gains, as our price index came in at 87 in June vs. 90 in May. Rising home prices seem to finally be encouraging more sellers, as our home listings index fell closer to a neutral level.
Buyer Traffic Index 56.3 70.8 91.7 80.0 65.0 70.0 5.0 Home Price Index 81.3 79.2 83.3 96.7 90.0 86.7 (3.3) Incentive Index 50.0 50.0 54.5 67.9 66.7 53.3 (13.3) Home Listings Index 75.0 75.0 70.8 78.6 65.0 56.7 (8.3) Time to Sell Index 65.6 79.2 95.8 90.0 100.0 93.3 (6.7)
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Buyers and sellers are ready and thinking this is a great time to buy or sell. They are uncertain how long the window will last and want to capitalize on the current market. More buyers, jobs, confidence and the fear that rates will go up. Rising interest rates, and fast growing population base! Buyers are coming out of foreclosure ready to buy again. Lack of renovated housing in higher price ranges. Inventory is low. New home builders need to start building ASAP.
7%
100% 80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 93% 73%
67%
46%
60%
40% 20% 0% Home Prices Incentives Time to Sell 27% 13% 20% 7%
47%
0%
0%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased
June 13 Slide 13
Denver, CO More Inventory Coming to Market; Potential to Slow Price Appreciation in Coming Months
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic continued to exceed agents expectations, as our traffic index slipped to 64 from 69 but remains above a neutral 50. Agents noted more inventory coming to market to meet the healthy demand levels, while buyers continue to look to lock in deals before prices and rates increase too much. Home prices increased again, as our home price index was little changed at a strong 87 in June vs. 86 in May. Inventory increased in June, the first increase seen in our survey in two years. A further increase in inventory would likely slow the pace of price appreciation over the coming months.
Buyer Traffic Index 69.6 73.9 70.8 75.0 68.8 63.2 (5.6) Home Price Index 82.1 87.5 89.6 93.8 85.7 86.8 1.1 Incentive Index 51.9 52.2 54.5 65.0 60.9 44.1 (16.8) Home Listings Index 76.8 84.8 69.6 77.1 56.5 28.9 (27.6) Time to Sell Index 76.8 93.8 76.1 79.2 82.6 76.3 (6.3)
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Inventory is finally up a little, but no slowdown in bidding wars on the low end. We have been working the price range $150,000 to $350,000 the past 30 days. Homes are under contract in days with multiple offers. It is a combination of pent up demand and low interest rates. Rates are creeping up and all those that were on the fence are now in the mood! New home communities are popping up, but there is a lack of innovation and I'm seeing many buyers choose resale.
16%
100%
80% 60% 40% 20%
79%
76% 58% 37% 18% 5% 6% Incentives 5% Time to Sell Decreased
42%
16%
42%
0%
Home Prices Increased Remained the same
More than expected
Meets expectations
Less than expected
June 13 Slide 14
Detroit, MI Buyers Still Active in their Search, though Some Pull Back due to Lack of Inventory
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic edged lower again in June, but levels still came in and met agents expectations, as our traffic index came in at 48 from 54 in May. Agents indicated that while some buyers were upset with the lack of inventory, others were motivated by higher prices and fears over rising interest rates. Home prices continued to move higher, as our home price index came in at 90 from 88 in May. Inventories continued to decline, though agents indicated more sellers are taking advantage of rising prices. Meanwhile, the time to sell fell further, a positive for future pricing.
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

The shortage of inventory is frustrating buyers . There are fewer parties interested right now. Lower re-sale inventory is causing some buyers to shift into the new home market. Higher home prices and rising mortgage rates have spurred buyers into action. Inventories continue to fall while prices rise. Many buyers feel theyve missed the boat and want to get in the game before they also miss out on low interest rates.

100% 80% 60%
30%
25%
80%
68%
58% 32%
40%
20% 0%
20%
16%
16%
0% Home Prices Incentives
11%
45%
Increased
Remained the same
June 13 Slide 15
Ft. Myers, FL Low Inventory Continues to Motivate Buyers

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic exceeded agents expectations again in June, as our index came in at 60 from 58 in May. Agents indicated that low inventories, rising prices, and concerns over higher rates all drew buyers into the market.
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home prices continued to improve in June, as our home price index increase to 83 from 75 in May (above a neutral reading of 50).
We would expect prices to continue to improve, as our home listings index came in at 87 from 79 in May, pointing to fewer listings, a positive for future pricing.
Buyer Traffic Index 47.4 50.0 37.5 53.3 58.3 60.0 1.7 Home Price Index 85.0 75.0 77.3 78.6 75.0 83.3 8.3 Incentive Index 40.0 38.9 45.5 42.9 41.7 43.3 1.7 Home Listings Index 72.5 83.3 72.7 82.1 79.2 86.7 7.5 Time to Sell Index 77.5 66.7 63.6 82.1 83.3 76.7 (6.7)
Home Price Index
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Buyers are watching the market and see that prices are rising while inventories are falling. They want to get in on the action. Buyers are still active, even entering our slow season. The lack of inventory and steadily rising prices are making multiple offers common. The movement in interest rates is driving buyers into the market. They dont want to miss out. Buyers are showing no quit this year. They are committed to securing a property.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 67% 60% 33% 13% 0% Home Prices Incentives 7% Time to Sell Decreased 60%
33% 54%
33%
27%
13%
Increased
Remained the same
June 13 Slide 16
Houston, TX Improving Local Economy Draws More Newcomers, Helps Keep Traffic Strong in June
(28,568 single-family permits in 2012, largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic dipped slightly in June, as our traffic index came in at 71 from 78 in May, though levels still beat expectations. Agents indicated that the improving local economy continues to attract newcomers, while also making buyers increasingly confident in placing multiple offers on homes. Agents again pointed to higher prices in June, as our price index came in at 92 from 97 in May, above a reading of 50. Inventories and the time to sell both exhibited broad declines in June, suggesting that pricing will continue to improve in the coming months (declines are a positive for future pricing).
Buyer Traffic Index 61.9 77.8 62.5 91.7 77.8 71.4 (6.3) Home Price Index 83.3 81.6 79.2 86.8 97.2 92.3 (4.9) Incentive Index 45.2 50.0 45.8 47.4 62.5 66.7 4.2 Home Listings Index 76.2 78.9 92.3 78.9 91.2 88.5 (2.7) Time to Sell Index 87.5 77.8 83.3 89.5 88.2 96.2 7.9
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

An improving economy, corporate relocations, and higher interest rates are helping to keep traffic in the area strong. All kinds of buyers are getting off the fence because of rising prices and interest rates. There is a shortage of homes for sale. Buyers recognize this and want to try and beat the crowd. Buyers see conditions improving and are eager to get their hands on some property. Multiple offers on homes are common. Relocation traffic has picked up a great deal.
14%
100% 80% 60%

85% 50% 42% 15% 92%
29%
57%
40%
20% 0%
0% Home Prices
8%
0%
8%
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
June 13 Slide 17
Inland Empire, CA Traffic Improves as Low Inventories and Favorable Affordability Motivate Buyers
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic was higher in June, as our traffic index increased to 75 from 63 in May, pointing to better than expected traffic. Agents credited low inventories and affordability for the positive effect on traffic, as buyers were said to not want to miss out on deals. Home prices continue to move even higher in June, as our home price index increased to 100 from 97 in May. We expect prices to continue to increase, as our home listings and time to sell indexes pointed to declines in both metrics. These declines are positive indicators for future pricing.
Buyer Traffic Index 70.8 63.6 71.1 65.0 63.2 75.0 11.8 Home Price Index 83.3 81.8 89.5 90.0 97.4 100.0 2.6 Incentive Index 45.5 59.1 41.7 50.0 61.1 45.8 (15.3) Home Listings Index 95.8 85.0 76.3 90.0 84.2 87.5 3.3 Time to Sell Index 70.8 86.4 77.8 80.0 92.1 95.8 3.7
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Due to a shortage of listings, prices are going up. Buyers are worried they will soon get priced out of the market. Every month the story is the same. Inventory is low and buyers want to get in before it is too late. Buyers realize that interest rates are still low and prices are still affordable. Inventory is extremely tight though and this makes it tough for buyers to capitalize on opportunities. Nearly half of my buyers are all cash. It can still be tough to get buyers to the finish line because appraisals can still be an issue.
8%
120% 100% 80% 60% 40% 20% 0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 58% 25% 0% 0% Home Prices Incentives 17% 0% 8%
92%
33%
59%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
June 13 Slide 18
Jacksonville, FL Traffic Lower but Commentary Points to Continued Strength in June

(4,582 single-family permits in 2012, 23rd largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index fell to 55 from 71 in May, with levels still meeting expectations. However, commentary remained very positive and we think the lower reading is a result of agents higher expectations. Agents highlighted continued demand from investors and traditional buyers, who were driven by lower inventories, higher prices and rates. Home prices continued to increase in June, as our home price index came in at 75 from 71 in May. Inventory was flat in June following months of declines, which suggests pressures in the market may soon begin to ease.
Buyer Traffic Index 75.0 68.8 66.7 68.8 71.4 55.0 (16.4) Home Price Index 75.0 87.5 91.7 87.5 71.4 75.0 3.6 Incentive Index 35.7 43.8 58.3 37.5 50.0 45.0 (5.0) Home Listings Index 75.0 87.5 83.3 81.3 71.4 50.0 (21.4) Time to Sell Index 62.5 93.8 91.7 78.6 71.4 75.0 3.6
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Buyers want to take advantage of low interest rates now before both home prices and rates jump too high. Traffic is still healthy because buyers are anticipating an increase in interest rates. Large investors remain active in the marketplace. There is a lot of traffic, but not a lot of listings. Some buyers want in before rates move too high, while many sellers have their hands tied because their homes are underwater. Weve seen slightly better traffic because of the move in rates.
10%

70% 60% 50% 40% 30% 20% 10% 0% 60% 50% 50% 50% 30% 20% 10% 0% 30%
20%
70%
Home Prices
Increased
Incentives
Time to Sell
Decreased
Remained the same
June 13 Slide 19
Las Vegas, NV Investors Dominate, Helping Keep Inventory Low, but Price out Traditional Buyers
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell slightly in June, coming in at 61 from 66 in May, though agents indicated levels still came in above expectations. The lack of inventory remains the headline story, as it draws some buyers to the market, while others prefer more of a selection. Investors still remain very active. Home prices continued to rise, as our home price index came in at 100 from 98 in May. Our price index has remained above 90 for six consecutive months. Inventories fell further in May, as did the time to sell. These are both positive indicators for future pricing trends.
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home Price Index
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Investment groups are still buying up the lower priced properties in bulk, helping to maintain the shortage of homes for sale for traditional buyers. Some buyers are starting to panic over higher rates. Many think 4.5% is too high how quickly we forget. Buyers are feeling more confident about the housing market. Add in higher prices and rates and buyers are faster to act. Some of my buyers are frustrated with the lack of inventory and swiftly rising prices.
11% 33%
120% 100% 80% 60% 40% 20% 0%
65% 41%41% 18%

0% 0% Home Prices Incentives 6% Time to Sell Decreased 29%
56%
Increased
Remained the same
June 13 Slide 20
Los Angeles, CA Low Inventories cause Some Buyers to Pause, Pull Others off the Fence
(4,921 single-family permits in 2012, 22nd largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index came in at 63, down from 77 in May, but levels still exceeded agents expectations for this time of year. Agents indicated that while low inventories caused some buyers to shy away, others cited it as a source of motivation, especially as prices continued their upward trajectory. Prices moved higher in June, as our home price index came in at 96 from 97 in May (any reading above 50). Inventories and the time to sell both declined in June. We view these both as positive indicators for future pricing power.
Buyer Traffic Index 66.7 59.3 66.7 66.7 76.5 63.0 (13.4) Home Price Index 83.9 94.4 98.0 96.6 97.1 95.7 (1.5) Incentive Index 59.5 48.0 52.3 63.5 65.0 53.1 (11.9) Home Listings Index 86.2 75.0 80.0 70.7 65.3 71.4 6.2 Time to Sell Index 77.6 75.9 88.0 81.0 83.3 84.1 0.8
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Some buyers are taking a back seat until there is more inventory to choose from. There is very little inventory. Cash buyers are still dominant and there are multiple offers on my listings. However, low down payment buyers are being affected by higher rates. There are buyers who are tired of looking for overpriced homes. They are still interested, but only willing to look if they feel the price is justified. There is no inventory and prices are still rising. This is still motivating some of my buyers to enter the market.

