Credit Suisse Survey of Real Estate Agents Jan. 2014 Results

Monthly Survey of Real Estate Agents January 2014
Buyer Traffic Index
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 Patrick Murray, CFA 212-325-5292 patrick.murray@credit-suisse.com February 10, 2014
100 90 80 70 60 50 40 30 20 10 0
Traffic improved marginally in January, but levels still missed expectations. The pace of improvement is also below historical levels, and our index reading of 38 is well below our reading of 59 in January 2013. We believe this sets up for a potentially underwhelming 2014 spring selling season.
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Home price appreciation improved in January, but low demand may keep a lid on the pace of improvement during the spring season.
Jan-12
Jun-12
Jan-13
Jun-13
May-12
May-13
Mar-12
Mar-13
Feb-12
Dec-12
Aug-12
Sep-12
Nov-12
Feb-13
Aug-13
Sep-13
Nov-13
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Source: Credit Suisse
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683. U.S. 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
Dec-13
Jan-14
Jul-12
Jul-13
Oct-13
Apr-12
Apr-13
Oct-12
Jan-14
January Survey of Real Estate Agents: Econom ic Concerns Return, but Som e Buyers Look to Beat the Spring Rush
Econom ic concerns creeping back into agents com m entary: In our January survey, buyers concerns over the economy and their job stability became a growing theme, as there was more commentary surrounding this anxiety than in our December survey. Agents also continued to cite higher interest rates and prices, and their negative impact on affordability for weaker demand (sellers also remain too aggressive in some markets). However, other agents had a more positive tone, noting that some buyers were motivated to begin searching for homes now, ahead of the spring season rush and additional (potential) interest rate and price increases. Low inventories acted as another motivator in some markets, though this often had the offsetting effect of discouraging activity due to a lack of quality. Traffic still below expectations: Our traffic index was marginally higher in January, coming in at 38 from 35 in December, but still short of a neutral reading of 50. We would also highlight that this 3 point improvement is well below the surveys average 8 point increase from December to January. Our traffic index reading of 38 is also well below our reading of 59 in January 2013. As a result, we believe our index points to an underwhelming demand environment for the upcoming spring selling season. In January, 25 of 50 markets we survey saw lower than expected traffic (32 in December), 13 saw traffic in-line with expectations (7 in December), and 2 saw better than expected traffic (1 in December). Traffic was well short of expectations in Charleston, San Diego, and Phoenix. Sequential gains in January were led by Austin, Dallas, Orlando, and Washington, D.C. Prices im prove in January: Our home price index increased to 65 in January from 57 in December, above a neutral reading of 50, pointing to higher prices for the month. 31 of 50 markets saw higher prices (25 in December), 7 saw flat prices (9 in December), and 2 saw lower prices (6 in December). Inventories continue to fall: Inventories fell further in January, which should support continued pricing power. However, soft demand could pose a risk, especially if inventories rise during the spring season.
Home Price Index 75.7 71.5 57.0 58.0 57.2 64.6 7.4 Incentive Index 52.8 49.1 42.2 41.1 42.5 47.1 4.6 Home Listings Index 57.2 56.3 51.8 57.4 61.9 60.7 (1.3) Time to Sell Index 57.6 56.4 41.9 40.8 43.3 52.7 9.4
Traffic Levels Versus Expectations
Buyer Traffic Month Index Aug-13 45.2 Sep-13 36.2 Oct-13 28.1 Nov-13 31.9 Dec-13 35.1 Jan-14 38.2 Point Change 3.0
How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 60% 40% 54% 38% 9% Home Prices 43% 72%
20%
43%
26% 17% 11%
31%
20%
37%
0%
Incentives Time to Sell Decreased Increased Remained the same
More than expected
Meets expectations
Less than expected

January 14 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
January 14 Slide 3
Atlanta, GA Traffic Being Held Up by Low Inventories, but Pricing Tailwinds In-Place
(9,146 single-family building permits in 2012, 5th largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic was just below agents expectations in January, as our traffic index was flat vs. December at 45 (50 is neutral). Agents continue to cite low inventories weighing on traffic levels and the supply picture did not improve in the month as our Home Listing Index continues to indicate inventory contraction. Home prices rose in January with more broad-based gains, as our Home Price Index was 66 vs. 60 in December. Inventories continued to fall as time to sell began shortening in the last two months, a positive for future pricing.
Buyer Traffic Index 35.7 17.4 12.5 41.7 45.0 45.0 0.0 Home Price Index 78.6 61.9 63.6 54.2 60.0 65.8 5.8 Incentive Index 42.9 52.5 36.4 29.2 25.0 36.1 11.1 Home Listings Index 64.3 80.4 63.6 66.7 70.0 65.8 (4.2) Time to Sell Index 46.4 43.5 27.3 29.2 55.0 68.4 13.4
May-13
Feb-12
May-12
Mar-12
Jul-12
Mar-13
Jul-13
Dec-12
Nov-12
Feb-13
Oct-13
Apr-12
Apr-13
Oct-12
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14
100 90 80 70 60 50 40 30 20 10 0
Jan-12 Jun-12 Jan-13 Jun-13 May-12 May-13 Mar-12 Mar-13 Feb-12
Home Price Index
Dec-12
Aug-12
Sep-12
Nov-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13
Comments from Real Estate Agents:

Lack of inventory. Up and downs of economy, politics, and international economy and conflicts. Foot traffic is typical of the time of year. What is different is that current buyers are ready to buy" immediately for the right house. Inventory levels are way below the norm, thus causing pricing to hold steady. I am getting many more internet leads. There is pent-up demand. Seeing more second home buyers, which is a significant part of my market in North Georgia.
Source: Credit Suisse; Census Bureau
Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change
How Do the Recent 30 Days Compare to the Prior 30 Days...
20% 30%
80% 60%
40% 20% 0% 11% 47% 42%
72%
42% 28% 11% 0% 47%
50%
More than expected Meets expectations Less than expected
Home Prices
Increased
Incentives
Time to Sell
Decreased
Remained the same
January 14 Slide 4
Austin, TX Buyers Coming Back Out Despite Lack of Inventory; Expect Higher Prices
(7,970 single-family permits in 2012, 7th largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
May-12 May-13 Buyer Traffic Index
Our Take:
Our Buyer Traffic Index moved sharply higher in January with a reading of 59 vs. 35 in December. Agents note that despite the general lack of quality inventory in the market, buyers are coming out to look. Local economic activity, confidence, and people moving to the area continue to be the main drivers. Price gains were broad-based in January as our price index increased to 84 from a still-strong 75 in December. We expect pricing will improve further, as both inventories and time to sell fell further in January, which are positive indicators for future pricingparticularly with improving traffic.
Buyer Traffic Index 65.4 46.7 34.6 35.0 35.0 59.4 24.4 Home Price Index 84.6 80.0 61.5 60.0 75.0 84.4 9.4 Incentive Index 50.0 43.3 50.0 45.0 40.0 56.3 16.3 Home Listings Index 69.2 56.7 53.8 65.0 70.0 84.4 14.4 Time to Sell Index 69.2 63.3 53.8 50.0 60.0 78.1 18.1
Jul-12
Mar-12
Mar-13
Apr-13
Feb-12
Apr-12
Feb-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Increased confidence in the market. Rents going up. Rates starting to go up, pushing buyers into the market before prices go up too much further. Our usual "sleeper" January blew through the roof with business. One of our busiest months in the last 2 years. Low inventories and low quality homes. Plenty of buyers, not as many homes, inventory is low. At this time there is just almost no inventory in areas with a 400-800 price range until you hit the outer fringe of town.
How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 69% 69%
25%
44%
63%
60%
40% 20%
31% 13% 0%
25%
19% 13%
31%
0% Home Prices Incentives Time to Sell
Increased
Remained the same
Decreased
January 14 Slide 5
Baltimore, MD Buyer Traffic Better, but Still See Limited Home Price Appreciation
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic was in-line with expectations with our index posting a neutral 50 in January from 30 in December. Agents noted that buyers are still cautious with the primary cause being uncertainty on what direction prices are going, although there is some optimism for a potential pick-up. Prices rose again in January with our price index coming in at 67 from 70 in December. Pricing power may slow in coming months as inventories were unchanged in January after increasing in the prior two months, while the time to sell has lengthened over the same period.
Buyer Traffic Index 50.0 20.0 8.3 25.0 30.0 50.0 20.0 Home Price Index 56.3 80.0 41.7 60.0 70.0 66.7 (3.3) Incentive Index 42.9 40.0 40.0 50.0 60.0 50.0 (10.0) Home Listings Index 75.0 100.0 60.0 30.0 40.0 50.0 10.0 Time to Sell Index 50.0 70.0 30.0 20.0 50.0 33.3 (16.7)
Feb-12
Feb-13
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

There seems to be a lot of tire-kicking, and people preparing for a full on home search when the weather warms. Lots of calls, lots of appointments. Bad weather and uncertainty in where the market is going.

120% 100% 80% 60% 40% 20% 0%
33%
34%
100% 67%
33% 0% Home Prices 0% 0% 0% Time to Sell Decreased
67%
33%
33%
Incentives
Increased
Remained the same

January 14 Slide 6
Boston, MA Buyer Traffic Remains Anemic without Listings to View

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained weak in January as our index fell to 24 from 26 in December. The vast majority of agents (even those that saw more traffic than expected) highlighted a lack of inventory in the market pressuring traffic with the hope being that the spring season brings out more supply. Home prices rose again in January as our Home Price Index came in at 70 from a still positive 57 in December. Inventories further contracted in January as our index came in at 88 from 95 in December. While lower supply is a positive for price, some listings are needed to keep the market functioning.
Buyer Traffic Index 47.2 25.0 39.3 40.6 26.2 23.8 (2.4) Home Price Index 77.8 65.8 75.0 62.5 57.1 70.0 12.9 Incentive Index 61.8 52.8 65.4 66.7 60.0 65.0 5.0 Home Listings Index 72.2 60.5 64.3 84.4 95.2 87.5 (7.7) Time to Sell Index 61.1 60.5 60.7 57.1 57.1 60.0 2.9
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Nov-12
Dec-12
Jul-13
Nov-13
Dec-13
Oct-12
Feb-12
Feb-13
Oct-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

The market has deteriorated significantly. In some Metrowest towns inventory is off 70%. Many of the properties on the market are spectacularly over-priced. Hopefully, inventory will return in the spring. Lack of inventory. Unattractive properties on market and interest rates. Although the economy is improving, buyers are still cautious. People are coming in with better positive attitudes.
How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 60% 50% 45% 30% 20% 5% Home Prices 0% Incentives Time to Sell Decreased 70% 40% 40%
19%
10%
40%
20%
71%
0%
Increased Remained the same
More than expected
Meets expectations
Less than expected
January 14 Slide 7
Charleston, SC Traffic Continues to Fall, but Prices Push Higher on Light Inventory Levels
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our Buyer Traffic Index indicates traffic levels well below agents expectations with the index reading 10 in January from 30 in December. Agents noted that higher interest rates are still impacting traffic levels, although well look for some abatement of that pressure in our February survey given the recent decline in mortgage rates. Home prices were seen higher for the most part as our Home Price Index came in at 60 in January from 70 in December. Inventory levels remain tight as our listing index shows further contraction in January while the time to sell remained flat m/m.
Buyer Traffic Index 41.7 43.8 40.0 37.5 30.0 10.0 (20.0) Home Price Index 75.0 75.0 70.0 62.5 70.0 60.0 (10.0) Incentive Index 50.0 42.9 37.5 50.0 50.0 50.0 0.0 Home Listings Index 58.3 50.0 60.0 62.5 70.0 70.0 0.0 Time to Sell Index 66.7 68.8 60.0 50.0 60.0 50.0 (10.0)
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Jan-12
Jun-12
Jan-13
Apr-13
Jun-13
Apr-12
Oct-12
Jul-13
Oct-13
100 90 80 70 60 50 40 30 20 10 0
Feb-12 Feb-13
Home Price Index
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Very similar to January 2013. Less inventory available for sale. Rates are still high. People think the bad market is over? Lending is getting more complicated.
0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 120% 100% 80% 60% 40% 20% 0% 100% 80% 100%
20%
20% 0% Home Prices 0% 0% 0% 0%
80%
Incentives
Time to Sell Decreased
Increased
Remained the same

