Credit Suisse Monthly Survey of Real Estate Agents Results May 2013

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

Michael Dahl 212-325-5882 michael.dahl@credit-suisse.com William Alexis 212-538-3992 william.alexis@credit-suisse.com June 06, 2013
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.
90 80 70
Sellers continue to find pricing power, benefiting from healthy demand coupled with still-low inventory levels
Home Price Index
60 50 40
30
20 10 0
May-11
May-12
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Source: Credit Suisse
CREDIT SUISSE SECURITIES (USA) LLC
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
May Survey of Real Estate Agents: Opportunity Knocks and Buyers Answer with Higher Bids
Higher prices, lower supply, and strong traffic - buyers feel pressed to lock in a deal: Prices continued to climb higher in May, as agents noted that competition for homes (from investors, cash buyers, and traditional owneroccupants), remained high. Buyers were said to be more than willing to bid higher for homes, even with modestly higher rates.
Pricing Posts further gains in May: Our home price index came in at 84.9 in May, relatively unchanged from our reading of 84.8 in April, and suggesting price increases across markets. As we have noted, further increases in the index may be hard to realize given the already very high level it has reached, but points to a tight market with significant upward pricing pressure. California markets continue to exhibit the greatest strength, while Florida, Phoenix, Vegas and Texas (Austin, Dallas, Houston) experienced very strong pricing gains as well. Traffic rem ains above expectations, com petition still fierce: Our buyer traffic index dipped one point, coming in at 63.4 from 64.4 in April, though levels indicated that traffic exceeded agents expectations for this time of year. Based on agents commentary, the slightly lower reading was driven by some buyers stepping back after the rapid price increases. However, most buyers were said to be eager to find homes, and that rising mortgage rates were a motivating factor in May, as buyers wanted to lock-in mortgage rates before the opportunity passed. Tim e needed to sell a hom e continues to decline: Our time to sell index a leading indicator for home price trends came in at 81 in May, unchanged from our index reading in April, pointing to less time needed to sell a home over the past month. As with our price index, we think it will be difficult to continue to see further increases in the index, but it remains well above 50, which is indicative of a market in which well-priced homes dont stay on the market for long, and buyers must act quickly.
Traffic Levels Versus Expectations
Buyer Traffic Month Index Dec-12 52.0 Jan-13 59.0 Feb-13 65.1 Mar-13 66.1 Apr-13 64.4 May-13 63.4 Point Change (0.9)
Home Price Index 68.3 74.6 79.3 83.7 84.8 84.9 0.1
Incentive Index 49.9 52.4 51.5 53.0 52.9 54.1 1.1
Home Listings Index 75.7 74.7 72.7 71.7 73.7 67.1 (6.5)
Time to Sell Index 68.3 71.5 75.4 80.8 81.0 81.1 0.1
How Do the Recent 30 Days Compare to the Prior 30 Days...
15%
80%
72% 69%
68%
42%
60% 40% 26% 12% 20% 5% Time to Sell Decreased 27%
20%
43%
2%
Home Prices Incentives
0% Increased Remained the same
More than expected
Meets expectations
Less than expected

May 13 Slide 2
Table of Contents
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Key Housing Markets: Atlanta, Georgia Austin, Texas Baltimore, Maryland Boston, Massachusetts Charleston, South Carolina Charlotte, North Carolina Chicago, Illinois Cincinnati, Ohio Columbus, Ohio Dallas, Texas Denver, Colorado Detroit, Michigan Fort Myers, Florida Houston, Texas Inland Empire (Riverside-San Bernardino), California Jacksonville, Florida Las Vegas, Nevada Los Angeles, California Miami, Florida Minneapolis, Minnesota Nashville, Tennessee New York-Northern New Jersey 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45 50 52 Key Housing Markets Continued: Orlando, Florida Philadelphia-Southern New Jersey Phoenix, Arizona Portland, Oregon Raleigh, North Carolina Richmond, Virginia Sacramento, California San Antonio, Texas San Diego, California San Francisco, California Sarasota, Florida Seattle, Washington St. Louis, Missouri Tampa, Florida Tucson, Arizona Virginia Beach, Virginia Washington, D.C. Wilmington, North Carolina Appendix: Historical Trends by Market Agent Recommendations Survey Methodology
May 13 Slide 3
Atlanta, GA Steady Demand, but Rising Prices Start to Concern Buyers, Especially with Low Inventory
(9,146 single-family building permits in 2012, 5th largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic levels were unchanged in May and in-line with agents expectations, as our index edged down to 53 from 54 in April (in-line with a neutral reading of 50). Agents noted buyers seem to want to get off the fence, particularly with rates now rising, but are increasingly frustrated by the competition for a limited number of quality listings. Home prices continued to march higher, as our price index jumped to 93 in May from 82 in April. Inventory levels continued to decline, along with the time to sell, which should lead to further pricing power for sellers.
Buyer Traffic Index 53.3 45.5 73.1 63.6 53.6 53.1 (0.4) Home Price Index 55.6 36.4 84.6 83.3 82.1 93.3 11.2 Incentive Index 43.8 45.5 42.9 50.0 46.4 43.3 (3.1) Home Listings Index 75.0 90.9 92.9 75.0 57.1 65.6 8.5 Time to Sell Index 68.8 59.1 76.9 87.5 71.4 81.3 9.8
Jan-12
Jun-11
Jun-12
May-11
May-12
Jan-13
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Jun-11 Jan-12
Home Price Index
Apr-12
Jun-12
May-11
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Jul-12
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12
Comments from Real Estate Agents:

Insufficient inventory for buyer demand. Buyers seem to be giving up after being beat out by multiple offers too many times. Finally....the market traffic is at expected levels for buyers. The seller traffic is still lagging behind and it will require more media attention on the appreciation numbers for sellers to get on board and list their homes.
Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

100% 80% 60% 87% 73%
25%
31%
69%
40%
20% 0%
13%
0%
20% 7% 6%
25%
Buyers are increasingly coming off the fence with the anticipation that rates will move upward.
Sellers want high dollar.
Source: Credit Suisse; Census Bureau
44%
More than expected Meets expectations Less than expected
Home Prices
Increased
Incentives
Time to Sell
Decreased
Remained the same
May 13 Slide 4
Austin, TX Firing on All Cylinders as Local Job Growth Underpins Strong Demand and Home Prices
(7,970 single-family permits in 2012, 7th largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained at high levels above agents expectations in May, as our traffic index was little changed at 81 vs. 82 in April. Rising buyer confidence is underpinned by a very healthy local economy with strong job growth.
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Every agent surveyed noted higher prices in May vs. April, as our home price index came in at 100 vs. 96 in April.
Inventory levels continue to lag the strong demand trends, leading to increasing pricing power. We expect higher prices to ultimately lead more sellers to list their homes, but this adjustment may be gradual.
Buyer Traffic Index 53.1 57.1 76.7 76.7 81.8 80.8 (1.0) Home Price Index 78.1 82.1 93.3 96.7 95.8 100.0 4.2 Incentive Index 53.1 57.1 66.7 63.3 69.2 63.6 (5.6) Home Listings Index 71.9 64.3 85.7 63.3 76.9 75.0 (1.9) Time to Sell Index 71.9 75.0 93.3 93.3 92.3 87.5 (4.8)
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Everyone wants to move here and no one wants to leave! Prices are rising rapidly, motivating buyers to act and take advantage of low rates too. Jobs and new people to the city and state are driving the consistent increase in traffic. May was the feel good month of the year, so far... We hear many buyers saying they'll buy now rather than later when the same house will cost more as sales prices rise. Builders getting way too greedy; appraisals are not coming close in many cases to their prices.
8%
120% 100% 80% 60% 40% 20% 0%
Less than expected
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 75% 55% 36% 0% 0% Home Prices 25% 0% Time to Sell Decreased
23%
69%
9%
Incentives
More than expected
Meets expectations
Increased
Remained the same
May 13 Slide 5
Baltimore, MD Demand Remains Below Expectations, though Home Prices Continue to Move Higher
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic bounced back a bit in May after the sharp decline in April, but remained below expectations. Our traffic index increased to 39 from 25, below a neutral 50. The lack of economic improvement is likely most to blame, though agents also cited a lack of inventory and concern over rising rates. Nevertheless, home prices continued to move higher. Our price index slipped to 83 from 100, still above a neutral 50. Inventory and time to sell trends remained positive, but over time we still need better demand/economic activity to support higher home prices.
Buyer Traffic Index 38.9 33.3 66.7 61.1 25.0 38.9 13.9 Home Price Index 50.0 55.6 58.3 80.0 100.0 83.3 (16.7) Incentive Index 33.3 62.5 50.0 55.6 50.0 43.8 (6.3) Home Listings Index 83.3 87.5 91.7 75.0 100.0 66.7 (33.3) Time to Sell Index 66.7 72.2 91.7 65.0 87.5 88.9 1.4
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Insufficient inventory. Buyers may have stayed away thinking there was nothing to see. People are more anxious; could be the press or maybe concerns about the interest rate going up. Rates are still low and buyers are making the move before rates increase. Interest rates are still very good, buyers are taking advantage of that.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 67% 33% 0% Home Prices Incentives 78%
22% 45%
63%
25% 13% 0% Time to Sell Decreased
60% 40%
22%
20%
33%

May 13 Slide 6
Boston, MA Pent-Up Demand Being Unleashed as Buyer Confidence Improves

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic slipped sequentially but remained at healthy levels, as our traffic index came in at 67 vs. 75 in April (still above a neutral 50). Agents noted improving confidence leading to unleashed pent-up demand, though the lack of inventory is a limitation along with some seasonal slowing. Home prices continued to rise in May, as our price index was unchanged at 92. Nearly all agents indicated higher prices. Falling inventory levels and a shorter time to sell will likely continue to drive home prices higher in the coming months.
Buyer Traffic Index 50.0 61.1 73.3 80.8 75.0 66.7 (8.3) Home Price Index 70.0 80.6 86.7 88.5 91.7 91.7 0.0 Incentive Index 60.5 52.8 53.6 65.4 60.0 59.1 (0.9) Home Listings Index 84.2 76.3 73.3 60.7 79.2 70.8 (8.3) Time to Sell Index 72.5 81.6 76.7 82.1 75.0 91.7 16.7
Jul-11
Jul-12
May-11
May-12
Feb-13

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

5 years of pent up demand and continuing low interest rates. Lower rates and lack of inventory. Confidence in the market moving up. If you assume a 60 day normal closing cycle, clients are running out of time to purchase a home and enroll the kids in the school district. Basically, we have about another thirty days or so.
8%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 83% 82% 83%
42%
80%
60%
40% 20% 0% Home Prices Incentives Time to Sell Decreased Increased Remained the same 17% 0% 0% 18% 0% 17%
50%
More than expected
Meets expectations
Less than expected

May 13 Slide 7
Charleston, SC Buyers Want in Before Prices and Rates Rise; Second-Home Buyers More Active
70
Buyer Traffic Index
60
50 40 30
Our Take:
Buyer traffic improved in May, though activity has been volatile as of late. Our traffic index jumped to 64 from 33 in April, indicating better than expected traffic. Agents indicated that buyers want to get in before prices and rates move much higher, and second-home buyers are also more active. Our home price index increased to 86 in May from 67 in April, pointing to higher home prices sequentially. Favorable trends in both inventory levels and the time needed to sell a home should support further price increases over the coming months.
Buyer Traffic Index 50.0 25.0 25.0 57.1 33.3 64.3 31.0 Home Price Index 70.0 75.0 66.7 85.7 66.7 85.7 19.0 Incentive Index 40.0 50.0 50.0 50.0 50.0 50.0 0.0 Home Listings Index 41.7 25.0 50.0 57.1 66.7 64.3 (2.4) Time to Sell Index 66.7 62.5 37.5 78.6 66.7 78.6 11.9
20
10 0
May-11 May-12
Feb-13
Feb-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0

May-11 May-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

No inventory, sellers starting to raise prices. More loans available. Clients feel if they are going to buy they should do it now. Scared that rates will rise significantly. Many second-home buyers.
14%
80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 71%
67%
57% 43%
43%
60% 40% 20%
29%
17% 0% 17% 0% Incentives Time to Sell Decreased
43%
0%
Home Prices Increased Remained the same
More than expected
Meets expectations
Less than expected

May 13 Slide 8
Charlotte, NC Buyers Continue to See Opportunity Given the Still-Low Prices and Rates
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained at similar levels in May vs. April, still above agents expectations as our index increased slightly to 67 from 65 in April (above a neutral 50). Agents said the main driver remains the attractive affordability of for-sale housing, especially given the rising rents. Home prices also increased further, as our home price index came improved to 88 in May from 83 in April. Inventory levels ticked lower, while it also took less time to sell a home in May. Both are positive leading indicators for home prices.
Buyer Traffic Index 50.0 75.0 86.4 90.9 65.4 66.7 1.3 Home Price Index 72.2 85.0 81.8 100.0 83.3 87.5 4.2 Incentive Index 44.4 54.5 45.5 63.6 46.2 66.7 20.5 Home Listings Index 83.3 86.4 72.7 72.7 46.2 62.5 16.3 Time to Sell Index 61.1 75.0 63.6 95.0 73.1 91.7 18.6
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Prices are rising and mortgages are still low. Record low inventory of homes, low rates, opportunity to buy now. Rising rents and fear of home prices and interest rates increasing are getting the buyers out. Activity remains brisk and sales are only slowed by the lack of inventory. Fewer showings than February, March and April. No explanation except perhaps more inventory is now available.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 75% 50% 42% 25% 0% Home Prices 8% Incentives 8% 0% 92%
17%
50% 33%
60%
40% 20% 0%
Time to Sell Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 9
Chicago, IL Home Prices Continue to Recover as Demand Improves

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic increased in May and beat agents expectations, as our traffic index improved to 68 from 60 in April (above a neutral 50). This matches the highest level of the year. Agents widely cited an unlocking of pent-up demand driven by increased confidence and affordability, along with buyer fears of missing out if they dont buy now. Our home price index reached its highest level since July 05, rising to 81 in May from 70 in April. Falling inventory levels and a shorter time to sell should support further price increases.
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12

Great mortgage rates, selling prices, and strong customer confidence. Greater market demand, due to affordability and lack of product. I think people are feeling more confident about the job market. People are scared the prices will go up, low interest rates; lots of competition. Shortage of properties, pent-up demand, fear the mortgage rates will go up.
13%
80%
60%
How Do the Recent 30 Days Compare to the Prior 30 Days... 72% 71%
65%
50% 37%
40%
20%
0%
19%
26% 9%
Home Prices
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 10
Cincinnati, OH Steady Traffic and Lower Inventory Lead to Higher Prices

100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic levels were unchanged in May vs. April and also in-line with agents expectations for this time of year, as our index came in at a neutral 50. Home prices continued to trend higher on the back of steady demand and lower inventory, as our home price index came in at 79 in May vs. 81 in April. Inventory levels continued to trend lower, though there are hints that supply is beginning to come back to the market, as our home listings index dropped to 57 from 81, just barely above a neutral reading of 50.
Buyer Traffic Index 59.1 71.4 70.0 66.7 50.0 50.0 0.0 Home Price Index 54.5 57.1 60.0 58.3 81.3 78.6 (2.7) Incentive Index 55.0 42.9 50.0 58.3 50.0 57.1 7.1 Home Listings Index 81.8 92.9 60.0 83.3 81.3 57.1 (24.1) Time to Sell Index 68.2 71.4 80.0 83.3 81.3 71.4 (9.8)
Jul-11
May-11
May-12
Jul-12