100% 80% 60% 91% 82%
26%
69%
52% 22%
40%
20% 0% 9% 13% 0%
19%
14%
5%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
June 13 Slide 21
Miami, FL Motivation to Beat Higher Prices and Rates Drives Traffic in June
(5,048 single-family permits in 2012, 21st largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell in June, though levels still managed to beat expectations, as our traffic index came in at 64 from 76 in May. Agents indicted that buyers were driven by low inventory, higher prices and concerns about rising interest rates. Buyers were also said to be more confident about the economy. Home prices improved further, as our home price index came in at 86 (from 94 in May), still above a reading of 50. Inventory was still lower in June, though the pressure could begin to ease, as our home listings index came at 65 from 73 in May. Meanwhile, the time to sell continued to decline.
Buyer Traffic Index 60.3 57.6 69.7 66.7 75.8 64.3 (11.5) Home Price Index 92.6 88.2 92.1 92.4 93.9 86.1 (7.8) Incentive Index 50.0 48.5 54.5 40.0 51.6 48.6 (3.0) Home Listings Index 80.0 89.7 87.8 87.9 72.6 65.3 (7.3) Time to Sell Index 78.6 75.0 82.9 89.4 87.9 77.8 (10.1)
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Inventory is still very low, though prices are moving a bit too fast for some buyers to feel comfortable stepping in. Traffic is still high, but buyers have also become much more demanding and want value for their money. Sellers are also becoming unrealistic with their asking prices. My listings increased slightly, but the move still wasnt enough to keep pace with the increase in demand. That is still rising faster than inventory. People are more positive on the economy. Rising prices and rates also create the need to buy now.
11%
80%
75%
74% 61%
40%
60%
40% 20% 33% 22% 3% Home Prices 14% 11% 6% Time to Sell Decreased
49%
0% Incentives Increased Remained the same
More than expected
Meets expectations
Less than expected
June 13 Slide 22
Minneapolis, MN Low Inventories, Threat of Higher Rates Keep Urgency High in June
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell sharply in June, as our traffic index came in at 55 from 73 in May. However, levels still met agents expectations and commentary remained fairly positive. Agents noted that buyers were motivated by low inventories and higher rates/prices, while other agents highlighted that demand was real and buyers werent window shopping. Home prices continued to rise, as our home price index increased to 92 from 86 in May. Inventory was lower, but more sellers are capitalizing on higher prices. Our home listings index came in at 61 from 83 in May.
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Traffic eased a bit, but I think it is mostly because of the summer. Buyers want to lock in interest rates before it is too late. People are excited to look because they are worried about higher interest rates and with low inventories, they are also worried about higher home prices. Inventory is down and prices are going higher while interest rates are still at attractive levels. We are keeping busy with real buyers, not so many tire kickers.
16% 26%
100% 80% 60% 40%
84%
72%
74%
20%
0%
16% 0% Home Prices
11%
17% 5%
21%
58%
Incentives
Increased
Remained the same
June 13 Slide 23
Nashville, TN Buyers Driven to Market by Low Inventories, Rising Interest Rates, and Home Prices
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic fell slightly in June, but levels still beat agents expectations. Our traffic index came in at 68 from 73 in May. Buyers were said to remain motivated by low inventories, and the effect that higher rates and prices could have on affordability. Agents pointed to rising prices, as our home price index came in at 82, unchanged from our reading in May. Inventories and the time to sell both declined in June. This is a positive indicator for future prices and suggests that urgency in the market remains high.
Buyer Traffic Index 61.1 83.3 75.0 80.8 72.7 68.2 (4.5) Home Price Index 77.8 83.3 70.8 73.1 81.8 81.8 0.0 Incentive Index 68.8 50.0 70.8 65.4 68.2 70.0 1.8 Home Listings Index 66.7 70.8 91.7 53.8 72.7 72.7 0.0 Time to Sell Index 72.2 83.3 83.3 88.5 86.4 86.4 0.0
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13

Buyers are still waiting in line for listings, and when a good home does come to market it receives multiple offers. Inventory is still very low. Buyers feel the need to be careful with their bids. Inventory is so low that sellers are capitalizing and being aggressive with their asking prices. Buyers are worried about higher interest rates and they are making sure to look now before they feel rates are too high. Prices keep getting better and buyers dont want to miss out on the improving environment.
0%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 82% 64% 60% 40% 0% Home Prices 0% Incentives
36%
80%
60%
40%
36%
64%
20% 0%
9% 9%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
June 13 Slide 24
New York-Northern NJ Buyers Take a Summer Breather, Higher Rates Give and Take Away Traffic
70
Buyer Traffic Index
60 50
Our Take:
Buyer traffic slipped in June, but still managed to meet agents expectations, as our traffic index came in at 47 from 60 in May (in-line with a neutral reading). Agents noted that traffic eased on seasonal factors and higher rates, though some were quick to note that higher rates continue to bring buyers off the fence. Home prices continued to improve in June, as our traffic index came in at 65 from 70 in May, above a reading of 50. Inventories were flat in June, as we think more sellers are beginning to take advantage of the improved pricing environment. Meanwhile, the time to sell edged lower.
40 30
20 10 0
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13

Interest rates are rising and buyers are looking for bargains that just arent there anymore. Seasonal pressures combined with higher rates have caused the pace of the market to level off. Higher interest rates are causing some buyers to shy away from the market, but for others, the move higher is acting as a motivator. Buyers want to act quickly before rates rise even further. Buyers concerns that rates will move higher, along with the lack of inventory, is keeping some buyers in the market.
28%
35%
70% 60% 50% 40% 30% 20% 10% 0%
67% 48% 41% 26% 11% 8% Incentives Time to Sell Decreased 42% 22%
36%
37%
Home Prices Increased
Remained the same
June 13 Slide 25
Orlando, FL Buyers Becoming Frustrated, Hoping to Lock In Attractive Affordability Levels

70
Buyer Traffic Index
60 50 40 30
Our Take:
Traffic softened in June, continuing the volatility seen in our index in recent months, but levels remained essentially in-line with agents expectations. Our index fell to 45 from 62. Most agents noted a healthy level of buyer interest, but several mentioned that buyers have become discouraged by difficulty finding quality homes and getting beat out in bidding wars. Home prices increased again, as our price index improved to 95 from 91, with nearly all agents noting higher prices. Inventory and time to sell remained favorable, though the drop in our listings index suggests more supply may be on the way.
Buyer Traffic Index 34.6 47.1 52.9 34.4 61.8 45.0 (16.8) Home Price Index 73.1 73.5 82.4 81.3 91.2 95.5 4.3 Incentive Index 53.8 47.1 38.2 50.0 58.8 50.0 (8.8) Home Listings Index 73.1 82.4 67.6 84.4 79.4 63.6 (15.8) Time to Sell Index 69.2 79.4 67.6 75.0 90.6 90.9 0.3
20
10 0
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
120
Home Price Index
100
80 60 40 20 0
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Steady buyer traffic levels, still difficulties for owner occupant buyers to make purchases due to investor competition and lack of available inventory. Home buyers are trying to get set before interest rates rise even more. Multiple offers; buyers are discouraged in the resale market due to still-low inventory. More cash buyers! Sold $360,000 and $333,000 and both buyers said real estate a better investment now. Do see a drop in low end buyers with loan requirements tougher.
20%
10%
100% 80%
64%
60%
40% 20% 0% 9% 0% Incentives 18% 18% 0% Time to Sell Decreased 18%
70%
Home Prices Increased
Remained the same
June 13 Slide 26
Philadelphia, PA-Southern NJ Higher Rates Drive Increased Urgency

70
Buyer Traffic Index
60
50 40 30 20
Our Take:
Buyer traffic remained above agents expectations, increasing in June as our traffic index improved to 62 from 57 in May. Agents said some buyers were in a panic as home prices and rates have begun to increase and buyers fear they will face even higher levels soon if they dont buy now, though the strength in the market isnt reaching all areas yet. Home prices continued to trend higher, as our home price index increased to 69 in June from 66 in May. The continued decline in home listings and the length of time needed to sell will likely lead to higher prices this summer.
Buyer Traffic Index 63.9 63.0 57.1 61.1 56.8 61.5 4.7 Home Price Index 47.2 54.3 67.9 63.9 65.9 69.2 3.3 Incentive Index 70.0 50.0 50.0 50.0 50.0 54.2 4.2 Home Listings Index 86.1 77.3 73.1 52.9 67.5 65.4 (2.1) Time to Sell Index 63.9 69.6 88.5 77.8 75.0 80.8 5.8
10 0
Jul-11 Jul-12 May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13

It feels like buyers are panicking a bit with fear of rising rates and home prices. However, the market is also very regionalized as some areas are seeing a great amount of traffic and others are lagging. It still comes down to location, condition and price. Concern over rising interest rates. Buying panic General uptick in traffic as people look to relocate during school summer vacation.
8% 31%
80%
60% 40%
62%
46% 46% 17% 0% Time to Sell Decreased 38%
20%
8%
Home Prices
8%
61%
June 13 Slide 27
Phoenix, AZ Buyers Feel They Need to Act Soon or Risk Missing the Boat
(11,859 single-family building permits in 2012, 3rd largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
June traffic levels came in strong relative to agents expectations for this time of year, as our index increased to 65 from 56 in May (above a neutral 50). Agents noted a growing sense among buyers that they will be priced out if they dont act soon, especially as they continue to see a shortage of inventory. Broad increases in home prices continued in June, as our home price index increased to 96 from 92 in May. Inventory levels remain tight, and the time to sell continued to decline, which should continue to give sellers pricing power.
Buyer Traffic Index 42.6 53.9 50.0 58.3 55.8 65.2 9.4 Home Price Index 75.9 87.8 87.1 93.2 92.3 95.7 3.3 Incentive Index 50.0 56.1 48.3 60.0 44.0 50.0 6.0 Home Listings Index 46.3 47.3 67.7 71.7 61.5 67.4 5.9 Time to Sell Index 55.6 58.3 72.6 78.3 76.9 69.6 (7.4)
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home Price Index
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

The perception is that real estate is going up rapidly, which it is, and buyers need to purchase before prices exceed their purchasing power. Slight increase in buyer interest in suburban locations. Limited supply is creating a sense of urgency. The quality of buyers looking in 112 degree heat is favorable. Slightly higher interest rates, but still affordable. Low inventory continues to be an issue. Buyers want to take advantage of low interest rates and to take advantage of still-low home prices.
9%
100%
91%
65% 43%48%
39%
80%
60%
40% 20% 0% Home Prices Incentives
52%
9%
17%
17%
0%
9%
Time to Sell
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased
June 13 Slide 28
Portland, OR Buyers Drawn to Market by Low Inventories, Rising Rates

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic exceeded expectations again in June, as our traffic index came in at 63 from 61 in May. Agents indicated that buyers were increasingly willing to big higher, as inventories remained low and interest rates are beginning to rise.
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home prices improved further, as our home price index increased to 90 from 87 in May.
Inventories edged lower in June, though it appears more sellers are hoping to capitalize on higher prices by placing their homes on the market. Meanwhile, the time to sell continued to decline, an indication that prices will continue to improve.
Buyer Traffic Index 57.5 63.2 75.0 68.2 60.7 63.3 2.6 Home Price Index 82.5 81.6 85.7 86.4 86.7 90.0 3.3 Incentive Index 47.5 50.0 57.1 50.0 56.7 53.3 (3.3) Home Listings Index 82.5 63.2 71.4 81.8 60.0 56.7 (3.3) Time to Sell Index 82.5 78.9 89.3 77.3 83.3 83.3 0.0
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Buyers have a perception that interest rates may continue to rise. Were also seeing some more listings activity from sellers given rising prices. There continues to be a shortage of homes and bidding wars are becoming more and more typical. There is a lot of positive news about an improvement in housing activity, increasing prices and reduced inventory. Fewer listings makes buyers who are wanting to purchase now more eager to place higher and higher bids.
7%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 93% 80% 67% 33% 20% 0% Home Prices 0% 7% 0% Time to Sell Decreased
33%
80% 60% 40%
20%
60%
More than expected
Meets expectations
Less than expected
June 13 Slide 29
Raleigh, NC Low Inventories, Rising Rates Drive Urgency and Traffic in May
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved in June, as our traffic index came in at 70 from 57 in May, exceeding agents expectations. Agents indicated that low rates, and the threat of them increasing, drove traffic higher in June. Low inventories acted as additional motivation buyers. Prices continued to increase in June, as our home price index improved to 90 from 79 in May. We expect prices to continue to improve, following favorable declines in listings and the time to sell, according to our indexes. Declines in these metrics are positives for pricing.
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Interest rates are still low, and buyer confidence is improving. There is also an awareness that the market is heating up. Rates are at excellent levels right now, but buyers know this is not something that will last. Were still short on good inventory. Buyers know this and are hungry whatever good listings are out there. Traffic levels are somewhat expected, but the significantly lower inventory is doing wonders for pricing.
0%
120% 100% 80% 60% 40% 20% 0%
40%
80%
60%
20%
0%
Home Prices
0%
0%
0% 0%
Time to Sell
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased
June 13 Slide 30
Richmond, VA Rising Interest Rates Keep Buyers Motivated, Drive Traffic in June
(2,827 single-family building permits in 2012, 41st largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained above agents expectations in June, as our buyer traffic index came in at 58, unchanged from our reading in May. Agents credited the urgency created by looming anxiety around interest rates for the strong traffic in May.
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

90 80 70 60 50 40 30 20 10 0
Prices moved higher in June, though the strength was less broad than in May, as our price index came in at 67 from 83.
We would expect prices to continue to improve as the time to sell fell sharply in June. However, inventories did edge higher which could slow the pace of price appreciation.
Buyer Traffic Index 87.5 87.5 75.0 75.0 58.3 58.3 0.0 Home Price Index 75.0 62.5 83.3 83.3 83.3 66.7 (16.7) Incentive Index 62.5 50.0 66.7 50.0 58.3 41.7 (16.7) Home Listings Index 87.5 62.5 75.0 75.0 33.3 41.7 8.3 Time to Sell Index 87.5 87.5 83.3 100.0 58.3 75.0 16.7
Home Price Index
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13

My traffic is up on concerns about rising interest rates and higher prices since the market is picking up some steam. Everyone wants to get the last good deal. Ive received a lot more listings in June and have also received a lot more phone calls. In a few words fear of higher rates is driving traffic. Buyers already see that prices are moving higher and feel that higher rates are a sign of an even stronger market. Buyers want to get in before these great interest rates are gone forever.
100%
33% 50%
80% 60% 40% 20%
67% 33% 0% Home Prices Incentives
50% 33% 17%