January 14 Slide 8
Charlotte, NC Buyer Traffic Picks Up on Higher Prices Later Mindset

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic hit expectations for the first time since July 2013, as our index came in at a neutral 50 from 43 in December. Agents continue to see limited inventory available, but some buyers seem content with current levels on the expectation that prices are only going to move higher in coming months. Prices rose in January with our price index coming in at 67, although the gains were less broad-based than December. Inventories and time to sell fell further in January, which should support prices in the future, particularly as buyer traffic levels have begun to pick up.
Buyer Traffic Index 31.3 38.9 33.3 42.3 42.9 50.0 7.1 Home Price Index 92.9 77.8 61.1 76.9 85.7 66.7 (19.0) Incentive Index 50.0 50.0 56.3 53.8 64.3 38.9 (25.4) Home Listings Index 71.4 61.1 55.6 57.7 78.6 55.6 (23.0) Time to Sell Index 71.4 55.6 44.4 50.0 85.7 66.7 (19.0)
Mar-12
Mar-13
Jul-12
May-12
Apr-13
May-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

There is a lack of good inventory. Threat of interest rates rising. Low inventory. Good buying opportunities. We continue to see a strong interest in buying new homes before prices and interest rates go up more.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100%
33%
34%
80%
60%
78% 67% 44% 44% 33% 22%
40%
20%
11%
0% Home Prices 0% Incentives Time to Sell Decreased
0%
33%
Increased
Remained the same

January 14 Slide 9
Chicago, IL Yes, There was a Polar Vortex, but Weak Economic Confidence Not Helping Traffic
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our Buyer Traffic Index slipped back to 30 in January from 43 in December and while many fingers pointed at the weather, other concerns included economic nervousness and lending constraints. Those that did see better than expected traffic noted that the main driver was an urgency to buy before prices and interest rates moved any higher. Home prices continued to rise in January, as our Home Price Index came in at 61 from 56 in December. Inventories shrunk again in January, while the time to sell was roughly unchanged relative to December.
Buyer Traffic Index 50.0 44.8 25.0 36.5 42.6 29.5 (13.2) Home Price Index 61.7 75.9 43.8 53.7 55.9 60.5 4.6 Incentive Index 50.0 55.8 53.7 50.0 43.3 52.9 9.5 Home Listings Index 66.7 69.0 51.6 70.4 83.3 61.8 (21.5) Time to Sell Index 66.7 53.4 42.2 46.3 51.6 48.6 (3.0)
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Higher taxes, market uncertainty, people are nervous again waiting for the other shoe to drop. New lending rules, cold weather, and the economy still is not good in IL. Seeing lots of tenants and rising rents. First time buyers still seem afraid to commit to condos due to the condition of the economy, and health care uncertainty and potential costs. Buyers are concerned that prices and rates are going up so that want to buy before that happens.

100% 80% 60% 53% 40% 20% 0% Home Prices Incentives Time to Sell Decreased Increased Remained the same
20%
77%
43% 30% 27%
62%
18%
34%
13%
9%
14%
More than expected
Meets expectations
Less than expected
January 14 Slide 10
Cincinnati, OH Buyer Traffic Slows, but Home Prices Hold Up with Limited Inventory
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell sharply in January with our index coming in at 29 from a neutral 50 in December. In addition to poor weather, which was noted by most agents, low inventory levels had a significantly negative impact on buyer traffic. Despite the low inventory, we did not see comments discussing the buy before prices go up mentality here. Prices rose again in January with our index coming in at 71 from 57 in December. Inventories continue to contract and time to sell decreased, which should help support price despite the slow traffic levels.
Buyer Traffic Index 66.7 20.0 25.0 45.0 50.0 28.6 (21.4) Home Price Index 80.0 60.0 40.0 60.0 57.1 71.4 14.3 Incentive Index 60.0 50.0 40.0 30.0 35.7 35.7 0.0 Home Listings Index 37.5 40.0 60.0 65.0 78.6 71.4 (7.1) Time to Sell Index 25.0 40.0 20.0 50.0 28.6 57.1 28.6
Apr-13
Apr-12
Oct-12
May-12
May-13
Aug-12
Sep-12
Aug-13
Sep-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Jul-12
Jul-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-12
May-13
Mar-12
Mar-13
Jul-13
Feb-12
Feb-13
Sep-13
Aug-12
Sep-12
Nov-12
Dec-12
Aug-13
Oct-13
Apr-12
Apr-13
Oct-12
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Inventory is so low. We keep waiting for and expecting more houses to hit the market but it is very slow in coming. Snow and cold has led to lack of showings and few buyers.
14%
80% 60%
57% 71% 57% 29% 14% 0% 0% 0% 29%
43%
57%
29%
40% 20%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

January 14 Slide 11
Columbus, OH Buyer Traffic Remains Slow, Inventories are Low, and there was Definitely Snow
100 90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic relative to expectations was roughly in-line with levels seen in 4Q, as our index came in at 38 vs. 33 in December. Agents note that low inventory levels have pressured buyer traffic levels, but providing a partial offset are buyers expecting the still-low interest rates to rise. Prices bounced back after falling in December with our price index rising to 69 in January from 42. Inventories fell again in January as the time to sell contracted, which should support home prices, although the slow traffic levels should limit appreciation.
Jul-12
Mar-12
Mar-13
Apr-13
Feb-12
Apr-12
Feb-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Feb-12 Feb-13
Home Price Index
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Showings have stabilized but still low inventory. Fear of rate hikes, but inventory low. Part of it is a post-holiday bounce. Part is that people think interest rates will go up, so it's motivating them to move now. Low interest rates.
How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 71%
25%
63%
60% 50% 38% 29% 13% 0% 0% Home Prices Incentives Time to Sell 0% 38%
50%
40% 20%
25%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased

January 14 Slide 12
Dallas, TX Home Price Gains Back on Track with Better Traffic and Inventory Declines
(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:
Traffic came back to a neutral level in January with our Buyer Traffic Index registering a 54 reading from 31 in December. Multiple agents noted that buyers were eager to buy ahead what are expected price and interest rate increases in coming months, but also that inventory issues are persisting. Price increases were broad-based in January with our index jumping to 88 from a neutral 50 in December. Inventories declined again in January as the time to sell contracted for the first time since Septemberthe combination of the two with better traffic points to home price gains.
Feb-12
Feb-13
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Buyers that missed an opportunity in 2013 are attempting to jump ahead of the spring 2014 rush. Job growth and corporate relocations. People are ready to buy partially because mortgage rates and prices are trending upwards. Informed prospects perceive that inventory is low and there may be competition to purchase. They are not as eager as they were 6 months ago. Low inventory.

80% 60% 40% 20% 0% 25% 27% 27% 18% 18% 75% 64% 45%
17% 25%
0%
58%
Home Prices Increased
Incentives
Remained the same
January 14 Slide 13
Denver, CO Further Home Price Appreciation Will Require More Buyer Traffic
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our Buyer Traffic Index moved closer to a neutral reading with January coming in at 44 from 36 in December. Agents here noted limited inventory levels and economic uncertainty offset by an expectation of higher interest rates in the future and some urgency to move ahead of the crowd in the spring. Prices moved higher in January as our Home Price Index came in at 63 from 52 in December. Inventories contracted for the third straight month, but time to sell has been lengthening since July 2013. Combined with light traffic, this may lead to a reversal of the recent pricing power.
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Nov-12
Dec-12
Jul-13
Nov-13
Dec-13
Oct-12
Feb-12
Feb-13
Oct-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Rising interest rates, uneasiness about the economy. Low inventory of resale homes and no inventory of new build homes. Publicity about lending standards tightening up and lack of inventory to choose from. Two things: 1) People are starting to take notice of interest rate movement and are trying to time the market before rates go up for good; 2) Low inventory is creating a slight panic among buyers to buy before inventory levels get worse.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 67% 64% 63%
21% 33%
29% 18% 4% Home Prices Incentives 18%
25%
13%
46%
Increased
Remained the same
January 14 Slide 14
Detroit, MI Buyer Traffic Falls Further as Home Price Gains Stall

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our Buyer Traffic Index continued to slide in January with the index coming in at 18 (from 21 in December) as traffic did not exceed a single agents expectations. Causes for the low traffic were tightened lending rules, higher rates, and lingering effects of the government shutdown. Home prices were roughly unchanged in January as our Home Price Index came in at 53 from 61 December. We continue to expect prices will come under pressure, as the time to sell further increased (a negative for pricing), although inventories fell, which provide some offset.
Buyer Traffic Index 46.9 36.7 42.1 25.0 21.4 18.4 (3.0) Home Price Index 81.3 80.0 63.9 63.9 60.7 52.6 (8.1) Incentive Index 43.3 50.0 44.1 50.0 50.0 44.4 (5.6) Home Listings Index 34.4 56.7 58.3 58.3 64.3 67.6 3.4 Time to Sell Index 50.0 50.0 47.2 27.8 32.1 44.7 12.6
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Jan-12
Jun-12
Jan-13
Apr-13
Jun-13
Apr-12
Oct-12
Jul-13
Oct-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Government shutdown really slowed the market for new buyers. Weather and, more importantly, new lending regulations. Higher rates, less inventory, more restrictions to get a mortgage. Improved real estate market and pent-up demand.
0%
70% 60% 50% 40% 30% 20% 10% 0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 67% 53% 37% 37% 26% 21% 22% 11% 26%
37%
Panic over rising list prices and wanting to buy before it's too late.
63%
Home Prices
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
January 14 Slide 15
Ft. Myers, FL Traffic Down Slightly, but Home Prices Keep Moving Higher
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic wasnt too far below agents expectations as our index came in at 43 from 50 in December. Agents noted that seasonal trends were typical at this point, but there is some frustration with higher prices as we havent seen a monthly price decline since October 2011. Prices were broadly higher in January with our Home Price Index coming in at 79, up slightly from the December reading of 75. Inventories decline in January as the time to sell shortened both factors should be supportive of prices in coming months.
Buyer Traffic Index 60.0 61.1 38.5 45.0 50.0 42.9 (7.1) Home Price Index 94.4 83.3 84.6 75.0 75.0 78.6 3.6 Incentive Index 33.3 38.9 42.3 45.0 25.0 58.3 33.3 Home Listings Index 80.0 68.8 57.7 75.0 45.0 66.7 21.7 Time to Sell Index 66.7 83.3 69.2 50.0 50.0 66.7 16.7
Mar-12
Mar-13
Jul-12
May-12
Apr-13
May-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Feb-12 Feb-13
Home Price Index
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Some sellers looking to upgrade cant afford to buy what they want to so they are pulling off market. Steady traffic not too hot.
14%
0%
70% 60% 50% 40% 30% 20% 10% 0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 67% 57% 43% 33%
50%
33%
17%
0% Home Prices Incentives 0% Time to Sell Decreased
86%
Increased
Remained the same

January 14 Slide 16
Houston, TX Traffic Pushing Back to Neutral Levels as Prices Rise Further