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

It's been moderately steady all year. Buyers see prices gong up and now are afraid they will pay too much. Economy and interest rates. Fewer homes for sale.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80%
29%
28%
86% 57% 43% 14% 0%

Home Prices
60%
40% 20% 0%
57% 29% 14%

Time to Sell
0%
Incentives
43%
Increased
Remained the same
Decreased

May 13 Slide 11
Columbus, OH Lack of Inventory Hurts Traffic, Helps Sellers Achieve Higher Prices
80 70 60 50 40 30 20 10 0
May-11 May-12 Buyer Traffic Index
Our Take:
Buyer traffic dipped back into neutral territory in May, as our traffic index fell to 50 from 69 in April (in-line with agents expectations for this time of year). Agents largely blamed the lack of inventory for limiting sales activity.
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

May-11 May-12
Sellers are gaining pricing power given the lack of supply. Our home price index increased to 83 in May from 79 in April, the fifth straight month of rising prices.
Inventory levels ticked higher in May, as more sellers started to come out in response to the higher level of demand and home prices. This could limit the pace of home price appreciation.
Buyer Traffic Index 50.0 50.0 57.1 40.0 68.8 50.0 (18.8) Home Price Index 54.5 75.0 68.8 60.0 78.6 83.3 4.8 Incentive Index 35.0 50.0 42.9 40.0 50.0 41.7 (8.3) Home Listings Index 72.7 66.7 68.8 80.0 78.6 41.7 (36.9) Time to Sell Index 59.1 83.3 87.5 90.0 92.9 75.0 (17.9)
Home Price Index
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

Limited inventory has cut down on number of showings needed to get homes sold. Properties are selling quickly. Definitely low inventory and low interest rates play a role. Low inventory. Lots of buyers but few sellers, including REO. Buyers are feeling more confident in the market.
17%
16%
100%
80% 60% 40% 33% 67%
83% 50%50% 17%

0% Home Prices 0% Incentives 0% Time to Sell Decreased
20%
0%
67%
Increased
Remained the same

May 13 Slide 12
Dallas, TX Strength in Demand and Home Prices Continue, though Expectations are Moving Higher Too
(17,821 single-family permits in 2012, 2nd largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index fell again in May, though it remained at healthy levels and the decline may be more reflective of higher expectations from agents following months of strength, as nearly all comments were still positive. Our traffic index came in at 65 vs. 80 in April, still above a neutral 50. Agents overwhelmingly indicated higher home prices in May, as our price index came in at 90 vs. 97 in April. Home prices appear poised for further gains given the solid demand combined with lower inventory levels and a shorter length of time needed to sell.
Buyer Traffic Index 58.3 56.3 70.8 91.7 80.0 65.0 (15.0) Home Price Index 54.2 81.3 79.2 83.3 96.7 90.0 (6.7) Incentive Index 45.0 50.0 50.0 54.5 67.9 66.7 (1.2) Home Listings Index 72.7 75.0 75.0 70.8 78.6 65.0 (13.6) Time to Sell Index 63.6 65.6 79.2 95.8 90.0 100.0 10.0
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Not much inventory and more buyers coming in from out of state. Any good area and the home is priced right is getting multiple offers. People are just ready and are still hoping to find a deal. They think prices have bottomed and interest rates are going up. It appears to be true today. Seller market. Buyers do not want to lose out. The lack of listing inventory has created a buyer frenzy. Appraisers are loosening up a bit.
10%
120% 100% 80% 60% 40% 20% 0%
40%
80%
67% 33%
20%
50%
0%
Home Prices
0%
Incentives
0% 0%
Time to Sell
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased
May 13 Slide 13
Denver, CO Market Remains Healthy; Sellers May be More Willing to List Given Recent Price Gains
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic slipped sequentially but still exceeded agents expectations, as our traffic index fell to 69 from 75 in April. Agents noted improving buyer confidence, but also a lack of inventory to meet those buyers needs. In addition, some cited negative equity as a drag despite recent home price gains. Home prices continued moving higher, as our home price index came in at 86, down from 94 but well above a neutral 50. Inventory may be starting to adjust to meet higher demand, as our index was only modestly above a neutral level, though the market remains supportive of higher prices.
Buyer Traffic Index 56.8 69.6 73.9 70.8 75.0 68.8 (6.3) Home Price Index 65.9 82.1 87.5 89.6 93.8 85.7 (8.0) Incentive Index 50.0 51.9 52.2 54.5 65.0 60.9 (4.1) Home Listings Index 93.2 76.8 84.8 69.6 77.1 56.5 (20.6) Time to Sell Index 73.8 76.8 93.8 76.1 79.2 82.6 3.4
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Low rates and super low inventory are driving business. Buyers are in a frenzy anxiously awaiting new listings to hit the market. The minute they show up in the MLS buyers scramble in hordes to see them and make offers. Buyer confidence improved starting in February and became certain in April and May. A lot of pent-up demand from the past 4 years with very little inventory.
8%
80%
60%
70%
65% 35%
46%
40%
46%
20%
19% 5% Home Prices 4%
26% 0%
There's still a lack of confidence in the younger age buyers. This makes it difficult to move up. Also, a lot of people still can't afford to move because they are underwater.
0%
Incentives Time to Sell Decreased Increased Remained the same
More than expected
Meets expectations
Less than expected
May 13 Slide 14
Detroit, MI Buyers are More Confident but Still Waiting for the Right Homes to Hit the Market
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic continued to downshift a bit in May, but remains in-line with agents expectations for this time of year, as our index came slipped to 54 from 57 in April (in-line with a neutral 50). While agents mostly noted continued interest among buyers, finding the right home at the right price is still a challenge given the low levels of inventory. Home prices continued to recover, as our home price index was little-changed at 88 in May vs. 89 in April. Inventory levels and the time needed to sell a home both continued to trend favorably in May, a positive for home prices.
Buyer Traffic Index 37.5 40.0 58.3 67.5 57.1 53.8 (3.3) Home Price Index 79.2 66.7 86.1 85.0 89.3 87.5 (1.8) Incentive Index 40.9 60.7 55.6 55.3 57.7 45.5 (12.2) Home Listings Index 79.2 86.7 75.0 72.5 78.6 83.3 4.8 Time to Sell Index 66.7 63.3 79.4 84.2 82.1 83.3 1.2
Jul-11
Jul-12
May-11
May-12
Feb-13

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

We have normal buyer traffic for this time of year, but a shortage of sellers still. Multiple offers continue to increase sales prices. Actually has slowed some, but still the best market was have had in many years; still a value driven market for the most part. Lack of viable inventory. Buyers are there but only actively looking for specific properties in specific areas. The buyers have been waiting for too long and are finally ready to buy.
15%

100% 80% 60%
23%
91% 75% 33% 0% Home Prices

9% 67%
40%
20% 0%
25%
0%
0% Time to Sell Decreased
62%
Incentives
Increased
Remained the same
May 13 Slide 15
Ft. Myers, FL Lack of Supply Adds to Urgency, Keeping Snow Birds Around Longer than Usual
90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic improved relative to seasonal expectations in May, as our index increased to 58 from 54 (above agents expectations). Agents seemed encouraged that traffic levels remained healthy despite what is normally a slower period as second-home buyers return home, crediting the tight supply for creating increased buyer urgency. Home prices increased again in May, as our home price index came in at 75 vs. 79 in April (well above a neutral 50). Home listings continued to decline, and it is also taking less time to sell a home positive leading indicators for pricing.
Buyer Traffic Index 28.6 47.4 50.0 37.5 53.3 58.3 5.0 Home Price Index 85.7 85.0 75.0 77.3 78.6 75.0 (3.6) Incentive Index 50.0 40.0 38.9 45.5 42.9 41.7 (1.2) Home Listings Index 71.4 72.5 83.3 72.7 82.1 79.2 (3.0) Time to Sell Index 75.0 77.5 66.7 63.6 82.1 83.3 1.2
Feb-13
Feb-12
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Market remains healthy for this late in our tourist season. I think that a shortage of properties has encouraged buyers to keep buying. Inventory down, prices increasing results in less choices for buyers in the entry level stage. Short supply, buyers still scouring for deals. Fewer REO deals and seasonal slow down. Snow bird market and they are back north.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 67% 50% 50% 50% 33% 17% 0% Home Prices Incentives 0% Time to Sell Decreased 33%
25% 42%
33%
Increased
Remained the same

May 13 Slide 16
Houston, TX Growth in Jobs and Population Continuing to Drive Strong Traffic and Home Prices
(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 pulled back slightly relative to expectations but remained extremely strong, as our traffic index came in at 78 vs. 92 in April. A solid local economy with good population growth is continuing to underpin the improving housing demand and home prices. Nearly all agents noted rising home prices, as our home price index increased to 97 in May from 87 in April. The number of home listings and the length of time needed to sell a home both continued to trend lower in May, suggesting home prices are likely to rise further in coming months.
Buyer Traffic Index 50.0 61.9 77.8 62.5 91.7 77.8 (13.9) Home Price Index 79.4 83.3 81.6 79.2 86.8 97.2 10.4 Incentive Index 44.1 45.2 50.0 45.8 47.4 62.5 15.1 Home Listings Index 82.4 76.2 78.9 92.3 78.9 91.2 12.2 Time to Sell Index 88.2 87.5 77.8 83.3 89.5 88.2 (1.2)
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

This month cooled off. Market for historical neighborhood near downtown is on fire with two-thirds of the homes selling at asking or over asking price as oil companies continue to relocate employees to Houston and little inventory to sell. Houston is booming. Lots of newcomers. Local buyers are coming off the fence. Rising interest rates are motivating buyers also. Shortage of inventory, rise of interest rates. Good economy and corporate relocations.
11%
100% 80%

94% 82%
75%
22%
67%
60%
40%
20% 0% 6% 0%
25%
0% Incentives
6% 12% Time to Sell Decreased
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 17
Inland Empire, CA Traffic Remains Above Expectations, but with Some Unease Over Huge Price Gains
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained above agents expectations in May, driven by a heightened sense of urgency as inventory remains low and prices are rising significantly. Several agents noted some uneasiness emerging, but buyers dont want to miss out. Our traffic index came in at 63 in May vs. 65 in April (above a neutral 50). Homes price gains continued unabated, as our price index increased to 97 in May from 90 in April. Price improvement is unlikely to stall in the near-term, as home listings and the time to sell continue to shrink.
Buyer Traffic Index 66.7 70.8 63.6 71.1 65.0 63.2 (1.8) Home Price Index 78.1 83.3 81.8 89.5 90.0 97.4 7.4 Incentive Index 60.0 45.5 59.1 41.7 50.0 61.1 11.1 Home Listings Index 90.6 95.8 85.0 76.3 90.0 84.2 (5.8) Time to Sell Index 80.0 70.8 86.4 77.8 80.0 92.1 12.1
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Buyers are becoming disappointed with lack of available homes for sale. Lack of in inventory! Causing appraisal issue all around. Buyers are aware of multiple offers and rising prices on many properties. Buyers are in near panic mode trying to not miss the market. Prices are rising at an alarming rate. It feels like another bubble is forming. Appraisers uncomfortable with these huge price jumps.
10%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 95% 67% 28% 5% 0% Home Prices 6% Incentives 16% 0% Time to Sell Decreased 84%
37%
80%
60% 40% 20%
53%
0%
Increased Remained the same
More than expected
Meets expectations
Less than expected
May 13 Slide 18
Jacksonville, FL Buyers Feeling Better, Dont Want to Miss Out on Deals

(4,582 single-family permits in 2012, 23rd largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved further in May, as our traffic index increased to 71 from 69 in April, indicating levels above agents expectations for this time of year (readings above 50). Agents cited the combination of stronger consumer confidence along with fear of missing out on low prices and low rates. Home prices continued to rise, though potentially at a slower pace, as our home price index came in at 71 vs. 88 in April (still well above a neutral 50). Lower inventory levels and a shorter time to sell remain supportive of further home price increases.
Jul-11
Jul-12
May-11
May-12
Feb-13

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

People feel it is the right time to buy. Pent-up demand, stronger economy. Concern that interest rates may rise. Stronger consumer confidence. Appraisals are finally making sense.
0%
70% 60% 50% 40% 30% 20% 10% 0%

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

May 13 Slide 19
Las Vegas, NV Frenzied Buyers Still Searching for Inventory, Which May be Starting to Come Back
90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic continued at a healthy clip in May, as our traffic index slipped to 66 from 75 but remained above agents expectations (which have increased as of late). Its still all about inventory, or the lack thereof, as buyers are frantically looking and worried that they missed the bottom. Home prices continued to improve in May, as our home price index came in at 98 vs. 100 in April. This month brought signs that inventory may finally be starting to come back to market, as our home listings index dropped to 64 from 93, just modestly above a neutral reading of 50.
Buyer Traffic Index 63.3 61.9 60.9 65.2 75.0 65.9 (9.1) Home Price Index 93.3 97.6 97.8 97.9 100.0 97.6 (2.4) Incentive Index 56.7 57.1 65.9 66.7 57.5 73.8 16.3 Home Listings Index 66.7 78.6 75.0 77.1 92.5 64.3 (28.2) Time to Sell Index 73.3 78.6 84.1 85.4 95.0 81.0 (14.0)
Feb-13
Feb-12
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Everyone is in a panic that there are no homes to buy. Builders are raising prices, and the investors seem to want to buy at any price. Looks like 2004 all over again. Protection this time as over-paying has been in CASH from the buyers. Buyer traffic is consistent. The demand is greater than the supply.
9%
100%
95%
41%
80%
60% 40% 20% 52% 43% 5% 0% Home Prices 5% Incentives
Rising prices/values as each month passes. Shortage of available offerings although short sales, investor flipping and typical seller offerings are increasing.
50%
0%
More than expected
Meets expectations
Less than expected
May 13 Slide 20
Los Angeles, CA Fear of Missing the Boat is Leading to Multiple Offers on Most Good Properties
(4,921 single-family permits in 2012, 22nd largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index improved to 77 in May from 67 in April, the highest level since our survey began in 2005, Agents said the strong traffic levels were driven by a rising sense of buyer urgency as rates begin to tick higher and quality listings remain hard to find (with multiple offers common). Strong home price gains continued through May, as our home price index was unchanged at 97. There is still no respite from inventory shortages, though rising home prices should begin to encourage more owners to sell. The length of time needed to sell also declined further.
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Agents hoarding listings like they are their last meal. Buyers are still facing a shortage of homes for sale in our area - rising prices and escalating competition among buyers. Most properties sell for more than the list price. Buyers feel that the interest rates will go up so they should buy soon. More investors from LA are impacting the prices and lower end market. Buyers are tired of being beat out in multiple offers. Sellers would sell if they had somewhere to go.
9%
100% 80%

94% 72% 50% 40%
29% 62%
60%
40%
20% 0% 6% 0% 10% 6%
22%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 21
Miami, FL Buyers Becoming More Frantic Trying to Compete with Investors for Desirable Homes
(5,048 single-family permits in 2012, 21st largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved in May and exceeded agents expectations again, as our traffic index increased to 76 from 67. Agents noted strength from both traditional buyers and investors, with owner-occupants growing more frantic especially after losing out on multiple bids. Home prices continued to rebound in May, as our price index edged up to 94 from 92 in April. Supply of quality homes for sale remains tight, leading to a shorter time to sell which will likely drive prices higher. However, higher prices should also allow more people to sell.
Buyer Traffic Index 55.3 60.3 57.6 69.7 66.7 75.8 9.1 Home Price Index 88.2 92.6 88.2 92.1 92.4 93.9 1.5 Incentive Index 45.9 50.0 48.5 54.5 40.0 51.6 11.6 Home Listings Index 85.9 80.0 89.7 87.8 87.9 72.6 (15.3) Time to Sell Index 69.2 78.6 75.0 82.9 89.4 87.9 (1.5)
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