0%
50%50%
17%
0%
Time to Sell Decreased Increased Remained the same
June 13 Slide 31
Sacramento, CA Tight Inventory and Motivated Buyers Create Frenzy Pushing Prices Higher
100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-12 Feb-13 May-13 Mar-12 Mar-13 Jul-11 Jul-12 Buyer Traffic Index
Our Take:
Buyer traffic remained above seasonal expectations in June, as our traffic index remained unchanged at 67 vs. May. Agents highlighted that the psychological level of a 4% mortgage rate has generated a reaction from buyers, driving sales activity and pushing prices higher. Prices posted broad gains again in June, as our price index remained at 100 for the second straight month. Inventory increased in the month of June, while it took less time to sell a home. At these price levels, sellers are encouraged to return, which may limit price appreciation going forward.
Buyer Traffic Index 64.3 76.9 78.6 80.8 66.7 66.7 0.0 Home Price Index 92.3 100.0 100.0 88.5 100.0 100.0 0.0 Incentive Index 54.5 77.3 66.7 54.2 59.1 75.0 15.9 Home Listings Index 84.6 84.6 85.7 76.9 77.3 33.3 (43.9) Time to Sell Index 69.2 88.5 85.7 80.8 81.8 72.2 (9.6)
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13
Home Price Index
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Buyers are motivated as interest rates moved higher, big psychological change from high 3% to a 4% loan rate. Scant inventory; fever is building. Prices are rising rapidly, and inventory is low.
11%
100% 80%

100%
45%
44%
60%
50%50%
56%
44%
40%
20% 0%
0% 0% Home Prices
0% Incentives
0% Time to Sell Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

June 13 Slide 32
San Antonio, TX Steady Employment Growth Underpins Strong Demand and Home Prices
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic eased slightly in June, as our index came in at 64 vs. 79 in May, but levels still exceeded agents expectations (any reading above 50). Agents indicated the strong oil/gas economy continues to bring buyers to the market, and the rise in rates has intensified buyer interest. Home prices continue to rise, as our price index was littlechanged at 82 in June vs. 81 in May. Inventory levels increased in June, as more sellers are starting to come back to the market; our home listings index dropped to 41 from 50. Meanwhile, the time to sell decreased.
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Rising interest rates may be adding to a sense of urgency. Growing Eagle Ford employment. Large pent up demand being unlocked due to high rents and low interest rates. Prices are rising and buyers want to lock in today's prices. Employment growth from the oil boom might be leveling out. Higher interest rates are moving some buyers off the fence.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 91% 64% 36% 0% Home Prices 9% 0% Time to Sell Decreased 27% 18% 55%
18%
80%
46%
60% 40% 20%
36%
0%
Incentives Increased Remained the same
More than expected
Meets expectations
Less than expected
June 13 Slide 33
San Diego, CA Rising Rates Scare Up More Buyers, Pushing Prices Higher
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic levels improved in June and exceeded agents expectations, as our index increased to 76 from 61 in May. Agents widely cited that the move in interest rates intensified demand, increasing the number of bids houses receive and improving confidence that buyers can sell their current home. Home prices continued to move higher in June. Our price index came in at 90 vs. 92 in May. Inventory continued to show signs of adjusting, as our index was only modestly above a neutral level, indicating sellers are more inclined to enter the market at these price levels.
Buyer Traffic Index 68.2 71.1 81.8 72.2 61.1 76.3 15.2 Home Price Index 90.9 94.7 97.6 94.4 91.7 89.5 (2.2) Incentive Index 60.0 64.7 65.0 59.4 56.7 67.6 11.0 Home Listings Index 81.8 89.5 84.1 69.4 58.3 52.6 (5.7) Time to Sell Index 86.4 92.1 93.2 86.1 72.2 72.2 0.0
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Multiple offers on nearly every house under $650,000 and condos under $300,000. Movement in rates may have moved buyers that were sitting on the fence to react and get serious about buying before rates get too high. Current availability is being driven by banks holding on to bank owned properties. Many current home prices are artificially inflated. Interest rates rising, limited inventory, motivated buyers! Buyers are more confident about selling their old home.
11%
100% 80%

79%
65%
35% 21% 33% 11%
26% 63%
60%
56%
40%
20% 0%
0% Home Prices
0% Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
June 13 Slide 34
San Francisco, CA Rate Creep Generates Hysteria Among Buyers

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic slipped sequentially but remained at a healthy clip, as our index came in at 62 in June from 69 in May. Agents noted that the move in interest rates is generating hysteria among buyers, which combined with the low inventory levels is leading to significant price gains. Prices continued to move higher, as our home price index came in at 90 vs. 96 in May. Inventory levels increased in June, as more sellers started to come out in response to stronger demand and higher prices. This could start to moderate the pace of price appreciation.
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

New home sales and new releases available driving prices higher, nearly back to 2007-2008 levels. Pent up demand, low interest rates, mass hysteria. Rate creep pressing buyer to move quickly. Buyers finally believe that we have hit bottom in interest rates.
8%
31%
85%
55% 40% 46%
80%
60% 40% 20%
38%
15%
We are seeing baby boomers with big homes sell to families, and move to the walkable lively neighborhoods that are attractive to older retirees.
12%
4%
5% Incentives
61%
0%
Home Prices Time to Sell Decreased Increased Remained the same
More than expected
Meets expectations
Less than expected
June 13 Slide 35
Sarasota, FL Tight Inventory and Support from Pent-up Demand Create Impetus for Higher Prices
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained at similar, healthy levels in June vs. May and above agents expectations, as our index came in at 63 from 67 in May. Agents highlighted that pent-up demand continues to be a factor in the market, though lack of inventory is limiting sales activity. Prices increased further in June, as our home price index improved to 93 from 90 in May, which matches the highest levels ever recorded for Sarasota in our survey. Favorable trends in inventory levels and time to sell will likely continue to drive home prices higher in the coming months.
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home Price Index
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Upward trends in both sales and prices. Inventory remains tight. Still seeing pent up demand in the market, and buyers are concerned rates will rise. Media stories about low inventory and rising interest rates are driving buyer interest.
13%
100%

86% 71% 57% 43% 29% 14% 0% 0% 0%
37%
80% 60%
40%
20%
50%
0%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

June 13 Slide 36
Seattle, WA Prices Rise as Low Inventory Intensifies Buyer Urgency

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic increased in June and beat agents expectations, as our traffic index increased to 68 from 60 in May. Agents largely blamed constrained inventory for limiting sales activity, as rising prices intensified demand and frustrated those buyers who chose to wait. Our home price index reached a new high in June, rising to 97 from 92 in May (highest level since February 05). Favorable trends in both inventory levels and the time needed to sell a home should support further price appreciation over the coming months.
Buyer Traffic Index 69.4 66.7 65.0 61.1 60.0 67.6 7.6 Home Price Index 83.3 88.1 90.0 87.5 91.7 96.9 5.2 Incentive Index 55.9 65.8 65.8 59.4 68.8 62.5 (6.3) Home Listings Index 73.5 85.7 85.0 78.1 88.9 86.7 (2.2) Time to Sell Index 83.3 83.3 87.5 84.4 86.1 84.4 (1.7)
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
120
Home Price Index
100
80 60
40 20 0
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Little good inventory available, and when there is, it sells with multiple offers or as soon as it hits the market. Interest rate spike pushing reluctant buyers off the fence. Prices still regarded as affordable. New homes are only available on presale. Inventory at all time low. Military buyers are moving into the area. Buyers have unrealistic expectations. They sat on the fence too long and now are getting pushed out of the market.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 94% 63% 69%
18%
80%
60%
53% 29%
40% 20% 6% 0% 6%
31%
0%
31%
0%
Home Prices Incentives Time to Sell Decreased Increased Remained the same
More than expected
Meets expectations
Less than expected
June 13 Slide 37
St. Louis, MO Higher Prices Drive Sellers Into the Market

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic met agents expectations again in June, as our index came in unchanged at 50 for the third straight month. Agents noted that buyers believe prices have bottomed and this may be the right time to buy before interest rates climb any higher. Our home price index reached its highest level since January 10, rising to 83 in June from 50 in May. Inventory levels ticked higher in June, as higher prices led more sellers to list their homes. Higher inventory may slow the rate of price appreciation, but should help improve traffic.
Buyer Traffic Index 50.0 75.0 64.3 50.0 50.0 50.0 0.0 Home Price Index 60.0 66.7 78.6 71.4 50.0 83.3 33.3 Incentive Index 75.0 50.0 28.6 41.7 25.0 75.0 50.0 Home Listings Index 50.0 41.7 28.6 71.4 50.0 16.7 (33.3) Time to Sell Index 62.5 60.0 78.6 64.3 50.0 50.0 0.0
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12

The news media says houses have hit bottom. Rising interest rates are driving traffic. Most clients are concerned that interest rates will go up. Real estate owned traffic and sales have slowed down.

120% 100% 80% 60% 40% 20% 0%
33%
34%
100% 67% 50%50% 33%

0% 0% 0% 0%
33%
Home Prices
Increased
Incentives
Time to Sell
Decreased
Remained the same

June 13 Slide 38
Tampa, FL Tight Inventory as Investors and Cash Offers Remain Apparent

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic slipped sequentially but remained at a healthy pace in June, as our traffic index came in at 66 vs. 77 in May (still above agents expectations). Agents highlighted that the tight inventory has driven prices higher, causing buyers to act before favorable conditions erode. Our home price index reached its highest level since July 05, rising to 96 in June from 79 in May. Inventory levels ticked lower, while it also took less time to sell a home in June. Both are positive leading indicators for home prices.
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

120
Jun-13
Home Price Index
100 80 60 40 20
0
Jul-11 May-12 Jul-12 May-13 Mar-12 Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Buyers believe rising interest rates indicate the market is getting stronger. Price increases are causing people to act and get off the fence. Supply is still tight out here. Investors have started flipping houses and seem to be controlling the supply of the market. Cash offers are very common.
6%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 93% 79% 60% 33% 21% 7% 0% 0% Incentives 7% Time to Sell Decreased
38%
80%
60% 40% 20% 0% Home Prices Increased
56%
More than expected
Meets expectations
Less than expected
Remained the same

June 13 Slide 39
Tucson, AZ Buying Frenzy as Home Prices and Mortgage Rates Rise

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic increased further in June, continuing to exceed agents expectations. The index reading improved to 71 in June from 63 in May. Agents credited rising home prices and rates along with low supply for creating increased buyer urgency as they fear being left behind. Home prices continue to increase, as our price index came in at 83 for June (from 69 in May). Prices will likely continue to improve, as agents pointed to a significant reduction in inventories and time needed to sell in June. We view these as positive indicators for future pricing.
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13

Buyers are starting to fear being left behind, and retirees now feel more secure in buying. The buying frenzy has caught fire, creating more buyer urgency. Buyers feel more optimistic. The climb in rates has pushed the hand of many buyers and they are starting to jump in, realizing that rates have nowhere to go but up.
8%
80% 60%
How Do the Recent 30 Days Compare to the Prior 30 Days... 75% 55% 27% 17% 25% 0% Incentives Time to Sell Decreased 75%
50% 42%
40%
20%
0%
18%
8%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Remained the same

June 13 Slide 40
Virginia Beach, VA More Buyers Are Coming Off the Fence, Fearing Lower Future Purchasing Power
(3,544 single-family building permits in 2012, 31st largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic continued to improve in June, as our traffic index increased to 75 from 63 in May. Agents noted that the increase in interest rates and fear of a potential move higher have created a sense of urgency among buyers, with the limited supply of listings intensifying concerns. Home prices continued to trend higher, as our home price index came in at 83 in June from 88 in May, still well above a neutral 50. The shorter time to sell and falling inventory will likely continue to drive home prices higher in the coming months.
Buyer Traffic Index 70.0 63.6 78.6 64.3 62.5 75.0 12.5 Home Price Index 40.0 54.5 85.7 78.6 87.5 83.3 (4.2) Incentive Index 40.0 45.5 57.1 64.3 33.3 50.0 16.7 Home Listings Index 80.0 68.2 64.3 71.4 62.5 75.0 12.5 Time to Sell Index 70.0 68.2 78.6 64.3 87.5 83.3 (4.2)
Feb-13
Feb-12
May-12
Mar-13
May-13
Mar-12
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Jun-13
Home Price Index
Feb-12
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Oct-12
Apr-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

More buyers are coming off of the sideline because of higher home prices and fears of even higher interest rates. Buyers are increasingly more optimistic that now is the right time buy. Inventory is really low which is intensifying buyer urgency. Interest rates are threatening to go even higher.
17%
100% 80%
100% 67%
33% 0% Home Prices 0% 0% 0% Time to Sell Decreased 33%
67%
16% 67%
60%
40% 20% 0% Incentives Increased Remained the same
More than expected
Meets expectations
Less than expected

June 13 Slide 41
Washington, D.C. Agents Note Frenzied Buyers as Interest Rate Rise but Inventory Remains Tight
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell in June, although it remained in-line with agents expectations. Our buyer traffic index came in at 52 in June from 62 in May. Agents noted a sense of urgency among buyers as interest rates increased and there are fears of further increases, but it is still difficult for many to find homes given the constrained inventory levels.
Feb-13
Mar-13
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-13
Jul-11
Apr-12
Jul-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Home prices continued to rise, as our home price index was little-changed at 86 in June vs. 88 in May
Inventory and time to sell trends remained positive; our home listings index came in at 56 and our time to sell index at 68.
Jun-11
Jan-12
Jun-12
Jan-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-13
Jul-11
Jul-12
Oct-12
Apr-12
Apr-13
Oct-11