(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 continued to improve relative to expectations, but still remains below a neutral 50 reading, as January came in at 41 from 33 in December. Agents continue to see employment gains in the area drive traffic, but competition among buyers has pushed some out of the market. There were broad price gains in January as our index came in at 82 (from 85 in December)both well above a neutral 50. We expect higher prices as time to sell contracted and inventories fell further across the area in January, however, some agents did note pockets of inventory growth.
Buyer Traffic Index 68.2 41.7 44.4 25.0 33.3 40.9 7.6 Home Price Index 86.4 87.5 80.0 75.0 70.0 72.7 2.7 Incentive Index 54.5 41.7 60.0 33.3 50.0 44.4 (5.6) Home Listings Index 59.1 63.6 60.0 70.0 85.0 81.8 (3.2) Time to Sell Index 77.3 62.5 65.0 44.4 50.0 77.3 27.3
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Seller are frustrated with lack of inventory, increase in cost of housing and new lending requirements that make it harder for buyer to qualify. Continuing relocation to Houston area. There are slight signs of the market cooling off as inventory levels in my downtown area have risen in the past few months but still too early to call this a trend. Inventory has dropped even further. Buyers are becoming weary and many are withdrawing until the market becomes more stable.
0%
18%
70% 60% 50% 40% 30% 20% 10% 0%

55% 45% 22% 11% 0% Home Prices Incentives Time to Sell Decreased 9% 64%
27%
82%
Increased
Remained the same
January 14 Slide 17
Inland Empire, CA Buyer Traffic Hits Speed Bump; Home Price Appreciation Slowing
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic fell below agents expectations in January with our index coming in at 33 from 50 in December. Most agents noted lower inventories negatively impact buyer traffic (though some saw more listings), while economic confidence and higher interest rates also weighed on demand. Home prices were slightly higher in January as our Home Price Index landed at 54 from 75 in December. Future home price gains will be challenging as the time to sell continued to increase in January while inventories were only marginally lower.
Buyer Traffic Index 54.5 22.7 13.6 50.0 50.0 33.3 (16.7) Home Price Index 86.4 63.6 54.5 61.1 75.0 54.2 (20.8) Incentive Index 60.0 36.4 54.5 37.5 44.4 40.0 (4.4) Home Listings Index 31.8 36.4 45.5 33.3 50.0 54.2 4.2 Time to Sell Index 59.1 36.4 13.6 38.9 40.0 41.7 1.7
Apr-13
Apr-12
Oct-12
May-12
May-13
Aug-12
Sep-12
Aug-13
Sep-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Jul-12
Jul-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Lack of inventory and higher interest rates. More inventory and prices too high for the area. Prices are up, inventory is low and interest rates could be going up. Economy is not improving much. Trying to get in a house before the prices go up, and/or hoping there is less competition than in spring.
25%
58%
17%
70% 60% 50% 40% 30% 20% 10% 0%
58%
60% 50%
25% 17%
30% 10%
33%
17%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

January 14 Slide 18
Jacksonville, FL Home Prices Rise as Buyer Traffic Edges Higher and Inventories Move Lower
(4,582 single-family permits in 2012, 23rd largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Our Take:
Traffic moved closer to a neutral level relative to expectations in January as our index came in at 46 from 44 in December. Agents indicated that mediocre economic confidence, higher home prices, and limited inventories all came as headwinds to traffic in the month. Prices were broadly higher in January as our price index landed at 63 from 56 in December. Inventory levels continued their slow decline in January as time to sell also fell after lengthening in December, a positive for future pricing power.
Buyer Traffic Index 75.0 11.1 25.0 27.8 43.8 45.8 2.1 Home Price Index 62.5 72.2 50.0 72.2 56.3 62.5 6.3 Incentive Index 43.8 44.4 33.3 44.4 37.5 33.3 (4.2) Home Listings Index 71.4 43.8 54.2 50.0 56.3 58.3 2.1 Time to Sell Index 62.5 55.6 58.3 61.1 43.8 58.3 14.6
Jul-12
Mar-12
Mar-13
Apr-13
Feb-12
Apr-12
Feb-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Slow start to the year. Buyers are pulling back due to price appreciation of 2013. Buyers have greater economic uncertainty this year. Lack of inventory is driving fence sitting. Lack of inventory and economic uncertainty. I have had good traffic in my farm area, a 55+ community.
25%
33%
42% 42%
17%
8% Home Prices Incentives
17%
42%
Time to Sell
Increased
Remained the same
Decreased

January 14 Slide 19
Las Vegas, NV Buyers Wary of Higher Rates, and Economic and Price Stability
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our January traffic index indicated that levels remained short of agents expectations, as our index came in at 29, down from 33 in December, and short of a neutral 50. Agents indicated that a lack of quality inventory, higher rates, and concerns over economic and pricing stability kept buyers at bay. Prices edged lower in January, as our Home Price Index came in at 44 (unchanged from December), just shy of a neutral 50. We think prices will likely face pressure, as both inventories and the time to sell both increased in January. These are negative signs for future pricing.
Buyer Traffic Index 36.1 23.7 38.6 27.8 33.3 29.4 (3.9) Home Price Index 86.1 75.0 54.8 61.1 44.4 44.1 (0.3) Incentive Index 55.6 30.6 21.4 32.4 22.2 25.0 2.8 Home Listings Index 41.2 25.0 31.0 8.3 19.4 20.6 1.1 Time to Sell Index 52.8 30.6 26.2 25.0 14.7 11.8 (2.9)
Feb-12
Feb-13
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Feb-12 Feb-13 Home Price Index
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

There is apprehension over rates and if more inventory is released, and the potential implications to home prices. Unemployment, new loan requirements, higher home prices and a lack of decent inventory are all keeping buyers on the sidelines. Buyers are holding back. Money is tight for buyers and prices continue to rise. There is less investor activity and rates are rising. Values have declined in the past two months. Lending is strict, and there are job stability concerns.
6%
100% 80%
76% 65% 50% 50%
47%
47%
60%
40%
20% 12%
24%
0% Home Prices Incentives
24%
0% Time to Sell Decreased
0%
More than expected
Meets expectations
Less than expected
January 14 Slide 20
Los Angeles, CA Buyers Re-Enter the Market, Motivated by Limited Inventories

(4,921 single-family permits in 2012, 22nd largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic in January improved to meet expectations, as our traffic index increased to 50 from 33 in December. Agents indicated that buyers were actually motivated by a lack of inventory, as they wanted to secure contracts before interest rates increased further. Agents also cited better demand from relos in January. Prices were higher, as our Home Price Index increased to 78 from 61 in December, above a neutral 50. Inventories fell in January, which we view as a positive for future pricing trends.
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Nov-12
Dec-12
Jul-13
Nov-13
Dec-13
Oct-12
Feb-12
Feb-13
Oct-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

A lack of active listings is limiting the market, so those folks that are seriously wanting to purchase are out and ready to go. Inventory is low, but buyers are motivated to purchase before interest rates increase and housing isnt as affordable. We seem to be having an influx of upper and middle level management positions being filled from the U.K. and the east coast. Rising interest rates is causing buyers to act.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 67% 56% 44% 25% 8% 0% Home Prices Incentives Time to Sell Decreased 43% 29% 29%
27%
27%
46%
Increased
Remained the same
January 14 Slide 21
Miami, FL Traffic Remains Soft, Buyers Believe Prices are too High
(5,048 single-family permits in 2012, 21st largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained short of expectations in January, as our index came in at 33, unchanged from our reading in December, and still short of 50. Agents indicated that buyers felt prices were too high, that it is too difficult to justify current levels. Agents also indicated that sellers expectations are too high. Prices were higher in January, as our Home Price Index increased to 75 from 69 in December, above a neutral 50. Inventories and the time to sell were both unchanged in January. With lower demand, we think this could be a negative for future pricing, but this may reverse with better demand.
May-12
May-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jul-12
Jan-12
Jun-12
Jan-13
Apr-13
Jun-13
Apr-12
Oct-12
Jul-13
Oct-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Buyers feel that they are priced out of the market. Rates are higher, and prices are almost back to 2008 levels in some areas. This makes buyers uneasy. Prices are higher and financing remains very difficult. Buyers are finding it harder to find affordable houses for sale.
17%
80%
79%
60%
30% 10% Home Prices 8% 13% Time to Sell Decreased 41% 34% 24%
50% 33%
60% 40% 20% 0% Incentives Increased Remained the same
Buyers want to regroup and have adopted a wait and see attitude. There is also less all cash activity.
Sellers are expecting higher prices than the market is willing to accept.
More than expected
Meets expectations
Less than expected
January 14 Slide 22
Minneapolis, MN Economic Anxiety and a Lack of Inventory Keep Buyers on the Sidelines
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic increased slightly in January, as our traffic index came in at 33, up from a low 20 in December, but levels still fell short of expectations (short of 50). Agents noted that buyers thought inventory was too low, while concerns over the economy and the housing recovery also worked to keep demand low. Prices were higher in January, as our Home Price Index came in at 61, up from 45 in December, and above a neutral 50. Inventories and the time to sell both fell in January. We view declines in each of these metrics as positives for future pricing power.
Mar-12
Mar-13
Jul-12
May-12
Apr-13
May-13
Apr-12
Oct-12
Jul-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Buyers have economic concerns. Weather is bad and there is a lack of quality inventory. Inventory is too low, rates are creeping higher, and there in uncertainty about the recovery. Mortgages are more expensive. The number of buyers are lower, but so is the inventory. We are getting good sales on homes that have been in the market for a while. We have a bit more activity because of higher prices.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 82%
17%
80%
50% 33%
60%
56%
33% 25% 25%
50% 12%
40%
20%
11%
Home Prices
0%
Incentives Increased Remained the same
More than expected
Meets expectations
Less than expected
January 14 Slide 23
Nashville, TN Better Local Economy Draws Buyers into the Market

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic improved and met expectations in January, as our traffic index came in at 50, up from 36 in December. Agents indicated that a better local economy was the main driver of demand over the past month. Buyers felt comfortable entering the market, and according to other agents, low inventories and potentially higher rates gave buyers added motivation. Prices were higher in January, as our Home Price Index increased to 77 from 68 in December, above a neutral 50. Inventories and the time to sell both fell in January, which we view as positives for pricing power.
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Feb-12 Feb-13
Home Price Index
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

The expectation is that rates are going to go up. Low inventories are making buyers get off the fence. Unemployment has moderated in the area. The job market is good. Interest rates are still low and home prices are making moves higher. Prices and demand have been rising by the month despite the cold weather. Inventory is vanishing within these areas. Unemployment is low and buyers want in. Buyers dont think that the economy is in good shape.