People who qualify to buy want to right now as prices are going up. But there are not enough properties out there and they are being bought up by cash buyers, finance deals are hard right now. Buying frenzy on a diminishing inventory. Cash is king. Rentals are getting expensive and are hard to find in desirable neighborhoods. Prices going up frees some owners who are above water and can sell now. Buyers see prices rising and inventory decreasing.
6%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 88% 65% 24% 0% Incentives Time to Sell Decreased 76%
80%
36% 58%
60% 40% 20% 0% Home Prices Increased Remained the same 12% 0% 16% 19%
More than expected
Meets expectations
Less than expected
May 13 Slide 22
Minneapolis, MN Buyers Gain Motivation as They Watch Prices Continuing to Move Higher
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic continued to improve in May, as our traffic index increased to 73 from 60 in April (readings above 50 point to better than expected traffic levels). Agents noted increasing buyer confidence and urgency as they see prices rising and inventory continuing to shrink. Home prices increased again in May, as our home price index came in at 89, down slightly from 93 in April but still a very strong reading (well above a neutral 50). Inventories and the time needed to sell continued to decline, though rising home prices could give more sellers motivation.
Buyer Traffic Index 39.5 57.4 64.3 52.9 60.0 73.1 13.1 Home Price Index 78.6 83.3 87.9 80.6 92.9 88.5 (4.4) Incentive Index 55.3 48.6 42.3 47.2 42.9 41.7 (1.2) Home Listings Index 88.1 84.7 89.3 69.4 78.6 83.3 4.8 Time to Sell Index 81.0 81.9 84.5 77.8 92.9 88.5 (4.4)
Jul-11
Jul-12
May-11
May-12
Feb-13

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

Pent-up demand and short inventory. Growing realization that prices are going up. Higher buying interest is hindered by low inventory. Values rising, inventory shrinking. More talk in the media about the housing market getting better and buyers are in competition so gives sellers motivation to list their properties.
0%
100% 80%
77%
67% 25% 0%
77%
46% 54%
60% 40% 23% 23%
20%
0%
8%
Incentives
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Remained the same

May 13 Slide 23
Nashville, TN Local Economy Continues to Improve, Draws Buyers into the Market
90 80 70 60 50 40 30 20 10 0
Our Take:
Traffic slipped in May, but remained above agents expectations, as our buyer traffic index came in at 73 from 81 in April. Agents credited a strong local economy, rising prices and falling inventories for Mays traffic levels.
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

May-11 May-12
Prices improved again in May, as our home price index came in at 82 from 73 in April.
Inventories and the time to sell both fell in May. Given the strong demand environment, we would expect prices to continue to improve in the coming months.
Home Price Index
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

Prices have stabilized, interest rates are low, and buyers have more confidence in their job stability. Rates are favorable, and buyers have a fear that they wont find a home with how fast inventories are falling. People are feeling better about the local economy. We have people coming into the area looking for jobs. The market has been improving and that has helped the demand for housing around here. The local economy has been getting better.
0%
80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 73% 64% 36% 64% 36% 27% 0% 0% Home Prices Incentives Time to Sell Decreased Increased Remained the same 0% 0%
45%
55%
60%
40% 20%
More than expected
Meets expectations
Less than expected
May 13 Slide 24
New York-Northern NJ Rising Interest Rates Motivate Buyers to Act Now

70
Buyer Traffic Index
60 50
Our Take:
Buyer traffic bounced back in May, coming in above agents expectations. Our traffic index came in at 60 from 51 in April. Agents suggested that the threat of higher interest rates drew buyers into market, while other had more confidence about the local housing market. Home prices increased further in May, as our price index improved to 70 from 66 from in April. Inventories and the time to sell fell again in May. As demand remains solid we would expect to this lead to higher prices in the coming months.
40 30
20 10 0
May-11
May-12
Feb-13
Feb-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 80 70 60 50 40 30 20 10 0
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

Demand continues to improve and with very low inventories, buyers are willing to place multiple offers on listings. We have some buyers wanting to get in before interest rates start to rise, as they are somewhat concerned. There are fewer homes on the market. We have more multiple bids and buyers are anticipating higher interest rates. Buyers in the area feel more and more confident that the NY/NJ market has finally turned.
19%
80%
73% 51% 38% 20% 11% Home Prices 6% Incentives 9% Time to Sell Decreased 55%
40%
60% 40% 20%
36%
41%
0%
May 13 Slide 25
Orlando, FL Low Inventories Drive Buyers to Market on Fears of Missing Out

70
Buyer Traffic Index
60 50 40 30
Our Take:
Traffic improved sharply in May and exceeded expectations, as our traffic index increased to 62 from 34 in April. Agents suggested that low inventories continued to ignite urgency, as buyers indicate they do not want to miss potential opportunities. Home prices continued to improve in May, as our home price index increased to 91 from 81 in April. Our home listings and time to sell indexes pointed to further declines in both metrics in May. We view each of these as a positive indicator for future pricing trends.
20
10 0
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Inventory keeps falling which causes some buyers to get discouraged. For others, it is a strong motivator to go out and buy before its too late. The urgency remains very strong, though the rate of price increases is still catching some buyers off guard. Everything is selling fast. An investor bought a short sale 5 days after it was placed on the market. Everyone wants to beat the rising prices. We had a house valued at $240, asking $250 and offered at $258 and the buyer didnt get it.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 82% 71% 81%
24%
47%
60%
40% 20% 18% 0% Home Prices 6% Incentives 24% 0% Time to Sell Decreased
19%
29%
More than expected
Meets expectations
Less than expected
May 13 Slide 26
Philadelphia, PA-Southern NJ Buyers Hope to Beat Rising Interest Rates

70
Buyer Traffic Index
60
50 40 30 20
Our Take:
Traffic exceeded expectations again in May, though levels fell slightly. Our traffic index came in at 57 from 61 in April. Agents indicated that buyers were looking to beat rising interest rates and capitalize on the recovery, though lending remains though for first-time homebuyers. Prices increased further in May, as our home price index came in at 66 from 64 in April. Agents pointed to very broad declines in inventories in May, while the time to sell fell further. As a result, we would expect prices in the region to continue to move higher.
10 0
Jul-11 Jul-12 May-11 May-12
Feb-13

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

Buyers are willing to be flexible on price. Our listings are receiving more attention and buyers are willing to bid higher. Buyers want to move forward because they are concerned about missing out particularly first time homebuyers. Prices are rising and now so are interest rates. Low inventory and low prices with a fear of rising interest rates is pushing pent up demand off the curb! Demand is better, but we still have plenty of first-time home buyers getting their applications rejected.
18% 32%
100%
80% 60% 40% 32% 0% Home Prices 11% 11% 5% Time to Sell Decreased 68%
79% 55% 40%
20%
0%
50%
Incentives
Increased
Remained the same
May 13 Slide 27
Phoenix, AZ Confidence is Strong, Rising Prices Encourage Buyers to Enter Market

(11,859 single-family building permits in 2012, 3rd largest market in the country)
90 80 70 60 50 40 30 20 10 0
Our Take:
Traffic came in just above agents expectations in May, as our index came in at 56 from 58 in April. Agents noted demand was driven by better confidence in housing and rising rental rates, which continues to push buyers into the for-sale market, though higher inventories could work to further improve traffic. Home prices continued to improve in May, as our home price index came in at 92 from 93 in April. Inventories fell further in May, as did the time needed to sell. We view these both as positive indicators for future pricing trends.
Buyer Traffic Index 39.6 42.6 53.9 50.0 58.3 55.8 (2.6) Home Price Index 78.3 75.9 87.8 87.1 93.2 92.3 (0.9) Incentive Index 41.7 50.0 56.1 48.3 60.0 44.0 (16.0) Home Listings Index 39.6 46.3 47.3 67.7 71.7 61.5 (10.2) Time to Sell Index 39.6 55.6 58.3 72.6 78.3 76.9 (1.3)
Feb-13
Feb-12
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

The buyers are out there, but theyre still stymied by lower than normal inventories. If a home is priced well, well get multiple offers within 5 days or less. Renters are hoping they can find something to buy before their leases are up. Buyers recognize that prices are rising and that it is a good time to buy. However, there is still a shortage of quality inventory in certain price ranges.
15% 27%
100% 80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 85% 72% 58% 38% 15% 20%
60%
40% 20% 0% 8% Incentives
0%
Home Prices
4% Time to Sell
58%
Increased
Remained the same
Decreased
May 13 Slide 28
Portland, OR Rising Prices Continue to Motivate Buyers to Bid Higher and Secure Properties
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained above expectations in May, though levels fell slightly. Our traffic index came in at 61 from 68 in April. Despite the decline, agents continued to stress the positive impact low inventories have had on urgency and pricing (multiple bids over ask are common). Home prices continued to improve in May, as our home price index came in at 87 from 86 in April. Inventories fell slightly, as our home listings index came in at 60 form 82 in April, thought it appears more sellers are looking to capitalize on the rising price environment.
Buyer Traffic Index 54.2 57.5 63.2 75.0 68.2 60.7 (7.5) Home Price Index 75.0 82.5 81.6 85.7 86.4 86.7 0.3 Incentive Index 45.8 47.5 50.0 57.1 50.0 56.7 6.7 Home Listings Index 83.3 82.5 63.2 71.4 81.8 60.0 (21.8) Time to Sell Index 83.3 82.5 78.9 89.3 77.3 83.3 6.1
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Listings are receiving multiple offers because inventory is low. Overbidding is also very common in specific areas. Inventory is tight and buyers are feeling pressure to act sooner rather than later. Homes in good condition are selling fast. Inventory continues to shrink. Buyers feel more optimistic about the economy. They are more willing to buy than rent now. Buyers are still out for the season, but inventory remains low.
14%
100%
36%
80% 60% 40%
73%
33% 13% 0% Home Prices 0% Incentives 0%
67%
27%
20%
50%
0% Time to Sell Decreased Increased Remained the same
May 13 Slide 29
Raleigh, NC Rising Prices (Instilling Confidence), and Low Inventories Drive Buyers to the Market
70
Buyer Traffic Index
60 50 40 30
Our Take:
Traffic remained above agents expectations in May, as our buyer traffic index came in at 57 from 56 in April. Agents indicated that low inventories are still a key driver of demand, as it was worked to drive prices and urgency and higher.
20
10 0
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
Prices continued to increase in May, as our price index came in at 79 from 81 in April.
Inventories fell further in May, as did the time needed to sell. We view these both as positive indicators for future pricing trends.
Buyer Traffic Index 40.0 42.9 50.0 57.1 56.3 57.1 0.9 Home Price Index 60.0 50.0 60.0 78.6 81.3 78.6 (2.7) Incentive Index 37.5 58.3 50.0 50.0 57.1 57.1 0.0 Home Listings Index 60.0 71.4 50.0 64.3 68.8 71.4 2.7 Time to Sell Index 60.0 57.1 80.0 71.4 87.5 92.9 5.4
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Low inventories are actually keeping a lid on our traffic. Buyers dont have a lot to look at. We have some good buys out here right now and people want to move into this area. Buyers feel pressure to purchase now because prices are rising and inventories are continuing to decline. The lending criteria is still kind of slow for some buyers.
14% 29%
100% 80%
60%
40% 20% 0%
57% 43%
57% 29% 14% 0% 0%

Incentives Time to Sell
14%
57%
Home Prices
Increased
Remained the same
Decreased

May 13 Slide 30
Richmond, VA Inventories Rise as Sellers Look to Take Advantage of Higher 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 fell in May, but levels still exceed expectations. Our traffic index came in at 58 from 75 in April. Agents attributed Mays levels to higher rents and confidence in the economy. Prices moved higher in May, as our price index came in at 83, unchanged vs. our index in April. Agents indicated that inventories increased in May, as more sellers looked to capitalize on higher prices. With more choice, buyers were likely more patient in May, as the time to sell edged lower in May. We expect higher prices, though the rate of increases may moderate.
Buyer Traffic Index 50.0 87.5 87.5 75.0 75.0 58.3 (16.7) Home Price Index 33.3 75.0 62.5 83.3 83.3 83.3 0.0 Incentive Index 50.0 62.5 50.0 66.7 50.0 58.3 8.3 Home Listings Index 50.0 87.5 62.5 75.0 75.0 33.3 (41.7) Time to Sell Index 66.7 87.5 87.5 83.3 100.0 58.3 (41.7)
Jul-11
May-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Apr-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
90 80 70 60 50 40 30 20 10 0
Home Price Index
Jul-11
Jul-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

Interest rates are great, and the news on the economy is a little better. Plus, rents are getting higher. Inventories have increased lately, and that has actually helped with traffic. Buyers have more homes to look at. Previously, buyers couldnt find anything they liked, now there are more homes for them to choose from. I think people are finally feeling at ease about buying. Values are up and interest rates are low.
100%
33% 50%
80% 60% 40% 20%
67% 33% 0% Home Prices Incentives Time to Sell Decreased
50% 33% 17%
50%
33% 17%
17%
0%

May 13 Slide 31
Sacramento, CA Competition is Fierce with Investors/Cash Buyers Fueling Demand

100 90 80 70 60 50 40 30 20 10 0
Feb-12 Buyer Traffic Index
Our Take:
Buyer traffic fell in May, but levels again exceeded expectations, as our traffic index came in at 67 (from 81 in April), above 50. Agents cited that prices are starting to rise too quickly for some buyers, though most are still very interested in the market (favorable affordability and low inventory). Prices posted broad gains again in May, as our price index increased to 100 from 89 in April. Prices are likely to continue to improve, as inventories and the time to sell fell further, both positives for future pricing.
Buyer Traffic Index 73.3 64.3 76.9 78.6 80.8 66.7 (14.1) Home Price Index 100.0 92.3 100.0 100.0 88.5 100.0 11.5 Incentive Index 50.0 54.5 77.3 66.7 54.2 59.1 4.9 Home Listings Index 70.0 84.6 84.6 85.7 76.9 77.3 0.3 Time to Sell Index 86.7 69.2 88.5 85.7 80.8 81.8 1.0
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12
Home Price Index
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Traffic is a little slower as there is a lack of inventory, which is discouraging buyers. Prices are also moving much higher, which is forcing some others out of the market. Buyers recognize that prices are rising fast. They are hoping to get in before the market becomes too expensive for what theyre looking for. Low inventory and recent price increases, along with the better news nationally has heightened the fever. Low inventories and rising prices have buyers in a frenzy.