Buyers have begun to panic over the Fed statement and an actual increase in interest rates. Inventory is still really low, driving better traffic for those homes for sale. Supply has remained low as the prices have increased but not to the point where many owners could break even by selling. Buyers are still trying to find homes as the available inventory shrinks. The increase in rates has motivated buyers as they fear they may go higher.
25%
29%
80%
60% 40%
76% 64% 32% 20% 4% Home Prices 56% 24% 20%
20%
5%
Incentives Time to Sell Decreased
0%
46%
Increased
Remained the same
June 13 Slide 42
Wilmington, NC Low Inventories Drive Traffic, but Buyers Waiting Patiently for Right Opportunities
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved and exceeded agents expectations in June, as our traffic index came in at 63 from 50 in May. Agents indicated that low inventories have worked to spark additional traffic, though buyers were also said to exhibit more patience given the lack of available listings. Agents suggested that prices continued to improve, as our home price index increased to 88 from 60 in May. Inventories fell in June, however the time to sell increased. The lower inventories are a positive for pricing, though the longer time to sell suggests the pace of appreciation could slow.
Buyer Traffic Index 75.0 70.0 58.3 83.3 50.0 62.5 12.5 Home Price Index 66.7 60.0 50.0 66.7 60.0 87.5 27.5 Incentive Index 50.0 50.0 40.0 50.0 50.0 37.5 (12.5) Home Listings Index 50.0 62.5 25.0 50.0 50.0 62.5 12.5 Time to Sell Index 50.0 40.0 50.0 75.0 60.0 25.0 (35.0)
Jul-11
Jul-12
May-12
Mar-13
Feb-13
May-13
Mar-12
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Jun-13
Home Price Index
Jul-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Oct-12
Apr-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Jun-13

Were short on inventory and this has worked to create some urgency for buyers. They want to make sure they buy something before it is too late. However, others are being increasingly patient because they want to find the right property, not just any property. Traffic has slowed down, but it might not be anything outside of typical seasonal moves. Buyers are taking a bit more time to make their decisions.
25%
75%
75%
50% 50%
50%
40% 20%
25% 0%
25% 0% Incentives 0% Time to Sell Decreased
25%
0% Home Prices Increased Remained the same
More than expected
Meets expectations
Less than expected

June 13 Slide 43
Appendix:
June 13 Slide 44
Historical Trends: Buyer Traffic Index

BUYER TRAFFIC INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Jun-11 33.3 27.3 5.6 46.9 30.0 23.1 20.8 11.5 33.3 21.9 28.6 38.9 52.8 23.1 29.4 36.7 42.5 19.4 42.4 35.5 26.9 11.1 13.9 7.5 45.7 24.0 30.0 33.3 39.5 40.9 15.4 25.0 43.8 33.3 8.3 21.7 34.4 16.7 28.0 50.0 28.8 Jul-11 33.3 25.0 45.0 34.6 30.0 19.2 24.2 20.0 25.0 45.0 26.9 40.0 42.9 36.5 33.3 41.7 32.7 28.1 37.5 33.3 8.3 15.3 27.8 17.6 50.0 26.2 22.2 66.7 28.1 16.7 11.5 42.0 33.3 25.0 30.0 30.4 45.5 50.0 35.4 37.5 31.9 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 26.5 16.1 24.1 38.5 41.3 59.5 23.9 44.7 15.0 33.3 35.0 58.7 37.5 0.0 33.3 28.6 62.5 50.0 18.8 35.0 32.1 23.1 50.0 34.6 16.7 0.0 12.5 0.0 0.0 37.5 21.9 6.7 25.0 46.4 45.8 60.0 21.1 26.3 27.4 17.6 41.2 58.6 14.3 0.0 16.7 11.1 25.0 46.7 25.0 27.8 20.0 22.7 50.0 55.0 23.1 22.2 27.8 19.4 30.0 45.2 22.2 37.0 38.5 41.7 46.3 50.0 35.7 33.3 19.4 21.4 38.2 36.7 40.0 36.1 46.2 46.9 45.8 43.3 19.0 50.0 32.4 41.3 36.1 50.0 21.4 25.0 50.0 29.2 33.3 38.5 38.5 22.7 25.0 37.5 16.7 45.8 33.3 47.9 44.1 42.9 52.5 50.0 33.3 12.5 25.0 23.4 35.2 50.0 37.1 28.4 38.5 44.2 40.0 60.8 23.6 29.7 26.6 21.1 31.4 50.0 16.7 28.6 25.0 37.5 31.8 62.5 17.4 12.5 8.8 19.4 24.4 38.1 23.5 32.1 34.6 18.4 41.7 29.2 21.4 25.0 21.1 15.2 30.6 42.5 39.2 37.9 40.0 27.9 50.0 53.4 21.1 14.3 25.0 36.8 36.8 50.0 13.6 0.0 31.3 60.0 50.0 62.5 75.0 33.3 25.0 66.7 50.0 75.0 25.0 5.0 35.0 39.3 38.9 64.3 12.5 18.8 14.3 38.9 37.5 62.5 18.8 10.7 15.0 14.3 29.5 30.8 38.6 25.0 37.5 39.7 26.5 54.3 27.8 18.2 22.2 50.0 46.2 70.0 22.2 36.8 33.3 16.7 35.3 38.2 42.9 33.3 25.0 0.0 0.0 37.5 22.0 32.6 25.0 31.0 53.1 43.5 26.9 32.1 43.3 30.8 35.0 27.3 50.0 40.0 30.0 80.0 50.0 61.1 27.3 24.0 25.9 29.2 31.7 48.2 0.0 30.0 62.5 60.0 30.0 60.0 26.9 24.8 29.0 32.5 37.1 49.8 Feb-12 Mar-12 Apr-12 May-12 Jun-12 72.5 54.5 55.6 54.5 51.9 77.5 71.9 67.9 76.2 73.7 58.3 70.0 45.0 35.7 62.5 70.0 85.7 80.8 60.0 67.6 42.9 50.0 66.7 25.0 50.0 82.1 55.0 61.5 46.4 39.3 57.9 75.7 60.7 59.4 45.5 45.0 88.9 81.3 64.3 78.6 50.0 50.0 60.0 61.1 64.3 50.0 63.3 66.7 56.3 42.9 50.0 69.2 69.6 73.9 63.0 50.0 46.2 56.3 69.2 57.7 76.3 52.9 37.5 46.2 40.9 67.5 61.8 62.5 52.5 61.5 37.5 57.7 53.8 72.7 52.6 50.0 55.0 66.7 54.5 69.2 57.9 63.2 80.0 65.4 70.5 53.7 60.0 61.5 60.3 75.0 56.8 60.2 61.1 56.9 67.2 62.5 72.2 68.2 64.5 66.7 66.7 72.7 75.0 62.5 61.5 54.2 62.0 40.2 40.8 41.3 63.3 45.5 53.1 53.1 58.3 58.3 59.1 40.9 44.8 34.6 73.6 84.4 78.1 73.6 68.8 75.0 61.1 55.9 60.0 65.0 57.1 33.3 50.0 42.9 60.0 83.3 66.7 100.0 50.0 60.0 100.0 68.2 72.7 88.9 62.5 62.5 72.2 65.0 64.3 65.0 56.3 50.0 66.7 63.9 65.2 73.9 84.8 84.1 68.0 67.7 72.2 77.3 70.8 66.7 47.4 69.0 80.0 61.1 80.0 57.5 40.0 25.0 40.0 33.3 21.4 60.0 75.0 57.9 67.5 60.3 61.1 33.3 60.0 71.4 62.5 71.4 60.0 61.1 50.0 75.0 66.7 75.0 68.3 68.0 55.6 60.0 70.0 75.0 62.5 58.3 62.3 63.0 63.5 59.2 58.7 Jul-12 47.4 66.7 58.3 46.9 8.3 44.4 40.5 35.7 45.8 44.4 56.3 63.2 25.0 53.3 57.5 37.5 60.7 55.4 53.8 57.1 31.3 40.7 52.3 52.1 54.4 65.8 50.0 60.0 64.3 45.0 68.4 67.4 58.3 53.8 50.0 38.9 57.1 40.0 51.8 80.0 51.0 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 65.4 53.6 60.9 50.0 53.3 45.5 67.6 68.8 61.1 42.3 53.1 57.1 75.0 12.5 28.6 28.6 38.9 33.3 60.7 53.6 42.3 53.3 50.0 61.1 50.0 50.0 50.0 50.0 50.0 25.0 38.9 36.4 26.9 59.1 50.0 75.0 51.7 44.9 42.4 41.1 46.4 60.6 33.3 35.7 25.0 66.7 59.1 71.4 29.2 55.6 61.1 45.5 50.0 50.0 50.0 54.2 63.6 59.1 58.3 56.3 60.0 56.8 53.3 63.5 56.8 69.6 46.2 50.0 35.3 32.1 37.5 40.0 40.9 25.0 46.4 62.5 28.6 47.4 47.2 56.3 42.1 40.0 50.0 61.9 62.5 61.5 55.6 58.8 66.7 70.8 25.0 59.1 50.0 64.3 56.3 75.0 47.5 43.8 55.9 36.7 63.3 61.9 59.6 65.4 64.7 62.5 68.0 66.7 46.6 60.8 48.7 50.0 55.3 60.3 73.8 61.3 59.1 46.9 39.5 57.4 25.0 35.7 18.8 50.0 61.1 61.1 29.1 26.7 34.3 15.1 32.6 45.8 46.4 47.5 36.8 42.3 35.7 34.6 40.9 50.0 38.0 33.3 54.5 63.9 63.0 53.2 43.2 48.0 39.6 42.6 62.5 53.8 55.3 50.0 54.2 57.5 58.3 37.5 33.3 35.7 40.0 42.9 33.3 42.9 57.1 57.1 50.0 87.5 58.3 67.9 67.9 77.3 73.3 64.3 85.7 35.0 37.5 33.3 43.8 81.8 57.9 50.0 53.6 65.0 60.0 68.2 75.0 73.8 76.1 67.9 70.0 80.4 60.0 41.7 41.7 43.8 62.5 50.0 65.4 65.6 68.2 52.3 73.5 69.4 50.0 50.0 41.7 27.8 43.8 50.0 50.0 51.8 42.5 40.0 39.5 53.3 40.9 61.1 50.0 50.0 55.0 50.0 42.9 58.3 60.0 57.1 37.5 70.0 50.0 46.7 52.2 50.0 48.2 63.8 66.7 50.0 25.0 50.0 75.0 75.0 52.3 50.1 47.7 49.0 52.0 59.0 Feb-13 Mar-13 Apr-13 May-13 Jun-13 73.1 63.6 53.6 53.1 42.9 76.7 76.7 81.8 80.8 63.3 66.7 61.1 25.0 38.9 30.0 73.3 80.8 75.0 66.7 67.9 25.0 57.1 33.3 64.3 50.0 86.4 90.9 65.4 66.7 60.0 68.3 63.5 59.6 68.3 64.0 70.0 66.7 50.0 50.0 33.3 57.1 40.0 68.8 50.0 70.0 70.8 91.7 80.0 65.0 70.0 73.9 70.8 75.0 68.8 63.2 58.3 67.5 57.1 53.8 47.5 50.0 37.5 53.3 58.3 60.0 77.8 62.5 91.7 77.8 71.4 63.6 71.1 65.0 63.2 75.0 68.8 66.7 68.8 71.4 55.0 60.9 65.2 75.0 65.9 61.1 59.3 66.7 66.7 76.5 63.0 57.6 69.7 66.7 75.8 64.3 64.3 52.9 60.0 73.1 55.3 83.3 75.0 80.8 72.7 68.2 57.5 62.3 51.0 60.4 46.7 47.1 52.9 34.4 61.8 45.0 63.0 57.1 61.1 56.8 61.5 53.9 50.0 58.3 55.8 65.2 63.2 75.0 68.2 60.7 63.3 50.0 57.1 56.3 57.1 70.0 87.5 75.0 75.0 58.3 58.3 76.9 78.6 80.8 66.7 66.7 72.2 75.0 55.0 78.6 63.6 71.1 81.8 72.2 61.1 76.3 80.4 81.3 82.6 68.8 61.5 50.0 55.0 70.0 66.7 62.5 66.7 65.0 61.1 60.0 67.6 75.0 64.3 50.0 50.0 50.0 66.7 52.4 63.9 76.9 65.6 36.4 65.0 70.0 62.5 70.8 63.6 78.6 64.3 62.5 75.0 69.0 63.0 64.6 61.7 52.1 70.0 58.3 83.3 50.0 62.5 65.1 66.1 64.4 63.4 60.5