100% 80% 60% 40% 20% 0% 0% Home Prices 8% 15% 54% 46% 77% 64%
29%
28%
21% 14%
43%
Incentives
Increased
Remained the same
January 14 Slide 24
New York-Northern NJ Job Concerns Keep Buyers Away from the Market
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic was a bit better in January, as our traffic index came in at 39, up slightly from 28 in December, but still short of a neutral 50. Agents noted that the threat of higher rates drove some buyers into the market, though employment concerns remain the dominant theme. Buyers were too worried about their job security to commit to a home. Prices were higher in January, as our Home Price Index increased to 63 from 60 in December, above a neutral 50. Agents pointed to lower inventories in January, a positive for future pricing. Meanwhile, the time to sell was unchanged.
Apr-13
Apr-12
Oct-12
May-12
May-13
Aug-12
Sep-12
Aug-13
Sep-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Jul-12
Jul-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

I believe that the feeling that interest rates are going to rise is bringing buyers out. More houses than usual are going under contract this time of year. There is a lot of job uncertainty in the region. People are concerned about the their jobs, Obamacare, and higher oil and gas prices. Most buyers are looking to pay off credit card debt first because they are worried about job layoffs. Rates are higher, inventory is too tight, there is economic uncertainty and layoffs, and the stock market is falling.
22% 45%
100%
80%
83%
60%
40%
52% 36%
11% 15% 2%
51% 22% 27%
20%
33%
0%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
January 14 Slide 25
Orlando, FL Traffic Improves but Still Misses Expectations on a Lack of Confidence in the Economy
100 90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic was better in January, as our index came in at 40, up from a very low 11 in December, but levels were still short of expectations (readings below 50). Agents indicated that a bit more inventory and low rates helped demand, but concerns about the economy and that prices are too high kept most buyers on the sidelines. Prices were higher in January, as our Home Price Index came in at 65 (from 72 in December), still above a neutral 50. Inventories were higher in January, typically a negative for prices, though urgency increased as the time to sell was lower.
Buyer Traffic Index 25.0 38.9 4.2 15.6 11.1 40.0 28.9 Home Price Index 80.0 77.8 45.8 62.5 72.2 65.0 (7.2) Incentive Index 55.0 50.0 29.2 34.4 33.3 44.4 11.1 Home Listings Index 65.0 50.0 54.2 40.6 61.1 40.0 (21.1) Time to Sell Index 60.0 94.4 37.5 28.1 50.0 60.0 10.0
Jul-12
Mar-12
Mar-13
Apr-13
Feb-12
Apr-12
Feb-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Buyer traffic has picked up over the past two weeks. Weve had a bit more inventory for sale, with some more REO listings as well. Interest rates are still low and inventory is still tight. Plus, buyers know that prices are rising. The public confidence in the economy in general is still low and this is keeping activity at a standstill. Prices have risen too fast! Much of the inventory is overpriced or bait and switch tactics. There are more lookers than buyers.
10% 30%
100% 80% 60% 40% 20%
89%
50% 40% 10% Home Prices
80%
11%
0% Incentives 0%
20%
60%
0% Time to Sell
Increased
Remained the same
Decreased
January 14 Slide 26
Philadelphia, PA-Southern NJ Economic Uncertainty, Lingering Impact from Shutdown Drag on Demand
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic came in short of agents expectations in January, as our Buyer Traffic Index came in at 30, up slightly from 27 in December, but still short of a neutral 50. Agents suggested that lingering effects from the government shutdown and economic uncertainty kept demand at low levels. Prices were unchanged in January, as our price index came in at 45 from 50 in December, in-line with a neutral reading. Inventories were lower in January, as was the time to sell. We believe that decreases in both of these metrics are positive indicators for future pricing.
Buyer Traffic Index 37.5 41.7 30.0 25.0 26.9 30.0 3.1 Home Price Index 65.6 57.9 46.7 36.1 50.0 44.7 (5.3) Incentive Index 60.0 44.4 50.0 40.0 54.5 50.0 (4.5) Home Listings Index 50.0 39.5 63.3 61.1 73.1 60.5 (12.6) Time to Sell Index 61.8 60.5 56.7 50.0 57.7 57.9 0.2
Feb-12
Feb-13
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Since the government shutdown it seems that the buyer pool has dried up. Buyers arent sure what to expect about the economy and as a result, they arent sure about their job security. The lending standards and appraisers are painful. The weather in January has been a little extreme. This hasnt helped demand get on track yet.

80% 60%
15%
73% 58%
26% 16% 13% 13% 11% Time to Sell Decreased 63%
55%
40%
30%
26%
20%
0%
Home Prices Incentives Increased Remained the same
More than expected
Meets expectations
Less than expected

January 14 Slide 27
Phoenix, AZ Prices Stable for Now, as Inventories Rise, Traffic is Weak, and Buyers Lack Urgency
(11,859 single-family building permits in 2012, 3rd largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic fell in January, as our index came in at 26, down from 33 in December. Agents attributed the lower traffic to buyers concerns that prices are too high (sellers are too aggressive). Agents also indicated that buyers will only entertain quality listings at good prices. The local economy also appears to be a drag on demand, while investor activity remains muted. Prices were stable in January, as our Home Price Index came in at 45, up from 42 in December and in-line with a neutral 50. Agents pointed to broad increase in inventories and the time to sell, which we view as negatives for future pricing.
Buyer Traffic Index 43.1 22.1 18.6 17.6 32.7 25.8 (6.9) Home Price Index 82.8 78.6 47.1 51.5 42.3 45.0 2.7 Incentive Index 55.4 54.8 34.8 37.1 44.0 32.1 (11.9) Home Listings Index 60.7 48.6 31.4 20.0 34.6 14.5 (20.1) Time to Sell Index 55.4 47.1 25.7 18.8 19.2 11.7 (7.6)
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Nov-12
Dec-12
Jul-13
Nov-13
Dec-13
Oct-12
Feb-12
Feb-13
Oct-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Feb-12 Feb-13
Home Price Index
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Rates are higher and there are a lack of good jobs. With higher inventories and economic uncertainty, buyers are taking a wait and see attitude. Only a great looking house will get them to jump, ugly houses are just sitting there. Buyers seem to be taking a break. They are waiting to see more inventory and lower prices. Investors are mostly gone. There is uncertainty and skepticism from buyers. Sellers are overzealous with listing prices and their homes are just sitting on the market.
13%
100% 80%
77% 57% 17% 27% 64% 36% 23% 0% Home Prices Incentives 0% Time to Sell Decreased
26%
61%
60% 40% 20%
0%
More than expected
Meets expectations
Less than expected
January 14 Slide 28
Portland, OR Traffic Improves as Buyers want to Beat Higher Prices and the Spring Rush
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic improved and met expectations in January, as agents noted that buyers were driven by the fear of higher rates and prices. Others noted that buyers wanted to get in early, ahead of the busier spring selling season. Low inventories drove demand, according to some agents; though for others, it meant less material with which to attract buyers. Homes prices were modestly higher in January, as our Home Price Index increased to 57 from 50 in December (above 50). Inventories were lower in January, a positive for future pricing, while the time to sell was unchanged.
May-12
May-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jul-12
Jan-12
Jun-12
Jan-13
Apr-13
Jun-13
Apr-12
Oct-12
Jul-13
Oct-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Buyers are concerned that prices will continue to rise so they are looking to buy now. The weather actually hasnt been that bad, bringing out early shoppers who want to get in ahead of the spring season. There is a heightened sense that prices and interest rates are going nowhere but up. So buyers want in now to capture the best deal possible. Inventory remains low and there are fewer signs and ads for buyers to look at.
31%
31%
85%
92%
80%
60% 40% 20% 0% 15% 0% Home Prices 8% 0% Time to Sell Decreased 38% 31% 31%
38%
Incentives
Increased
Remained the same
January 14 Slide 29
Raleigh, NC Traffic Slips as Buyers are Looking for More Inventory

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic took a step back in January, as our Buyer Traffic Index fell to 29 from 40 in December, short of a neutral reading of 50. Agents indicated that inventories were too low in January to entice buyers to enter the market, while others noted that buyers are cash-strapped. Prices were up marginally in January, as our Home Price Index came in at 56 (unchanged from our December reading), just above a neutral reading of 50. Inventories and the time to sell both edged lower in January, which we view as a positive for future pricing.
Buyer Traffic Index 30.0 30.0 40.0 42.9 40.0 28.6 (11.4) Home Price Index 50.0 70.0 60.0 57.1 55.6 56.3 0.7 Incentive Index 50.0 60.0 40.0 40.0 43.8 37.5 (6.3) Home Listings Index 80.0 90.0 70.0 71.4 65.0 56.3 (8.8) Time to Sell Index 50.0 90.0 75.0 64.3 44.4 56.3 11.8
Mar-12
Mar-13
Jul-12
May-12
Apr-13
May-13
Apr-12
Oct-12
Jul-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Low inventories have kept showings and traffic down. Inventories are still way too low. Mortgage rates are pretty stable, but the inventory is a problem. Buyers are too cash strapped to buy a home right now. Were getting some traffic from business transfers into the area.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 88% 75% 88%
29%
80%
60%
0% 71%
40%
20% 13% 0% Home Prices
Lending is a bit more available, but appraisals remain super conservative.

25% 13% 0% Incentives 0% Time to Sell Decreased
0%
More than expected
Meets expectations
Less than expected
January 14 Slide 30
Richmond, VA Traffic Meets Expectations on Fear over Higher Rates, Prices

(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 came in to meet expectations in January, as our Buyer Traffic Index increased to 50 from 42 in December, in-line with a neutral reading. Agents indicated that buyers were motivated to search due to concerns that rates and prices might be even higher during the spring. Agents also noted better overall demand from first-time, move-up and all cash buyers. Prices were flat in January, as our Home Price Index came in at 50 (from 58 in December), in-line with a neutral reading. Inventories were lower, as was the time to sell in January. These are usually positive indicators for future pricing.
Buyer Traffic Index 50.0 83.3 31.3 33.3 41.7 50.0 8.3 Home Price Index 83.3 83.3 50.0 58.3 58.3 50.0 (8.3) Incentive Index 66.7 66.7 42.9 33.3 41.7 40.0 (1.7) Home Listings Index 83.3 66.7 50.0 16.7 75.0 70.0 (5.0) Time to Sell Index 50.0 75.0 37.5 33.3 41.7 60.0 18.3
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

There is pent up demand with low rates. Plus there is a fear of potential increases in rates and prices. Low inventory helps create additional urgency in the market. We are also still getting a lot of all cash contracts. We also have more local appraisers who do a more thorough job and understand the market. Weve been getting some better demand from first-time buyers and move-up buyers.

100%
80% 60% 40% 40%
40%
40%
80% 60% 40% 20% 0%
20%
20%
20%
0%
20%
20%
Incentives
Remained the same

January 14 Slide 31
Sacramento, CA Buyers Still Wary of the Market, Affordability not as Attractive

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic was a bit better in January, as our traffic index came in at 32, up from 20 in December, but still well short of agents expectations (below 50). Agents indicated that higher rates and prices have worked to keep buyers away from the market. Tight lending standards have also discouraged activity. Prices were higher in January, as our Home Price Index came in at 64, up from 50 in December, above a neutral reading of 50. We think prices may be choppy in the coming months, as our time to sell index pointed to an increased time to sell, a negative for future pricing. Inventories were flat in January.
Apr-13
Apr-12
Oct-12
May-12
May-13
Aug-12
Sep-12
Aug-13
Sep-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Jul-12
Jul-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Interest rates are higher and underwriting standards are stricter. Lender requirements are too tough and inventory is very low. Prices have moved up too high. Houses are still very affordable. Prices are up but they are still at very low levels.
18%
100%
80% 70% 45% 36% 18% 20% 10%
60%
55%
36% 9%
55%
27%
40%
20%
0%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

January 14 Slide 32
San Antonio, TX Local Economy Remains Strong, though Traffic is Choppy

100 90 80 70 60 50 40 30 20 10 0
Our Take:
Traffic was up slightly in January, though levels still fell short of agents expectations, as our traffic index came in at 40, up slightly from 30 in December, but still short of 50. Agents pointed to better demand from a strong local economy, but low inventories were a partial offset. Move-up buyers were said to be keeping their homes off the market. Prices were higher in January, as our Home Price Index increased to 75 from 60 in December, above a neutral 50. Inventories and the time to sell both declined, which we view as positives for future pricing power.
Jul-12
Mar-12
Mar-13
Apr-13
Feb-12
Apr-12
Feb-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Folks are not listing their homes. Theyre staying put. Inventory is very short. A lot of jobs created in 2013, and we expect even more in 2014. The Eagle Ford Shale is pumping money into the economy. Activity has tapered slightly over the past couple of months. I feel that the reason is simply that the pace was so frenetic, it could not last forever. The economy has kept demand at a relatively steady pace.
10% 30%
100% 80% 60% 40% 20%
How Do the Recent 30 Days Compare to the Prior 30 Days... 90% 50% 50% 33% 0% Home Prices 0% 10% 56%
11%
Time to Sell
60%
0% Incentives
Increased
Remained the same
Decreased
January 14 Slide 33
San Diego, CA Demand at Low Levels in January as Buyers Want Better Inventory
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained well short of agents expectations in January, as our traffic index came in at 24 from 22 (below 50). Agents indicated that buyers were frustrated with a limited inventory to choose from, high prices, and high interest rates. Others were said to still be concerned about the economy. Prices were higher in January (first time since August), as our Home Price Index came in at 58 from 28 December. Inventories edged lower while the time to sell increased slightly. Low inventories is a positive for pricing, but the increased time to sell is a potential negative.
Feb-12
Feb-13
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Inventory and prices continue to fluctuate drastically. Buyers are not anxious to really make an offer. Growing uncertainty about the still fragile recovery in housing puts many on the sidelines. The economy is still slow and people are still worried. Buyers are hesitant, frustrated by low inventory and higher rates. There is no inventory and prices are too high.
11%
100% 80%
76% 61% 28% 11% Home Prices 12% 12% Time to Sell Decreased 44% 28% 28%
26% 63%
60%
40%
20%
0%
Incentives Increased Remained the same
Still difficult for some buyers to get good rates or financing without a large down payment.
More than expected
Meets expectations
Less than expected
January 14 Slide 34
San Francisco, CA Traffic Improves on Urgency Driven by a Lack of Inventory