100% 100% 80%
17%
64%
45% 36% 18% 36%
50% 33%
60%
40%
20% 0%
0% 0% Home Prices Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 32
San Antonio, TX Oil and Gas Industry Job Growth Continues to Bring Buyers into the Market
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved in May and exceeded agents expectations, as our traffic index came in at 79 from 55 in April. Agents attributed the better traffic to relocations (oil/gas businesses) confidence, and favorable affordability.
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Home prices continued to move higher in May, as our home price index increased to 81 from 80 in April.
Inventories were flat in May, as our home listings index came in at 50, while the time to sell fell (index at 75 in May). We view the lower time to sell as a positive, especially given the combination of increased demand and flat inventories.
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

We have a large amount of buyers that have relocated to the area because of the Eagle Ford Shale and other oil/gas business. This has been a strong driver of demand for us. The local economy has been fantastic. Plus interest rates are low and rental rates keep moving higher. It just makes sense to look at for-sale right now. Were seeing more of the same here. Good employment growth, with low interest rates and prices. Its becoming a sellers market. My last listing sold in 5 days.
0%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 88% 63% 63% 25% 13% 0% Incentives Time to Sell Decreased
43%
57%
80%
60% 40% 20%
38%
13% 0% Home Prices
0%
More than expected
Meets expectations
Less than expected
May 13 Slide 33
San Diego, CA Pricing Remains Strong, Multiple Offers from Buyers Become Commonplace
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic eased slightly in May, as our traffic index came in at 61 (from 72 in April), but levels still exceeded expectations (any reading above 50). Agents indicated that while some buyers are discouraged by the lack of inventory and rapid rate of price increases, other are willing to step up to the plate. Prices increased further in May, as our home price index came in at 92 from 94 in April. Agents pointed to slightly lower inventories, as our index came in at 58 from 69, though it seems that more sellers are looking to take advantage of higher pricing.
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Buyers are still interested but inventory is tight and sellers are asking for unrealistic prices. People are bidding above market value and agreeing to cover amounts not covered by appraisals, which arent keeping up with the market. Inventory is tight, but buyer confidence is high and more often than not theyre willing to bid above ask. Prices are rising, but buyers recognize how low interest rates are right now.

100% 80% 83%
22%
73%
45%
61%
20% 22% 17%
60%
40%
20% 17%
0% Home Prices
7%
33%
0%
Incentives
Increased
Remained the same

May 13 Slide 34
San Francisco, CA Agents Reset Expectations, Buyers Still Making Offers Above Asking Price
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic dipped slightly in May, as our index came in at 69 from 83 in April, but still exceeded expectations. We think the fall is partially driven by agents higher expectations, as commentary on behavior (offers above ask) and pricing remained positive.
Jul-11
Jul-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

100 90 80 70 60 50 40 30 20 10 0
Prices showed continued improvement in May, as our index came in at 96 from 100 in April, still well above 50.
Agents indicated that inventories increased slightly in May, as sellers look to capitalize on higher pricing. More options for buyers may slow the rate of price appreciation, but this could work to increase sales activity.
Home Price Index
Jul-11
May-11
May-12
Jul-12
May-13
Mar-12
Mar-13
Apr-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Were getting used to high traffic at open houses. Buyers do seem a but more jittery with the pace of price increases and were actually seeing first-time buyers have a bit more difficultly crossing the finish line. The market is really very strong. There is still a large group of buyers looking for property up to $1 million, but there is an extreme lack of inventory.
0%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 91% 77% 50%50% 23%
37%
80%
60% 40%
63%
There is a lack of inventory and a lot of cash buyers. It also seems buyers are happy to bid higher in all price ranges.
20%
9%
0%
0% Incentives
0%
Home Prices Increased Remained the same

May 13 Slide 35
Sarasota, FL Agents Cite Panic in May; Lack of Inventory Drives Fear of Missing out on Deals
90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic remained above agents expectations again in May, as our traffic index came in at 67 from 70 in April. Agents noted that buyers were eager to enter the market for fear of losing out due to very low inventory levels.
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Feb-12
Prices increased further in May, as our home price index improved to 90 from 80 in April.
We expect prices to continue to improve as inventories and the time to sell both declined. We view this as a positive for future pricing and an indication of strong urgency in the market.
Buyer Traffic Index 62.5 50.0 50.0 55.0 70.0 66.7 (3.3) Home Price Index 85.7 92.9 92.9 88.9 80.0 90.0 10.0 Incentive Index 57.1 42.9 50.0 50.0 60.0 50.0 (10.0) Home Listings Index 78.6 92.9 64.3 83.3 80.0 100.0 20.0 Time to Sell Index 57.1 78.6 64.3 83.3 80.0 100.0 20.0
Home Price Index
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

The lack of inventory is causing the market to release a lot of pent up demand. This interest is coming from all buyer segments, including owner occupants, international buyers, and investors. One word panic. Buyers are becoming increasingly worried that they might miss out on a deal if they wait. Previously foreclosed buyers are starting to come back into the market, but it still somewhat difficult for them to get approved.
0% 33%
120% 100% 80% 60% 40% 20% 0%

100% 80% 100%
67%
20% 0% 0% 0% 0% 0%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 36
Seattle, WA Low Inventories and Higher Prices Draw Buyers to the Market
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic exceeded agents expectations again in May, as our price index came in at 60 from 61 in April (still above 50). Agents indicated that higher prices and low inventories continued to drive demand; however, some buyers were said to become frustrated with competition from investors. Home prices continued to increase, as our index improved to 92 from 88 in April. Prices are likely to continue to improve, as our home listings and time to sell indexes point to declines in both metrics. We view these as positives for future pricing.
Buyer Traffic Index 73.5 69.4 66.7 65.0 61.1 60.0 (1.1) Home Price Index 86.7 83.3 88.1 90.0 87.5 91.7 4.2 Incentive Index 63.3 55.9 65.8 65.8 59.4 68.8 9.4 Home Listings Index 93.3 73.5 85.7 85.0 78.1 88.9 10.8 Time to Sell Index 83.3 83.3 83.3 87.5 84.4 86.1 1.7
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Buyers are still abundant, but some are opting to delay due to the frustration from all of the competition. Our listings inventory has been steadily decreasing making buyers more motivated to purchase. Our market is busting at the seams. I think buyers are interested in cashing in on low interest rates, especially since prices are rising so quickly. The lack of inventory has resulted in several multiple-offer situations. First-time buyers are finding it hard to compete. There is a lot of demand from investors and all-cash buyers.
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 83% 50% 44% 17% 0% Home Prices 6% Incentives 6% 17% 78%
20% 40%
80%
60% 40% 20%
40%
0%
Time to Sell Decreased Increased Remained the same
May 13 Slide 37
St. Louis, MO Confidence in Housing, Price Stabilization Keeps Buyers Interested

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic met agents expectations again in May, as our index came in at 50, unchanged vs. April. Agents noted that confidence in the market and low inventories are keeping buyers interested, though a better selection could work to drive additional traffic. Agents indicated that prices were unchanged in May, as our index came in at 50 from 71 in April. Pricing momentum may take a breather in the coming months as the time to sell was unchanged in May. Inventories were flat, however, which could help to keep supply in-line.
Buyer Traffic Index 43.8 50.0 75.0 64.3 50.0 50.0 0.0 Home Price Index 56.3 60.0 66.7 78.6 71.4 50.0 (21.4) Incentive Index 43.8 75.0 50.0 28.6 41.7 25.0 (16.7) Home Listings Index 62.5 50.0 41.7 28.6 71.4 50.0 (21.4) Time to Sell Index 62.5 62.5 60.0 78.6 64.3 50.0 (14.3)
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
90 80 70 60 50 40 30 20 10 0
Home Price Index
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12

The last four of my sales have been at or above asking price. There is confidence in the market that prices are finally rising (and fast) for good. Prices are increasing slightly and buyers dont have many options to choose from. This is helping to drive some of them off the fence. Last month was a bit busier, but we are still seeing a solid level of demand. I think that traffic would be higher if we had a better selection of inventory.

60% 50% 40% 30% 20% 10% 0%
50%
50%
50% 50%
50%
50%
40%
40%
0%
0%
0%
20%
Home Prices
Increased
Incentives
Time to Sell
Decreased
Remained the same
May 13 Slide 38
Tampa, FL Buyers Driven by Higher Rents, Transition of Area into a Sellers Market
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic increased further in May, exceeding agents expectations for the second consecutive month; our traffic index improved to 77 from 64 in April. Agents noted that buyers were driven by affordability and concerns that they might soon become priced out of the market. Agents pointed to higher prices again in May, as our home price index came in at 79 (from 88 in April). We expect prices to continue to improve, as agents pointed to lower inventories and the time to sell in May. We think these are both indications of higher pricing in the coming months.
Jul-11
Jul-12
May-11
May-12
Feb-13

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

Were seeing a wave of buyers who had previously lost their homes (short sales) re-enter the market. Rents are becoming increasingly expensive. The for-sale market is becoming more and more of a logical alternative. There is a lot of national and local press that housing is becoming a sellers market, which is working to motivating buyers. Were also still seeing lots of investor activity. Buyers at the low-end of the market are rushing to beat FHA insurance premium increases. Cash offers are still very popular here.
8%
80%
60%
58% 42%
55%
27% 18% 9% 0% 18%
31% 61%
40% 20% 0% Home Prices
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
May 13 Slide 39
Tucson, AZ Buyers Enter Market Hoping to Capitalize on Recovery Before Rates Move Higher
80 70 60 50 40 30 20 10 0
Our Take:
Agents indicated that traffic exceeded expectations again in May, coming in at 63 from 70 in April, a bit lower but still above 50. Agents highlighted that buyers were driven by affordability and the fear of higher rates in the near to medium term.
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

May-11 May-12
Agents pointed to higher prices in May, as our index came in at 69, a bit lower than the reading of 80 in April, but any reading above 50 indicates higher prices.
Prices are expected to continue to improve, as agents pointed to lower inventories and the time needed to sell in May. We view these as positive indicators for future pricing.
Home Price Index
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

My traffic in April was actually a little slow. Activity has picked back up in May and it looks to be setting up for a nice June. Buyers see that prices and rates are going higher. They are starting to think that if theyre serious about buying a home, they better get going now. Buyers dont want to be left behind. The market is still releasing some pent up demand. Low inventories are also continuing to drive urgency.
13%
100%
37%
80% 60% 40%
63% 50%50%
38% 13% 0% Home Prices 0% Incentives 0% Time to Sell Decreased
20%
50%
More than expected
Meets expectations
Less than expected
May 13 Slide 40
Virginia Beach, VA Affordability, Threat of Higher Prices and Interest Rates Motivate Buyers
(3,544 single-family building permits in 2012, 31st largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained above agents expectations in May, as our traffic index came in at 63 from 64 in April. Agents voiced buyers concerns over higher prices and missing out on a potential deal. Buyers were said to be eager to look now.
May-11
May-12
Feb-13
Feb-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12
Prices continued to improve in May, as our home price index increased to 88 from 79 in April.
We expect prices to continue to improve as agents indicated the time needed to sell declined. Inventories were also slightly lower. We view these both as positive indicators for future pricing power.
Buyer Traffic Index 37.5 70.0 63.6 78.6 64.3 62.5 (1.8) Home Price Index 50.0 40.0 54.5 85.7 78.6 87.5 8.9 Incentive Index 50.0 40.0 45.5 57.1 64.3 33.3 (31.0) Home Listings Index 75.0 80.0 68.2 64.3 71.4 62.5 (8.9) Time to Sell Index 87.5 70.0 68.2 78.6 64.3 87.5 23.2
Home Price Index
Feb-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Nov-11
Dec-11
Nov-12
Sep-12
Aug-11
Sep-11
Aug-12
Dec-12
Jun-11
Jan-12
Jun-12
Jan-13
Apr-13
Oct-11
Oct-12

Affordability is excellent right now. However, buyers are concerned about rising prices and interest rates going higher. They dont want to hold out and end up missing out on a home. Theyre also feeling better about the economy. It makes it easier for them to begin looking. Inventory is still really low and prices are rising a bit faster than some buyers expected. They realize that now is the right time to start looking.
0% 25%
100% 80%
75%
67%
33% 0% 0% Incentives 0%
75%
60%
40% 20%
25%
25%
75%
0% Home Prices Time to Sell Decreased Increased Remained the same
More than expected
Meets expectations
Less than expected

May 13 Slide 41
Washington, D.C. Stronger Local Economy, Affordability Drive Traffic in May

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index came in at 62 in May from 65 in April, pointing to better than expected traffic for this time of year (above 50). Agents credited affordability and increased confidence in the economy for Mays traffic levels.
Jan-13
May-11
May-12
Feb-13
Jun-11
Jan-12
Jun-12
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Apr-13
Oct-11
Oct-12
Agents indicated that prices continued to rise, as our price index came in at 85 (from 96 in April), above 50.
Inventories were flat in May, and given the significant move in our home listings index, we could see higher inventories in June. However, we expect pricing to remain strong, as agents indicated that the time to sell fell further in May.
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
May-11
Jun-11
Jan-12
Jun-12
May-12
Jan-13
May-13
Mar-12
Mar-13
Jul-11
Apr-12
Jul-12
Feb-12
Sep-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Nov-12
Dec-12
Feb-13
Apr-13
Oct-11
Oct-12

Buyers are seeing prices increase and they dont want to wait out any longer. They are worried theyll either get priced out or miss out on a deal. Affordability remains a strong driver of demand. Buyers are also showing more confidence toward the economy. The local job market is improving and buyers feel more comfortable entering the market. Buyers see reports that interest rates are starting to rise and that is pulling some of them off the fence. Higher rates are actually working to sometimes increase urgency.
17%
80%
70% 71% 63% 33% 21% 0%
40%
60% 40% 20%
30% 7%
3%
43%
0%
Home Prices Incentives Increased Remained the same
More than expected
Meets expectations
Less than expected
May 13 Slide 42
Wilmington, NC Affordability Remains the Key Draw for Buyers in May

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic fell in May, but levels still met agents expectations. Our buyer traffic index came in at 50 (from 83 in April). Agents highlighted that buyers remained drawn to the market by excellent affordability.
Jul-11
Jul-12
May-11
May-12
Feb-13
May-13
Mar-12
Mar-13
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

70
Agents pointed to higher prices in May, as our price index came in at 60 (from 67 in April), above a reading of 50.
Inventories were flat, while the time to sell declined. We view the lower time to sell as a positive indicator of future pricing trends.
Buyer Traffic Index 75.0 75.0 70.0 58.3 83.3 50.0 (33.3) Home Price Index 25.0 66.7 60.0 50.0 66.7 60.0 (6.7) Incentive Index 62.5 50.0 50.0 40.0 50.0 50.0 0.0 Home Listings Index 75.0 50.0 62.5 25.0 50.0 50.0 0.0 Time to Sell Index 25.0 50.0 40.0 50.0 75.0 60.0 (15.0)
Home Price Index
60
50 40 30 20
10 0
Jul-11 Jul-12 May-11 May-12
Feb-13
May-13
Mar-12
Mar-13
Apr-12
Aug-11
Sep-11
Nov-11
Dec-11
Feb-12
Aug-12
Sep-12
Nov-12
Dec-12
Jan-13
Jun-11
Jan-12
Jun-12
Apr-13
Oct-11
Oct-12

Prices are still very attractive and that will always entice buyers to enter the market. Mortgage rates are very low and with prices still recovering many buyers understand that buying right now is a great opportunity for them.
How Do the Recent 30 Days Compare to the Prior 30 Days... 120% 100% 80% 60% 40% 20% 0% 100%
40%
40%
80% 40% 40% 20%

0% Home Prices 0% 0% Time to Sell Decreased
20%
20%
Incentives
Increased
Remained the same