June 13 Slide 45
Historical Trends: Hom e Price Index

HOME PRICE INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Jun-11 31.7 43.5 22.2 43.3 20.0 11.5 12.5 23.1 22.2 36.7 28.6 38.2 71.9 32.7 35.3 42.9 32.5 22.2 32.6 22.6 26.9 18.3 18.4 19.0 38.6 18.0 30.0 10.0 23.7 27.3 26.9 22.9 62.5 27.1 20.0 34.8 26.7 41.7 56.0 12.5 29.7 Jul-11 28.8 32.5 22.2 26.9 35.0 20.8 15.6 20.0 22.2 50.0 36.5 39.3 46.4 36.0 29.2 25.0 28.0 30.6 40.6 23.6 25.0 25.0 41.7 17.6 51.4 21.4 16.7 16.7 21.9 33.3 33.3 32.0 37.5 29.4 40.0 45.5 27.3 8.3 42.0 0.0 29.4 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 26.5 31.7 25.9 23.1 19.6 22.7 30.4 42.5 30.0 26.3 47.4 56.5 25.0 31.3 33.3 28.6 12.5 41.7 25.0 20.0 31.3 26.9 28.6 20.8 16.7 25.0 25.0 0.0 0.0 25.0 16.7 18.8 25.0 21.4 33.3 33.3 9.5 15.8 12.9 19.7 20.6 23.5 14.3 0.0 16.7 22.2 35.7 30.0 25.0 27.8 20.0 29.2 33.3 30.0 34.6 22.2 38.9 33.3 27.3 33.3 42.3 33.3 34.0 36.4 41.7 48.1 34.6 27.8 39.5 42.9 44.1 31.3 60.7 55.9 46.4 62.5 66.7 80.0 42.5 36.8 41.2 37.0 47.2 46.2 32.1 35.7 19.2 25.0 37.5 37.5 23.1 31.8 22.2 25.0 31.3 37.5 19.4 18.8 23.5 26.2 35.0 34.2 27.9 25.0 21.2 28.1 37.5 30.0 50.0 44.6 47.6 53.4 54.3 53.9 22.9 22.4 15.6 16.2 19.4 25.6 20.8 42.9 25.0 25.0 36.4 50.0 16.7 21.9 15.0 18.5 14.0 27.0 37.5 46.2 42.3 47.2 47.1 45.8 21.4 23.7 18.4 21.7 18.2 35.7 40.5 40.0 50.0 48.5 56.3 64.8 17.5 19.0 19.4 26.3 34.2 34.1 22.7 35.7 31.3 40.0 33.3 37.5 0.0 0.0 33.3 33.3 0.0 25.0 23.1 20.0 25.0 32.1 33.3 46.4 37.5 37.5 35.7 38.9 25.0 50.0 14.3 25.0 25.0 21.4 25.0 28.8 29.5 23.5 23.7 40.7 29.4 45.8 50.0 40.9 50.0 50.0 53.8 60.0 20.7 26.3 34.8 13.2 14.7 14.7 28.6 33.3 25.0 40.0 0.0 37.5 26.0 35.7 28.8 32.8 44.1 45.7 23.1 15.4 23.3 33.3 35.0 22.7 25.0 0.0 10.0 30.0 10.0 27.8 35.7 38.9 36.2 39.6 32.8 33.9 0.0 20.0 25.0 10.0 10.0 30.0 26.7 27.8 28.7 30.7 30.6 37.6 Feb-12 Mar-12 Apr-12 May-12 Jun-12 40.5 34.1 47.4 50.0 48.1 60.0 43.8 63.3 75.0 81.6 33.3 37.5 45.0 42.9 66.7 42.9 50.0 58.3 63.3 64.7 7.1 16.7 62.5 25.0 50.0 38.5 30.0 42.3 46.4 60.7 34.6 36.1 32.8 34.4 39.7 35.0 50.0 50.0 58.3 57.1 35.7 42.9 50.0 62.5 57.1 46.4 53.6 72.2 66.7 64.3 47.8 67.3 76.1 78.3 73.2 41.7 46.4 65.6 80.8 84.6 78.9 88.2 86.7 83.3 77.3 47.7 50.0 68.8 50.0 71.4 38.2 45.8 46.2 77.3 83.3 16.7 45.5 33.3 68.2 50.0 23.7 60.5 78.6 82.7 81.8 38.8 51.4 57.7 64.7 66.0 59.2 68.2 72.4 74.3 84.8 35.7 44.6 57.6 64.7 73.5 33.3 54.5 58.3 56.3 57.7 30.2 39.6 34.1 30.0 40.2 53.3 60.0 68.8 76.7 72.2 38.9 40.9 36.4 32.1 25.0 71.4 83.9 96.9 95.7 88.5 39.3 47.2 52.8 67.9 76.3 42.9 83.3 66.7 50.0 20.0 16.7 16.7 50.0 33.3 50.0 50.0 45.5 68.2 90.0 95.5 31.3 27.8 55.0 64.3 50.0 47.8 41.7 57.1 76.5 75.0 63.0 65.2 73.9 88.5 83.9 61.1 81.8 75.0 81.8 77.8 38.6 52.5 57.9 70.0 77.5 37.5 62.5 30.0 33.3 35.7 47.5 55.6 47.2 71.4 55.2 50.0 62.5 60.0 67.9 73.1 14.3 20.0 33.3 50.0 50.0 61.4 65.2 73.3 75.0 63.9 10.0 40.0 12.5 37.5 25.0 41.0 50.2 56.9 62.4 63.2 Jul-12 55.3 79.4 41.7 56.3 33.3 50.0 42.1 35.7 50.0 66.7 86.4 84.2 63.9 73.3 75.0 50.0 92.3 80.3 85.5 62.1 62.5 35.0 83.3 35.4 81.8 81.6 55.6 40.0 96.7 60.0 81.6 91.3 54.2 67.9 60.0 55.9 71.4 60.0 59.3 25.0 63.0 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 65.4 65.4 58.3 52.9 55.6 36.4 76.5 81.3 75.0 70.8 78.1 82.1 50.0 50.0 50.0 64.3 50.0 55.6 70.0 67.9 50.0 56.3 70.0 80.6 70.0 70.0 66.7 60.0 70.0 75.0 55.6 63.6 73.1 72.7 72.2 85.0 39.7 37.8 46.9 42.6 44.6 62.0 33.3 57.1 60.0 66.7 54.5 57.1 58.3 55.6 62.5 63.6 54.5 75.0 73.1 66.7 65.4 63.6 54.2 81.3 80.0 78.3 82.8 68.5 65.9 82.1 88.5 75.0 72.2 64.3 79.2 66.7 75.0 75.0 75.0 87.5 85.7 85.0 80.6 71.9 69.4 76.7 79.4 83.3 87.5 82.1 88.9 84.4 78.1 83.3 50.0 63.6 65.0 64.3 75.0 75.0 84.2 93.8 91.7 83.3 93.3 97.6 83.3 92.0 86.8 88.9 88.0 83.9 73.3 88.9 85.0 86.2 88.2 92.6 76.2 72.6 77.9 63.2 78.6 83.3 56.3 71.4 50.0 64.3 50.0 77.8 40.2 40.9 37.0 39.8 41.5 47.9 82.1 85.0 73.7 75.0 80.0 73.1 43.2 37.5 46.0 38.1 47.7 47.2 87.0 85.5 86.4 82.0 78.3 75.9 71.9 61.5 77.8 67.9 75.0 82.5 100.0 56.3 66.7 57.1 60.0 50.0 33.3 50.0 50.0 57.1 33.3 75.0 86.4 92.9 96.4 100.0 100.0 92.3 57.1 60.0 68.8 58.3 62.5 77.3 65.8 62.5 85.7 75.0 76.7 90.9 95.2 95.2 91.3 89.3 89.5 96.3 55.6 83.3 72.7 64.3 85.7 92.9 80.8 72.2 86.4 69.0 86.7 83.3 57.1 58.3 50.0 38.9 56.3 60.0 77.1 76.8 80.0 67.5 73.5 83.3 66.7 83.3 65.0 65.0 75.0 71.4 64.3 58.3 30.0 57.1 50.0 40.0 58.6 68.3 65.2 66.7 70.7 78.9 60.0 41.7 50.0 42.9 25.0 66.7 67.7 68.7 68.3 66.4 68.3 74.6 Feb-13 Mar-13 Apr-13 May-13 Jun-13 84.6 83.3 82.1 93.3 80.0 93.3 96.7 95.8 100.0 85.7 58.3 80.0 100.0 83.3 100.0 86.7 88.5 91.7 91.7 92.9 66.7 85.7 66.7 85.7 91.7 81.8 100.0 83.3 87.5 90.0 60.9 76.4 70.0 81.3 80.0 60.0 58.3 81.3 78.6 58.3 68.8 60.0 78.6 83.3 100.0 79.2 83.3 96.7 90.0 86.7 87.5 89.6 93.8 85.7 86.8 86.1 85.0 89.3 87.5 90.0 75.0 77.3 78.6 75.0 83.3 81.6 79.2 86.8 97.2 92.3 81.8 89.5 90.0 97.4 100.0 87.5 91.7 87.5 71.4 75.0 97.8 97.9 100.0 97.6 100.0 94.4 98.0 96.6 97.1 95.7 88.2 92.1 92.4 93.9 86.1 87.9 80.6 92.9 88.5 92.1 83.3 70.8 73.1 81.8 81.8 59.6 68.6 66.3 69.8 64.8 73.5 82.4 81.3 91.2 95.5 54.3 67.9 63.9 65.9 69.2 87.8 87.1 93.2 92.3 95.7 81.6 85.7 86.4 86.7 90.0 60.0 78.6 81.3 78.6 90.0 62.5 83.3 83.3 83.3 66.7 100.0 100.0 88.5 100.0 100.0 94.4 83.3 80.0 81.3 81.8 94.7 97.6 94.4 91.7 89.5 98.2 100.0 100.0 95.5 90.4 92.9 88.9 80.0 90.0 92.9 88.1 90.0 87.5 91.7 96.9 66.7 78.6 71.4 50.0 83.3 75.0 88.1 88.2 79.2 96.7 81.8 85.0 80.0 68.8 83.3 54.5 85.7 78.6 87.5 83.3 92.9 84.1 95.8 85.0 86.0 60.0 50.0 66.7 60.0 87.5 79.3 83.7 84.8 84.9 87.3