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Demand improved in January, as our Buyer Traffic Index increased to 54 from 37 in December, indicating that demand met agents expectations for this time of year. Agents said that buyers were driven by a lack of inventory and a fear of missing out, but showed less enthusiasm than in summer 2013. Prices continued to improve, as our Home Price Index increased to 78 from 63 in December, above a neutral 50. Incentives were said to have declined as well. Inventories fell, as did the time to sell. Declines in each of these metrics are positives for future pricing power.
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Nov-12
Dec-12
Jul-13
Nov-13
Dec-13
Oct-12
Feb-12
Feb-13
Oct-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

The lack of inventory is creating some urgency in the market. Inventory is low and buyers feel that the local economy is doing better. High rents are also pushing buyers into the market. Buyers came back in the first week of January, but were met with super low inventory. That caught their attention. There are lots of buyers looking. Many of them are tenants looking to buy their first home. Though buyers do seem less aggressive than 6 months ago.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 60% 40% 20% 65%
17% 25%
80% 63% 29% 8% Time to Sell Decreased
26%
9% Home Prices 0%
20%
0%
58%
Incentives
Increased
Remained the same
January 14 Slide 35
Sarasota, FL Traffic Falls on Flood Insurance Concerns

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic took a step down in January, as our traffic index fell to 23 from 50 in December, well short of agents expectations. Agents indicated that buyers were concerned about the impact from local flood insurance rates and local economic trends. Prices improved in January, as our Home Price Index increased to 75 from 69, above a neutral 50. We think prices could come under pressure given higher inventories a negative for prices. A flat time to sell could also pose risk given the slower demand.
Buyer Traffic Index 57.1 64.3 31.3 40.0 50.0 22.7 (27.3) Home Price Index 80.0 83.3 66.7 55.6 68.8 75.0 6.3 Incentive Index 50.0 58.3 33.3 50.0 37.5 50.0 12.5 Home Listings Index 60.0 83.3 41.7 55.6 25.0 30.0 5.0 Time to Sell Index 80.0 83.3 33.3 33.3 57.1 45.0 (12.1)
May-12
May-13
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Jan-12
Jun-12
Jan-13
Apr-13
Jun-13
Apr-12
Oct-12
Jul-13
Oct-13
100 90 80 70 60 50 40 30 20 10 0
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Flood insurance is a big deterrent. Nobody knows what to expect, but people arent expecting good things. Plus getting a mortgage is harder than ever.
New flood insurance rates are really slowing the market. This is in addition to economic concerns.
People have no money to put down. Cash buyers are taking out the homeowner who wants to live in a home.
55%
0%
100%
80%
80%
45%
60%
30% 10% Home Prices 10% 10%
60% 40% 20% 0% Incentives
50% 10%
40%
More than expected
Meets expectations
Less than expected
Increased
Remained the same

January 14 Slide 36
Seattle, WA Buyers Feel More Optimistic about Local Economy, Drive Traffic Higher
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Agents pointed to better traffic in January, as our traffic index came in at 47, up from 36 in December, indicating that levels met agents expectations. Agents indicated that buyers felt better about the local economy, which drove urgency in the market. However, there was some commentary about a lack of attractive inventory negatively impacting traffic. Prices increased in January, as our Home Price Index increased to 75 from 54, coming in above a neutral 50. Inventories and the time to sell both declined in January. These are positives for future pricing.
Mar-12
Mar-13
Jul-12
May-12
Apr-13
May-13
Apr-12
Oct-12
Jul-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

There is renewed faith in the viability of the economy. Locally, jobs seem to be improving. There are more multiple offers in the past month. I have been in 2 two multiple offers situations with 8 competing offers. There is a lack of inventory, better job security and lots of relocations coming in. Holidays are over, and buyers are chomping at the bit to buy a house before interest rates rise. There is a shortage of desirable inventories.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 64% 56% 38% 44% 44%
37% 44%
21%
6% Home Prices
14%
13%
19%
Incentives
Increased
Remained the same
January 14 Slide 37
St. Louis, MO Buyers Look for More Stability Before Entering the Market
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Agents pointed to lower demand in January, as our Buyer Traffic Index fell to 25 from 67 in December, short of a neutral reading of 50 (levels short of expectations). Agents indicated that changes to mortgage standards, less disposable income, and a lack of inventory kept buyers on the fence in January. Prices were flat in January, as our Home Price Index came in at 50 (unchanged from our reading in December), in-line with a neutral reading. Inventories and the time to sell both declined, which we view as a positive for future pricing power.
Buyer Traffic Index 33.3 16.7 12.5 62.5 66.7 25.0 (41.7) Home Price Index 50.0 66.7 50.0 75.0 50.0 50.0 0.0 Incentive Index 50.0 75.0 0.0 50.0 33.3 50.0 16.7 Home Listings Index 50.0 33.3 50.0 100.0 50.0 75.0 25.0 Time to Sell Index 33.3 50.0 33.3 87.5 66.7 62.5 (4.2)
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Buyers are uninformed about the mortgage changes. Higher healthcare expenses are also taking away from the ability for buyers to save for a down payment. The stock market volatility is hurting demand. A shortage of inventory has slowed some buyers, but I still get multiple offers for some of my listings.
0%
80% 60%

75%
50%
25% 25% 33% 33%33% 25% 0%
50%
50%
40% 20% 0%
Home Prices
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same

January 14 Slide 38
Tampa, FL Traffic Improves in January, Comes in to Meet Expectations

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic improved to meet expectations in January, as our index came in at 46 from 31 in December, in-line with a neutral 50. Agents noted better demand from investors and relocating buyers in January, with some drawn to low prices. However, some buyers were still turned off by the limited inventory. Prices increased further in January, as our Home Price Index came in at 69 from 63 in December, above a neutral 50. Inventories were down slightly in January, while the time to sell decreased as well. We view declines in each of these metrics as positives for future pricing.
Apr-13
Apr-12
Oct-12
May-12
May-13
Aug-12
Sep-12
Aug-13
Sep-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Oct-13
Jul-12
Jul-13
Nov-13
Dec-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Courthouse foreclosed properties are being bought up by investors, reducing the inventory of homes for sales. There is a lot of demand from relos and foreign investors. Some buyers still find current prices attractive. Low interest rates and listing prices with low inventory are motivating buyers to purchase now.
80%
36%
43%
62%
69% 42% 42% 15% 0% 15%
60%
40% 20% 0%
38%
There isnt enough inventory, or prices are too high.

21%
17%
Home Prices
Increased
Incentives
Time to Sell
Decreased
Remained the same

January 14 Slide 39
Tucson, AZ Increased Demand from Snowbirds and Investors Drive Traffic in January
100 90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic exceeded agents expectations in January, as our traffic index increased to 57 from 50 in December, coming in above a neutral reading of 50. Agents indicated that increased demand from snowbirds and investors helped drive the improvement in demand. Prices were higher in January, as our Home Price Index increased to 79 from 64 in December, above 50. Inventories increased further in January, a negative for future pricing. However, the time to sell decreased, a positive sign for urgency and potential pricing power.
Jul-12
Mar-12
Mar-13
Apr-13
Feb-12
Apr-12
Feb-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Snowbirds are optimistic and buying again. We appear to have a larger number of winter investors this year relative to last year. Traffic has picked up since the holidays, though that was somewhat expected.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 67% 57% 43% 29% 29% 17% 0% Home Prices Incentives Time to Sell 17% 43%
29% 43%
28%
Increased
Remained the same
Decreased

January 14 Slide 40
Virginia Beach, VA Traffic Remains Stable, Pricing Still a Bit Choppy

(3,544 single-family building permits in 2012, 31st largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic was in-line with agents expectations again in January, as our traffic index came in at 50, unchanged from our reading in December. Commentary was mixed, as some saw buyers looking to get in ahead of higher rates, while others noted that some were concerned about reduced government spending. Prices were lower in January, as our price index came in at 40 (from 20 in December), short of a neutral reading of 50. Inventories were lower in January, while the time to sell was unchanged. With steady traffic levels, we think these could be positive indicators for future pricing.
Feb-12
Feb-13
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
Feb-13
May-13
May-12
Mar-12
Mar-13
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Nov-12
Dec-12
Oct-13
Nov-13
Aug-12
Sep-12
Aug-13
Sep-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

Buyers are showing motivation to act now before the decrease in bond buying drives interest rates up. Buyers feel a bit more optimistic about the economy. The job market seems to be struggling a bit and some buyers are spooked. There is economic uncertainty over military spend.

100%
33%
34%
80% 67%
80% 60%
40%
20% 0%
20%
0% 0%
17%
17%
0%
33%
Incentives
Remained the same

January 14 Slide 41
Washington, D.C. Traffic Shows Signs of Life in January, Pricing Flat

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic improved in January, as our index came in at 40 from 19 in December. However, levels still fell short of expectations (readings below 50). Agents noted that low inventories and slightly lower rates created some urgency, though buyers were said to still have some concerns about the economy. Prices were flat in January, as our price index came in at 52 from 46 in December, in-line with a neutral 50. Inventories edged lower in January, while the time to sell increased slightly, suggesting that prices may remain stable in the near-term.
Jul-12
May-12
Apr-13
May-13
Mar-12
Mar-13
Apr-12
Nov-12
Dec-12
Jul-13
Nov-13
Dec-13
Oct-12
Feb-12
Feb-13
Oct-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jan-12
Jun-12
Jan-13
Jun-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-12
May-13
Jun-12
Jan-13
Jun-13
May-12
Mar-12
Mar-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Nov-13
Dec-13
Jan-14
Jul-12
Apr-12
Apr-13
Oct-12
Jul-13
Oct-13

Low inventories and signs of a strong market are getting buyers out to beat the spring rush and avoid multiple offer situations. Investors and first-time buyers are showing interest. Only change of note is that interest rates have ebbed a bit. New construction in some parts of the market is moving well. Existing homes are lagging a bit. I believe people are waiting to see what happens with the economy.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 60% 40% 20% 21% 17% 14% 0% Home Prices Incentives Time to Sell Decreased 63%
21%
86%
54% 29% 17%
42%
37%
0%
January 14 Slide 42
Wilmington, NC Insurance Rate Increases Keep Traffic Muted in January

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained well below agents expectations in January. Our traffic index came in 17 (unchanged from our reading in December), short of 50. Agents noted that local insurance rate increases have worked to keep buyers away from the market. Prices improved in January, as our Home Price Index came in at 67, up from 33 in December, above a neutral reading of 50. Prices may come under pressure in the coming months as agents pointed to an increased time to sell. We view this as a negative for pricing especially given slower traffic.
Buyer Traffic Index 50.0 50.0 41.7 25.0 16.7 16.7 0.0 Home Price Index 66.7 85.7 58.3 58.3 33.3 66.7 33.3 Incentive Index 50.0 50.0 41.7 33.3 58.3 50.0 (8.3) Home Listings Index 66.7 71.4 50.0 50.0 50.0 58.3 8.3 Time to Sell Index 66.7 64.3 50.0 50.0 25.0 16.7 (8.3)
May-12
May-13
Mar-12
Mar-13
Feb-12
Nov-12
Dec-12
Feb-13
Nov-13
Dec-13
Aug-12
Sep-12
Aug-13
Sep-13
Jan-14
Jul-12
Jan-12
Jun-12
Jan-13
Apr-13
Jun-13
Apr-12
Oct-12
Jul-13
Oct-13
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-12
May-13
May-12
Mar-12
Mar-13
Apr-12
Apr-13
Oct-12
Jul-13
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-12
Jun-12
Jan-13
Jun-13
Jan-14

I think its seasonal, but everyone is crying broke. Insurance increases are scaring buyers away. Down payments are becoming too expensive. Prices are too high. Flood and homeowner insurance rate increases are killing sales.
0%
33%
33% 17% 0% Home Prices Incentives 17%
33%
67%
More than expected
Meets expectations
Less than expected
Increased
Remained the same

January 14 Slide 43
Appendix:
January 14 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 Jan-12 59.5 58.7 50.0 34.6 37.5 60.0 58.6 46.7 55.0 45.2 50.0 36.7 43.3 50.0 38.5 45.8 50.0 50.0 60.8 50.0 62.5 38.1 29.2 42.5 53.4 50.0 62.5 75.0 64.3 62.5 30.8 54.3 70.0 38.2 37.5 43.5 27.3 61.1 48.2 60.0 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 Jul-13 47.1 61.1 28.6 46.9 80.0 50.0 55.8 42.9 42.9 56.3 55.0 50.0 59.1 70.8 53.3 37.5 46.2 52.1 55.9 55.9 54.5 52.3 46.9 52.6 38.0 29.2 38.9 70.0 61.1 78.6 50.0 47.6 57.1 46.7 75.0 50.0 66.7 50.0 52.2 50.0 52.9 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 35.7 17.4 12.5 41.7 45.0 45.0 65.4 46.7 34.6 35.0 35.0 59.4 50.0 20.0 8.3 25.0 30.0 50.0 47.2 25.0 39.3 40.6 26.2 23.8 41.7 43.8 40.0 37.5 30.0 10.0 31.3 38.9 33.3 42.3 42.9 50.0 50.0 44.8 25.0 36.5 42.6 29.5 66.7 20.0 25.0 45.0 50.0 28.6 37.5 45.0 28.6 35.7 33.3 37.5 40.0 50.0 50.0 38.9 31.3 54.2 34.0 30.6 40.5 40.5 35.7 43.8 46.9 36.7 42.1 25.0 21.4 18.4 60.0 61.1 38.5 45.0 50.0 42.9 68.2 41.7 44.4 25.0 33.3 40.9 54.5 22.7 13.6 50.0 50.0 33.3 75.0 11.1 25.0 27.8 43.8 45.8 36.1 23.7 38.6 27.8 33.3 29.4 47.2 38.5 37.0 23.7 32.6 50.0 46.0 30.0 32.7 29.5 32.7 33.3 62.5 37.5 32.1 17.6 20.0 33.3 61.1 21.4 27.3 33.3 36.4 50.0 42.9 30.6 27.5 23.3 27.9 38.9 25.0 38.9 4.2 15.6 11.1 40.0 37.5 41.7 30.0 25.0 26.9 30.0 43.1 22.1 18.6 17.6 32.7 25.8 38.5 38.5 25.0 26.9 41.7 50.0 30.0 30.0 40.0 42.9 40.0 28.6 50.0 83.3 31.3 33.3 41.7 50.0 20.0 40.0 8.3 12.5 20.0 31.8 61.1 31.3 25.0 56.3 30.0 40.0 41.7 29.5 20.0 25.0 21.9 23.7 43.3 40.9 31.8 37.0 36.8 54.2 57.1 64.3 31.3 40.0 50.0 22.7 40.0 37.5 0.0 16.7 35.7 46.9 33.3 16.7 12.5 62.5 66.7 25.0 31.8 42.9 23.1 30.8 31.3 46.4 27.3 35.0 27.8 30.0 50.0 57.1 50.0 33.3 33.3 0.0 50.0 50.0 27.3 34.2 25.0 31.5 19.2 39.6 50.0 50.0 41.7 25.0 16.7 16.7 45.2 36.2 28.1 31.9 35.1 38.2

January 14 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 Jan-12 22.7 56.5 41.7 20.8 25.0 33.3 23.5 30.0 30.0 33.3 48.1 31.3 80.0 46.2 37.5 37.5 34.2 30.0 53.9 25.6 50.0 27.0 45.8 35.7 64.8 34.1 37.5 25.0 46.4 50.0 28.8 45.8 60.0 14.7 37.5 45.7 22.7 27.8 33.9 30.0 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 Jul-13 81.3 94.4 71.4 80.0 90.0 80.0 80.0 71.4 83.3 75.0 83.3 86.1 95.5 87.5 90.0 62.5 90.4 85.4 92.6 85.3 90.9 70.5 86.7 63.2 82.7 87.5 72.2 80.0 100.0 64.3 80.8 90.5 87.5 85.7 87.5 100.0 77.8 66.7 63.0 87.5 82.3 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 78.6 61.9 63.6 54.2 60.0 65.8 84.6 80.0 61.5 60.0 75.0 84.4 56.3 80.0 41.7 60.0 70.0 66.7 77.8 65.8 75.0 62.5 57.1 70.0 75.0 75.0 70.0 62.5 70.0 60.0 92.9 77.8 61.1 76.9 85.7 66.7 61.7 75.9 43.8 53.7 55.9 60.5 80.0 60.0 40.0 60.0 57.1 71.4 75.0 70.0 50.0 57.1 41.7 68.8 80.0 80.0 72.2 62.5 50.0 87.5 72.0 52.5 39.1 44.7 52.4 62.5 81.3 80.0 63.9 63.9 60.7 52.6 94.4 83.3 84.6 75.0 75.0 78.6 86.4 87.5 80.0 75.0 70.0 72.7 86.4 63.6 54.5 61.1 75.0 54.2 62.5 72.2 50.0 72.2 56.3 62.5 86.1 75.0 54.8 61.1 44.4 44.1 77.8 76.0 56.3 58.3 60.9 77.8 81.3 84.0 80.8 72.7 69.2 75.0 68.2 58.3 50.0 52.9 45.0 61.1 88.9 64.3 59.1 61.1 68.2 76.9 71.4 55.1 56.4 51.1 59.5 62.5 80.0 77.8 45.8 62.5 72.2 65.0 65.6 57.9 46.7 36.1 50.0 44.7 82.8 78.6 47.1 51.5 42.3 45.0 69.2 66.7 62.5 42.3 50.0 57.7 50.0 70.0 60.0 57.1 55.6 56.3 83.3 83.3 50.0 58.3 58.3 50.0 95.0 63.6 45.8 37.5 50.0 63.6 80.0 75.0 64.3 81.3 60.0 75.0 75.0 47.7 42.1 17.9 28.1 58.3 81.3 76.2 54.8 68.8 62.5 78.3 80.0 83.3 66.7 55.6 68.8 75.0 77.8 65.4 64.3 54.5 53.6 75.0 50.0 66.7 50.0 75.0 50.0 50.0 77.3 76.7 73.1 73.1 62.5 69.2 72.7 75.0 44.4 60.0 64.3 78.6 50.0 70.0 33.3 25.0 20.0 40.0 72.9 63.2 64.3 46.4 46.4 52.1 66.7 85.7 58.3 58.3 33.3 66.7 75.7 71.5 57.0 58.0 57.2 64.6

January 14 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 Jan-12 33.3 40.9 40.0 50.0 50.0 26.7 50.0 40.0 40.0 23.8 48.0 42.9 46.7 35.4 45.0 25.0 36.8 40.6 50.0 39.0 37.5 46.4 41.7 35.3 44.0 45.5 50.0 50.0 45.8 56.3 30.4 50.0 44.4 34.4 37.5 47.8 45.5 38.9 35.7 40.0 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 Jul-13 50.0 44.4 57.1 64.3 60.0 65.0 45.8 50.0 58.3 75.0 45.0 55.9 40.9 63.6 64.3 50.0 64.0 55.0 46.9 55.9 72.7 53.6 57.1 50.0 47.9 54.2 68.8 70.0 64.3 42.9 54.5 52.8 68.2 57.1 25.0 56.3 50.0 41.7 50.0 62.5 55.3 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 42.9 52.5 36.4 29.2 25.0 36.1 50.0 43.3 50.0 45.0 40.0 56.3 42.9 40.0 40.0 50.0 60.0 50.0 61.8 52.8 65.4 66.7 60.0 65.0 50.0 42.9 37.5 50.0 50.0 50.0 50.0 50.0 56.3 53.8 64.3 38.9 50.0 55.8 53.7 50.0 43.3 52.9 60.0 50.0 40.0 30.0 35.7 35.7 62.5 40.0 41.7 42.9 33.3 35.7 55.0 50.0 44.4 25.0 28.6 50.0 48.0 47.4 32.5 36.1 31.0 50.0 43.3 50.0 44.1 50.0 50.0 44.4 33.3 38.9 42.3 45.0 25.0 58.3 54.5 41.7 60.0 33.3 50.0 44.4 60.0 36.4 54.5 37.5 44.4 40.0 43.8 44.4 33.3 44.4 37.5 33.3 55.6 30.6 21.4 32.4 22.2 25.0 43.8 56.5 50.0 50.0 52.6 58.3 48.0 50.0 42.3 45.5 42.0 52.6 45.5 50.0 46.4 46.9 50.0 47.1 68.8 64.3 50.0 38.9 50.0 53.8 51.7 58.0 44.6 53.8 54.1 56.1 55.0 50.0 29.2 34.4 33.3 44.4 60.0 44.4 50.0 40.0 54.5 50.0 55.4 54.8 34.8 37.1 44.0 32.1 50.0 50.0 45.5 45.8 50.0 46.2 50.0 60.0 40.0 40.0 43.8 37.5 66.7 66.7 42.9 33.3 41.7 40.0 56.3 45.0 40.9 37.5 25.0 45.0 55.0 35.7 35.7 12.5 35.0 55.0 61.1 50.0 46.2 46.2 46.2 50.0 69.2 52.8 47.2 50.0 47.1 60.0 50.0 58.3 33.3 50.0 37.5 50.0 66.7 54.5 37.5 36.4 34.6 46.4 50.0 75.0 0.0 50.0 33.3 50.0 59.1 42.9 26.9 37.5 37.5 50.0 54.5 40.0 50.0 35.0 42.9 50.0 37.5 33.3 50.0 25.0 40.0 50.0 45.0 55.3 47.6 44.0 46.2 43.2 50.0 50.0 41.7 33.3 58.3 50.0 52.8 49.1 42.2 41.1 42.5 47.1

January 14 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 Jan-12 70.5 61.4 66.7 38.5 62.5 50.0 77.3 53.3 50.0 47.6 81.5 56.3 76.7 61.5 53.8 70.8 80.0 55.7 65.8 88.4 31.3 50.0 75.0 60.0 79.5 63.6 93.8 87.5 64.3 43.8 48.0 62.5 50.0 55.9 25.0 80.4 63.6 62.5 63.0 80.0 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 Jul-13 78.1 55.6 50.0 70.0 80.0 80.0 50.0 78.6 66.7 62.5 26.2 69.4 86.4 79.2 70.0 62.5 60.0 41.7 77.3 76.5 86.4 50.0 63.3 71.1 62.0 41.7 66.7 75.0 44.4 35.7 57.7 45.0 87.5 67.9 37.5 77.8 78.6 66.7 47.8 50.0 63.3 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 64.3 80.4 63.6 66.7 70.0 69.2 56.7 53.8 65.0 70.0 75.0 100.0 60.0 30.0 40.0 72.2 60.5 64.3 84.4 95.2 58.3 50.0 60.0 62.5 70.0 71.4 61.1 55.6 57.7 78.6 66.7 69.0 51.6 70.4 83.3 37.5 40.0 60.0 65.0 78.6 75.0 60.0 41.7 50.0 66.7 55.6 80.0 68.8 75.0 87.5 24.0 20.0 39.1 73.8 55.0 34.4 56.7 58.3 58.3 64.3 80.0 68.8 57.7 75.0 45.0 59.1 63.6 60.0 70.0 85.0 31.8 36.4 45.5 33.3 50.0 71.4 43.8 54.2 50.0 56.3 41.2 25.0 31.0 8.3 19.4 38.9 46.2 33.3 36.8 50.0 66.0 66.0 61.5 59.1 59.6 63.6 41.7 64.3 61.8 85.0 83.3 85.7 45.5 72.2 54.5 62.9 56.1 59.0 76.7 76.2 65.0 50.0 54.2 40.6 61.1 50.0 39.5 63.3 61.1 73.1 60.7 48.6 31.4 20.0 34.6 50.0 33.3 45.8 73.1 63.6 80.0 90.0 70.0 71.4 65.0 83.3 66.7 50.0 16.7 75.0 40.0 25.0 20.8 31.3 30.0 60.0 62.5 85.7 87.5 90.0 12.5 50.0 36.8 46.4 50.0 25.0 40.0 40.5 76.1 81.6 60.0 83.3 41.7 55.6 25.0 55.0 61.5 50.0 59.1 76.9 50.0 33.3 50.0 100.0 50.0 81.8 70.0 53.8 41.7 62.5 54.5 50.0 27.8 30.0 7.1 37.5 58.3 50.0 87.5 80.0 54.2 52.8 59.5 44.4 60.7 66.7 71.4 50.0 50.0 50.0 57.2 56.3 51.8 57.4 61.9 Jan-14 65.8 84.4 50.0 87.5 70.0 55.6 61.8 71.4 68.8 62.5 60.4 67.6 66.7 81.8 54.2 58.3 20.6 66.1 48.8 63.9 80.8 71.1 40.0 60.5 14.5 61.5 56.3 70.0 54.5 70.0 55.6 77.1 30.0 65.6 75.0 58.3 35.7 66.7 58.3 58.3 60.7

January 14 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 Jan-12 45.5 58.7 25.0 19.2 28.6 43.3 47.0 40.0 30.0 26.2 61.1 43.8 76.7 58.0 50.0 41.7 60.5 39.7 65.8 52.4 37.5 28.7 50.0 35.7 75.6 52.4 56.3 50.0 57.1 25.0 40.0 52.1 75.0 41.2 0.0 63.0 68.2 33.3 33.9 30.0 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 Jul-13 59.4 72.2 64.3 70.0 70.0 70.0 74.1 64.3 58.3 75.0 57.1 64.7 80.0 79.2 46.7 75.0 65.4 45.7 77.3 76.5 90.9 50.0 73.3 65.8 57.7 79.2 83.3 100.0 66.7 78.6 65.4 47.4 86.4 53.6 62.5 77.8 72.2 83.3 54.5 50.0 68.6 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 46.4 43.5 27.3 29.2 55.0 68.4 69.2 63.3 53.8 50.0 60.0 78.1 50.0 70.0 30.0 20.0 50.0 33.3 61.1 60.5 60.7 57.1 57.1 60.0 66.7 68.8 60.0 50.0 60.0 50.0 71.4 55.6 44.4 50.0 85.7 66.7 66.7 53.4 42.2 46.3 51.6 48.6 25.0 40.0 20.0 50.0 28.6 57.1 62.5 70.0 58.3 42.9 50.0 62.5 55.0 70.0 44.4 31.3 37.5 59.1 42.0 27.5 21.7 45.2 38.1 43.8 50.0 50.0 47.2 27.8 32.1 44.7 66.7 83.3 69.2 50.0 50.0 66.7 77.3 62.5 65.0 44.4 50.0 77.3 59.1 36.4 13.6 38.9 40.0 41.7 62.5 55.6 58.3 61.1 43.8 58.3 52.8 30.6 26.2 25.0 14.7 11.8 41.7 38.0 32.6 23.7 26.1 42.9 80.0 60.0 50.0 43.2 44.0 46.3 54.5 58.3 35.7 38.2 45.0 62.5 77.8 42.9 45.5 55.6 59.1 75.0 64.3 54.2 43.6 36.7 41.7 52.2 60.0 94.4 37.5 28.1 50.0 60.0 61.8 60.5 56.7 50.0 57.7 57.9 55.4 47.1 25.7 18.8 19.2 11.7 57.7 41.7 37.5 46.2 25.0 50.0 50.0 90.0 75.0 64.3 44.4 56.3 50.0 75.0 37.5 33.3 41.7 60.0 35.0 31.8 16.7 25.0 20.0 27.3 80.0 68.8 71.4 75.0 50.0 72.2 41.7 27.3 26.3 10.7 12.5 41.7 37.5 45.0 35.7 43.8 47.4 60.4 80.0 83.3 33.3 33.3 57.1 45.0 70.0 38.5 35.7 27.3 46.2 65.6 33.3 50.0 33.3 87.5 66.7 62.5 77.3 56.7 38.5 46.2 34.4 62.5 40.9 50.0 27.8 35.0 50.0 57.1 50.0 91.7 50.0 12.5 30.0 50.0 54.2 47.4 37.5 28.6 35.7 43.8 66.7 64.3 50.0 50.0 25.0 16.7 57.6 56.4 41.9 40.8 43.3 52.7

January 14 Slide 49
Agent Recom m endations

Agents recom m end Toll Brothers, D.R. Horton, and Pulte Group. Toll Brothers received the highest percentage of recommendations by agents across the markets we survey. 34% of agents (net of positive responses less negative responses) responding said they would recommend Toll, while 27% said they would recommend D.R. Horton and 23% said they would recommend Pulte Group. 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 13 14 Ticker TOL DHI PHM MTH SPF TMHC LEN RYL BZH HOV WLH NVR MDC KBH Company Name Toll Brothers D.R. Horton Pulte Group Meritage Homes Standard Pacific Corp. Taylor Morrison Lennar Corp. Ryland Group Beazer Homes Hovnanian Enterprises William Lyon Homes NVR, Inc. MDC Holdings KB Home Net Recommendation 34% 27% 23% 20% 20% 20% 18% 16% 10% 9% 9% 8% 4% (10%)

January 14 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 SPF TMHC TOL Atlanta, GA 20% 30% --- 30% ---- 35% 30% ---Austin, TX -- 75% -- 13% 38% -- 38% -- 44% 50% 56% 44% -Baltimore, MD 33% -- 33% 33% 33% 0% -- 33% -- 33% --- 67% Charleston, SC 0% 20% --- 20% ---- 20% 20% ---Charlotte, NC -- 33% --- 22% -- 22% 11% 33% 33% 22% -- 33% Chicago, IL -- 21% 13% -- 15% --3% 33% 18% --- 26% Cincinnati, OH -------0% -----Columbus, OH -------- 38% -----Dallas, TX 0% 25% 33% 8% 17% -0% -- 17% 8% 25% 25% 42% Denver, CO -- 21% -- 17% 38% 21% 25% -0% 13% 13% 25% 29% Detroit, MI --------- 32% ---- 63% Fort Myers, FL -- 57% --- 29% ---- 71% --- 29% 14% Houston, TX 36% 36% 9% 0% 27% -- 36% -- 36% 18% -- 18% 18% Jacksonville, FL 17% 50% -- 25% 50% 17% --- 42% -- 25% 17% 50% Las Vegas, NV 41% 41% -- 35% 41% 6% --- 47% 18% --- 35% Los Angeles, CA 7% --- 36% 21% 0% 4% ---- 21% -- 21% Miami, FL -- 23% --- 47% 0% --- 19% -2% -- 28% Minneapolis, MN -- 33% 11% -- 28% ---- 28% 28% ---Nashville, TN 14% ------7% 14% ----New York-Northern NJ, NY-NJ 9% 4% 22% -9% ---- 13% ---- 39% Orlando, FL 20% 30% 10% 10% 40% -- 10% -0% 0% 10% 20% 40% Philadelphia-Southern NJ 5% 15% 20% -5% 0% -- 20% 25% ---- 35% Phoenix, AZ 13% 19% 6% 0% 16% 19% 45% -- 48% 13% 32% 26% 65% Port St. Lucie, FL -------------Portland, OR -- 38% -----------Raleigh, NC 0% 13% 0% 0% 38% -- 13% 0% 25% 0% 13% -- 50% Richmond, VA -------0% -----Riverside-San Bernardino, CA 17% 25% 8% 42% 0% 0% --- 17% 8% 17% 0% -Sacramento, CA -- 27% 9% 9% 27% -- 18% -- 27% -9% 0% 9% San Antonio, TX -- 80% -- 30% 30% -- 30% -- 70% 70% --- 50% San Diego, CA -- 42% 21% 42% 26% ---- 26% 26% 37% -- 26% San Francisco, CA -8% -- 17% 8% 0% 8% -- 29% -- 13% 0% 33% Sarasota, FL -- 45% -0% 18% ---9% 18% -- 18% -Seattle, WA -- 38% --- 13% 19% --- 31% ---- 25% Tampa, FL 21% 21% 7% 7% 29% -- 14% -7% 21% 21% 36% -Tucson, AZ -- 43% -0% 29% 29% 57% -- 57% ----Virginia Beach, VA -- 17% ------ 33% -----Washington, DC 21% 29% 17% 8% 4% 8% -- 33% 33% 8% --- 54% Wilmington, NC 33% ------0% -----TOTAL 17% 32% 15% 17% 25% 9% 23% 15% 30% 22% 21% 20% 37% WLH ---------4% ----12% 18% ------29% --------0% -------13%
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 TMHC TOL WLH Atlanta, GA 10% 20% --5% ---- 20% 5% ----Austin, TX -6% -- 63% 6% -- 13% -- 19% 0% 0% 0% --Baltimore, MD 0% -- 33% 0% 33% 33% -- 33% -- 33% --0% -Charleston, SC 40% 0% --- 20% ---- 20% 0% ----Charlotte, NC -- 11% --0% -0% 0% 11% 0% 0% -0% -Chicago, IL -0% 3% -5% --0% 3% 3% --0% -Cincinnati, OH -------- 14% ------Columbus, OH -------0% ------Dallas, TX 8% 0% 0% 67% 0% -0% -8% 0% 0% 0% 8% -Denver, CO -8% -- 38% 4% 8% 4% -4% 0% 4% 0% 4% 8% Detroit, MI --------- 26% ---0% -Fort Myers, FL -0% --0% ---0% --0% 0% -Houston, TX 0% 0% 0% 36% 0% -0% -9% 18% -0% 0% -Jacksonville, FL 0% 0% -- 25% 0% 0% --8% -0% 0% 0% -Las Vegas, NV 6% 6% -- 18% 0% 24% --- 12% 6% --- 12% 6% Los Angeles, CA 0% --7% 7% 0% 0% ---0% -4% 0% Miami, FL -0% --7% 0% --2% -0% -0% -Minneapolis, MN -6% 0% -- 11% ---6% 0% ----Nashville, TN 7% ------0% 0% -----New York-Northern NJ, NY-NJ 2% 2% 7% -4% ---9% ---4% -Orlando, FL 0% 10% 0% 30% 20% -- 10% -- 10% 20% 0% 0% 0% -Philadelphia-Southern NJ 5% 0% 5% -5% 0% -5% 10% ---- 25% -Phoenix, AZ 23% 6% 13% 42% 3% 0% 0% -3% 3% 3% 0% 3% 3% Port St. Lucie, FL --------------Portland, OR -0% ------------Raleigh, NC 25% 25% 0% 25% 0% -- 13% 0% 0% 0% 0% -0% -Richmond, VA -------- 20% ------Riverside-San Bernardino, CA 0% 0% 0% 8% 0% 0% --8% 0% 8% 0% --Sacramento, CA -0% 0% 27% 0% -0% -0% -0% 0% 0% -San Antonio, TX -0% -- 20% 0% -0% -- 10% 0% --0% -San Diego, CA -5% 5% 5% 11% ---0% 0% 0% -0% -San Francisco, CA -8% -- 25% 8% 0% 0% -4% -0% 0% 0% 0% Sarasota, FL -9% -- 27% 36% ---0% 9% -0% --Seattle, WA -- 19% --0% 0% --6% ---6% -Tampa, FL 0% 0% 0% 29% 14% -0% -0% 7% 0% 0% --Tucson, AZ -0% -- 29% 0% 0% 0% -0% -----Virginia Beach, VA -0% -----0% ------Washington, DC 8% 4% 13% 8% 17% 4% -8% 0% 8% --4% -Wilmington, NC 0% ------0% ------TOTAL 7% 5% 5% 26% 7% 5% 3% 7% 7% 6% 1% 0% 3% 3%

January 14 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 January, we received responses from 800 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.
January 14 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 07-Feb-2014)

Beazer Homes USA (BZH.N, $21.46) DR Horton (DHI.N, $23.8) Hovnanian Enterprises (HOV.N, $5.86) KB Home (KBH.N, $18.92) Lennar (LEN.N, $41.74) M.D.C. Holdings, Inc. (MDC.N, $29.27) Meritage Corp (MTH.N, $46.58) NVR Inc. (NVR.N, $1177.73) Pulte (PHM.N, $19.79) Ryland Group (RYL.N, $45.04) Standard Pacific Corp. (SPF.N, $8.71) Taylor Morrison (TMHC.N, $21.09) Toll Brothers (TOL.N, $36.61) William Lyon Homes (WLH.N, $25.26)
Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures 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.
Disclosure Appendix
Important Global Disclosures
Daniel Oppenheim, CFA and Michael Dahl, each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her 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
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 https://rave.creditsuisse.com/disclosures or call +1 (877) 291-2683.
As of December 10, 2012 Analysts stock rating are defined as follows:

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 attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European 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 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; Aust ralia, 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 analyst s 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 cover 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* 43% (54% banking clients) Neutral/Hold* 41% (48% banking clients) Underperform/Sell* 14% (43% banking clients) Restricted 2% *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.
Credit Suisses policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein. Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research and analytics/disclaimer/managing_conflicts_disclaimer.html Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.
January 14 Slide 54
References in this report to Credit Suisse include all of the subsidiaries and affiliates of Credit Suisse operating under its investment banking division. For more information on our structure, please use the following link: https://www.credit-suisse.com/who_we_are/en/This report may contain material that is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Credit Suisse AG or its affiliates ("CS") to any registration or licensing requirement within such jurisdiction. All material presented in this report, unless specifically indicated otherwise, is under copyright to CS. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of CS. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of CS or its affiliates. The information, tools and material presented in this report are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. CS may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor. CS will not treat recipients of this report as its customers by virtue of their receiving this report. The investments and services contained or referred to in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Nothing in this report constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. CS does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser. Please note in particular that the bases and levels of taxation may change. Information and opinions presented in this report have been obtained or derived from sources believed by CS to be reliable, but CS makes no representation as to their accuracy or completeness. CS accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to CS. This report is not to be relied upon in substitution for the exercise of independent judgment. CS may have issued, and may in the future issue, other communications that are inconsistent with, and reach different conclusions from, the information presented in this report. Those communications reflect the different assumptions, views and analytical methods of the analysts who prepared them and CS is under no obligation to ensure that such other communications are brought to the attention of any recipient of this report. CS may, to the extent permitted by law, participate or invest in financing transactions with the issuer(s) of the securities referred to in this report, perform services for or solicit business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. CS may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Additional information is, subject to duties of confidentiality, available on request. Some investments referred to in this report will be offered solely by a single entity and in the case of some investments solely by CS, or an associate of CS or CS may be the only market maker in such investments. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment at its original date of publication by CS and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments. Investors in securities such as ADR's, the values of which are influenced by currency volatility, effectively assume this risk. Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility, and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in making such a purchase. Some investments discussed in this report may have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realised. Those losses may equal your original investment. Indeed, in the case of some investments the potential losses may exceed the amount of initial investment and, in such circumstances, you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid to make the investment may be used as part of that income yield. Some investments may not be readily realisable and it may be difficult to sell or realise those investments, similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed. This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of CS, CS has not reviewed any such site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to CS's own website material) is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or CS's website shall be at your own risk. This report is issued and distributed in Europe (except Switzerland) by Credit Suisse Securities (Europe) Limited, One Cabot Square, London E14 4QJ, England, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This report is being distributed in Germany by Credit Suisse Securities (Europe) Limited Niederlassung Frankfurt am Main regulated by the Bundesanstalt fuer Finanzdienstleistungsaufsicht ("BaFin"). This report is being distributed in the United States and Canada by Credit Suisse Securities (USA) LLC; in Switzerland by Credit Suisse AG; in Brazil by Banco de Investimentos Credit Suisse (Brasil) S.A or its affiliates; in Mexico by Banco Credit Suisse (Mxico), S.A. (transactions related to the securities mentioned in this report will only be effected in compliance with applicable regulation); in Japan by Credit Suisse Securities (Japan) Limited, Financial Instruments Firm, Director-General of Kanto Local Finance Bureau (Kinsho) No. 66, a member of Japan Securities Dealers Association, The Financial Futures Association of Japan, Japan Investment Advisers Association, Type II Financial Instruments Firms Association; elsewhere in Asia/ Pacific by whichever of the following is the appropriately authorised entity in the relevant jurisdiction: Credit Suisse (Hong Kong) Limited, Credit Suisse Equities (Australia) Limited, Credit Suisse Securities (Thailand) Limited, having registered address at 990 Abdulrahim Place, 27 Floor, Unit 2701, Rama IV Road, Silom, Bangrak, Bangkok 10500, Thailand, Tel. +66 2614 6000, Credit Suisse Securities (Malaysia) Sdn Bhd, Credit Suisse AG, Singapore Branch, Credit Suisse Securities (India) Private Limited regulated by the Securities and Exchange Board of India (registration Nos. INB230970637; INF230970637; INB010970631; INF010970631), having registered address at 9th Floor, Ceejay House, Dr.A.B. Road, Worli, Mumbai - 18, India, T- +91-22 6777 3777, Credit Suisse Securities (Europe) Limited, Seoul Branch, Credit Suisse AG, Taipei Securities Branch, PT Credit Suisse Securities Indonesia, Credit Suisse Securities (Philippines ) Inc., and elsewhere in the world by the relevant authorised affiliate of the above. Research on Taiwanese securities produced by Credit Suisse AG, Taipei Securities Branch has been prepared by a registered Senior Business Person. Research provided to residents of Malaysia is authorised by the Head of Research for Credit Suisse Securities (Malaysia) Sdn Bhd, to whom they should direct any queries on +603 2723 2020. This report has been prepared and issued for distribution in Singapore to institutional investors, accredited investors and expert investors (each as defined under the Financial Advisers Regulations) only, and is also distributed by Credit Suisse AG, Singapore branch to overseas investors (as defined under the Financial Advisers Regulations). By virtue of your status as an institutional investor, accredited investor, expert investor or overseas investor, Credit Suisse AG, Singapore branch is exempted from complying with certain compliance requirements under the Financial Advisers Act, Chapter 110 of Singapore (the "FAA"), the Financial Advisers Regulations and the relevant Notices and Guidelines issued thereunder, in respect of any financial advisory service which Credit Suisse AG, Singapore branch may provide to you. This research may not conform to Canadian disclosure requirements. In jurisdictions where CS is not already registered or licensed to trade in securities, transactions will only be effected in accordance with applicable securities legislation, which will vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements. Non-U.S. customers wishing to effect a transaction should contact a CS entity in their local jurisdiction unless governing law permits otherwise. U.S. customers wishing to effect a transaction should do so only by contacting a representative at Credit Suisse Securities (USA) LLC in the U.S. Please note that this research was originally prepared and issued by CS for distribution to their market professional and institutional investor customers. Recipients who are not market professional or institutional investor customers of CS should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. This research may relate to investments or services of a person outside of the UK or to other matters which are not authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority or in respect of which the protections of the Prudential Regulation Authority and Financial Conduct Authority for private customers and/or the UK compensation scheme may not be available, and further details as to where this may be the case are available upon request in respect of this report. CS may provide various services to US municipal entities or obligated persons ("municipalities"), including suggesting individual transactions or trades and entering into such transactions. Any services CS provides to municipalities are not viewed as "advice" within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. CS is providing any such services and related information solely on an arm's length basis and not as an advisor or fiduciary to the municipality. In connection with the provision of the any such services, there is no agreement, direct or indirect, between any municipality (including the officials, management, employees or agents thereof) and CS for CS to provide advice to the municipality. Municipalities should consult with their financial, accounting and legal advisors regarding any such services provided by CS. In addition, CS is not acting for direct or indirect compensation to solicit the municipality on behalf of an unaffiliated broker, dealer, municipal securities dealer, municipal advisor, or investment adviser for the purpose of obtaining or retaining an engagement by the municipality for or in connection with Municipal Financial Products, the issuance of municipal securities, or of an investment adviser to provide investment advisory services to or on behalf of the municipality. If this report is being distributed by a financial institution other than Credit Suisse AG, or its affiliates, that financial institution is solely responsible for distribution. Clients of that institution should contact that institution to effect a transaction in the securities mentioned in this report or require further information. This report does not constitute investment advice by Credit Suisse to the clients of the distributing financial institution, and neither Credit Suisse AG, its affiliates, and their respective officers, directors and employees accept any liability whatsoever for any direct or consequential loss arising from their use of this report or its content. Principal is not guaranteed. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. Copyright 2014 CREDIT SUISSE AG and/or its affiliates. All rights reserved.
Investment principal on bonds can be eroded depending on sale price or market price. In addition, there are bonds on which investment principal can be eroded due to changes in redemption amounts. Care is required when investing in such instruments.
When you purchase non-listed Japanese fixed income securities (Japanese government bonds, Japanese municipal bonds, Japanese government guaranteed bonds, Japanese corporate bonds) from CS as a seller, you will be requested to pay the purchase price only
January 14 Slide 55

Credit Suisse Survey of Real Estate Agents Jan. 2014 Results

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Credit Suisse Survey of Real Estate Agents Jan. 2014 Results

Enviado por

Direitos autorais:

Formatos disponíveis

Monthly Survey of Real Estate Agents January 2014

Buyer Traffic Index

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

Home Price Index

Source: Credit Suisse

CREDIT SUISSE SECURITIES (USA) LLC

26% 17% 11%

More than expected

Less than expected

Source: Credit Suisse

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change

Traffic Levels Versus Expectations

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

Remained the same

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

Home Price Index

Comments from Real Estate Agents:

Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change

Traffic Levels Versus Expectations

0% Home Prices Incentives Time to Sell

Remained the same

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change

Traffic Levels Versus Expectations

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

Remained the same

Source: Credit Suisse; Census Bureau

Boston, MA Buyer Traffic Remains Anemic without Listings to View

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change

Traffic Levels Versus Expectations

More than expected

Less than expected

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change

Traffic Levels Versus Expectations

20% 0% Home Prices 0% 0% 0% 0%

Time to Sell Decreased

Remained the same

Source: Credit Suisse; Census Bureau

Charlotte, NC Buyer Traffic Picks Up on Higher Prices Later Mindset

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 100%

78% 67% 44% 44% 33% 22%

Remained the same

Source: Credit Suisse; Census Bureau