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

BUYER TRAFFIC INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total May-11 Jun-11 25.9 33.3 41.3 27.3 20.0 5.6 28.6 46.9 10.0 30.0 34.4 23.1 32.9 20.8 25.0 11.5 28.6 33.3 39.5 21.9 31.0 28.6 38.6 38.9 52.8 52.8 27.8 23.1 27.8 29.4 61.1 36.7 31.3 42.5 25.7 19.4 52.5 42.4 30.7 35.5 15.0 26.9 18.3 11.1 39.6 13.9 7.7 7.5 54.2 45.7 23.9 24.0 16.7 30.0 18.8 33.3 27.8 39.5 27.8 40.9 21.7 15.4 33.3 25.0 64.7 43.8 41.3 33.3 25.0 8.3 37.5 21.7 43.8 34.4 29.2 16.7 37.0 28.0 25.0 50.0 31.8 28.8 Jul-11 33.3 25.0 45.0 34.6 30.0 19.2 24.2 20.0 25.0 45.0 26.9 40.0 42.9 36.5 33.3 41.7 32.7 28.1 37.5 33.3 8.3 15.3 27.8 17.6 50.0 26.2 22.2 66.7 28.1 16.7 11.5 42.0 33.3 25.0 30.0 30.4 45.5 50.0 35.4 37.5 31.9 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 26.5 16.1 24.1 38.5 41.3 59.5 23.9 44.7 15.0 33.3 35.0 58.7 37.5 0.0 33.3 28.6 62.5 50.0 18.8 35.0 32.1 23.1 50.0 34.6 16.7 0.0 12.5 0.0 0.0 37.5 21.9 6.7 25.0 46.4 45.8 60.0 21.1 26.3 27.4 17.6 41.2 58.6 14.3 0.0 16.7 11.1 25.0 46.7 25.0 27.8 20.0 22.7 50.0 55.0 23.1 22.2 27.8 19.4 30.0 45.2 22.2 37.0 38.5 41.7 46.3 50.0 35.7 33.3 19.4 21.4 38.2 36.7 40.0 36.1 46.2 46.9 45.8 43.3 19.0 50.0 32.4 41.3 36.1 50.0 21.4 25.0 50.0 29.2 33.3 38.5 38.5 22.7 25.0 37.5 16.7 45.8 33.3 47.9 44.1 42.9 52.5 50.0 33.3 12.5 25.0 23.4 35.2 50.0 37.1 28.4 38.5 44.2 40.0 60.8 23.6 29.7 26.6 21.1 31.4 50.0 16.7 28.6 25.0 37.5 31.8 62.5 17.4 12.5 8.8 19.4 24.4 38.1 23.5 32.1 34.6 18.4 41.7 29.2 21.4 25.0 21.1 15.2 30.6 42.5 39.2 37.9 40.0 27.9 50.0 53.4 21.1 14.3 25.0 36.8 36.8 50.0 13.6 0.0 31.3 60.0 50.0 62.5 75.0 33.3 25.0 66.7 50.0 75.0 25.0 5.0 35.0 39.3 38.9 64.3 12.5 18.8 14.3 38.9 37.5 62.5 18.8 10.7 15.0 14.3 29.5 30.8 38.6 25.0 37.5 39.7 26.5 54.3 27.8 18.2 22.2 50.0 46.2 70.0 22.2 36.8 33.3 16.7 35.3 38.2 42.9 33.3 25.0 0.0 0.0 37.5 22.0 32.6 25.0 31.0 53.1 43.5 26.9 32.1 43.3 30.8 35.0 27.3 50.0 40.0 30.0 80.0 50.0 61.1 27.3 24.0 25.9 29.2 31.7 48.2 0.0 30.0 62.5 60.0 30.0 60.0 26.9 24.8 29.0 32.5 37.1 49.8 Feb-12 Mar-12 Apr-12 May-12 Jun-12 72.5 54.5 55.6 54.5 51.9 77.5 71.9 67.9 76.2 73.7 58.3 70.0 45.0 35.7 62.5 70.0 85.7 80.8 60.0 67.6 42.9 50.0 66.7 25.0 50.0 82.1 55.0 61.5 46.4 39.3 57.9 75.7 60.7 59.4 45.5 45.0 88.9 81.3 64.3 78.6 50.0 50.0 60.0 61.1 64.3 50.0 63.3 66.7 56.3 42.9 50.0 69.2 69.6 73.9 63.0 50.0 46.2 56.3 69.2 57.7 76.3 52.9 37.5 46.2 40.9 67.5 61.8 62.5 52.5 61.5 37.5 57.7 53.8 72.7 52.6 50.0 55.0 66.7 54.5 69.2 57.9 63.2 80.0 65.4 70.5 53.7 60.0 61.5 60.3 75.0 56.8 60.2 61.1 56.9 67.2 62.5 72.2 68.2 64.5 66.7 66.7 72.7 75.0 62.5 61.5 54.2 62.0 40.2 40.8 41.3 63.3 45.5 53.1 53.1 58.3 58.3 59.1 40.9 44.8 34.6 73.6 84.4 78.1 73.6 68.8 75.0 61.1 55.9 60.0 65.0 57.1 33.3 50.0 42.9 60.0 83.3 66.7 100.0 50.0 60.0 100.0 68.2 72.7 88.9 62.5 62.5 72.2 65.0 64.3 65.0 56.3 50.0 66.7 63.9 65.2 73.9 84.8 84.1 68.0 67.7 72.2 77.3 70.8 66.7 47.4 69.0 80.0 61.1 80.0 57.5 40.0 25.0 40.0 33.3 21.4 60.0 75.0 57.9 67.5 60.3 61.1 33.3 60.0 71.4 62.5 71.4 60.0 61.1 50.0 75.0 66.7 75.0 68.3 68.0 55.6 60.0 70.0 75.0 62.5 58.3 62.3 63.0 63.5 59.2 58.7 Jul-12 47.4 66.7 58.3 46.9 8.3 44.4 40.5 35.7 45.8 44.4 56.3 63.2 25.0 53.3 57.5 37.5 60.7 55.4 53.8 57.1 31.3 40.7 52.3 52.1 54.4 65.8 50.0 60.0 64.3 45.0 68.4 67.4 58.3 53.8 50.0 38.9 57.1 40.0 51.8 80.0 51.0 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 65.4 53.6 60.9 50.0 53.3 45.5 67.6 68.8 61.1 42.3 53.1 57.1 75.0 12.5 28.6 28.6 38.9 33.3 60.7 53.6 42.3 53.3 50.0 61.1 50.0 50.0 50.0 50.0 50.0 25.0 38.9 36.4 26.9 59.1 50.0 75.0 51.7 44.9 42.4 41.1 46.4 60.6 33.3 35.7 25.0 66.7 59.1 71.4 29.2 55.6 61.1 45.5 50.0 50.0 50.0 54.2 63.6 59.1 58.3 56.3 60.0 56.8 53.3 63.5 56.8 69.6 46.2 50.0 35.3 32.1 37.5 40.0 40.9 25.0 46.4 62.5 28.6 47.4 47.2 56.3 42.1 40.0 50.0 61.9 62.5 61.5 55.6 58.8 66.7 70.8 25.0 59.1 50.0 64.3 56.3 75.0 47.5 43.8 55.9 36.7 63.3 61.9 59.6 65.4 64.7 62.5 68.0 66.7 46.6 60.8 48.7 50.0 55.3 60.3 73.8 61.3 59.1 46.9 39.5 57.4 25.0 35.7 18.8 50.0 61.1 61.1 29.1 26.7 34.3 15.1 32.6 45.8 46.4 47.5 36.8 42.3 35.7 34.6 40.9 50.0 38.0 33.3 54.5 63.9 63.0 53.2 43.2 48.0 39.6 42.6 62.5 53.8 55.3 50.0 54.2 57.5 58.3 37.5 33.3 35.7 40.0 42.9 33.3 42.9 57.1 57.1 50.0 87.5 58.3 67.9 67.9 77.3 73.3 64.3 85.7 35.0 37.5 33.3 43.8 81.8 57.9 50.0 53.6 65.0 60.0 68.2 75.0 73.8 76.1 67.9 70.0 80.4 60.0 41.7 41.7 43.8 62.5 50.0 65.4 65.6 68.2 52.3 73.5 69.4 50.0 50.0 41.7 27.8 43.8 50.0 50.0 51.8 42.5 40.0 39.5 53.3 40.9 61.1 50.0 50.0 55.0 50.0 42.9 58.3 60.0 57.1 37.5 70.0 50.0 46.7 52.2 50.0 48.2 63.8 66.7 50.0 25.0 50.0 75.0 75.0 52.3 50.1 47.7 49.0 52.0 59.0 Feb-13 Mar-13 Apr-13 May-13 73.1 63.6 53.6 53.1 76.7 76.7 81.8 80.8 66.7 61.1 25.0 38.9 73.3 80.8 75.0 66.7 25.0 57.1 33.3 64.3 86.4 90.9 65.4 66.7 68.3 63.5 59.6 68.3 70.0 66.7 50.0 50.0 57.1 40.0 68.8 50.0 70.8 91.7 80.0 65.0 73.9 70.8 75.0 68.8 58.3 67.5 57.1 53.8 50.0 37.5 53.3 58.3 77.8 62.5 91.7 77.8 63.6 71.1 65.0 63.2 68.8 66.7 68.8 71.4 60.9 65.2 75.0 65.9 59.3 66.7 66.7 76.5 57.6 69.7 66.7 75.8 64.3 52.9 60.0 73.1 83.3 75.0 80.8 72.7 57.5 62.3 51.0 60.4 47.1 52.9 34.4 61.8 63.0 57.1 61.1 56.8 53.9 50.0 58.3 55.8 63.2 75.0 68.2 60.7 50.0 57.1 56.3 57.1 87.5 75.0 75.0 58.3 76.9 78.6 80.8 66.7 72.2 75.0 55.0 78.6 71.1 81.8 72.2 61.1 80.4 81.3 82.6 68.8 50.0 55.0 70.0 66.7 66.7 65.0 61.1 60.0 75.0 64.3 50.0 50.0 66.7 52.4 63.9 76.9 36.4 65.0 70.0 62.5 63.6 78.6 64.3 62.5 69.0 63.0 64.6 61.7 70.0 58.3 83.3 50.0 65.1 66.1 64.4 63.4

May 13 Slide 45
Historical Trends: Hom e Price Index

HOME PRICE INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total May-11 Jun-11 22.4 31.7 45.7 43.5 20.0 22.2 17.9 43.3 0.0 20.0 28.1 11.5 15.8 12.5 20.0 23.1 35.7 22.2 34.2 36.7 32.3 28.6 43.2 38.2 47.2 71.9 41.7 32.7 26.3 35.3 25.0 42.9 21.2 32.5 27.0 22.2 37.2 32.6 16.3 22.6 35.0 26.9 22.6 18.3 35.4 18.4 23.1 19.0 37.5 38.6 21.7 18.0 20.0 30.0 31.3 10.0 19.4 23.7 35.0 27.3 29.2 26.9 29.6 22.9 26.5 62.5 26.0 27.1 0.0 20.0 36.8 34.8 31.3 26.7 25.0 41.7 43.5 56.0 8.3 12.5 27.4 29.7 Jul-11 28.8 32.5 22.2 26.9 35.0 20.8 15.6 20.0 22.2 50.0 36.5 39.3 46.4 36.0 29.2 25.0 28.0 30.6 40.6 23.6 25.0 25.0 41.7 17.6 51.4 21.4 16.7 16.7 21.9 33.3 33.3 32.0 37.5 29.4 40.0 45.5 27.3 8.3 42.0 0.0 29.4 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 26.5 31.7 25.9 23.1 19.6 22.7 30.4 42.5 30.0 26.3 47.4 56.5 25.0 31.3 33.3 28.6 12.5 41.7 25.0 20.0 31.3 26.9 28.6 20.8 16.7 25.0 25.0 0.0 0.0 25.0 16.7 18.8 25.0 21.4 33.3 33.3 9.5 15.8 12.9 19.7 20.6 23.5 14.3 0.0 16.7 22.2 35.7 30.0 25.0 27.8 20.0 29.2 33.3 30.0 34.6 22.2 38.9 33.3 27.3 33.3 42.3 33.3 34.0 36.4 41.7 48.1 34.6 27.8 39.5 42.9 44.1 31.3 60.7 55.9 46.4 62.5 66.7 80.0 42.5 36.8 41.2 37.0 47.2 46.2 32.1 35.7 19.2 25.0 37.5 37.5 23.1 31.8 22.2 25.0 31.3 37.5 19.4 18.8 23.5 26.2 35.0 34.2 27.9 25.0 21.2 28.1 37.5 30.0 50.0 44.6 47.6 53.4 54.3 53.9 22.9 22.4 15.6 16.2 19.4 25.6 20.8 42.9 25.0 25.0 36.4 50.0 16.7 21.9 15.0 18.5 14.0 27.0 37.5 46.2 42.3 47.2 47.1 45.8 21.4 23.7 18.4 21.7 18.2 35.7 40.5 40.0 50.0 48.5 56.3 64.8 17.5 19.0 19.4 26.3 34.2 34.1 22.7 35.7 31.3 40.0 33.3 37.5 0.0 0.0 33.3 33.3 0.0 25.0 23.1 20.0 25.0 32.1 33.3 46.4 37.5 37.5 35.7 38.9 25.0 50.0 14.3 25.0 25.0 21.4 25.0 28.8 29.5 23.5 23.7 40.7 29.4 45.8 50.0 40.9 50.0 50.0 53.8 60.0 20.7 26.3 34.8 13.2 14.7 14.7 28.6 33.3 25.0 40.0 0.0 37.5 26.0 35.7 28.8 32.8 44.1 45.7 23.1 15.4 23.3 33.3 35.0 22.7 25.0 0.0 10.0 30.0 10.0 27.8 35.7 38.9 36.2 39.6 32.8 33.9 0.0 20.0 25.0 10.0 10.0 30.0 26.7 27.8 28.7 30.7 30.6 37.6 Feb-12 Mar-12 Apr-12 May-12 Jun-12 40.5 34.1 47.4 50.0 48.1 60.0 43.8 63.3 75.0 81.6 33.3 37.5 45.0 42.9 66.7 42.9 50.0 58.3 63.3 64.7 7.1 16.7 62.5 25.0 50.0 38.5 30.0 42.3 46.4 60.7 34.6 36.1 32.8 34.4 39.7 35.0 50.0 50.0 58.3 57.1 35.7 42.9 50.0 62.5 57.1 46.4 53.6 72.2 66.7 64.3 47.8 67.3 76.1 78.3 73.2 41.7 46.4 65.6 80.8 84.6 78.9 88.2 86.7 83.3 77.3 47.7 50.0 68.8 50.0 71.4 38.2 45.8 46.2 77.3 83.3 16.7 45.5 33.3 68.2 50.0 23.7 60.5 78.6 82.7 81.8 38.8 51.4 57.7 64.7 66.0 59.2 68.2 72.4 74.3 84.8 35.7 44.6 57.6 64.7 73.5 33.3 54.5 58.3 56.3 57.7 30.2 39.6 34.1 30.0 40.2 53.3 60.0 68.8 76.7 72.2 38.9 40.9 36.4 32.1 25.0 71.4 83.9 96.9 95.7 88.5 39.3 47.2 52.8 67.9 76.3 42.9 83.3 66.7 50.0 20.0 16.7 16.7 50.0 33.3 50.0 50.0 45.5 68.2 90.0 95.5 31.3 27.8 55.0 64.3 50.0 47.8 41.7 57.1 76.5 75.0 63.0 65.2 73.9 88.5 83.9 61.1 81.8 75.0 81.8 77.8 38.6 52.5 57.9 70.0 77.5 37.5 62.5 30.0 33.3 35.7 47.5 55.6 47.2 71.4 55.2 50.0 62.5 60.0 67.9 73.1 14.3 20.0 33.3 50.0 50.0 61.4 65.2 73.3 75.0 63.9 10.0 40.0 12.5 37.5 25.0 41.0 50.2 56.9 62.4 63.2 Jul-12 55.3 79.4 41.7 56.3 33.3 50.0 42.1 35.7 50.0 66.7 86.4 84.2 63.9 73.3 75.0 50.0 92.3 80.3 85.5 62.1 62.5 35.0 83.3 35.4 81.8 81.6 55.6 40.0 96.7 60.0 81.6 91.3 54.2 67.9 60.0 55.9 71.4 60.0 59.3 25.0 63.0 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 65.4 65.4 58.3 52.9 55.6 36.4 76.5 81.3 75.0 70.8 78.1 82.1 50.0 50.0 50.0 64.3 50.0 55.6 70.0 67.9 50.0 56.3 70.0 80.6 70.0 70.0 66.7 60.0 70.0 75.0 55.6 63.6 73.1 72.7 72.2 85.0 39.7 37.8 46.9 42.6 44.6 62.0 33.3 57.1 60.0 66.7 54.5 57.1 58.3 55.6 62.5 63.6 54.5 75.0 73.1 66.7 65.4 63.6 54.2 81.3 80.0 78.3 82.8 68.5 65.9 82.1 88.5 75.0 72.2 64.3 79.2 66.7 75.0 75.0 75.0 87.5 85.7 85.0 80.6 71.9 69.4 76.7 79.4 83.3 87.5 82.1 88.9 84.4 78.1 83.3 50.0 63.6 65.0 64.3 75.0 75.0 84.2 93.8 91.7 83.3 93.3 97.6 83.3 92.0 86.8 88.9 88.0 83.9 73.3 88.9 85.0 86.2 88.2 92.6 76.2 72.6 77.9 63.2 78.6 83.3 56.3 71.4 50.0 64.3 50.0 77.8 40.2 40.9 37.0 39.8 41.5 47.9 82.1 85.0 73.7 75.0 80.0 73.1 43.2 37.5 46.0 38.1 47.7 47.2 87.0 85.5 86.4 82.0 78.3 75.9 71.9 61.5 77.8 67.9 75.0 82.5 100.0 56.3 66.7 57.1 60.0 50.0 33.3 50.0 50.0 57.1 33.3 75.0 86.4 92.9 96.4 100.0 100.0 92.3 57.1 60.0 68.8 58.3 62.5 77.3 65.8 62.5 85.7 75.0 76.7 90.9 95.2 95.2 91.3 89.3 89.5 96.3 55.6 83.3 72.7 64.3 85.7 92.9 80.8 72.2 86.4 69.0 86.7 83.3 57.1 58.3 50.0 38.9 56.3 60.0 77.1 76.8 80.0 67.5 73.5 83.3 66.7 83.3 65.0 65.0 75.0 71.4 64.3 58.3 30.0 57.1 50.0 40.0 58.6 68.3 65.2 66.7 70.7 78.9 60.0 41.7 50.0 42.9 25.0 66.7 67.7 68.7 68.3 66.4 68.3 74.6 Feb-13 Mar-13 Apr-13 May-13 84.6 83.3 82.1 93.3 93.3 96.7 95.8 100.0 58.3 80.0 100.0 83.3 86.7 88.5 91.7 91.7 66.7 85.7 66.7 85.7 81.8 100.0 83.3 87.5 60.9 76.4 70.0 81.3 60.0 58.3 81.3 78.6 68.8 60.0 78.6 83.3 79.2 83.3 96.7 90.0 87.5 89.6 93.8 85.7 86.1 85.0 89.3 87.5 75.0 77.3 78.6 75.0 81.6 79.2 86.8 97.2 81.8 89.5 90.0 97.4 87.5 91.7 87.5 71.4 97.8 97.9 100.0 97.6 94.4 98.0 96.6 97.1 88.2 92.1 92.4 93.9 87.9 80.6 92.9 88.5 83.3 70.8 73.1 81.8 59.6 68.6 66.3 69.8 73.5 82.4 81.3 91.2 54.3 67.9 63.9 65.9 87.8 87.1 93.2 92.3 81.6 85.7 86.4 86.7 60.0 78.6 81.3 78.6 62.5 83.3 83.3 83.3 100.0 100.0 88.5 100.0 94.4 83.3 80.0 81.3 94.7 97.6 94.4 91.7 98.2 100.0 100.0 95.5 92.9 88.9 80.0 90.0 88.1 90.0 87.5 91.7 66.7 78.6 71.4 50.0 75.0 88.1 88.2 79.2 81.8 85.0 80.0 68.8 54.5 85.7 78.6 87.5 92.9 84.1 95.8 85.0 60.0 50.0 66.7 60.0 79.3 83.7 84.8 84.9