June 13 Slide 46
Historical Trends: Incentive Index

INCENTIVE INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Jun-11 32.8 34.1 27.8 50.0 40.0 45.8 47.0 29.2 50.0 50.0 30.8 43.3 43.3 32.0 44.1 30.8 28.9 38.3 40.2 35.5 38.5 44.4 47.2 27.8 31.3 46.0 30.0 35.0 36.8 27.3 36.4 35.7 21.4 40.5 62.5 28.3 46.7 50.0 38.6 50.0 38.7 Jul-11 32.7 31.6 37.5 53.8 38.9 45.8 45.0 30.0 35.0 66.7 44.0 37.5 50.0 34.0 50.0 27.3 34.0 29.6 46.3 38.2 41.7 35.9 50.0 43.8 34.3 38.1 33.3 33.3 31.3 37.5 45.0 50.0 33.3 36.7 37.5 32.6 40.9 25.0 43.2 37.5 39.2 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 38.2 26.8 31.0 41.7 37.0 33.3 37.0 25.0 45.0 20.0 30.6 40.9 25.0 37.5 33.3 41.7 12.5 40.0 36.7 50.0 46.4 45.5 42.9 50.0 50.0 37.5 37.5 50.0 50.0 50.0 50.0 37.5 50.0 42.9 37.5 26.7 43.8 51.6 40.4 41.2 43.5 50.0 14.3 16.7 33.3 38.9 35.7 40.0 31.3 25.0 12.5 27.3 25.0 40.0 37.5 35.3 37.5 34.4 50.0 23.8 42.0 37.5 37.5 50.0 43.5 48.0 36.4 50.0 50.0 44.7 43.3 42.9 42.9 33.3 37.5 40.6 37.5 46.7 33.3 38.2 37.5 34.1 27.8 35.4 50.0 50.0 29.2 37.5 33.3 45.0 30.8 36.4 16.7 40.9 43.8 25.0 35.3 32.6 28.1 31.0 39.5 36.8 37.5 40.6 40.0 50.0 46.0 40.6 41.2 48.5 41.0 41.3 45.6 50.0 47.0 38.9 39.1 30.6 30.0 39.0 50.0 41.7 45.8 37.5 45.5 37.5 40.0 40.4 40.5 41.5 40.2 46.4 43.8 38.5 26.9 30.6 25.0 41.7 52.9 34.4 43.8 38.1 39.5 35.3 42.4 44.8 43.8 46.9 43.1 44.0 47.5 47.6 44.4 50.0 50.0 45.5 27.3 35.7 50.0 30.0 16.7 50.0 0.0 50.0 50.0 33.3 50.0 50.0 54.2 37.5 45.0 30.8 43.8 45.8 31.3 43.8 28.6 44.4 41.7 56.3 40.9 34.6 44.4 41.2 36.4 30.4 44.1 41.7 40.0 38.1 46.4 50.0 25.0 40.9 38.9 40.9 45.5 44.4 47.9 38.9 36.1 33.3 32.1 34.4 25.0 0.0 25.0 50.0 25.0 37.5 36.5 25.0 42.0 42.9 50.0 47.8 34.6 37.5 43.3 37.5 50.0 45.5 37.5 30.0 30.0 20.0 30.0 38.9 37.5 39.6 32.7 28.3 32.7 35.7 25.0 60.0 62.5 60.0 50.0 40.0 37.6 37.8 38.4 39.0 38.7 41.5 Feb-12 Mar-12 Apr-12 May-12 Jun-12 42.5 38.1 39.5 40.5 30.4 45.0 43.3 56.7 47.5 52.6 33.3 30.0 40.0 35.7 16.7 54.2 42.9 55.0 67.9 60.7 33.3 66.7 50.0 50.0 25.0 42.9 40.0 41.7 50.0 50.0 37.1 53.6 40.4 38.7 43.5 50.0 61.1 50.0 50.0 58.3 42.9 35.7 40.0 25.0 41.7 30.8 42.3 43.8 44.4 64.3 54.5 51.9 52.3 43.2 39.6 50.0 57.7 67.9 54.2 58.3 42.1 50.0 50.0 41.7 45.0 38.1 50.0 43.8 47.4 50.0 43.8 27.3 33.3 45.0 39.5 27.8 35.0 50.0 40.9 46.2 36.1 44.7 52.4 44.2 59.1 47.0 33.9 45.8 43.1 52.4 47.1 50.0 44.1 52.8 54.7 39.1 40.0 53.1 51.6 43.3 27.3 50.0 45.8 50.0 53.8 48.0 45.9 42.1 48.9 51.2 33.3 40.9 43.8 40.6 50.0 46.7 47.2 41.7 52.3 47.7 48.5 53.7 53.2 54.7 50.0 50.0 40.0 53.1 50.0 52.8 50.0 83.3 100.0 50.0 40.0 50.0 33.3 33.3 33.3 50.0 35.7 33.3 35.0 56.3 65.0 35.7 37.5 40.0 42.9 40.0 40.9 46.9 44.4 43.8 52.6 50.0 47.6 47.2 52.5 53.7 43.8 50.0 40.9 44.4 56.7 45.5 37.5 55.9 55.6 58.8 50.0 33.3 20.0 66.7 33.3 52.5 40.6 33.3 42.1 46.3 44.4 37.5 33.3 57.1 54.2 50.0 30.0 38.9 50.0 25.0 38.1 47.5 37.9 43.2 44.1 60.0 30.0 37.5 50.0 50.0 43.4 44.0 45.7 47.4 47.7 Jul-12 50.0 52.9 50.0 63.3 40.0 55.6 50.0 57.1 58.3 44.4 42.5 55.9 32.4 50.0 61.1 43.8 46.2 56.5 56.9 46.6 50.0 44.0 45.5 50.0 47.7 42.1 62.5 60.0 54.2 38.9 53.6 58.8 50.0 55.0 40.0 50.0 64.3 40.0 48.1 50.0 50.4 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 34.6 34.6 28.3 41.2 43.8 45.5 44.1 53.1 38.2 34.6 53.1 57.1 50.0 28.6 33.3 41.7 33.3 62.5 54.2 53.6 53.8 57.7 60.5 52.8 50.0 50.0 50.0 50.0 40.0 50.0 33.3 40.9 53.8 40.9 44.4 54.5 47.9 44.6 39.7 47.9 50.0 50.0 50.0 58.3 50.0 50.0 55.0 42.9 45.8 33.3 43.8 36.4 35.0 50.0 41.7 45.8 53.8 40.0 45.0 50.0 55.3 50.0 52.0 43.5 50.0 51.9 58.3 57.1 55.9 54.2 40.9 60.7 36.4 40.0 53.8 45.8 50.0 40.0 52.8 43.3 50.0 42.3 44.1 45.2 31.3 42.9 50.0 46.7 60.0 45.5 33.3 36.4 50.0 35.7 31.3 35.7 63.2 50.0 52.9 46.7 56.7 57.1 52.0 50.0 44.8 56.3 57.1 59.5 51.2 56.9 50.0 50.0 45.9 50.0 55.3 48.3 37.9 46.9 55.3 48.6 62.5 42.9 56.3 42.9 55.6 68.8 51.0 53.8 45.7 52.6 54.9 53.8 57.7 44.7 42.1 57.1 40.0 53.8 47.6 46.0 52.3 47.5 57.9 70.0 60.0 48.3 52.5 45.7 41.7 50.0 50.0 41.7 47.2 46.4 45.8 47.5 50.0 35.7 66.7 50.0 37.5 58.3 33.3 40.0 25.0 25.0 50.0 62.5 56.3 54.2 50.0 61.1 50.0 54.5 50.0 37.5 42.9 41.7 62.5 40.9 47.1 54.5 53.8 56.3 60.7 60.0 58.3 61.5 57.5 58.3 65.6 58.3 50.0 41.7 40.9 41.7 57.1 42.9 45.5 53.1 47.4 55.3 63.3 55.9 30.0 33.3 33.3 25.0 43.8 75.0 55.3 41.3 44.1 44.7 46.7 53.3 59.1 61.1 70.0 65.0 50.0 46.4 57.1 41.7 50.0 50.0 50.0 40.0 46.0 50.0 43.2 42.6 50.0 45.8 50.0 50.0 66.7 50.0 62.5 50.0 48.9 46.3 48.2 46.7 49.9 52.4 Feb-13 Mar-13 Apr-13 May-13 Jun-13 42.9 50.0 46.4 43.3 35.7 66.7 63.3 69.2 63.6 65.4 50.0 55.6 50.0 43.8 60.0 53.6 65.4 60.0 59.1 53.6 50.0 50.0 50.0 50.0 58.3 45.5 63.6 46.2 66.7 70.0 57.4 51.6 41.7 50.0 45.2 50.0 58.3 50.0 57.1 50.0 42.9 40.0 50.0 41.7 40.0 50.0 54.5 67.9 66.7 53.3 52.2 54.5 65.0 60.9 44.1 55.6 55.3 57.7 45.5 50.0 38.9 45.5 42.9 41.7 43.3 50.0 45.8 47.4 62.5 66.7 59.1 41.7 50.0 61.1 45.8 43.8 58.3 37.5 50.0 45.0 65.9 66.7 57.5 73.8 61.8 48.0 52.3 63.5 65.0 53.1 48.5 54.5 40.0 51.6 48.6 42.3 47.2 42.9 41.7 52.8 50.0 70.8 65.4 68.2 70.0 45.5 48.9 51.1 57.1 59.0 47.1 38.2 50.0 58.8 50.0 50.0 50.0 50.0 50.0 54.2 56.1 48.3 60.0 44.0 50.0 50.0 57.1 50.0 56.7 53.3 50.0 50.0 57.1 57.1 50.0 50.0 66.7 50.0 58.3 41.7 77.3 66.7 54.2 59.1 75.0 43.8 33.3 40.0 43.8 45.5 64.7 65.0 59.4 56.7 67.6 64.6 62.5 67.6 61.5 67.5 50.0 50.0 60.0 50.0 64.3 65.8 65.8 59.4 68.8 62.5 50.0 28.6 41.7 25.0 75.0 50.0 50.0 52.9 54.5 39.3 31.8 38.9 44.4 56.3 45.5 45.5 57.1 64.3 33.3 50.0 55.0 57.1 54.3 57.1 63.6 50.0 40.0 50.0 50.0 37.5 51.5 53.0 52.9 54.1 54.1

June 13 Slide 47
Historical Trends: Hom e Listings Index

HOME LISTINGS INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Jun-11 38.3 37.0 44.4 16.7 50.0 42.3 23.6 29.2 33.3 40.0 42.6 56.3 86.7 20.0 47.1 53.8 50.0 39.7 68.5 56.5 31.8 21.7 78.9 21.4 75.7 60.0 30.0 30.0 63.2 36.4 33.3 34.8 100.0 41.3 30.0 58.7 65.6 50.0 44.0 50.0 45.8 Jul-11 34.6 47.5 66.7 30.8 61.1 45.8 28.8 20.0 44.4 40.0 63.5 50.0 78.6 42.0 54.2 58.3 50.0 41.7 75.8 62.9 33.3 25.5 83.3 20.6 81.6 73.8 55.6 16.7 50.0 27.8 33.3 54.0 95.8 55.9 50.0 67.4 81.8 58.3 52.0 25.0 51.0 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 58.8 60.7 63.8 61.5 67.4 70.5 47.8 55.0 60.0 70.0 81.6 61.4 62.5 68.8 66.7 57.1 87.5 66.7 25.0 35.0 56.3 57.7 71.4 38.5 50.0 37.5 37.5 50.0 50.0 62.5 50.0 59.4 90.0 67.9 91.7 50.0 35.1 42.9 53.2 47.2 59.1 77.3 42.9 41.7 50.0 44.4 64.3 53.3 81.3 50.0 60.0 58.3 66.7 50.0 38.5 44.4 61.1 63.9 65.0 47.6 78.8 70.4 81.3 81.3 83.3 81.5 57.7 63.9 57.9 71.4 64.7 56.3 67.9 75.0 61.5 59.4 70.8 76.7 50.0 57.9 52.9 67.4 63.9 61.5 53.6 57.1 65.4 50.0 54.2 53.8 50.0 50.0 55.0 62.5 56.3 70.8 55.6 54.2 58.8 71.4 60.0 80.0 45.6 50.0 59.3 46.8 51.8 55.7 66.2 63.5 73.2 72.0 70.0 65.8 72.9 85.5 84.8 82.9 86.1 88.4 33.3 50.0 50.0 54.2 59.1 31.3 31.8 33.3 23.8 35.6 52.4 50.0 84.4 73.1 84.6 66.7 61.8 75.0 40.5 33.3 50.0 70.5 59.1 60.0 78.4 76.7 75.7 73.5 76.6 79.5 65.0 73.8 72.2 76.3 73.7 63.6 50.0 50.0 62.5 60.0 66.7 93.8 25.0 16.7 50.0 50.0 66.7 87.5 75.0 70.0 60.0 67.9 66.7 64.3 43.8 25.0 14.3 38.9 50.0 43.8 42.9 39.3 50.0 50.0 65.9 48.0 50.0 38.2 63.2 79.6 79.4 62.5 94.4 81.8 88.9 63.6 61.5 50.0 46.6 60.5 64.6 63.2 71.9 55.9 42.9 50.0 50.0 70.0 75.0 25.0 65.4 65.0 71.2 70.7 79.4 80.4 73.1 53.8 66.7 36.4 80.0 63.6 25.0 50.0 60.0 60.0 70.0 62.5 54.5 53.8 51.8 66.7 75.9 63.0 0.0 30.0 37.5 50.0 62.5 80.0 52.8 53.7 59.9 61.2 68.0 62.7 Feb-12 Mar-12 Apr-12 May-12 Jun-12 69.0 63.6 68.4 84.1 63.5 67.5 46.9 60.7 57.1 76.3 50.0 30.0 80.0 78.6 83.3 42.3 35.7 37.5 43.3 61.8 57.1 66.7 50.0 25.0 62.5 71.4 70.0 50.0 69.2 67.9 40.8 31.9 56.9 51.6 52.9 70.0 55.6 75.0 57.1 57.1 71.4 57.1 40.0 50.0 57.1 64.3 57.1 66.7 50.0 64.3 83.3 75.0 67.4 56.5 60.7 63.9 64.3 71.9 69.2 80.8 75.0 82.4 78.1 88.5 86.4 56.8 53.1 65.6 50.0 67.9 79.4 76.9 80.8 90.9 78.9 77.8 54.5 83.3 72.7 73.1 84.2 86.8 88.1 88.5 90.5 50.0 52.9 55.8 67.6 74.0 72.4 81.0 85.1 81.1 79.7 85.7 79.7 80.3 84.8 85.3 50.0 50.0 45.8 50.0 65.4 43.0 34.3 30.5 37.0 48.9 80.0 63.6 87.5 84.4 88.9 39.5 42.1 36.4 50.0 52.0 78.6 83.9 93.8 87.5 80.8 46.4 94.4 88.9 85.7 71.1 42.9 66.7 33.3 50.0 40.0 75.0 83.3 50.0 50.0 50.0 81.3 95.8 90.9 95.0 100.0 56.3 38.9 45.0 42.9 45.0 52.1 66.7 88.1 75.0 79.5 88.6 80.4 91.3 74.0 69.4 83.3 95.5 91.7 81.8 94.4 70.5 78.9 92.1 87.5 67.5 25.0 37.5 50.0 33.3 50.0 75.0 70.6 81.6 73.8 74.1 77.8 70.8 76.7 92.9 91.7 64.3 70.0 72.2 75.0 50.0 43.2 32.6 50.0 60.0 66.7 40.0 40.0 50.0 62.5 33.3 63.6 62.9 67.2 66.6 68.6 Jul-12 68.4 66.7 83.3 71.9 66.7 72.2 67.1 78.6 62.5 44.4 76.1 76.3 72.2 86.7 92.1 68.8 84.6 84.2 82.9 77.6 56.3 43.3 88.6 52.2 76.7 78.9 55.6 70.0 83.3 50.0 77.8 71.7 69.2 88.5 70.0 67.6 78.6 70.0 63.5 87.5 72.1 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 88.5 73.1 77.1 73.5 75.0 90.9 67.6 68.8 83.3 76.9 71.9 64.3 87.5 87.5 85.7 92.9 83.3 87.5 70.0 60.7 50.0 75.0 84.2 76.3 50.0 50.0 66.7 60.0 41.7 25.0 81.3 81.8 92.3 81.8 83.3 86.4 72.4 69.5 62.5 78.6 81.5 78.0 61.1 71.4 75.0 75.0 81.8 92.9 75.0 88.9 75.0 90.9 72.7 66.7 53.8 62.5 88.5 50.0 72.7 75.0 68.4 63.0 77.6 70.4 93.2 76.8 73.1 80.0 77.8 82.1 79.2 86.7 72.7 68.2 60.7 70.8 71.4 72.5 73.5 68.8 80.0 75.0 82.4 76.2 87.5 78.6 83.3 86.7 90.6 95.8 72.2 72.7 80.0 85.7 62.5 75.0 77.5 76.7 66.7 60.0 66.7 78.6 74.1 85.4 88.7 76.8 93.5 86.2 81.8 87.5 82.1 85.0 85.9 80.0 90.5 79.0 88.2 86.4 88.1 84.7 81.3 50.0 56.3 64.3 66.7 66.7 48.2 57.0 57.4 69.8 70.2 69.8 89.3 70.0 81.6 75.0 86.7 73.1 76.2 61.1 64.0 68.4 77.3 86.1 67.4 53.2 33.3 48.0 39.6 46.3 75.0 84.6 72.2 85.7 83.3 82.5 100.0 50.0 83.3 71.4 60.0 71.4 66.7 71.4 64.3 78.6 50.0 87.5 81.8 85.7 92.9 86.4 70.0 84.6 71.4 70.0 87.5 66.7 75.0 68.2 94.7 84.6 92.3 90.0 83.3 81.8 76.3 67.5 82.6 82.1 97.2 78.8 94.4 91.7 68.2 71.4 78.6 92.9 76.9 82.4 81.8 85.0 93.3 73.5 35.7 33.3 41.7 66.7 62.5 50.0 97.9 78.6 82.5 72.5 87.5 63.3 81.8 83.3 85.0 65.0 55.0 53.6 71.4 83.3 70.0 71.4 75.0 80.0 75.9 71.7 58.7 73.3 79.3 73.1 60.0 50.0 50.0 35.7 75.0 50.0 75.0 71.3 73.7 74.0 75.7 74.7 Feb-13 Mar-13 Apr-13 May-13 Jun-13 92.9 75.0 57.1 65.6 56.7 85.7 63.3 76.9 75.0 60.7 91.7 75.0 100.0 66.7 50.0 73.3 60.7 79.2 70.8 67.9 50.0 57.1 66.7 64.3 66.7 72.7 72.7 46.2 62.5 65.0 64.1 77.8 61.5 68.8 76.0 60.0 83.3 81.3 57.1 66.7 68.8 80.0 78.6 41.7 40.0 75.0 70.8 78.6 65.0 56.7 84.8 69.6 77.1 56.5 28.9 75.0 72.5 78.6 83.3 60.0 83.3 72.7 82.1 79.2 86.7 78.9 92.3 78.9 91.2 88.5 85.0 76.3 90.0 84.2 87.5 87.5 83.3 81.3 71.4 50.0 75.0 77.1 92.5 64.3 63.9 75.0 80.0 70.7 65.3 71.4 89.7 87.8 87.9 72.6 65.3 89.3 69.4 78.6 83.3 60.5 70.8 91.7 53.8 72.7 72.7 64.4 68.9 64.4 65.1 52.2 82.4 67.6 84.4 79.4 63.6 77.3 73.1 52.9 67.5 65.4 47.3 67.7 71.7 61.5 67.4 63.2 71.4 81.8 60.0 56.7 50.0 64.3 68.8 71.4 90.0 62.5 75.0 75.0 33.3 41.7 84.6 85.7 76.9 77.3 33.3 50.0 58.3 50.0 50.0 40.9 89.5 84.1 69.4 58.3 52.6 81.5 72.9 63.0 43.5 38.5 64.3 83.3 80.0 100.0 78.6 85.7 85.0 78.1 88.9 86.7 41.7 28.6 71.4 50.0 16.7 77.8 71.4 88.2 83.3 70.0 54.5 65.0 70.0 68.8 83.3 68.2 64.3 71.4 62.5 75.0 72.7 65.9 82.0 53.3 56.0 62.5 25.0 50.0 50.0 62.5 72.7 71.7 73.7 67.1 61.8