May 13 Slide 46
Historical Trends: Incentive Index

INCENTIVE INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total May-11 Jun-11 28.8 32.8 39.1 34.1 20.0 27.8 53.8 50.0 40.0 40.0 43.3 45.8 45.6 47.0 50.0 29.2 50.0 50.0 38.9 50.0 38.9 30.8 50.0 43.3 28.1 43.3 34.4 32.0 38.9 44.1 35.3 30.8 31.3 28.9 37.1 38.3 47.2 40.2 39.3 35.5 40.0 38.5 47.2 44.4 26.1 47.2 32.6 27.8 29.4 31.3 45.7 46.0 25.0 30.0 35.7 35.0 44.1 36.8 35.0 27.3 40.0 36.4 35.0 35.7 37.5 21.4 37.0 40.5 25.0 62.5 32.5 28.3 34.4 46.7 30.0 50.0 34.2 38.6 66.7 50.0 38.1 38.7 Jul-11 32.7 31.6 37.5 53.8 38.9 45.8 45.0 30.0 35.0 66.7 44.0 37.5 50.0 34.0 50.0 27.3 34.0 29.6 46.3 38.2 41.7 35.9 50.0 43.8 34.3 38.1 33.3 33.3 31.3 37.5 45.0 50.0 33.3 36.7 37.5 32.6 40.9 25.0 43.2 37.5 39.2 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 38.2 26.8 31.0 41.7 37.0 33.3 37.0 25.0 45.0 20.0 30.6 40.9 25.0 37.5 33.3 41.7 12.5 40.0 36.7 50.0 46.4 45.5 42.9 50.0 50.0 37.5 37.5 50.0 50.0 50.0 50.0 37.5 50.0 42.9 37.5 26.7 43.8 51.6 40.4 41.2 43.5 50.0 14.3 16.7 33.3 38.9 35.7 40.0 31.3 25.0 12.5 27.3 25.0 40.0 37.5 35.3 37.5 34.4 50.0 23.8 42.0 37.5 37.5 50.0 43.5 48.0 36.4 50.0 50.0 44.7 43.3 42.9 42.9 33.3 37.5 40.6 37.5 46.7 33.3 38.2 37.5 34.1 27.8 35.4 50.0 50.0 29.2 37.5 33.3 45.0 30.8 36.4 16.7 40.9 43.8 25.0 35.3 32.6 28.1 31.0 39.5 36.8 37.5 40.6 40.0 50.0 46.0 40.6 41.2 48.5 41.0 41.3 45.6 50.0 47.0 38.9 39.1 30.6 30.0 39.0 50.0 41.7 45.8 37.5 45.5 37.5 40.0 40.4 40.5 41.5 40.2 46.4 43.8 38.5 26.9 30.6 25.0 41.7 52.9 34.4 43.8 38.1 39.5 35.3 42.4 44.8 43.8 46.9 43.1 44.0 47.5 47.6 44.4 50.0 50.0 45.5 27.3 35.7 50.0 30.0 16.7 50.0 0.0 50.0 50.0 33.3 50.0 50.0 54.2 37.5 45.0 30.8 43.8 45.8 31.3 43.8 28.6 44.4 41.7 56.3 40.9 34.6 44.4 41.2 36.4 30.4 44.1 41.7 40.0 38.1 46.4 50.0 25.0 40.9 38.9 40.9 45.5 44.4 47.9 38.9 36.1 33.3 32.1 34.4 25.0 0.0 25.0 50.0 25.0 37.5 36.5 25.0 42.0 42.9 50.0 47.8 34.6 37.5 43.3 37.5 50.0 45.5 37.5 30.0 30.0 20.0 30.0 38.9 37.5 39.6 32.7 28.3 32.7 35.7 25.0 60.0 62.5 60.0 50.0 40.0 37.6 37.8 38.4 39.0 38.7 41.5 Feb-12 Mar-12 Apr-12 May-12 Jun-12 42.5 38.1 39.5 40.5 30.4 45.0 43.3 56.7 47.5 52.6 33.3 30.0 40.0 35.7 16.7 54.2 42.9 55.0 67.9 60.7 33.3 66.7 50.0 50.0 25.0 42.9 40.0 41.7 50.0 50.0 37.1 53.6 40.4 38.7 43.5 50.0 61.1 50.0 50.0 58.3 42.9 35.7 40.0 25.0 41.7 30.8 42.3 43.8 44.4 64.3 54.5 51.9 52.3 43.2 39.6 50.0 57.7 67.9 54.2 58.3 42.1 50.0 50.0 41.7 45.0 38.1 50.0 43.8 47.4 50.0 43.8 27.3 33.3 45.0 39.5 27.8 35.0 50.0 40.9 46.2 36.1 44.7 52.4 44.2 59.1 47.0 33.9 45.8 43.1 52.4 47.1 50.0 44.1 52.8 54.7 39.1 40.0 53.1 51.6 43.3 27.3 50.0 45.8 50.0 53.8 48.0 45.9 42.1 48.9 51.2 33.3 40.9 43.8 40.6 50.0 46.7 47.2 41.7 52.3 47.7 48.5 53.7 53.2 54.7 50.0 50.0 40.0 53.1 50.0 52.8 50.0 83.3 100.0 50.0 40.0 50.0 33.3 33.3 33.3 50.0 35.7 33.3 35.0 56.3 65.0 35.7 37.5 40.0 42.9 40.0 40.9 46.9 44.4 43.8 52.6 50.0 47.6 47.2 52.5 53.7 43.8 50.0 40.9 44.4 56.7 45.5 37.5 55.9 55.6 58.8 50.0 33.3 20.0 66.7 33.3 52.5 40.6 33.3 42.1 46.3 44.4 37.5 33.3 57.1 54.2 50.0 30.0 38.9 50.0 25.0 38.1 47.5 37.9 43.2 44.1 60.0 30.0 37.5 50.0 50.0 43.4 44.0 45.7 47.4 47.7 Jul-12 50.0 52.9 50.0 63.3 40.0 55.6 50.0 57.1 58.3 44.4 42.5 55.9 32.4 50.0 61.1 43.8 46.2 56.5 56.9 46.6 50.0 44.0 45.5 50.0 47.7 42.1 62.5 60.0 54.2 38.9 53.6 58.8 50.0 55.0 40.0 50.0 64.3 40.0 48.1 50.0 50.4 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 34.6 34.6 28.3 41.2 43.8 45.5 44.1 53.1 38.2 34.6 53.1 57.1 50.0 28.6 33.3 41.7 33.3 62.5 54.2 53.6 53.8 57.7 60.5 52.8 50.0 50.0 50.0 50.0 40.0 50.0 33.3 40.9 53.8 40.9 44.4 54.5 47.9 44.6 39.7 47.9 50.0 50.0 50.0 58.3 50.0 50.0 55.0 42.9 45.8 33.3 43.8 36.4 35.0 50.0 41.7 45.8 53.8 40.0 45.0 50.0 55.3 50.0 52.0 43.5 50.0 51.9 58.3 57.1 55.9 54.2 40.9 60.7 36.4 40.0 53.8 45.8 50.0 40.0 52.8 43.3 50.0 42.3 44.1 45.2 31.3 42.9 50.0 46.7 60.0 45.5 33.3 36.4 50.0 35.7 31.3 35.7 63.2 50.0 52.9 46.7 56.7 57.1 52.0 50.0 44.8 56.3 57.1 59.5 51.2 56.9 50.0 50.0 45.9 50.0 55.3 48.3 37.9 46.9 55.3 48.6 62.5 42.9 56.3 42.9 55.6 68.8 51.0 53.8 45.7 52.6 54.9 53.8 57.7 44.7 42.1 57.1 40.0 53.8 47.6 46.0 52.3 47.5 57.9 70.0 60.0 48.3 52.5 45.7 41.7 50.0 50.0 41.7 47.2 46.4 45.8 47.5 50.0 35.7 66.7 50.0 37.5 58.3 33.3 40.0 25.0 25.0 50.0 62.5 56.3 54.2 50.0 61.1 50.0 54.5 50.0 37.5 42.9 41.7 62.5 40.9 47.1 54.5 53.8 56.3 60.7 60.0 58.3 61.5 57.5 58.3 65.6 58.3 50.0 41.7 40.9 41.7 57.1 42.9 45.5 53.1 47.4 55.3 63.3 55.9 30.0 33.3 33.3 25.0 43.8 75.0 55.3 41.3 44.1 44.7 46.7 53.3 59.1 61.1 70.0 65.0 50.0 46.4 57.1 41.7 50.0 50.0 50.0 40.0 46.0 50.0 43.2 42.6 50.0 45.8 50.0 50.0 66.7 50.0 62.5 50.0 48.9 46.3 48.2 46.7 49.9 52.4 Feb-13 Mar-13 Apr-13 May-13 42.9 50.0 46.4 43.3 66.7 63.3 69.2 63.6 50.0 55.6 50.0 43.8 53.6 65.4 60.0 59.1 50.0 50.0 50.0 50.0 45.5 63.6 46.2 66.7 57.4 51.6 41.7 50.0 50.0 58.3 50.0 57.1 42.9 40.0 50.0 41.7 50.0 54.5 67.9 66.7 52.2 54.5 65.0 60.9 55.6 55.3 57.7 45.5 38.9 45.5 42.9 41.7 50.0 45.8 47.4 62.5 59.1 41.7 50.0 61.1 43.8 58.3 37.5 50.0 65.9 66.7 57.5 73.8 48.0 52.3 63.5 65.0 48.5 54.5 40.0 51.6 42.3 47.2 42.9 41.7 50.0 70.8 65.4 68.2 45.5 48.9 51.1 57.1 47.1 38.2 50.0 58.8 50.0 50.0 50.0 50.0 56.1 48.3 60.0 44.0 50.0 57.1 50.0 56.7 50.0 50.0 57.1 57.1 50.0 66.7 50.0 58.3 77.3 66.7 54.2 59.1 43.8 33.3 40.0 43.8 64.7 65.0 59.4 56.7 64.6 62.5 67.6 61.5 50.0 50.0 60.0 50.0 65.8 65.8 59.4 68.8 50.0 28.6 41.7 25.0 50.0 50.0 52.9 54.5 31.8 38.9 44.4 56.3 45.5 57.1 64.3 33.3 55.0 57.1 54.3 57.1 50.0 40.0 50.0 50.0 51.5 53.0 52.9 54.1

May 13 Slide 47
Historical Trends: Hom e Listings Index

HOME LISTINGS INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total May-11 Jun-11 31.5 38.3 41.3 37.0 40.0 44.4 25.0 16.7 20.0 50.0 43.8 42.3 25.0 23.6 50.0 29.2 35.7 33.3 21.1 40.0 37.1 42.6 65.9 56.3 63.9 86.7 26.5 20.0 34.2 47.1 58.3 53.8 34.8 50.0 31.1 39.7 64.1 68.5 51.1 56.5 20.0 31.8 15.9 21.7 71.7 78.9 25.0 21.4 76.4 75.7 45.7 60.0 41.7 30.0 37.5 30.0 36.1 63.2 45.0 36.4 31.8 33.3 27.8 34.8 79.4 100.0 27.1 41.3 12.5 30.0 57.5 58.7 59.4 65.6 27.3 50.0 37.0 44.0 25.0 50.0 40.0 45.8 Jul-11 34.6 47.5 66.7 30.8 61.1 45.8 28.8 20.0 44.4 40.0 63.5 50.0 78.6 42.0 54.2 58.3 50.0 41.7 75.8 62.9 33.3 25.5 83.3 20.6 81.6 73.8 55.6 16.7 50.0 27.8 33.3 54.0 95.8 55.9 50.0 67.4 81.8 58.3 52.0 25.0 51.0 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 58.8 60.7 63.8 61.5 67.4 70.5 47.8 55.0 60.0 70.0 81.6 61.4 62.5 68.8 66.7 57.1 87.5 66.7 25.0 35.0 56.3 57.7 71.4 38.5 50.0 37.5 37.5 50.0 50.0 62.5 50.0 59.4 90.0 67.9 91.7 50.0 35.1 42.9 53.2 47.2 59.1 77.3 42.9 41.7 50.0 44.4 64.3 53.3 81.3 50.0 60.0 58.3 66.7 50.0 38.5 44.4 61.1 63.9 65.0 47.6 78.8 70.4 81.3 81.3 83.3 81.5 57.7 63.9 57.9 71.4 64.7 56.3 67.9 75.0 61.5 59.4 70.8 76.7 50.0 57.9 52.9 67.4 63.9 61.5 53.6 57.1 65.4 50.0 54.2 53.8 50.0 50.0 55.0 62.5 56.3 70.8 55.6 54.2 58.8 71.4 60.0 80.0 45.6 50.0 59.3 46.8 51.8 55.7 66.2 63.5 73.2 72.0 70.0 65.8 72.9 85.5 84.8 82.9 86.1 88.4 33.3 50.0 50.0 54.2 59.1 31.3 31.8 33.3 23.8 35.6 52.4 50.0 84.4 73.1 84.6 66.7 61.8 75.0 40.5 33.3 50.0 70.5 59.1 60.0 78.4 76.7 75.7 73.5 76.6 79.5 65.0 73.8 72.2 76.3 73.7 63.6 50.0 50.0 62.5 60.0 66.7 93.8 25.0 16.7 50.0 50.0 66.7 87.5 75.0 70.0 60.0 67.9 66.7 64.3 43.8 25.0 14.3 38.9 50.0 43.8 42.9 39.3 50.0 50.0 65.9 48.0 50.0 38.2 63.2 79.6 79.4 62.5 94.4 81.8 88.9 63.6 61.5 50.0 46.6 60.5 64.6 63.2 71.9 55.9 42.9 50.0 50.0 70.0 75.0 25.0 65.4 65.0 71.2 70.7 79.4 80.4 73.1 53.8 66.7 36.4 80.0 63.6 25.0 50.0 60.0 60.0 70.0 62.5 54.5 53.8 51.8 66.7 75.9 63.0 0.0 30.0 37.5 50.0 62.5 80.0 52.8 53.7 59.9 61.2 68.0 62.7 Feb-12 Mar-12 Apr-12 May-12 Jun-12 69.0 63.6 68.4 84.1 63.5 67.5 46.9 60.7 57.1 76.3 50.0 30.0 80.0 78.6 83.3 42.3 35.7 37.5 43.3 61.8 57.1 66.7 50.0 25.0 62.5 71.4 70.0 50.0 69.2 67.9 40.8 31.9 56.9 51.6 52.9 70.0 55.6 75.0 57.1 57.1 71.4 57.1 40.0 50.0 57.1 64.3 57.1 66.7 50.0 64.3 83.3 75.0 67.4 56.5 60.7 63.9 64.3 71.9 69.2 80.8 75.0 82.4 78.1 88.5 86.4 56.8 53.1 65.6 50.0 67.9 79.4 76.9 80.8 90.9 78.9 77.8 54.5 83.3 72.7 73.1 84.2 86.8 88.1 88.5 90.5 50.0 52.9 55.8 67.6 74.0 72.4 81.0 85.1 81.1 79.7 85.7 79.7 80.3 84.8 85.3 50.0 50.0 45.8 50.0 65.4 43.0 34.3 30.5 37.0 48.9 80.0 63.6 87.5 84.4 88.9 39.5 42.1 36.4 50.0 52.0 78.6 83.9 93.8 87.5 80.8 46.4 94.4 88.9 85.7 71.1 42.9 66.7 33.3 50.0 40.0 75.0 83.3 50.0 50.0 50.0 81.3 95.8 90.9 95.0 100.0 56.3 38.9 45.0 42.9 45.0 52.1 66.7 88.1 75.0 79.5 88.6 80.4 91.3 74.0 69.4 83.3 95.5 91.7 81.8 94.4 70.5 78.9 92.1 87.5 67.5 25.0 37.5 50.0 33.3 50.0 75.0 70.6 81.6 73.8 74.1 77.8 70.8 76.7 92.9 91.7 64.3 70.0 72.2 75.0 50.0 43.2 32.6 50.0 60.0 66.7 40.0 40.0 50.0 62.5 33.3 63.6 62.9 67.2 66.6 68.6 Jul-12 68.4 66.7 83.3 71.9 66.7 72.2 67.1 78.6 62.5 44.4 76.1 76.3 72.2 86.7 92.1 68.8 84.6 84.2 82.9 77.6 56.3 43.3 88.6 52.2 76.7 78.9 55.6 70.0 83.3 50.0 77.8 71.7 69.2 88.5 70.0 67.6 78.6 70.0 63.5 87.5 72.1 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 88.5 73.1 77.1 73.5 75.0 90.9 67.6 68.8 83.3 76.9 71.9 64.3 87.5 87.5 85.7 92.9 83.3 87.5 70.0 60.7 50.0 75.0 84.2 76.3 50.0 50.0 66.7 60.0 41.7 25.0 81.3 81.8 92.3 81.8 83.3 86.4 72.4 69.5 62.5 78.6 81.5 78.0 61.1 71.4 75.0 75.0 81.8 92.9 75.0 88.9 75.0 90.9 72.7 66.7 53.8 62.5 88.5 50.0 72.7 75.0 68.4 63.0 77.6 70.4 93.2 76.8 73.1 80.0 77.8 82.1 79.2 86.7 72.7 68.2 60.7 70.8 71.4 72.5 73.5 68.8 80.0 75.0 82.4 76.2 87.5 78.6 83.3 86.7 90.6 95.8 72.2 72.7 80.0 85.7 62.5 75.0 77.5 76.7 66.7 60.0 66.7 78.6 74.1 85.4 88.7 76.8 93.5 86.2 81.8 87.5 82.1 85.0 85.9 80.0 90.5 79.0 88.2 86.4 88.1 84.7 81.3 50.0 56.3 64.3 66.7 66.7 48.2 57.0 57.4 69.8 70.2 69.8 89.3 70.0 81.6 75.0 86.7 73.1 76.2 61.1 64.0 68.4 77.3 86.1 67.4 53.2 33.3 48.0 39.6 46.3 75.0 84.6 72.2 85.7 83.3 82.5 100.0 50.0 83.3 71.4 60.0 71.4 66.7 71.4 64.3 78.6 50.0 87.5 81.8 85.7 92.9 86.4 70.0 84.6 71.4 70.0 87.5 66.7 75.0 68.2 94.7 84.6 92.3 90.0 83.3 81.8 76.3 67.5 82.6 82.1 97.2 78.8 94.4 91.7 68.2 71.4 78.6 92.9 76.9 82.4 81.8 85.0 93.3 73.5 35.7 33.3 41.7 66.7 62.5 50.0 97.9 78.6 82.5 72.5 87.5 63.3 81.8 83.3 85.0 65.0 55.0 53.6 71.4 83.3 70.0 71.4 75.0 80.0 75.9 71.7 58.7 73.3 79.3 73.1 60.0 50.0 50.0 35.7 75.0 50.0 75.0 71.3 73.7 74.0 75.7 74.7 Feb-13 Mar-13 Apr-13 May-13 92.9 75.0 57.1 65.6 85.7 63.3 76.9 75.0 91.7 75.0 100.0 66.7 73.3 60.7 79.2 70.8 50.0 57.1 66.7 64.3 72.7 72.7 46.2 62.5 64.1 77.8 61.5 68.8 60.0 83.3 81.3 57.1 68.8 80.0 78.6 41.7 75.0 70.8 78.6 65.0 84.8 69.6 77.1 56.5 75.0 72.5 78.6 83.3 83.3 72.7 82.1 79.2 78.9 92.3 78.9 91.2 85.0 76.3 90.0 84.2 87.5 83.3 81.3 71.4 75.0 77.1 92.5 64.3 75.0 80.0 70.7 65.3 89.7 87.8 87.9 72.6 89.3 69.4 78.6 83.3 70.8 91.7 53.8 72.7 64.4 68.9 64.4 65.1 82.4 67.6 84.4 79.4 77.3 73.1 52.9 67.5 47.3 67.7 71.7 61.5 63.2 71.4 81.8 60.0 50.0 64.3 68.8 71.4 62.5 75.0 75.0 33.3 84.6 85.7 76.9 77.3 50.0 58.3 50.0 50.0 89.5 84.1 69.4 58.3 81.5 72.9 63.0 43.5 64.3 83.3 80.0 100.0 85.7 85.0 78.1 88.9 41.7 28.6 71.4 50.0 77.8 71.4 88.2 83.3 54.5 65.0 70.0 68.8 68.2 64.3 71.4 62.5 72.7 65.9 82.0 53.3 62.5 25.0 50.0 50.0 72.7 71.7 73.7 67.1

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

TIME TO SELL INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total May-11 Jun-11 18.5 33.3 41.3 34.8 30.0 16.7 32.1 30.0 20.0 30.0 25.0 23.1 23.0 25.0 40.0 19.2 35.7 27.8 31.6 34.4 41.9 32.7 52.3 52.9 58.3 73.3 26.5 14.0 28.9 29.4 41.7 35.7 37.9 40.0 24.3 26.5 50.0 54.5 26.2 21.7 30.0 29.2 16.4 17.5 39.1 34.2 19.2 19.0 57.1 67.1 40.9 32.0 8.3 20.0 31.3 35.0 33.3 52.6 27.8 31.8 28.3 33.3 17.3 26.1 58.8 68.8 45.8 39.1 0.0 40.0 42.5 41.3 37.5 37.5 18.2 30.0 28.3 44.0 0.0 25.0 31.6 34.5 Jul-11 32.0 32.5 27.8 15.4 33.3 23.1 22.7 0.0 16.7 30.0 40.0 53.6 64.3 32.0 33.3 20.8 47.9 23.3 51.6 31.9 33.3 18.1 55.9 17.6 65.8 42.9 11.1 50.0 28.1 11.1 25.0 38.0 66.7 47.1 50.0 47.8 50.0 50.0 26.0 12.5 34.5 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 32.4 30.4 25.0 42.3 43.5 45.5 30.4 34.2 25.0 40.0 50.0 58.7 25.0 18.8 33.3 21.4 37.5 25.0 21.9 50.0 28.1 23.1 25.0 19.2 16.7 25.0 12.5 0.0 0.0 28.6 26.7 18.8 30.0 28.6 37.5 43.3 20.3 23.0 22.6 23.0 33.8 47.0 14.3 8.3 50.0 11.1 35.7 40.0 25.0 27.8 40.0 27.3 33.3 30.0 15.4 16.7 33.3 19.4 36.4 26.2 40.4 35.2 42.0 43.5 58.3 61.1 50.0 44.4 36.8 40.0 44.1 43.8 57.1 63.9 46.2 62.5 62.5 76.7 26.2 44.7 38.2 43.5 41.7 58.0 42.9 35.7 42.3 25.0 50.0 50.0 23.1 13.6 25.0 50.0 31.3 41.7 38.9 47.9 41.2 50.0 52.5 60.5 32.4 15.0 33.3 18.8 28.6 39.7 54.2 39.2 55.0 57.0 48.6 65.8 28.6 35.5 29.7 31.1 36.8 52.4 20.8 14.3 20.8 12.5 36.4 37.5 12.5 14.5 16.7 14.2 15.1 28.7 53.1 42.3 61.5 47.2 50.0 50.0 26.2 20.6 28.9 20.5 27.3 35.7 63.5 58.3 57.1 55.9 64.5 75.6 42.5 40.5 41.7 36.8 50.0 52.4 18.2 21.4 50.0 40.0 50.0 56.3 25.0 33.3 33.3 66.7 16.7 50.0 26.9 38.9 30.0 38.5 44.4 57.1 12.5 31.3 16.7 27.8 16.7 25.0 17.9 17.9 22.2 19.0 34.1 40.0 29.5 27.8 34.2 38.9 17.6 52.1 83.3 40.9 55.6 54.5 61.5 75.0 41.4 55.3 41.7 47.4 38.2 41.2 28.6 33.3 25.0 20.0 0.0 0.0 38.5 45.0 36.5 43.1 56.3 63.0 46.2 46.2 36.7 37.5 50.0 68.2 25.0 40.0 20.0 50.0 40.0 33.3 22.7 22.2 17.9 29.2 26.8 33.9 0.0 30.0 37.5 30.0 25.0 30.0 31.4 32.5 34.3 34.7 37.7 45.5 Feb-12 Mar-12 Apr-12 May-12 Jun-12 64.3 50.0 63.2 64.3 53.8 65.0 65.6 80.0 76.2 89.5 30.0 50.0 55.0 64.3 83.3 50.0 60.7 75.0 60.0 70.6 21.4 66.7 75.0 50.0 62.5 53.6 60.0 61.5 60.7 50.0 30.8 54.2 63.8 54.7 59.1 70.0 66.7 93.8 71.4 78.6 42.9 64.3 60.0 66.7 64.3 39.3 53.6 72.2 72.2 71.4 77.1 80.8 87.0 80.4 75.0 55.6 53.8 68.8 88.5 80.8 78.9 76.5 81.3 70.8 72.7 57.1 64.7 65.6 67.5 82.1 52.9 62.5 69.2 81.8 75.0 27.8 50.0 60.0 50.0 73.1 57.9 77.8 88.1 82.7 84.1 47.5 54.3 59.6 67.6 76.0 65.8 71.6 71.1 77.0 79.7 65.7 71.6 75.8 86.8 73.5 58.3 59.1 75.0 62.5 73.1 42.1 51.9 45.2 43.0 42.4 56.7 63.6 71.9 81.3 80.6 50.0 45.0 45.5 51.8 44.2 76.4 87.1 91.9 83.3 78.9 64.3 75.0 86.1 83.3 89.5 64.3 50.0 100.0 71.4 70.0 83.3 50.0 100.0 66.7 62.5 75.0 58.3 81.8 85.0 95.8 18.8 43.8 55.0 57.1 50.0 58.3 50.0 78.6 80.6 79.5 70.5 77.1 84.8 80.8 75.8 88.9 77.3 83.3 72.7 79.4 63.6 73.7 92.1 90.0 87.5 37.5 62.5 40.0 33.3 57.1 60.0 66.7 65.8 69.0 66.1 83.3 54.2 70.0 85.7 88.5 50.0 70.0 50.0 75.0 87.5 63.0 71.7 70.0 65.4 66.7 20.0 37.5 25.0 50.0 41.7 55.9 62.0 70.9 69.5 71.8 Jul-12 55.3 77.8 58.3 62.5 25.0 44.4 53.9 57.1 62.5 61.1 84.1 81.6 63.9 70.0 86.8 56.3 84.6 80.8 72.4 81.0 75.0 32.2 72.7 50.0 75.6 86.8 66.7 50.0 86.7 50.0 71.1 78.3 57.7 88.5 80.0 61.8 78.6 70.0 50.0 41.7 66.1 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 79.2 75.0 56.3 61.8 68.8 59.1 76.5 75.0 63.9 76.9 71.9 75.0 75.0 56.3 57.1 71.4 66.7 72.2 76.7 71.4 53.8 63.3 72.5 81.6 62.5 50.0 50.0 60.0 66.7 62.5 44.4 77.3 65.4 65.0 61.1 75.0 60.0 53.7 54.7 58.9 62.5 59.2 50.0 57.1 50.0 50.0 68.2 71.4 70.8 72.2 75.0 77.3 59.1 83.3 57.7 66.7 65.4 59.1 63.6 65.6 72.5 69.6 79.3 66.7 73.8 76.8 76.9 83.3 63.9 60.7 66.7 63.3 63.6 72.7 60.7 87.5 75.0 77.5 80.6 62.5 73.7 71.4 88.2 87.5 81.3 82.1 66.7 78.1 80.0 70.8 66.7 72.7 70.0 71.4 62.5 62.5 75.0 62.5 75.0 66.7 73.3 78.6 83.3 85.4 75.8 71.4 79.2 77.6 71.1 84.7 70.5 77.6 69.2 78.6 73.8 83.9 75.8 74.2 81.0 81.9 50.0 50.0 31.3 35.7 66.7 72.2 34.5 35.2 45.4 29.1 40.4 52.1 67.9 72.5 73.7 67.9 83.3 69.2 54.5 59.3 68.0 54.8 63.6 63.9 78.3 64.5 61.4 58.0 39.6 55.6 78.1 76.9 72.2 75.0 83.3 82.5 87.5 42.9 83.3 71.4 60.0 57.1 25.0 66.7 71.4 71.4 66.7 87.5 81.8 82.1 82.1 72.7 86.7 69.2 50.0 60.0 56.3 50.0 68.8 72.7 63.2 61.5 64.3 80.0 73.3 86.4 81.0 80.0 76.1 64.3 78.9 77.8 77.8 75.0 60.0 71.4 57.1 78.6 84.6 73.3 84.1 71.1 83.3 83.3 57.1 41.7 33.3 16.7 62.5 62.5 72.9 69.6 72.5 75.0 70.6 66.7 77.3 88.9 85.0 65.0 65.0 71.4 71.4 58.3 50.0 57.1 87.5 70.0 62.1 61.7 54.5 53.3 60.7 73.1 70.0 33.3 16.7 21.4 25.0 50.0 68.1 66.7 63.6 63.3 68.3 71.5 Feb-13 Mar-13 Apr-13 May-13 76.9 87.5 71.4 81.3 93.3 93.3 92.3 87.5 91.7 65.0 87.5 88.9 76.7 82.1 75.0 91.7 37.5 78.6 66.7 78.6 63.6 95.0 73.1 91.7 68.8 75.0 73.1 77.4 80.0 83.3 81.3 71.4 87.5 90.0 92.9 75.0 79.2 95.8 90.0 100.0 93.8 76.1 79.2 82.6 79.4 84.2 82.1 83.3 66.7 63.6 82.1 83.3 77.8 83.3 89.5 88.2 86.4 77.8 80.0 92.1 93.8 91.7 78.6 71.4 84.1 85.4 95.0 81.0 75.9 88.0 81.0 83.3 75.0 82.9 89.4 87.9 84.5 77.8 92.9 88.5 83.3 83.3 88.5 86.4 62.5 66.0 72.1 72.6 79.4 67.6 75.0 90.6 69.6 88.5 77.8 75.0 58.3 72.6 78.3 76.9 78.9 89.3 77.3 83.3 80.0 71.4 87.5 92.9 87.5 83.3 100.0 58.3 88.5 85.7 80.8 81.8 61.1 79.2 70.0 75.0 92.1 93.2 86.1 72.2 89.3 89.6 78.3 75.0 64.3 83.3 80.0 100.0 83.3 87.5 84.4 86.1 60.0 78.6 64.3 50.0 61.1 71.4 83.3 81.8 54.5 75.0 77.8 75.0 68.2 78.6 64.3 87.5 83.3 81.8 88.0 80.0 40.0 50.0 75.0 60.0 75.4 80.8 81.0 81.1

May 13 Slide 49
Agent Recom m endations

Agents recom m end Toll, D.R. Horton and Pulte. Toll Brothers received the highest percentage of recommendations by agents across the markets we survey. 29% of agents (net of positive responses less negative responses) responding said they would recommend Toll, while 25% said they would recommend D.R. Horton, and 23% said they would recommend Pulte. We believe this is important since 35-40% of new home sales involve an agent. This is a positive for those companies, in addition to others below that received strong recommendations.
Rank 1 2 3 4 5 6 7 8 9 10 11 12
Ticker TOL DHI PHM MTH SPF RYL LEN BZH HOV NVR MDC KBH
Company Name Toll Brothers D.R. Horton Pulte Group Meritage Homes Standard Pacific Corp. Ryland Group Lennar Corp. Beazer Homes Hovnanian Enterprises NVR, Inc. MDC Holdings KB Home
Net Recommendation 29% 25% 23% 21% 17% 16% 16% 5% 5% 4% 2% (9%)

May 13 Slide 50
Agent Recom m endations

Which of the following homebuilders would you most highly recommend to clients? Market BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL Atlanta, GA 31% 31% ------44% 38% Austin, TX -85% -15% 54% -- 54% -62% -Baltimore, MD 22% 22% 22% 0% 11% 0% -- 22% -33% Charleston, SC 14% 14% -0% 14% --0% -14% Charlotte, NC 0% 58% 0% 0% 25% --- 17% -25% Chicago, IL -19% 6% -16% 0% --31% 19% Cincinnati, OH --- 14% ----0% 0% 14% Columbus, OH --- 17% ----0% 0% -Dallas, TX 20% 30% 50% 0% 10% 0% 0% -20% -Denver, CO -24% -12% 32% 12% 24% -8% 40% Detroit, MI --0% -----38% -Fort Myers, FL -25% 0% 0% 8% -8% -42% 8% Houston, TX 22% 39% 6% 11% 44% 0% 17% -28% -Jacksonville, FL 14% 57% -0% 29% 0% --14% -Las Vegas, NV 36% 64% -36% 55% 18% 9% -59% 9% Los Angeles, CA -8% 11% 25% 22% 8% 3% -17% -Miami, FL -21% --55% -----Minneapolis, MN -38% 23% -54% ---46% 46% Nashville, TN 18% ---------New York-Northern New Jersey, NY-NJ -5% 15% -5% --2% 11% -Orlando, FL 18% 29% 6% 18% 24% -- 24% -41% 12% Philadelphia-Southern NJ -18% 14% -9% 5% -- 23% 18% -Phoenix, AZ 12% 12% 4% 4% 15% 19% 46% -35% 12% Port St. Lucie, FL -22% -22% ------Portland, OR -40% --------Raleigh, NC 29% 29% 0% 29% 14% --0% 0% -Richmond, VA 0% ------- 17% --Riverside-San Bernardino, CA 37% 16% 16% 32% 32% 5% --26% 26% Sacramento, CA 8% 42% 17% 33% 0% 0% 50% -67% 0% San Antonio, TX 0% 38% -38% 25% -- 38% -63% -San Diego, CA 0% 22% 6% 33% 17% 6% --22% 11% San Francisco, CA -0% --0% -4% -17% -Sarasota, FL ---0% 17% ---0% -Seattle, WA -29% --14% 14% ----Tampa, FL 31% 15% 23% 8% 15% 0% --31% 31% Tucson, AZ -50% 0% 0% 38% 0% 38% -50% -Virginia Beach, VA -25% 0% ----0% --Washington, DC 17% 40% 13% -3% 7% -- 43% 33% 20% Wilmington, NC 0% ------0% --TOTAL 16% 30% 11% 14% 23% 6% 24% 10% 29% 21% SPF -85% --25% ---20% 8% ---14% -17% 18% ---12% -12% --29% -47% 0% -33% 8% 0% -15% 0% ---20% TOL -38% --33% 31% --20% 24% 69% --29% 68% 17% -23% -36% 29% 32% 50% --43% --8% 63% 6% 21% -19% -0% -63% -33% From which of the following homebuilders would you most strongly discourage clients from buying? Market BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL SPF Atlanta, GA 19% 13% ------13% 0% -Austin, TX -0% -62% 8% -8% -15% -0% Baltimore, MD 0% 0% 11% 0% 0% 11% -- 33% -11% -Charleston, SC 0% 14% -0% 0% --0% -0% -Charlotte, NC 58% 8% 0% 17% 17% --0% -0% 8% Chicago, IL -3% 3% -9% 6% --6% 6% -Cincinnati, OH --0% ----- 14% 0% 14% -Columbus, OH --- 17% ----0% 0% --Dallas, TX 0% 0% 0% 40% 0% 0% 10% -10% -0% Denver, CO -8% -24% 0% 8% 0% -0% 0% 4% Detroit, MI --0% -----38% --Fort Myers, FL -17% 17% 17% 25% -8% -0% 0% -Houston, TX 17% 0% 17% 39% 0% 6% 6% -0% --Jacksonville, FL 0% 0% -14% 0% 0% --14% -0% Las Vegas, NV 9% 0% -23% 14% 9% 5% -14% 14% -Los Angeles, CA -0% 14% 11% 6% 0% 3% -6% -0% Miami, FL -3% --15% -----0% Minneapolis, MN -0% 8% -8% ---0% 8% -Nashville, TN 9% ----------New York-Northern New Jersey, NY-NJ -2% 9% -2% --4% 5% --Orlando, FL 0% 12% 0% 18% 24% -0% -0% 12% 0% Philadelphia-Southern NJ -0% 14% -0% 0% -0% 0% --Phoenix, AZ 19% 4% 12% 42% 8% 0% 0% -4% 8% 15% Port St. Lucie, FL -11% -11% -------Portland, OR -0% ---------Raleigh, NC 14% 14% 14% 29% 0% --0% 14% -0% Richmond, VA 17% ------- 17% ---Riverside-San Bernardino, CA 0% 11% 5% 21% 5% 0% --0% 0% 11% Sacramento, CA 25% 8% 0% 17% 8% 0% 0% -8% 8% 8% San Antonio, TX 0% 13% -25% 13% -0% -13% --San Diego, CA 11% 11% 6% 17% 11% 6% --0% 0% 0% San Francisco, CA -8% --8% -0% -8% -0% Sarasota, FL ---33% 0% ---0% -0% Seattle, WA -5% --0% 0% -----Tampa, FL 8% 0% 0% 38% 8% 0% --8% 0% 8% Tucson, AZ -0% 0% 25% 0% 0% 0% -0% -0% Virginia Beach, VA -0% 0% ----0% ---Washington, DC 13% 3% 7% -10% 7% -3% 0% 7% -Wilmington, NC 0% ------0% ---TOTAL 11% 5% 7% 24% 7% 3% 3% 6% 6% 5% 3% TOL -15% --0% 3% --0% 0% 8% --0% 5% 0% -0% -0% 6% 23% 0% --0% --8% 0% 6% 4% -0% -0% -7% -4%

May 13 Slide 51
Survey Methodology
We survey real estate agents, as we believe agents provide an accurate assessment of local housing market trends in both the new and existing home markets. We view an understanding of the existing home market as crucial to homebuilders as it represents over 90% of total sales, and trends in the existing home market often dictate trends in the new home market.
Each month, we survey agents about trends in buyer traffic levels, home prices, incentives, inventory levels, and the length of time needed to sell a home. In May, 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.
May 13 Slide 52
DISCLOSURES
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. US Disclosure: Credit Suisse does
and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
CREDIT SUISSE SECURITIES (USA) LLC
Companies Mentioned (Price as of 05-Jun-2013)

Beazer Homes USA (BZH.N, $18.78) DR Horton (DHI.N, $22.65) Hovnanian Enterprises (HOV.N, $6.03) KB Home (KBH.N, $20.19) Lennar (LEN.N, $37.45) M.D.C. Holdings, Inc. (MDC.N, $35.3) Meritage Corp (MTH.N, $44.39) NVR Inc. (NVR.N, $950.9) Pulte (PHM.N, $20.16) Ryland Group (RYL.N, $42.39) Standard Pacific Corp. (SPF.N, $8.39) Taylor Morrison (TMHC.N, $23.91) Toll Brothers (TOL.N, $32.36)
Please refer to the firm's disclosure website at www.credit-suisse.com/researchdisclosures for the definitions of abbreviations typically used in the target price method and risk sections.
Important Regional Disclosures

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

Global Ratings Distribution
Rating
Versus universe (%)
Of which banking clients (%)
Outperform/Buy* 42% (53% banking clients) Neutral/Hold* 39% (48% banking clients) Underperform/Sell* 15% (39% banking clients) Restricted 3% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, an d Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to def initions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and o ther individual factors.
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May 13 Slide 54
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May 13 Slide 55

Credit Suisse Monthly Survey of Real Estate Agents Results May 2013

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Credit Suisse Monthly Survey of Real Estate Agents Results May 2013

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Monthly Survey of Real Estate Agents May 2013

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

Home Price Index

Source: Credit Suisse

CREDIT SUISSE SECURITIES (USA) LLC

Incentive Index 49.9 52.4 51.5 53.0 52.9 54.1 1.1

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

60% 40% 26% 12% 20% 5% Time to Sell Decreased 27%

0% Increased Remained the same

More than expected

Less than expected

Source: Credit Suisse

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

Home Price Index

Comments from Real Estate Agents:

Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

Traffic Levels Versus Expectations

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

Remained the same

Buyer Traffic Index

Home Price Index

Comments from Real Estate Agents:

Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

Traffic Levels Versus Expectations

More than expected

Remained the same

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

Home Price Index

Comments from Real Estate Agents:

Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

Traffic Levels Versus Expectations

0% Increased Remained the same

Source: Credit Suisse; Census Bureau

Boston, MA Pent-Up Demand Being Unleashed as Buyer Confidence Improves

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

Traffic Levels Versus Expectations

More than expected

Less than expected

Source: Credit Suisse; Census Bureau

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0

Home Price Index

Comments from Real Estate Agents:

Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

Traffic Levels Versus Expectations

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

60% 40% 20%

More than expected

Less than expected

Source: Credit Suisse; Census Bureau

Buyer Traffic Index

Home Price Index

Comments from Real Estate Agents:

Month Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Point Change

Traffic Levels Versus Expectations

Time to Sell Decreased

More than expected

Less than expected

Remained the same

Chicago, IL Home Prices Continue to Recover as Demand Improves

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