June 13 Slide 48
Historical Trends: Tim e to Sell Index

TIME TO SELL INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Jun-11 33.3 34.8 16.7 30.0 30.0 23.1 25.0 19.2 27.8 34.4 32.7 52.9 73.3 14.0 29.4 35.7 40.0 26.5 54.5 21.7 29.2 17.5 34.2 19.0 67.1 32.0 20.0 35.0 52.6 31.8 33.3 26.1 68.8 39.1 40.0 41.3 37.5 30.0 44.0 25.0 34.5 Jul-11 32.0 32.5 27.8 15.4 33.3 23.1 22.7 0.0 16.7 30.0 40.0 53.6 64.3 32.0 33.3 20.8 47.9 23.3 51.6 31.9 33.3 18.1 55.9 17.6 65.8 42.9 11.1 50.0 28.1 11.1 25.0 38.0 66.7 47.1 50.0 47.8 50.0 50.0 26.0 12.5 34.5 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 32.4 30.4 25.0 42.3 43.5 45.5 30.4 34.2 25.0 40.0 50.0 58.7 25.0 18.8 33.3 21.4 37.5 25.0 21.9 50.0 28.1 23.1 25.0 19.2 16.7 25.0 12.5 0.0 0.0 28.6 26.7 18.8 30.0 28.6 37.5 43.3 20.3 23.0 22.6 23.0 33.8 47.0 14.3 8.3 50.0 11.1 35.7 40.0 25.0 27.8 40.0 27.3 33.3 30.0 15.4 16.7 33.3 19.4 36.4 26.2 40.4 35.2 42.0 43.5 58.3 61.1 50.0 44.4 36.8 40.0 44.1 43.8 57.1 63.9 46.2 62.5 62.5 76.7 26.2 44.7 38.2 43.5 41.7 58.0 42.9 35.7 42.3 25.0 50.0 50.0 23.1 13.6 25.0 50.0 31.3 41.7 38.9 47.9 41.2 50.0 52.5 60.5 32.4 15.0 33.3 18.8 28.6 39.7 54.2 39.2 55.0 57.0 48.6 65.8 28.6 35.5 29.7 31.1 36.8 52.4 20.8 14.3 20.8 12.5 36.4 37.5 12.5 14.5 16.7 14.2 15.1 28.7 53.1 42.3 61.5 47.2 50.0 50.0 26.2 20.6 28.9 20.5 27.3 35.7 63.5 58.3 57.1 55.9 64.5 75.6 42.5 40.5 41.7 36.8 50.0 52.4 18.2 21.4 50.0 40.0 50.0 56.3 25.0 33.3 33.3 66.7 16.7 50.0 26.9 38.9 30.0 38.5 44.4 57.1 12.5 31.3 16.7 27.8 16.7 25.0 17.9 17.9 22.2 19.0 34.1 40.0 29.5 27.8 34.2 38.9 17.6 52.1 83.3 40.9 55.6 54.5 61.5 75.0 41.4 55.3 41.7 47.4 38.2 41.2 28.6 33.3 25.0 20.0 0.0 0.0 38.5 45.0 36.5 43.1 56.3 63.0 46.2 46.2 36.7 37.5 50.0 68.2 25.0 40.0 20.0 50.0 40.0 33.3 22.7 22.2 17.9 29.2 26.8 33.9 0.0 30.0 37.5 30.0 25.0 30.0 31.4 32.5 34.3 34.7 37.7 45.5 Feb-12 Mar-12 Apr-12 May-12 Jun-12 64.3 50.0 63.2 64.3 53.8 65.0 65.6 80.0 76.2 89.5 30.0 50.0 55.0 64.3 83.3 50.0 60.7 75.0 60.0 70.6 21.4 66.7 75.0 50.0 62.5 53.6 60.0 61.5 60.7 50.0 30.8 54.2 63.8 54.7 59.1 70.0 66.7 93.8 71.4 78.6 42.9 64.3 60.0 66.7 64.3 39.3 53.6 72.2 72.2 71.4 77.1 80.8 87.0 80.4 75.0 55.6 53.8 68.8 88.5 80.8 78.9 76.5 81.3 70.8 72.7 57.1 64.7 65.6 67.5 82.1 52.9 62.5 69.2 81.8 75.0 27.8 50.0 60.0 50.0 73.1 57.9 77.8 88.1 82.7 84.1 47.5 54.3 59.6 67.6 76.0 65.8 71.6 71.1 77.0 79.7 65.7 71.6 75.8 86.8 73.5 58.3 59.1 75.0 62.5 73.1 42.1 51.9 45.2 43.0 42.4 56.7 63.6 71.9 81.3 80.6 50.0 45.0 45.5 51.8 44.2 76.4 87.1 91.9 83.3 78.9 64.3 75.0 86.1 83.3 89.5 64.3 50.0 100.0 71.4 70.0 83.3 50.0 100.0 66.7 62.5 75.0 58.3 81.8 85.0 95.8 18.8 43.8 55.0 57.1 50.0 58.3 50.0 78.6 80.6 79.5 70.5 77.1 84.8 80.8 75.8 88.9 77.3 83.3 72.7 79.4 63.6 73.7 92.1 90.0 87.5 37.5 62.5 40.0 33.3 57.1 60.0 66.7 65.8 69.0 66.1 83.3 54.2 70.0 85.7 88.5 50.0 70.0 50.0 75.0 87.5 63.0 71.7 70.0 65.4 66.7 20.0 37.5 25.0 50.0 41.7 55.9 62.0 70.9 69.5 71.8 Jul-12 55.3 77.8 58.3 62.5 25.0 44.4 53.9 57.1 62.5 61.1 84.1 81.6 63.9 70.0 86.8 56.3 84.6 80.8 72.4 81.0 75.0 32.2 72.7 50.0 75.6 86.8 66.7 50.0 86.7 50.0 71.1 78.3 57.7 88.5 80.0 61.8 78.6 70.0 50.0 41.7 66.1 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 79.2 75.0 56.3 61.8 68.8 59.1 76.5 75.0 63.9 76.9 71.9 75.0 75.0 56.3 57.1 71.4 66.7 72.2 76.7 71.4 53.8 63.3 72.5 81.6 62.5 50.0 50.0 60.0 66.7 62.5 44.4 77.3 65.4 65.0 61.1 75.0 60.0 53.7 54.7 58.9 62.5 59.2 50.0 57.1 50.0 50.0 68.2 71.4 70.8 72.2 75.0 77.3 59.1 83.3 57.7 66.7 65.4 59.1 63.6 65.6 72.5 69.6 79.3 66.7 73.8 76.8 76.9 83.3 63.9 60.7 66.7 63.3 63.6 72.7 60.7 87.5 75.0 77.5 80.6 62.5 73.7 71.4 88.2 87.5 81.3 82.1 66.7 78.1 80.0 70.8 66.7 72.7 70.0 71.4 62.5 62.5 75.0 62.5 75.0 66.7 73.3 78.6 83.3 85.4 75.8 71.4 79.2 77.6 71.1 84.7 70.5 77.6 69.2 78.6 73.8 83.9 75.8 74.2 81.0 81.9 50.0 50.0 31.3 35.7 66.7 72.2 34.5 35.2 45.4 29.1 40.4 52.1 67.9 72.5 73.7 67.9 83.3 69.2 54.5 59.3 68.0 54.8 63.6 63.9 78.3 64.5 61.4 58.0 39.6 55.6 78.1 76.9 72.2 75.0 83.3 82.5 87.5 42.9 83.3 71.4 60.0 57.1 25.0 66.7 71.4 71.4 66.7 87.5 81.8 82.1 82.1 72.7 86.7 69.2 50.0 60.0 56.3 50.0 68.8 72.7 63.2 61.5 64.3 80.0 73.3 86.4 81.0 80.0 76.1 64.3 78.9 77.8 77.8 75.0 60.0 71.4 57.1 78.6 84.6 73.3 84.1 71.1 83.3 83.3 57.1 41.7 33.3 16.7 62.5 62.5 72.9 69.6 72.5 75.0 70.6 66.7 77.3 88.9 85.0 65.0 65.0 71.4 71.4 58.3 50.0 57.1 87.5 70.0 62.1 61.7 54.5 53.3 60.7 73.1 70.0 33.3 16.7 21.4 25.0 50.0 68.1 66.7 63.6 63.3 68.3 71.5 Feb-13 Mar-13 Apr-13 May-13 Jun-13 76.9 87.5 71.4 81.3 70.0 93.3 93.3 92.3 87.5 76.7 91.7 65.0 87.5 88.9 70.0 76.7 82.1 75.0 91.7 82.1 37.5 78.6 66.7 78.6 58.3 63.6 95.0 73.1 91.7 70.0 68.8 75.0 73.1 77.4 79.2 80.0 83.3 81.3 71.4 58.3 87.5 90.0 92.9 75.0 90.0 79.2 95.8 90.0 100.0 93.3 93.8 76.1 79.2 82.6 76.3 79.4 84.2 82.1 83.3 73.7 66.7 63.6 82.1 83.3 76.7 77.8 83.3 89.5 88.2 96.2 86.4 77.8 80.0 92.1 95.8 93.8 91.7 78.6 71.4 75.0 84.1 85.4 95.0 81.0 79.4 75.9 88.0 81.0 83.3 84.1 75.0 82.9 89.4 87.9 77.8 84.5 77.8 92.9 88.5 84.2 83.3 83.3 88.5 86.4 86.4 62.5 66.0 72.1 72.6 56.7 79.4 67.6 75.0 90.6 90.9 69.6 88.5 77.8 75.0 80.8 58.3 72.6 78.3 76.9 69.6 78.9 89.3 77.3 83.3 83.3 80.0 71.4 87.5 92.9 100.0 87.5 83.3 100.0 58.3 75.0 88.5 85.7 80.8 81.8 72.2 61.1 79.2 70.0 75.0 63.6 92.1 93.2 86.1 72.2 72.2 89.3 89.6 78.3 75.0 65.4 64.3 83.3 80.0 100.0 78.6 83.3 87.5 84.4 86.1 84.4 60.0 78.6 64.3 50.0 50.0 61.1 71.4 83.3 81.8 76.7 54.5 75.0 77.8 75.0 87.5 68.2 78.6 64.3 87.5 83.3 83.3 81.8 88.0 80.0 68.0 40.0 50.0 75.0 60.0 25.0 75.4 80.8 81.0 81.1 75.9

June 13 Slide 49
Agent Recom m endations

Agents recom m end Toll, D.R. Horton and Pulte. Toll Brothers received the highest percentage of recommendations by agents across the markets we survey. 30% of agents (net of positive responses less negative responses) responding said they would recommend Toll, while 24% said they would recommend D.R. Horton, and 21% said they would recommend Pulte. We believe this is important since 35-40% of new home sales involve an agent. This is a positive for those companies, in addition to others below that received strong recommendations.
Rank 1 2 3 4 5 6 7 8 9 10 11 12
Ticker TOL DHI PHM MTH SPF LEN RYL BZH HOV NVR MDC KBH
Company Name Toll Brothers D.R. Horton Pulte Group Meritage Homes Standard Pacific Corp. Lennar Corp. Ryland Group Beazer Homes Hovnanian Enterprises NVR, Inc. MDC Holdings KB Home
Net Recommendation 30% 24% 21% 20% 19% 17% 16% 9% 4% 4% 2% (12%)

June 13 Slide 50
Agent Recom m endations

Which of the following homebuilders would you most highly recommend to clients? Market BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL Atlanta, GA 33% 27% --33% ---53% 33% Austin, TX -47% -13% 53% -- 27% -40% 47% Baltimore, MD 0% -0% 0% 0% 0% -- 20% -0% Charleston, SC 0% 17% --17% ---0% 0% Charlotte, NC -20% --0% -- 10% 0% 30% 20% Chicago, IL -12% 4% -12% --0% 24% 12% Cincinnati, OH -------0% --Columbus, OH -------0% --Dallas, TX 7% 40% 33% 7% 7% -7% -27% 20% Denver, CO -16% -16% 26% 32% 11% -21% 37% Detroit, MI --------35% -Fort Myers, FL -40% --27% ---27% -Houston, TX 7% 29% 14% 7% 57% -- 43% -21% 21% Jacksonville, FL 40% 60% -10% 40% 0% --20% -Las Vegas, NV 11% 56% -28% 56% 17% --50% 11% Los Angeles, CA 9% --26% 17% 0% 4% ---Miami, FL -39% --58% 0% --17% -Minneapolis, MN -32% 21% -47% ---37% 26% Nashville, TN 9% ------0% 18% -New York-Northern New Jersey, NY-NJ 7% 11% 9% -7% ---13% -Orlando, FL 55% 45% 9% 9% 18% -- 27% -36% 9% Philadelphia-Southern NJ 8% 15% 15% -23% 8% -- 31% 54% -Phoenix, AZ 22% 30% 9% 9% 26% 13% 52% -52% 13% Port St. Lucie, FL -20% --------Portland, OR -40% --------Raleigh, NC 0% 40% 0% 0% 40% -- 40% 20% 20% 0% Richmond, VA -------- 17% --Riverside-San Bernardino, CA 0% 8% 8% 25% 33% 0% --33% 17% Sacramento, CA -33% 0% 11% 22% -- 11% -22% -San Antonio, TX -73% -36% 36% -- 27% -64% 64% San Diego, CA -32% 26% 37% 11% ---11% 11% San Francisco, CA -11% -15% 0% 0% 4% -15% -Sarasota, FL -13% -0% 13% ---25% 13% Seattle, WA -47% --29% 18% --29% -Tampa, FL 13% 38% 19% 13% 31% -0% -31% 31% Tucson, AZ -25% -8% 33% 17% 58% -33% -Virginia Beach, VA -17% -----0% --Washington, DC 24% 24% 8% 0% 0% 8% -- 40% 44% 20% Wilmington, NC 25% ------0% --TOTAL 15% 31% 12% 13% 26% 9% 23% 11% 30% 20% SPF -60% --20% ---20% 21% ---20% -9% 11% ---0% -17% --20% -42% 0% -21% 4% --31% ----20% TOL --20% -30% 24% --27% 32% 45% 33% 29% 50% 50% 9% 39% --39% 27% 38% 61% --40% --11% 55% 16% 11% -29% ---48% -33% From which of the following homebuilders would you most strongly discourage clients from buying? Market BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL SPF Atlanta, GA 13% 13% --13% ---13% 0% -Austin, TX -0% -60% 13% -- 13% -13% 0% 0% Baltimore, MD 0% -- 20% 0% 40% 20% -- 40% -20% -Charleston, SC 0% 0% --0% ---0% 17% -Charlotte, NC -10% --10% -0% 10% 0% 0% 0% Chicago, IL -0% 0% -4% --4% 4% 4% -Cincinnati, OH -------0% ---Columbus, OH -------0% ---Dallas, TX 0% 13% 0% 13% 0% -7% -7% 0% 0% Denver, CO -16% -32% 5% 5% 5% -11% 5% 0% Detroit, MI --------25% --Fort Myers, FL -20% --7% ---7% --Houston, TX 7% 0% 0% 14% 0% -7% -7% 0% -Jacksonville, FL 0% 10% -40% 0% 10% --40% -0% Las Vegas, NV 11% 0% -17% 6% 28% --11% 6% -Los Angeles, CA 0% --9% 0% 0% 0% ---0% Miami, FL -6% --14% 3% --8% -3% Minneapolis, MN -0% 5% -5% ---5% 5% -Nashville, TN 0% ------0% 0% --New York-Northern New Jersey, NY-NJ 0% 4% 15% -7% ---9% --Orlando, FL 0% 0% 0% 36% 27% -0% -9% 27% 0% Philadelphia-Southern NJ 0% 0% 15% -0% 0% -0% 15% --Phoenix, AZ 13% 4% 17% 48% 9% 0% 0% -4% 0% 4% Port St. Lucie, FL -20% ---------Portland, OR -0% ---------Raleigh, NC 40% 20% 20% 40% 0% -0% 0% 20% 0% 0% Richmond, VA -------- 17% ---Riverside-San Bernardino, CA 0% 25% 0% 25% 8% 0% --8% 0% 0% Sacramento, CA -0% 0% 0% 0% -0% -11% -- 11% San Antonio, TX -0% -36% 18% -0% -9% 0% -San Diego, CA -5% 0% 11% 11% ---0% 0% 0% San Francisco, CA -7% -19% 7% 0% 0% -7% -0% Sarasota, FL -13% -13% 13% ---0% 0% -Seattle, WA -12% --6% 6% --0% --Tampa, FL 0% 0% 0% 31% 25% -6% -6% 0% 0% Tucson, AZ -8% -50% 0% 0% 0% -0% --Virginia Beach, VA -0% -----0% ---Washington, DC 16% 12% 20% 16% 12% 16% -8% 20% 8% -Wilmington, NC 0% ------0% ---TOTAL 6% 7% 8% 25% 9% 7% 3% 7% 9% 5% 1% TOL --0% -0% 0% --0% 0% 0% 0% 0% 0% 6% 4% 3% --7% 0% 23% 9% --0% --0% 0% 11% 0% -0% ---8% -3%

June 13 Slide 51
Survey Methodology
We survey real estate agents, as we believe agents provide an accurate assessment of local housing market trends in both the new and existing home markets. We view an understanding of the existing home market as crucial to homebuilders as it represents over 90% of total sales, and trends in the existing home market often dictate trends in the new home market.
Each month, we survey agents about trends in buyer traffic levels, home prices, incentives, inventory levels, and the length of time needed to sell a home. In June, we received responses from 725 real estate agents across the country. We review responses and calculate an index for each of the questions with levels above 50 indicating positive trends, levels below 50 indicating worsening trends, and a level of 50 indicating a neutral trend. 1) Are traffic levels in-line with, above, or below your expectations for this tim e of year? (Because of seasonality to traffic trends generally more traffic in Spring and less in Fall/Winter we ask about traffic relative to the expectations for this time of year rather than how traffic compared to the prior month). A traffic index above 50 means that traffic was above the expectations of agents, a traffic index of 50 means that traffic was in-line with expectations, and a traffic index below 50 means that traffic was below expectations. 2) Have prices rem ained the sam e, increased, or decreased over the past 30 days? A price index above 50 indicates that prices increased over the past 30 days, a price index of 50 indicates that prices were flat, and a price index below 50 indicates that prices decreased. 3) Have incentives rem ained the sam e, increased, or decreased over the past 30 days? An incentive index above 50 indicates that incentives decreased over the past 30 days, an incentive index of 50 indicates that incentives were unchanged, and an incentive index below 50 indicates that incentives increased. 4) Do you see the sam e, m ore, or fewer, listings as com pared with 30 days ago? An inventory (listings) index above 50 indicates that the inventory of homes for sale decreased over the past 30 days, an inventory index of 50 indicates that inventories were unchanged, and an inventory index below 50 indicates that inventories increased. 5) Does it take the sam e, m ore, or less tim e to sell a house? A time to sell index above 50 indicates that the time needed to sell a home decreased over the past 30 days, a time to sell index of 50 indicates that the time needed to sell a home was unchanged, and a time to sell index below 50 indicates that the time needed to sell a home increased.
June 13 Slide 52
DISCLOSURES
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. US Disclosure: Credit Suisse does
and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
CREDIT SUISSE SECURITIES (USA) LLC
Companies Mentioned (Price as of 09-Jul-2013)

Beazer Homes USA (BZH.N, $17.66) DR Horton (DHI.N, $21.22) Hovnanian Enterprises (HOV.N, $5.5) KB Home (KBH.N, $18.86) Lennar (LEN.N, $35.01) M.D.C. Holdings, Inc. (MDC.N, $31.26) Meritage Corp (MTH.N, $43.19) NVR Inc. (NVR.N, $930.79) Pulte (PHM.N, $19.05) Ryland Group (RYL.N, $39.1) Standard Pacific Corp. (SPF.N, $8.07) Taylor Morrison (TMHC.N, $24.7) Toll Brothers (TOL.N, $32.95) William Lyon Homes (WLH.N, $22.51)
Please refer to the firm's disclosure website at www.credit-suisse.com/researchdisclosures for the definitions of abbreviations typically used in the target price method and risk sections.
Important Regional Disclosures

Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report. Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS-Subordinate Voting Shares. Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report. For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit http://www.csfb.com/legal_terms/canada_research_policy.shtml. As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report. Principal is not guaranteed in the case of equities because equity prices are variable. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at www.creditsuisse.com/researchdisclosures or call +1 (877) 291-2683.
Disclosure Appendix
Important Global Disclosures
I, Daniel Oppenheim, CFA, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities
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Outperform (O) : The stocks total return is expected to outperform the relevant benchmark*over the next 12 months. Neutral (N) : The stocks total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stocks total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region : As of 10th December 2012, Japanese ratings are based on a stocks total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stocks total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stocks total return relative to the average total return of the relevant country or regional benchmark; Australia , New Zealand are, and prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stocks absolute total return potential to its current share price and (2) the relative attractiveness of a stocks total return potential within an analysts coverage universe. For Australian and New Zealand stocks, 12 -month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were based on a stocks total return relative to the average total return of the relevant country or regional benchmark.
Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward. Analysts sector weightings are distinct from analysts stock ratings and are based on the analysts expectations for the fundamentals and/or valuation of the sector* relative to the groups historic fundamentals and/or valuation: Overweight : The analysts expectation for the sectors fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analysts expectation for the sectors fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analysts expectation for the sectors fundamentals and/or valuation is cautious over the next 12 months.
*An analysts coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cov er multiple sectors.
Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution
Rating
Versus universe (%)
Of which banking clients (%)
Outperform/Buy* 42% (53% banking clients) Neutral/Hold* 40% (49% banking clients) Underperform/Sell* 15% (38% banking clients) Restricted 3% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, an d Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other indivi dual factors.
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June 13 Slide 54
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June 13 Slide 55

Credit Suisse Monthly Survey of Real Estate Agents Results June 2013

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Credit Suisse Monthly Survey of Real Estate Agents Results June 2013

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Monthly Survey of Real Estate Agents June 2013

Daniel Oppenheim, CFA Homebuilding & Building Products 212-325-5726 dan.oppenheim@credit-suisse.com

Home Price Index

Buyer Traffic Index

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Source: Credit Suisse

CREDIT SUISSE SECURITIES (USA) LLC

How Do the Recent 30 Days Compare to the Prior 30 Days...

60% 40% 22%

0% Home Prices Increased Incentives Remained the same

Source: Credit Suisse

Atlanta, GA Traffic Below Expectations as Frustrated Buyers Take a Summer Break

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Home Price Index

Comments from Real Estate Agents:

Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...

Remained the same

Buyer Traffic Index

Home Price Index

Comments from Real Estate Agents:

Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 71%

More than expected

Less than expected

Remained the same

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Home Price Index

Comments from Real Estate Agents:

Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

Traffic Levels Versus Expectations

More than expected

Less than expected

Remained the same

Source: Credit Suisse; Census Bureau

Boston, MA Buyer Urgency On the Rise Alongside Higher Rates

Buyer Traffic Index

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Home Price Index

Comments from Real Estate Agents:

Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...

More than expected

Less than expected

Source: Credit Suisse; Census Bureau

Home Price Index

Comments from Real Estate Agents:

Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...

83% 50% 33% 17%

80% 60% 40% 20%

Remained the same

Source: Credit Suisse; Census Bureau

Buyer Traffic Index

Home Price Index

Comments from Real Estate Agents:

Month Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Point Change

Traffic Levels Versus Expectations

Remained the same

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations