Credit Suisse Monthly Survey of Real Estate Agents Results March 2013

Monthly Survey of Real Estate Agents March 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 April 9, 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
Pricing power continues to improve as buyers look to take advantage of attractive affordability but find little supply
Home Price Index
60 50 40
30
20 10 0
May-11
May-12
Mar-11
Mar-12
Feb-12
Nov-11
Dec-11
Nov-12
Dec-12
Aug-11
Sep-11
Aug-12
Sep-12
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
Source: Credit Suisse
CREDIT SUISSE SECURITIES (USA) LLC
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
March Survey of Real Estate Agents: Pricing Strength Continues as Spring Season is in Full Swing
Lack of supply, increasing dem and pushes pricing higher: We saw broad strength in pricing across nearly all metro areas in March, with the momentum from the start of the year continuing. Traffic continued at very healthy levels with the incremental change that buyers recognize the need to act quickly due to the lack of inventory. All but three of the 40 markets we survey showed traffic ahead of expectations, and all but one market showed rising home prices (with the remaining market seeing flat prices).
Pricing power seen across all m arkets with bidding wars becom ing quite com m on due to the lack of inventory: Our home price index jumped once again, reaching 83.7, well above peak levels from the past (indicating the breadth of the improvement in pricing, not that prices are back to peak levels). The price index moved up by 4.5 points in March, but further increases in our index would get even more difficult from such a high level of 83.7. 11 of the 40 markets actually had price indices of 90 or higher, which basically indicates that nearly every agent in the market saw rising prices during the month. The greatest strength was seen in California, Florida, and the Southwest, although strength was seen in almost all markets. Traffic continues at a healthy clip: Our buyer traffic index was up slightly to 66.1 in March from 65.1 in February, continuing to point to traffic above agents expectations. 37 of the 40 markets showed traffic above expectations (Columbus and Ft. Myers fell short of expectations and Phoenix was in-line). Dallas, Charlotte, San Diego and San Francisco had the strongest readings. Shorter tim e to sell reflects increasing buyer urgency: Our time to sell index a leading indicator for home price trends increased by another 5 points to 80.8 in March, indicating less time needed to sell a home. We think this reflects rising buyer urgency, driven by improving confidence, a desire to lock in low prices/rates, and a lack of supply across markets (our home listings index came in at 71.7, indicating lower inventory). This should continue to drive prices higher near-term.
Home Price Index 68.3 66.4 68.3 74.6 79.3 83.7 4.5 Incentive Index 48.2 46.7 49.9 52.4 51.5 53.0 1.5 Home Listings Index 73.7 74.0 75.7 74.7 72.7 71.7 (1.1) Time to Sell Index 63.6 63.3 68.3 71.5 75.4 80.8 5.4
Traffic Levels Versus Expectations
Buyer Traffic Month Index Oct-12 47.7 Nov-12 49.0 Dec-12 52.0 Jan-13 59.0 Feb-13 65.1 Mar-13 66.1 Point Change 1.0
How Do the Recent 30 Days Compare to the Prior 30 Days...
15%
80%
60%
70%
68%
68%
48% 37%
40%
26%
3% Home Prices
20%
0%
13%
19%
6%
26%
Incentives
Time to Sell Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

March 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
March 13 Slide 3
Atlanta, GA Further Pricing Strength as Buyers See Shrinking Supply and Gain Urgency
(9,146 single-family building permits in 2012, 5th largest market in the country)
80 70 60 50 40 30 20 10 0
Jun-11 Jan-12 Jun-12 May-11 May-12 Mar-11 Mar-12 Jan-13 Feb-12 Buyer Traffic Index
Our Take:
Our buyer traffic index moderated to 64 in March from 73 in February, but continued to indicate traffic levels above agents expectations for this time of year. Buyer urgency still seems to be improving as inventory remains low.
Nov-11
Aug-11
Sep-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
Home prices increased again, as our home price index came in at 83 in March vs. 85 in February.
Inventory declined, but our index dropped to 75 from 93 in March, suggesting more product may be coming to market soon (a reading of 50 points to flat inventory). It also took less time to sell a home, as our index improved to 88 from 77.
Buyer Traffic Index 60.9 50.0 53.3 45.5 73.1 63.6 (9.4) Home Price Index 58.3 52.9 55.6 36.4 84.6 83.3 (1.3) Incentive Index 28.3 41.2 43.8 45.5 42.9 50.0 7.1 Home Listings Index 77.1 73.5 75.0 90.9 92.9 75.0 (17.9) Time to Sell Index 56.3 61.8 68.8 59.1 76.9 87.5 10.6
90 80 70 60 50 40 30 20 10 0
Jun-11 Jan-12 Jun-12 May-11 May-12 Mar-11 Mar-12 Jan-13 Feb-12
Home Price Index
Nov-11
Aug-11
Sep-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Comments from Real Estate Agents:

Shorter supply of inventory homes making more buyers scramble for the perfect deal. Multiple offers everywhere!! Low interest rates and extremely low inventory levels are causing this market to be very difficult for buyers. Buyers rushing out since homes are under contract in less than a week if priced right. Concern that interest rates won't stay low, better buyer confidence and pent up demand. Appraised values are not keeping pace with market values.
Source: Credit Suisse; Census Bureau
Month Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Point Change

100% 80%
18%
75%
82%
75%
46%
60%
40%
36%
20% 0%
17%
25%
8%
9%
9%
0%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 4
Austin, TX Growing Population and Employment Base Continue to Drive Strength in Traffic/Pricing
(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:
Buyer traffic remained above agents expectations, as our buyer traffic was unchanged at 77 in March (well above a neutral reading of 50). Nearly every agent noted higher home prices in March, as our home price index increased to 97 from 93 in February. This was the 12th straight month of higher prices in our survey. There are signs sellers may finally be listing more homes, as our home listings index fell to 63 in March from 86 in February, getting closer to a neutral level of 50 despite high levels of buyer urgency (our time to sell index was unchanged at 93).
Buyer Traffic Index 61.1 42.3 53.1 57.1 76.7 76.7 0.0 Home Price Index 75.0 70.8 78.1 82.1 93.3 96.7 3.3 Incentive Index 38.2 34.6 53.1 57.1 66.7 63.3 (3.3) Home Listings Index 83.3 76.9 71.9 64.3 85.7 63.3 (22.4) Time to Sell Index 63.9 76.9 71.9 75.0 93.3 93.3 0.0
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 120
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home Price Index
100
80 60
40 20 0
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Austin keeps leading the Best Of lists and people are flocking here. That in conjunction with new home and multifamily construction still playing catch up has created a serious shortage of good homes for sale and lease. Job creation continues to be the generator. Huge buyer turnout but affordable housing inventory very low. It could've been spring break, but we experienced a lull. Traffic was good, but our practice had fewer contract signers, more fence sitters waiting for who knows.
7%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 93% 60% 33% 7% 0% 7% Incentives 0% 13% 87%
80%
33%
60%
60% 40% 20% 0%
Home Prices
More than expected Meets expectations Less than expected
Increased
Remained the same
March 13 Slide 5
Baltimore, MD Sellers Start to Push Pricing, Recognizing an Improving Demand/Supply Balance

80 70 60 50 40 30 20 10 0
Our Take:
Our buyer traffic index slipped to 61 in March from 67 in February, still pointing to traffic above expectations. Well continue to watch for more comments and signs of whether looming spending cuts will have a meaningful impact, but for now a lack of inventory appears at least as important. Home prices increased for the third straight month, as our home price index jumped to 80 in March from 58 in February. Our home listings and time to sell indices remained at favorable levels above a neutral 50, but declined to 75 and 65, respectively, in March from 92 in February.
Buyer Traffic Index 28.6 28.6 38.9 33.3 66.7 61.1 (5.6) Home Price Index 50.0 64.3 50.0 55.6 58.3 80.0 21.7 Incentive Index 33.3 41.7 33.3 62.5 50.0 55.6 5.6 Home Listings Index 85.7 92.9 83.3 87.5 91.7 75.0 (16.7) Time to Sell Index 57.1 71.4 66.7 72.2 91.7 65.0 (26.7)
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
90 80 70 60 50 40 30 20 10 0
Home Price Index
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12

Slowed a little from earlier... lack of inventory the major problem. The Baltimore economy is very much affected by federal spending. Buyers have been on the fence waiting to see what happened with the sequestration budget cuts. Low inventory, buyer anxiety about rising prices. Low interest rates, low home prices, low inventory on good quality homes. Increasing demand and lack of inventory.
How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 60% 70%
33% 56% 11%

67% 50%
40%
20%
0%
20% 10% Home Prices
22% 11% Incentives
30% 20%
Increased
Remained the same
March 13 Slide 6
Boston, MA Increased Buyer Urgency Driving Higher Traffic and Home Prices
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved further, as our buyer traffic index increased to 81 in March from 73 in February (readings above 50 point to better than expected traffic). Agents noted continued improvement in buyer urgency, driven by fear of missing out on all-time best affordability levels. Home prices also continued to move higher, as our home price index increased to 89 in March from 87 in February. It took less time to sell a home a positive for pricing as our index improved to 82 from 77, while inventory also decreased, albeit only modestly (our index fell to 61 from 73).
Buyer Traffic Index 42.3 53.3 50.0 61.1 73.3 80.8 7.4 Home Price Index 50.0 56.3 70.0 80.6 86.7 88.5 1.8 Incentive Index 53.8 57.7 60.5 52.8 53.6 65.4 11.8 Home Listings Index 50.0 75.0 84.2 76.3 73.3 60.7 (12.6) Time to Sell Index 53.8 63.3 72.5 81.6 76.7 82.1 5.5
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12

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

Little inventory and lots of buyers. Boston is a thriving city with new development on the bio tech and technology fronts. Market is turning and people feel they will miss out. Low interest rates. Not enough inventory so buyers are buying what they can find in their price range. Multi-family market is robust! Lack of inventory! Low interest rates, higher rents.
8%
100% 80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 77%
23%
69% 31% 0% 0% Incentives 7%
71%
60%
40% 23% 20% 0% Increased 21%
69%
Home Prices
More than expected
Meets expectations
Less than expected
Remained the same

March 13 Slide 7
Charleston, SC Buyers Feel More Confident and Want to Take Advantage of Attractive Affordability
70
Buyer Traffic Index
60
50 40 30
Our Take:
Our buyer traffic index improved to 57 in March, indicating stronger traffic, above agents expectations (any reading above 50) as buyer look to lock in attractive affordability. Home prices continued to increase, as home price index improved to 86 in March from 67 in February. Leading indicators for home prices were favorable in March, as our home listings index improved to 57, pointing to lower supply, and our time to sell index improved to 79, pointing to a shorter time needed to sell.
Buyer Traffic Index 50.0 50.0 50.0 25.0 25.0 57.1 32.1 Home Price Index 66.7 60.0 70.0 75.0 66.7 85.7 19.0 Incentive Index 50.0 50.0 40.0 50.0 50.0 50.0 0.0 Home Listings Index 66.7 60.0 41.7 25.0 50.0 57.1 7.1 Time to Sell Index 50.0 60.0 66.7 62.5 37.5 78.6 41.1
20
10 0
Feb-12 May-11 May-12 Feb-13 Mar-11 Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0

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

People are trying to take advantage of interest rates before they explode. The house next door to our home sold in less than thirty days at asking price. That should tell us something. People feel better about the market. Buyers are out looking for properties $700,000 and less...Some are empty nesters looking to buy pied-a-terre here.
14%
29%
57%
120% 100% 80% 60% 40% 20% 0%
100% 71%
29% 0% Home Prices 0% 0% 0% Time to Sell Decreased 57%
43%
Incentives
Increased
Remained the same

March 13 Slide 8
Charlotte, NC Broad Price Gains Seen as Buyers Move Off the Fence
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index improved to 91 in March from 86 in February, as traffic exceeded 82% of agents expectations (and met expectations for the remaining 18%). The fear factor is back, but this time its the fear of missing out on low prices and low rates, according to agents. Home prices continued to increase in March, as every agent surveyed pointed to higher prices (leading to an index of 100 vs. 82 in February). Lower inventory levels and a shorter time to sell should support further price increases in the coming months.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 120
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home Price Index
100
80 60
40 20 0
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

I believe it is a combination of pent up demand, low mortgage rates, stock market highs and a huge boost in consumer confidence. Seems the word is out that the lows just might be in and buyers don't want to get left behind. Consumer sentiment improving and fear of rising rates have buyers moving off the fence. Moderate demand and limited supply are pushing the closein (established) markets into a sellers market. Low inventory levels are spurring buyers to get active in the market.
18%
0%
120% 100% 80% 60% 40% 20% 0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 73% 27% 0% 0% Home Prices 0% Incentives 0% 10% 90%
82%
Increased
Remained the same
March 13 Slide 9
Chicago, IL Traffic Remains Above Expectations While Home Prices Begin to Move Higher
80 70 60 50 40 30 20 10 0
Our Take:
Our buyer traffic index edged lower to 64 in March from 68 in February, but remained above a neutral reading for the third straight month (indicating better than expected traffic) as Chicago continues to play catch-up.
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
90 80 70 60 50 40 30 20 10 0
The pricing environment is also continuing to gain traction, as our home price index improved to 76 in March from 61 in February.
Inventory and time to sell trends continued to move in the right direction, as our home listings index improved to 78 in March and our time to sell index improved to 75.
Buyer Traffic Index 42.4 41.1 46.4 60.6 68.3 63.5 (4.8) Home Price Index 46.9 42.6 44.6 62.0 60.9 76.4 15.5 Incentive Index 39.7 47.9 50.0 50.0 57.4 51.6 (5.8) Home Listings Index 62.5 78.6 81.5 78.0 64.1 77.8 13.7 Time to Sell Index 54.7 58.9 62.5 59.2 68.8 75.0 6.3
Home Price Index
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12

Buyers are starting to get the sense that the market has bottomed, in part because there is so little inventory and lots of multiple offers on what good properties are available. My clients have wanted to cash in on the low interest rates and low home prices. Renters are tired of renting and think this is the time to buy. Low interest rates. More confident about their jobs. Waited long enough, and now feel that the housing market stabilized.
16%
70% 60% 50% 40% 30% 20% 10% 0%
How Do the Recent 30 Days Compare to the Prior 30 Days... 66% 56%
61%
43%
42%
16% 3% Home Prices Incentives 19% 28% 11% Time to Sell Decreased
41%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 10
Cincinnati, OH Lower Inventory and Shorter Time to Sell Suggest Prices Likely to Move Higher
100 90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index came in at 67 in March, down slightly from 70 in February but still indicating healthy traffic levels (any reading above 50 points to traffic levels above agents expectations for this time of year).
Mar-11
May-11
May-12
Mar-12
Jul-12
Jul-11
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

70
Home Price Index
60
50 40 30 20
Home prices also increased, as our home price index came in at 58 in March vs. 60 in February, the sixth consecutive month of higher prices.
Our home listings index bounced back to 83 from 60 in February, pointing to lower supply, while our time to sell index also came in at 83, indicating less time needed to sell a home.
Buyer Traffic Index 25.0 66.7 59.1 71.4 70.0 66.7 (3.3) Home Price Index 60.0 66.7 54.5 57.1 60.0 58.3 (1.7) Incentive Index 50.0 50.0 55.0 42.9 50.0 58.3 8.3 Home Listings Index 75.0 75.0 81.8 92.9 60.0 83.3 23.3 Time to Sell Index 50.0 50.0 68.2 71.4 80.0 83.3 3.3
10 0
Jul-11 May-11 May-12 Mar-11 Mar-12 Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

Pent up demand low interest rates and good prices. Fewer homes for sale. Shortage of good inventory and low interest rates.
17%
100% 80%
67%
50% 33% 17%
50%
33%
60%
40% 20% 0% 17%
33% 0%
0%
Home Prices Incentives
Time to Sell
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased

March 13 Slide 11
Columbus, OH Traffic Slips, Falls Below Expectations as Buyers Wait for Better Supply
70
Buyer Traffic Index
60
50 40 30
Our Take:
Buyer traffic dropped below agents expectations in March, as our buyer traffic index fell to 40 from 57 in February (readings below 50 point to weaker than expected traffic). Agents continue to cite a lack of inventory needed to attract buyers.
20
10 0
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 80 70 60 50 40 30 20 10 0

Our home price index also fell to 60 in March from 69 in February, but remained above a neutral level of 50, suggesting modestly higher prices over the past 30 days.
Inventory continued to trend lower (our home listings index increased to 80), and it is taking less time to sell (our time to sell index improved to 90).
Buyer Traffic Index 61.1 45.5 50.0 50.0 57.1 40.0 (17.1) Home Price Index 62.5 63.6 54.5 75.0 68.8 60.0 (8.8) Incentive Index 43.8 36.4 35.0 50.0 42.9 40.0 (2.9) Home Listings Index 75.0 90.9 72.7 66.7 68.8 80.0 11.3 Time to Sell Index 75.0 77.3 59.1 83.3 87.5 90.0 2.5
Home Price Index
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

I think that buyers are being more cautious about buying. Unless you absolutely have to sell, I think sellers are not listing. Low inventory, stable interest rates. It appears less tight lending and appraisal criteria this past month than before. Low inventory, good rates.
20% 40%
100%
80% 60% 40%
80%
80%
40% 40%
20% 20% 0% Home Prices Incentives 0% Time to Sell Decreased 20%
20%
40%
0% Increased
Remained the same

March 13 Slide 12
Dallas, TX Reaching All-Time Highs in Our Survey on Buyer Traffic and Home Price Indices
(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 surged to another new record-high level of 92 in March (from 71 in February) from 56 in January, indicating strong traffic levels, driven by a more robust local economy combined with very attractive affordability.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Our home price index also hit a new high, rising to 83 in March from 79 in February, pointing to improving pricing power for sellers.
The lower inventory and shorter time to sell should support further price gains, as our home listings index came in at 71 and our time to sell index hit 96 (well above a neutral 50).
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Rush of buyers, lack of inventory. Pent-up demand and people wanting to take advantage of the low rates as there is concern that they will soon rise and fairly quickly. Corporate relocation and local renters who realize a monthly mortgage may be less than a lease payment due to low interest rates. Buyers are sensing a turn in the market and trying to take advantage of low rates. Also, more houses are selling so those sellers need new places to live.
17%
0%
100% 80%
67% 33% 0%
Home Prices Incentives 36%36% 27%
60%
40% 20% 0%
0%
8%
83%
Time to Sell
Increased
Remained the same
Decreased
March 13 Slide 13
Denver, CO Home Prices Continuing to Rebound, but Buyers are Having a Hard Time the Right Home
80 70 60 50 40 30 20 10 0
Our Take:
Our buyer traffic index edged down to 71 in March from 74 in February, but remained at levels indicating traffic above agents expectations (readings above 50). Our home price index continued to hit new highs for our survey, rising to 90 in March from 88 in February, indicating nearly all agents saw higher home prices over the past 30 days. Low inventory levels and a shorter time to sell remain supportive, but both indices saw big sequential declines, suggesting some agents may be seeing supply returning.
Nov-12
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Mar-11
Jun-11
Jan-12
Jun-12
Jul-12
May-11
May-12
Mar-12
Jan-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Oct-12

Some of the increased activity is due to the lack of inventory and the competitive market conditions. Buyers that would normally contract after seeing 10-15 properties are now having to view 20-30 listings before successfully submitting an offer; thus contributing to the appearance that there is an increase in the number of buyers. Strong investor demand is causing home buyers to increase their sense of urgency. Low interest rates and some job growth. Fewer homes on the market and low interest rates.
4%
100%
80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 79% 64% 39% 21% 0% Home Prices 23%
46% 50%
60% 40% 20%
57%
14%
4%
0%
Increased
Incentives
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 14
Detroit, MI Buyer Traffic Continuing to Trend Higher as Buyers Gain Confidence

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index improved to 68 in March from 58 in February continuing the uptrend seen since November and indicating traffic levels above agents expectations (any reading above 50). Buyers appear to be gaining confidence and want to take advantage of low prices and rates before its too late. Home prices continued to trend higher, as our home price index was down slightly to 85 from 86 but well above a neutral level of 50. Our home listings index came in at 73, and our time to sell index came in at 84 both are positives for pricing
Buyer Traffic Index 35.3 32.1 37.5 40.0 58.3 67.5 9.2 Home Price Index 72.2 64.3 79.2 66.7 86.1 85.0 (1.1) Incentive Index 55.9 54.2 40.9 60.7 55.6 55.3 (0.3) Home Listings Index 77.8 82.1 79.2 86.7 75.0 72.5 (2.5) Time to Sell Index 63.9 60.7 66.7 63.3 79.4 84.2 4.8
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12

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

Five offers on one property in one month. One was an allcash offer. Buyers are stacking up. Lack of inventory makes them unable to pull the trigger on a decent property. Uptrend in pricing. Don't want to miss the boat syndrome. Seasonal conditions and a lack of adequate inventory. Shortage of homes and rates are still low. Buyers are getting worried that the bottom is here, and we are only going up now.
10%
100% 80%

79%
70%
30%
68%
45%
45%
60%
40%
20% 0%
32% 0%
5% 16%
0% Time to Sell Decreased
Home Prices
Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 15
Ft. Myers, FL Buyers are Frustrated by Recent Price Increases and Difficulty Finding Good Deals
90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-11 Mar-12 Buyer Traffic Index
Our Take:
Buyer traffic worsened relative to agents expectations for this time of year in March, as our buyer traffic index fell to 38 from 50, below a neutral 50. Buyers seem to be taking a step back given the recent price increases and lack of attractive inventory. Home prices increased again in March, as our home price index edged up to 77 from 75, but weaker traffic and buyer pushback to price increases could be issues ahead. Inventory and time to sell trends remained at favorable levels above a neutral 50, but both indices decreased sequentially.
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home Price Index
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

There is still traffic but may slow down a little bit because prices increased in the last 3 months and a lot of buyers are still searching for deals which are getting harder. The majority of my business is bank-owned property and the inventory is dropping in this area so we are seeing less buyer traffic as expected. We are also seeing a rise in the home prices in this marketplace.
16% 42%
70% 60% 50% 40% 30% 20% 10% 0%
27%
9% Home Prices
36% 36% 27%
36%
18%
45%
Low inventory. Investors are switching their business model from buy and flip to buy and rent.
Buyers are increasingly motivated to jump in.
More than expected
42%
Incentives
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 16
Houston, TX Demand Remains Solid, though Concerns Grow Over Limited Supply in the Right Places
(28,568 single-family permits in 2012, largest market in the country)
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index retreated from its all-time high reached last month, falling to 63 in March from 78 in February. Agents still were overwhelmingly positive, though there may now be a higher bar for expectations given the recent strength.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Our home price index came in at 79 in March, down from 82 in February but continuing to point to higher prices (any reading above 50).
Our home listings index improved to 92 from 79, while our time to sell index improved to 83 from 78, pointing to lower inventory and less time needed to sell, respectively.
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

More and more people are moving into Houston area from other states, rentals are on the rise and investors are buying more homes. I am in a historical neighborhood near downtown and homes are selling with multiple offers above asking price. No inventory and very strong buyer demand create a very strong seller's market.

80% 60% 58% 42% 42% 33% 25% 75%
25%
50%
40%
20%
Demand from ALL sectors. Get in before prices go up. Lack of inventory is becoming a legitimate concern.
Weather, uncertainty over jobs.
25%
0%
0% Home Prices Incentives
8%
17%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 17
Inland Empire, CA Lack of Supply Continues to Spur Large Price Gains, Adding to Buyer Urgency
80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic improved in March, as our traffic index increased to 71 from 64. Significant price increases driven by extremely tight supply are creating increased buyer urgency, but also leading to plenty of frustration.
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
100 90 80 70 60 50 40 30 20 10 0
Home prices continued to strengthen, as our home price index improved to 90 in March from 82 in February, with 84% of agents noting higher prices.
Inventory continues to trend lower, as our home listings index came in at 76, above a neutral 50. The lack of inventory remains a restriction on sales, but a positive for pricing.
Buyer Traffic Index 55.6 58.8 66.7 70.8 63.6 71.1 7.4 Home Price Index 88.9 84.4 78.1 83.3 81.8 89.5 7.7 Incentive Index 50.0 46.7 60.0 45.5 59.1 41.7 (17.4) Home Listings Index 83.3 86.7 90.6 95.8 85.0 76.3 (8.7) Time to Sell Index 66.7 78.1 80.0 70.8 86.4 77.8 (8.6)
Home Price Index
Mar-11
Jun-11
Jan-12
Jun-12
Jul-12
May-11
May-12
Mar-12
Jan-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Oct-12

Lower inventory is sparking multiple contracts, especially in the under $500k price range. However, we are being hampered by very low inventory and a continuing issue with the banks, who are making the mortgage seeker jump through more hoops than ever. If two offers are received on a property and one is cash, you can forget it. Cash is king. Investor demand is slowing but international buyers are increasing. Prices are increasing, causing buyers to panic; inventory levels still at 2 months.
5%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 84% 61% 28% 33% 61%
80%
48% 47%
60% 40% 20%
11% 5%
Home Prices
11%
Incentives
6% Time to Sell Decreased
0%
Increased Remained the same
More than expected
Meets expectations
Less than expected
March 13 Slide 18
Jacksonville, FL Buyers Dont Want to Miss the Boat on Prices and Rates
(4,582 single-family permits in 2012, 23rd largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index slipped to 67 in March from 69 in February, but remained at levels above agents expectations (any reading above 50). Agents continue to note better demand as buyers dont want to miss the boat on low prices and rates. Home prices continued to increase (the seventh consecutive month), as our home price index increased to 92 in from 88. Our home listings index came in at 83, and our time to sell index came in at 92, both far above neutral levels and positive for pricing in the coming months..
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12

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

Low mortgage rates and inventory as well as the perception that prices are increasing. Multiple offers on most properties. It is insanely busy, multiple offers galore, feels like a feeding frenzy. Buyers want to buy. Feeling that prices are on the rise. Appraisals seem to be more in line with the market. Pent-up demand.
17%
100% 80% 60%

83% 83% 83%
50% 33%
40%
20% 0%
17% 0% 0%
17% 0%
17%
Home Prices
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same

March 13 Slide 19
Las Vegas, NV Investor Appetite Keeps Demand Strong in March

90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic remained above agents expectations in March, as our traffic index came in at 65 from 61 in February. Investors were said to still be very active in the market, with traditional buyers looking, but often losing out to cash buyers.
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Prices continued to exhibit improvement, as our home price index came in at 98, unchanged from February.
We expect prices to continue to improve, as our home listings index and time to sell index pointed to a decline in each metric. This suggests continued urgency in the market and future pricing gains.
Home Price Index
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Traditional buyers and investors are competing aggressively for the same properties. It is a mad house out here. Inventory remains low and is the real driving force behind the demand were seeing. Investors are still here in a big way. Cash is king in Vegas. There is no inventory. Buyers are scrambling to find whatever they can. A little more than 5 hedge funds are buying all the re-sale homes.
17%
120% 100% 80% 60% 40% 20% 0%
48% 35%
71%
50% 42% 4% 0% Home Prices 8% Incentives 0% Time to Sell Decreased
29%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 20
Los Angeles, CA Buyers Sense Looming Sellers Market, Move to Act Quickly
(4,921 single-family permits in 2012, 22nd largest market in the country)
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Our buyer traffic index improved to 67 in March from 59 in February, suggesting better than expected traffic for this time of year. Agents noted increased urgency stemming from worries concerning higher interest rates and home prices.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home prices increased further in March, as our home price index improved to 98 from 94 in February, suggesting very broad price improvement in Los Angeles.
Inventories and the time to sell continued to decline in March, suggesting pricing will likely see additional improvement in the coming months, especially as demand remains strong.
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

There is a sense of urgency for buyers to participate in the market to take advantage of low interest rates and prices. There is a fear of missing the bottom of the market. The lack of inventory is a real driving force behind the strong demand weve seen at open houses. Interest rates are low, but going higher. Buyers know that the opportunities wont be here forever. Were receiving multiple offers on homes that are priced below $550,000.
11%
120% 100% 80% 60% 40% 20% 0%

96%
86%
45%
44%
76% 24% 0%
4% 0% Home Prices
5%
9%
Incentives
Time to Sell
Decreased
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 21
Miami, FL Foreign Investors, Traditional Buyers out in Force in March

(5,048 single-family permits in 2012, 21st largest market in the country)
80 70 60 50 40 30 20 10 0
Our Take:
Our buyer traffic index increased to 70 in March from 58 in February. Agents noted that demand from investors, foreigners, and traditional owner-occupants was strong across the board in March.
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Prices improved further, with our price index increasing to 92 from 88 in February.
We expect pricing to continue to improve, as our home listings and time to sell indexes pointed to declines in each metric in March. These are positive indicators for future pricing.
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Mar-11
Jun-11
Jan-12
Jun-12
Jul-12
May-11
May-12
Mar-12
Jan-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Oct-12

Cash buyers and foreign buyers really helping the market. Buyers are looking to take advantage of pricing before homes become too expensive. The lack of inventory has people worried they are going to miss out. They want to capitalize now before it is too late. Too many buyers, not enough inventory.
13%
100%
80%
71%
53% 34%
60% 40% 20% 0% Home Prices Incentives Time to Sell Decreased Increased Remained the same
Inventory is very tight. For some this has turned them away from the market, for other it is a signal to act now.
11%
3%
6%
15%
24%
5%
More than expected
Meets expectations
Less than expected
March 13 Slide 22
Minneapolis, MN Threat of Higher Rates, Lower Inventories Drive Activity in March

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic met expectations in March, as our traffic index came in at 53 vs. 64 in February. Buyers were said to be motivated by lower inventories and rising interest rates, fearing they might get priced out if they didnt act soon.
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

100 90 80 70 60 50 40 30 20 10 0
Prices continued to improve in March, as our price index came in at 81 from 88 in February.
Inventories fell, as did the time needed to sell a home. With further declines in these metrics, we would expect urgency and pricing to continue to increase.
Buyer Traffic Index 59.1 46.9 39.5 57.4 64.3 52.9 (11.3) Home Price Index 77.9 63.2 78.6 83.3 87.9 80.6 (7.4) Incentive Index 37.9 46.9 55.3 48.6 42.3 47.2 4.9 Home Listings Index 88.2 86.4 88.1 84.7 89.3 69.4 (19.8) Time to Sell Index 75.8 74.2 81.0 81.9 84.5 77.8 (6.7)
Home Price Index
Mar-11
May-11
May-12
Mar-12
Jul-12
Jul-11
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

Prices are rising and there are concerns that interest rates will start moving higher as well. That has people starting to look sooner. Some buyers are stressed out about the low inventory levels. They are worried about getting priced out. Were getting some additional demand from corporations relocating into the area. Were seeing demand improve as the spring selling season progresses. Buyers are still out looking for deals. Inventories are low, leading to multiple offers on homes.
24%
29%
72% 61% 39%

17% 0% Home Prices Incentives 11% 0% Time to Sell Decreased
56% 44%
20%
0%
47%
Increased
Remained the same
March 13 Slide 23
Nashville, TN Confidence Remains High, Homes with Multiple Bids Becoming Commonplace
90 80 70 60 50 40 30 20 10 0
Our Take:
Traffic remained above agents expectations in March, as our traffic index came in at 75 from 83 in February. Agents credited improved confidence and strong urgency for traffic levels in March.
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Prices continued to increase in March, as our home price index came in at 71 from 83 in February.
Inventories and the time to sell fell sharply in March. We think declines in both metrics suggest that the market can support further prices increases, especially as we enter the spring selling season.
Buyer Traffic Index 18.8 50.0 61.1 61.1 83.3 75.0 (8.3) Home Price Index 50.0 64.3 50.0 77.8 83.3 70.8 (12.5) Incentive Index 56.3 42.9 55.6 68.8 50.0 70.8 20.8 Home Listings Index 56.3 64.3 66.7 66.7 70.8 91.7 20.8 Time to Sell Index 31.3 35.7 66.7 72.2 83.3 83.3 0.0
Home Price Index
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

The outlook on the economy remains positive. People feel comfortable looking for homes. Consumer confidence is back! Multiple offers on homes priced for first-time and first-time move-up are normal. Inventory is scraping the bottom. Higher-end homes are also now seeing this improvement. The market is definitely improving. Were seeing better demand from both investors and traditional owneroccupants.
8%
80%
75% 58%
25% 17% 0% Home Prices Incentives
60%
58% 42%
8% 17%
33%
59%
40% 20% 0%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 24
New York-Northern NJ Prices Continue Positive Momentum, Buyers Anticipate a Recovery

70
Buyer Traffic Index
60 50
Our Take:
Buyer traffic remained above agents expectations in March, as our traffic index improved to 62 from 58 in February. Agents pointed to better confidence, with worries that interest rates will not remain low for much longer.
40 30
20 10 0
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 80 70 60 50 40 30 20 10 0
Home prices increased again in March, as our home price index increased to 69 from 60 in February.
Inventory levels fell in March, as did the time to sell (second consecutive month). The lower time to sell is a good indication of urgency, and lower inventories are likely to help this trend continue. Both point to rising prices in upcoming months.
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Low inventory, coupled with a sense that this might soon be a sellers market, has driven buyers into the market. There is a perception that interest rates will soon rise and buyers want to get in before its too late. Supply has remained relatively low and there are a substantial number of buyers chasing a limited number of listings. People think weve hit the bottom of the market and that there isnt any looking back. What better time to start looking?
19%
80% 70% 51% 43% 16%
14%
43%
60% 40% 20%
40% 6%
14%
46%
38%
0%
Home Prices Incentives Time to Sell Decreased Increased Remained the same
More than expected
Meets expectations
Less than expected
March 13 Slide 25
Orlando, FL Market Remains Driven by Investor Activity, Cash Offers

70
Buyer Traffic Index
60 50 40 30
Our Take:
Traffic remained in-line with agents expectations in March, as our traffic index came in at 53 from 47 in February. Agents cited strong demand from investors, along with very limited inventories for traffic levels in March.
20
10 0
Jun-11
Jan-12
Jun-12
May-11
May-12
Mar-11
Mar-12
Jan-13
Feb-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Home prices improved further in March, as our price index came in at 82 from 74 in February.
Agents indicated that inventories and the time to sell both declined, though the rate of decline decelerated in March. Nevertheless, we think these are indications of continued urgency and a positive for future pricing.
Buyer Traffic Index 36.8 42.3 35.7 34.6 47.1 52.9 5.9 Home Price Index 73.7 75.0 80.0 73.1 73.5 82.4 8.8 Incentive Index 42.1 57.1 40.0 53.8 47.1 38.2 (8.8) Home Listings Index 81.6 75.0 86.7 73.1 82.4 67.6 (14.7) Time to Sell Index 73.7 67.9 83.3 69.2 79.4 67.6 (11.8)
90 80 70 60 50 40 30 20 10 0
Home Price Index
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12

Inventory keeps on falling and buyers remain motivated. This cycle fuels itself. The news about housing remains very positive and buyers are taking notice of this. They are especially motivated with these low interest rates. Buyers sense that the bottom is behind us and its time to buy before prices rise further. Our listings are receiving about 11 offers each. Hedge funds and investors are outbidding traditional buyers and about 50% of our sales are all cash.
How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0% 65% 35% 65% 41% 29% 0% Home Prices 12% Time to Sell Decreased
24%
29%
47%
6%
Incentives
47%
Increased
Remained the same
March 13 Slide 26
Philadelphia, PA-Southern NJ Increased Confidence Driving Demand in March

70
Buyer Traffic Index
60
50 40 30 20
Our Take:
Buyer traffic remained above expectations in March, as our traffic index came in at 57 from 63 in February. Agents highlighted better confidence in the economy, with the threat of rising interest rates adding to urgency and demand.
10 0
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

80 70 60 50 40 30 20 10 0
Home prices increased in March, as our home price index came in at 68 from 54 in February.
Inventories and the time to sell both fell in March. We think this is a positive indication that prices are likely to rise again in the coming months, especially as we enter the heart of the spring selling season.
Buyer Traffic Index 38.0 33.3 54.5 63.9 63.0 57.1 (5.9) Home Price Index 46.0 38.1 47.7 47.2 54.3 67.9 13.5 Incentive Index 52.3 47.5 57.9 70.0 50.0 50.0 0.0 Home Listings Index 64.0 68.4 77.3 86.1 77.3 73.1 (4.2) Time to Sell Index 68.0 54.8 63.6 63.9 69.6 88.5 18.9
Home Price Index
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

Higher consumer confidence along with a lack of quality inventory seem to be stirring buyers into a bit of a frenzy. Buyers have been feeling better about the economy and stepping into the housing market. Were seeing the release of some pent-up demand because of concerns over rising interest rates and limited inventories. Investor activity is up for sure, but traditional buyers are a bit more cautious.
21%
36%
43%
120% 100% 80% 60% 40% 20% 0%
100%
64% 36% 0% Home Prices 0% 0% 0% Time to Sell Decreased 23%
77%
Incentives
Increased
Remained the same
March 13 Slide 27
Phoenix, AZ Market Improving but Rising too Quickly For Some Buyers, Creating Slight Hesitation
(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 met expectations again in March, as our buyer traffic index came in at 50 from 54 in February. Buyers were said to be interested in the market, but were on stand-by given the intense competition and rapidly rising price environment.
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home prices continued to improve in March, as our home price index came in at 87 from 88 in February.
Inventories fell in March, following months of stabilization and increases, against normal seasonality. The time to sell also declined in March. Decreases in both of these metrics are positive indicators for future pricing.
Home Price Index
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Buyers are very interested. However, some have chosen to wait for inventories to increase further in the hopes that competition eases up a bit. The level of activity is still the same, but the composition of buyers has changed. Were seeing fewer investors and more first-time buyers and buyers that had previously gone through foreclosure.
26%
26%
77%
63% 19% 3% Home Prices 20% 23% 16% Time to Sell 61%
60%
40% 20% 0% 17%
There isnt enough good inventory in the low prices ranges for most buyers to remain interested.
Snowbirds are returning to their nests.
More than expected
48%
Meets expectations Less than expected
Incentives
Increased
Remained the same
Decreased
March 13 Slide 28
Portland, OR Pressure is on to Buy Before Portland Turns into a Sellers Market

80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved in March, continuing to exceed agents expectations. Our traffic index came in at 75 vs. 63 in February. Agents cited high urgency from low inventories and levels of near panic for moderately priced homes in March.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home prices continued to improve in March, as our price index increased to 86 from 82 in February.
Home prices are likely to increase further, as inventories and the time to sell both declined in March. These are both positives indications that prices will continue to improve.
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Prices are rising, inventory is down, and interest rates are stable. All the buyers wanting to get in at the bottom know they missed out. Now the pain of waiting and paying higher prices with higher interest rates has them on the move. Buyers are very aware of how low interest rates and inventories are. Almost feels like a panic at the low-end of the market. Buyers feel we are transitioning into a sellers market and want to buy before they lose any advantage.
0%
100%
80%
How Do the Recent 30 Days Compare to the Prior 30 Days... 86% 71% 29% 14% 0% Home Prices 0% Incentives 0% Time to Sell Decreased
79%
50%
50%
60% 40%
20%
0% Increased
21%
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 29
Raleigh, NC Urgency Levels Drive Buyers to the Market to Secure Opportunities

70
Buyer Traffic Index
60 50 40 30
Our Take:
Traffic was above agents expectations in March, as our buyer traffic index improved to 57 from 50 in February. Agents cited rising prices giving way to increased urgency, with low interest rates making decisions easier for buyers.
20
10 0
Jun-11
Jan-12
Jun-12
May-11
May-12
Mar-11
Mar-12
Jan-13
Feb-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Prices were higher in March, as our home price index increased to 79 from 60 in February.
Inventories declined in March, as did the time needed to sell a home. We see these both as positives for future pricing, as low inventories drive additional urgency, funneling buyers to fewer homes on the market.
Buyer Traffic Index 33.3 35.7 40.0 42.9 50.0 57.1 7.1 Home Price Index 66.7 57.1 60.0 50.0 60.0 78.6 18.6 Incentive Index 66.7 50.0 37.5 58.3 50.0 50.0 0.0 Home Listings Index 83.3 71.4 60.0 71.4 50.0 64.3 14.3 Time to Sell Index 83.3 71.4 60.0 57.1 80.0 71.4 (8.6)
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Mar-11
Jun-11
Jan-12
Jun-12
Jul-12
May-11
May-12
Mar-12
Jan-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Oct-12

There is a lot of chatter that prices are rising. This is getting buyers excited about entering the market. Interest rates are beginning to move higher and this is getting buyers off their couches to look for homes. Were also seeing more activity from homebuilders. Confidence is leading the way! People realize this is a great time to buy, especially with interest rates this low. People dont want to be sitting around while someone else is out getting good deals.
14% 29%
80% 60%
71%
57% 43% 14% 14% 29% 14% Time to Sell 57%
40%
20%
57%
0%
0%
Home Prices Incentives
Increased
Remained the same
Decreased

March 13 Slide 30
Richmond, VA Market Released Pent Up Demand, Low Inventories Driving Urgency

(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 exceeded expectations again in March, as our traffic index came in at 75 from 88. Agents highlighted pent up demand, low interest rates and inventories for the better traffic, with additional demand from first-time buyers.
Mar-11
May-11
May-12
Mar-12
Jul-12
Jul-11
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

90 80 70 60 50 40 30 20 10 0
Prices continued to increase, as our home price index improved to 83 from 63 in February.
Inventories and the time needed to sell a home declined in March, an indication of urgency in the marketplace, and a positive sign for future pricing.
Buyer Traffic Index 57.1 57.1 50.0 87.5 87.5 75.0 (12.5) Home Price Index 50.0 57.1 33.3 75.0 62.5 83.3 20.8 Incentive Index 25.0 25.0 50.0 62.5 50.0 66.7 16.7 Home Listings Index 64.3 78.6 50.0 87.5 62.5 75.0 12.5 Time to Sell Index 71.4 71.4 66.7 87.5 87.5 83.3 (4.2)
Home Price Index
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

Buyers have been waiting to go after larger homes. Now that the market is improving, buyers feel a bit more comfortable doing so and weve seen a nice release of pent up demand. Rates are low, there is pent up demand, and inventory is being grabbed as soon as it hits the market. Were seeing multiple offers, more cash buyers, and corporate relocation is picking up. Rates are moving higher, as are prices. This is driving some more demand from first-time home buyers.
17%
100%
80%
67% 33% 0% Home Prices 0%
67% 33% 0% 33%
67%
16% 67%
60% 40% 20%
0%
Increased
Incentives
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 31
Sacramento, CA Market Remains Hot, Investor Demand Driving Additional Urgency

100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Buyer Traffic Index
Our Take:
Buyer traffic remained strong in March, as our buyer traffic index increased to 79 from 77 from February. Agents stressed the importance of low inventories and better sentiment in March. Investor demand also remained high, helping absorb inventory and maintain urgency levels. Agents continued to point to broad price improvement, as our price index came in at 100, unchanged from February levels. Prices are likely to continue to improve as our home listings index and time needed to sell pointed to declines in both metrics.
Buyer Traffic Index 67.9 77.3 73.3 64.3 76.9 78.6 1.6 Home Price Index 96.4 100.0 100.0 92.3 100.0 100.0 0.0 Incentive Index 50.0 61.1 50.0 54.5 77.3 66.7 (10.6) Home Listings Index 92.9 86.4 70.0 84.6 84.6 85.7 1.1 Time to Sell Index 82.1 72.7 86.7 69.2 88.5 85.7 (2.7)
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home Price Index
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

A lack of inventory and low interest rates continue to drive the market. We had 20 groups of people show up for an open house within 2 hours. Better appraisals could help demand even more. Pricing is still great and inventories continue to fall, helping sustain urgency levels. There is a lot of positive news in the media. Supply is limited and hedge funds are buying whatever existing homes come onto the market and the fever is spreading. Were seeing a lot of cash deals.
14%
100% 80% 60%

100% 71% 50% 33% 17%
14%
40%
29% 0%
72%
20% 0%
0% 0% Home Prices Incentives
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 32
San Antonio, TX Confidence and Local Strength in Economy Continue to Drive Demand
90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic improved further in March, as our buyer traffic index came in at 75 from 72 in February. Agents credited a strong local economy, the urgency from rising interest rates, and limited inventory for the strong traffic levels in March.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home prices increased again in March as our price index came in at 83 from 94 in February.
Inventories and the time needed to sell a home both decreased in March. We see this as an indication of continued urgency in the marketplace and a positive indicator for future pricing.
Buyer Traffic Index 37.5 33.3 43.8 81.8 72.2 75.0 2.8 Home Price Index 68.8 58.3 62.5 77.3 94.4 83.3 (11.1) Incentive Index 42.9 41.7 62.5 40.9 43.8 33.3 (10.4) Home Listings Index 87.5 66.7 75.0 68.2 50.0 58.3 8.3 Time to Sell Index 56.3 50.0 68.8 72.7 61.1 79.2 18.1
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Were seeing loads of consumer confidence and interest rates are low. Were getting the additional benefit from worries they might soon rise. The local job market continue to perform. People keep moving down to Texas. There isnt enough inventory. Buyers are looking for whatever they can find. The oil market is bringing buyers down to San Antonio. It has been great for housing demand.
17%
80% 60%
16% 67%
40% 20%
8%
17% 0% Incentives
8%
0%
Home Prices Increased
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 33
San Diego, CA Demand Sees Further Improvement, while Pricing Strength Continues into March
90 80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic improved further in March, as our index increased to 82 from 71 in February. Agents highlighted that buyers were driven by the threat of higher interest rates, low inventories, and the possibility of missing out on bargains.
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Home prices showed continued improvement in March, as our price index came increased to 98 from 95 in February.
We expect prices to continue to improve, as both inventories and the time to sell both declined in March. Agents cited broad declines in inventories, while a greater share of agents noted a reduced time to sell. These are positives future pricing.
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Mar-11
Jun-11
Jan-12
Jun-12
Jul-12
May-11
May-12
Mar-12
Jan-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Oct-12

Inventory is low, prices are rising, and buyers are concerned that interest rates are also going up. Inventories are falling, which is accelerating demand for buyers who want in before the bargains are gone. Consumer confidence is higher and buyers are worried that rates may be going up so they are trying to take advantage before its too late. Were seeing good demand from first-time homebuyers and investors. Cash buyers are still very active in the market.
0%
100%

95%
91% 70%
30%
36%
80% 60%
64%
40%
20% 0%
5% 0% Home Prices
0% Incentives
5% 5%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 34
San Francisco, CA Pricing Continues Positive Momentum in March

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic remained high in March, as our traffic index improved to 81 from 80 in February. Buyers exhibited high levels of urgency in March, as inventories remained tight and confidence in the economy and housing continued to improve.
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

100 90 80 70 60 50 40 30 20 10 0
Home prices increased further in March, with all agents highlighting better pricing. Our price index came in at 100 from 96 in February.
According to agents, inventories fell further, as did the time to sell. We see this as positive indicators for future pricing power.
Buyer Traffic Index 76.1 67.9 70.0 80.4 80.4 81.3 0.9 Home Price Index 91.3 89.3 89.5 96.3 98.2 100.0 1.8 Incentive Index 57.5 58.3 65.6 58.3 64.6 62.5 (2.1) Home Listings Index 82.6 82.1 97.2 78.8 81.5 72.9 (8.6) Time to Sell Index 76.1 64.3 78.9 77.8 89.3 89.6 0.3
Home Price Index
Mar-11
May-11
May-12
Mar-12
Jul-12
Jul-11
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

Traffic is strong but sales havent been following because we dont have the inventory to sell. If we did our sales would be way up. The lack of inventory is creating a frenzy. Everyone must have received the memo that it is now the time to buy real estate. Consumer confidence is way up and interest rates remain low. There is a lot of pent up demand, people feel more positive about the economy.
4%
120% 100% 80% 60% 40% 20% 0%
29%
30%
0% 0% Home Prices
67%
5%
Incentives
4%
13%
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 35
Sarasota, FL Traffic Remains Strong, as Buyers Exhibit Confidence in the Market

90 80 70 60 50 40 30 20 10 0
Our Take:
Traffic met expectations again in March, as our traffic index came in at 55 from 50 in February. Agents highlighted that snow birds and retirees showed continued interest, and were motivated by the threat of higher prices and interest rates.
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Prices increased further in March, as our home price index came in at 89 from 93 in February.
Inventories and the time to sell both fell in March. We think this is a good sign for pricing, especially if demand improves as we enter the spring selling season.
Buyer Traffic Index 41.7 43.8 62.5 50.0 50.0 55.0 5.0 Home Price Index 72.7 64.3 85.7 92.9 92.9 88.9 (4.0) Incentive Index 40.9 41.7 57.1 42.9 50.0 50.0 0.0 Home Listings Index 68.2 71.4 78.6 92.9 64.3 83.3 19.0 Time to Sell Index 60.0 71.4 57.1 78.6 64.3 83.3 19.0
Home Price Index
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Were continuing to see demand from baby boomers looking for a place to retire. Buyers are interested in getting in on the market before prices and interest rates go up. Demand from snowbirds is still going strong. Inventories remain low, and this is doing a very good job of improving demand during the spring selling season. Were getting better demand with low inventories, but still running into appraisal issues because there arent enough sales.

120% 100% 80% 60% 40% 20% 0% 100%
20%
30%
89%
78%
0%
11%
0%
0%
11% 11% Time to Sell

Decreased
50%
Home Prices
Increased
Incentives
Remained the same
March 13 Slide 36
Seattle, WA Urgency Continues to Ride High, as Does Strength in Traffic in March

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Traffic remained above agents expectations in March, as our traffic index came in at 65 from 67 in February. Agents noted that urgency remains at a high level, while buyers confidence continues to improve. The threat of higher interest rates also added an incremental layer of demand in March. Home prices increased further in March, as our home price index came in at 90 from 88 in February. Agents continued to highlight broad inventory declines, with the time to sell falling further in March. We see these both as positive indicators of future pricing power.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Jul-12
Nov-11
Dec-11
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

A shortage of inventory has brought more buyers out which is giving rise to multiple offers. Interest rates are low and buyer urgency is good because of a lack of inventory. Jobs are strong here and confidence is high. Homebuilders are our taking advantage of the demand in the market. The outlook on the economy is positive. Buyers are also a bit worried that interest rates could start rising soon. That has them out in the market looking for homes.
10%
100%
How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 47% 37% 80%
40%
80%
60% 40% 20%
20%
0% Home Prices
50%
16% Incentives
5%
15%
0%
Increased
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 37
St. Louis, MO Favorable Affordability and Better Confidence Keys to Traffic Levels in March
80 70 60 50 40 30 20 10 0
Our Take:
Buyer traffic remained above agents expectations, as our traffic index came in at 64 from 75 in February. Buyers were said to be more confident about the economy and the housing market in March.
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Home prices increased further in March, as our home price index came in at 79 from 67 in February.
Agents indicated that inventory levels continued to increase in March, in-line with typical seasonality. The time to sell declined, which we think is a positive for pricing, offsetting the potential negative effects of higher listings as demand remains strong.
Buyer Traffic Index 41.7 27.8 43.8 50.0 75.0 64.3 (10.7) Home Price Index 50.0 38.9 56.3 60.0 66.7 78.6 11.9 Incentive Index 33.3 25.0 43.8 75.0 50.0 28.6 (21.4) Home Listings Index 41.7 66.7 62.5 50.0 41.7 28.6 (13.1) Time to Sell Index 33.3 16.7 62.5 62.5 60.0 78.6 18.6
90 80 70 60 50 40 30 20 10 0
Home Price Index
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12

Favorable affordability is key to the health of the market. Buyers are definitely more optimistic about home prices. The economy is getting better, especially for new construction. It has started to rebound and buyers feel better about the market. The shortage of inventory is keeping buyers on their toes, keeping demand strong.

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

March 13 Slide 38
Tampa, FL Inventory does not Appeal to Buyers and Traffic Slips, though Investors still Active
80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic slipped in March, coming in to meet expectations after exceeding levels in February, as our traffic index came in at 52 from 67 in February. Agents indicated that while demand remained strong (especially from investors), some buyers were turned off by the lack of attractive inventory. Prices continued to increase in March, as our traffic index improved to 88 from 75. Agents suggested that inventories fell further, as did the time to sell. These are both positives for future pricing power and a good indication of urgency in the market.
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12

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

Inventory is falling, but it is hurting traffic because buyers dont find the selection of homes for sale appealing. Were seeing more renters enter the for-sale market. Investors are jumping in with cash offers and gobbling up all the available inventory. Cash buyers continue to have a very strong presence in Tampa. We have some potential buyers who are on the fence because of the economy.
19%
24%
76%
62% 29% 14% Time to Sell Decreased
60%
40% 20% 0%
57%
24%
0% Home Prices
19%
19%
57%
Incentives
Increased
Remained the same
March 13 Slide 39
Tucson, AZ Demand Picks up in March, as Prices Rise Further

80 70 60 50 40 30 20 10 0
Our Take:
Our buyer traffic index improved to 65 from 36 in February, pointing to traffic ahead of agents expectations. Agents credited lower inventories, favorable affordability, and increased buyer urgency for traffic in March.
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Home prices continued to increase, as our price index improved to 85 from 82 in February.
Inventories and the time to sell both decreased in March. This is a positive for continued urgency in the market, which we think can support future pricing power, especially as we enter the spring selling season.
Home Price Index
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

Buyers remain drawn to the affordability in the market great prices, low interest rates. Buyers are ready and are acting quickly with inventory as inventories continuing to decline. Clients understand the market is turning for the better. They are hopeful to get in on good prices while the opportunities last. Lower priced homes are doing well. Higher-end is slower. Investors have been a bit more active.
30%
70%
30% 0% Home Prices
60% 22%
0% Incentives 30% 10% Time to Sell Decreased
60% 10%
20%
0% Increased
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 40
Virginia Beach, VA Low Inventories and Better Confidence Drive Buyers to Act
(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:
Our traffic index came in at 79 in March from 64 in February, coming in above agents expectations for the third consecutive month. Agents credited low inventories and a sense of confidence that the market has improved for traffic levels.
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13
Prices were higher in March, as our price index came in at 86 from 55 in February.
Prices have now seen two consecutive months of improvement. We note that levels have remain uneven, but with inventories and the time to sell declining, we would expect to see prices improve in the coming months.
Home Price Index
Feb-12
May-11
May-12
Feb-13
Mar-11
Mar-12
Nov-12
Aug-11
Sep-11
Aug-12
Sep-12
Dec-12
Nov-11
Dec-11
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Jun-11
Jan-12
Jun-12
Oct-12
Jan-13

There are more buyers but less inventory on the market right now. Levels are extremely tight and that has helped prices improve from current levels. Buyers think that the market has reached its bottom and feel better testing the waters. Lending rules are still a bit cumbersome, but were still seeing demand improve at a nice rate. Were seeing typical improvement in investor traffic in the outer banks.
0%
100%
86%
86% 57% 43%

14% 0% 0% Incentives 14% 0% Time to Sell Decreased
43%
57%
80%
60%
40% 20% 0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Remained the same
March 13 Slide 41
Washington, D.C. Urgency Remains High, with Inventories Declining and Rates Potentially Increasing
80 70 60 50 40 30 20 10 0
Our Take:
Our buyer traffic index came in at 63 from 69 in February, slightly lower, but still exceeding agents expectations. Agents indicated that low inventories and interest rates kept buyer urgency high in March, driving traffic.
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Feb-13
Mar-13
Jul-11
Apr-11
Apr-12
Oct-11
Jul-12
Oct-12
Our home price index came in at 84 from 93 in February, pointing to higher prices over the past month.
We expect prices to continue to improve, as our home listings and time to sell indexes both fell in March. We think this is a sign of strong urgency in the market.
Buyer Traffic Index 52.2 50.0 48.2 63.8 69.0 63.0 (6.0) Home Price Index 65.2 66.7 70.7 78.9 92.9 84.1 (8.8) Incentive Index 43.2 42.6 50.0 45.8 55.0 57.1 2.1 Home Listings Index 58.7 73.3 79.3 73.1 72.7 65.9 (6.8) Time to Sell Index 54.5 53.3 60.7 73.1 83.3 81.8 (1.5)
100 90 80 70 60 50 40 30 20 10 0
Home Price Index
Mar-11
Jun-11
Jan-12
Jun-12
Jul-12
May-11
May-12
Mar-12
Jan-13
Feb-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Nov-12
Dec-12
Feb-13
Mar-13
Apr-11
Jul-11
Apr-12
Oct-11
Oct-12

There is some concern that interest rates will move higher soon. Buyers want to lock in rates before its too late. Rates are still good and inventory is low. There are multiple offers on almost everything. Spring market has started early and there is a sense of fleeting opportunities. We are seeing more first-time buyers. Were seeing good demand in Arlington in areas close to Metro stations stops. Buying is cheaper than renting and buyers are capitalizing on this value.
22%
80%
60%
68%
57% 32% 14% 0% Home Prices Incentives
68%
48%
40% 20%
29% 5%
27%
30%
0%
Increased
More than expected
Meets expectations
Less than expected
Remained the same
March 13 Slide 42
Wilmington, NC Traffic and Urgency Remain Strong in March

90 80 70 60 50 40 30 20 10 0
Buyer Traffic Index
Our Take:
Buyer traffic was above agents expectations in March, as our traffic index came in at 60 from 70 in February. Agents noted that better confidence, great affordability, and slightly looser lending standards drove traffic in March.
Jul-11
May-11
May-12
Mar-11
Mar-12
Jul-12
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

70
Agents indicated that prices were lower in March, as our price index came in at 40 from 60 in February.
Inventory levels were higher in March, which we think partially drove the small dent in March pricing. However, with demand still strong and a lower time to sell in March, we expect prices to continue to improve.
Buyer Traffic Index 25.0 50.0 75.0 75.0 70.0 60.0 (10.0) Home Price Index 50.0 42.9 25.0 66.7 60.0 40.0 (20.0) Incentive Index 66.7 50.0 62.5 50.0 50.0 40.0 (10.0) Home Listings Index 50.0 35.7 75.0 50.0 62.5 20.0 (42.5) Time to Sell Index 16.7 21.4 25.0 50.0 40.0 60.0 20.0
Home Price Index
60
50 40 30 20
10 0
Nov-12
Dec-12
Aug-11
Sep-11
Nov-11
Dec-11
Aug-12
Sep-12
Mar-13
Apr-11
Apr-12
Oct-11
Feb-12
Oct-12
Feb-13
Jun-11
Jan-12
Jun-12
Jan-13

Buyers have decided that now is the best time to shop for property. It seems that financing as eased up a little bit, helping demand. Buyers are still driven by affordability. Deals are prevalent and interest rates are great. The high-end of the market has definitely seen some nice improvement in recent months.
0% 20%
100% 80%
60%
40% 20% 0% 0% Home Prices
20%
20%
0% Incentives 0%
20%
80%
Increased
Remained the same

March 13 Slide 43
Appendix:
March 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 Mar-11 Apr-11 May-11 Jun-11 25.0 21.2 25.9 33.3 39.6 46.4 41.3 27.3 42.3 20.8 20.0 5.6 44.4 50.0 28.6 46.9 16.7 16.7 10.0 30.0 28.6 31.8 34.4 23.1 26.4 27.4 32.9 20.8 35.7 26.7 25.0 11.5 31.3 16.7 28.6 33.3 41.1 42.5 39.5 21.9 38.6 43.8 31.0 28.6 60.0 56.3 38.6 38.9 66.7 53.3 52.8 52.8 29.2 31.0 27.8 23.1 33.3 31.3 27.8 29.4 53.6 53.8 61.1 36.7 26.0 50.0 31.3 42.5 33.3 28.4 25.7 19.4 52.4 48.8 52.5 42.4 34.7 38.5 30.7 35.5 30.8 43.8 15.0 26.9 23.1 23.5 18.3 11.1 39.5 44.1 39.6 13.9 36.0 11.4 7.7 7.5 44.2 54.8 54.2 45.7 32.7 23.8 23.9 24.0 37.5 16.7 16.7 30.0 50.0 25.0 18.8 33.3 18.8 25.0 27.8 39.5 32.1 40.9 27.8 40.9 23.9 30.0 21.7 15.4 37.5 41.3 33.3 25.0 62.5 75.0 64.7 43.8 36.5 26.3 41.3 33.3 25.0 20.0 25.0 8.3 38.6 61.8 37.5 21.7 57.7 40.9 43.8 34.4 45.0 50.0 29.2 16.7 45.3 32.0 37.0 28.0 25.0 50.0 25.0 50.0 37.5 36.8 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 73.1 63.6 76.7 76.7 66.7 61.1 73.3 80.8 25.0 57.1 86.4 90.9 68.3 63.5 70.0 66.7 57.1 40.0 70.8 91.7 73.9 70.8 58.3 67.5 50.0 37.5 77.8 62.5 63.6 71.1 68.8 66.7 60.9 65.2 59.3 66.7 57.6 69.7 64.3 52.9 83.3 75.0 57.5 62.3 47.1 52.9 63.0 57.1 53.9 50.0 63.2 75.0 50.0 57.1 87.5 75.0 76.9 78.6 72.2 75.0 71.1 81.8 80.4 81.3 50.0 55.0 66.7 65.0 75.0 64.3 66.7 52.4 36.4 65.0 63.6 78.6 69.0 63.0 70.0 58.3 65.1 66.1

March 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 Mar-11 Apr-11 May-11 Jun-11 32.8 21.2 22.4 31.7 50.0 40.0 45.7 43.5 12.5 25.0 20.0 22.2 41.7 32.4 17.9 43.3 8.3 25.0 0.0 20.0 21.4 33.3 28.1 11.5 25.0 18.6 15.8 12.5 35.7 32.1 20.0 23.1 37.5 25.0 35.7 22.2 25.0 47.5 34.2 36.7 34.3 39.1 32.3 28.6 32.5 46.7 43.2 38.2 58.3 60.0 47.2 71.9 41.7 45.2 41.7 32.7 40.5 31.3 26.3 35.3 19.2 38.5 25.0 42.9 30.0 30.6 21.2 32.5 34.0 27.0 27.0 22.2 36.9 38.5 37.2 32.6 27.8 20.0 16.3 22.6 30.8 25.0 35.0 26.9 34.6 32.8 22.6 18.3 21.1 38.2 35.4 18.4 32.0 20.5 23.1 19.0 28.7 40.5 37.5 38.6 19.6 15.9 21.7 18.0 25.0 27.8 20.0 30.0 40.0 8.3 31.3 10.0 9.4 25.0 19.4 23.7 35.7 40.9 35.0 27.3 18.2 36.0 29.2 26.9 33.3 36.0 29.6 22.9 42.3 37.5 26.5 62.5 30.8 31.6 26.0 27.1 20.8 35.0 0.0 20.0 22.7 47.1 36.8 34.8 34.6 13.6 31.3 26.7 30.0 33.3 25.0 41.7 53.6 44.2 43.5 56.0 16.7 37.5 8.3 12.5 30.6 32.6 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 84.6 83.3 93.3 96.7 58.3 80.0 86.7 88.5 66.7 85.7 81.8 100.0 60.9 76.4 60.0 58.3 68.8 60.0 79.2 83.3 87.5 89.6 86.1 85.0 75.0 77.3 81.6 79.2 81.8 89.5 87.5 91.7 97.8 97.9 94.4 98.0 88.2 92.1 87.9 80.6 83.3 70.8 59.6 68.6 73.5 82.4 54.3 67.9 87.8 87.1 81.6 85.7 60.0 78.6 62.5 83.3 100.0 100.0 94.4 83.3 94.7 97.6 98.2 100.0 92.9 88.9 88.1 90.0 66.7 78.6 75.0 88.1 81.8 85.0 54.5 85.7 92.9 84.1 60.0 50.0 79.3 83.7

March 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 Mar-11 Apr-11 May-11 Jun-11 41.1 34.0 28.8 32.8 41.3 43.3 39.1 34.1 30.0 40.0 20.0 27.8 40.6 53.3 53.8 50.0 40.0 50.0 40.0 40.0 42.9 54.5 43.3 45.8 46.9 54.2 45.6 47.0 42.9 43.3 50.0 29.2 37.5 50.0 50.0 50.0 44.4 42.1 38.9 50.0 50.0 50.0 38.9 30.8 42.1 53.6 50.0 43.3 41.7 46.7 28.1 43.3 43.5 38.9 34.4 32.0 42.5 53.3 38.9 44.1 35.7 42.3 35.3 30.8 31.3 36.1 31.3 28.9 46.3 50.0 37.1 38.3 48.8 43.4 47.2 40.2 33.3 46.2 39.3 35.5 34.6 56.3 40.0 38.5 44.5 50.9 47.2 44.4 36.1 26.5 26.1 47.2 31.8 39.5 32.6 27.8 43.6 42.1 29.4 31.3 50.0 47.7 45.7 46.0 50.0 30.0 25.0 30.0 40.0 41.7 35.7 35.0 50.0 40.6 44.1 36.8 42.9 31.8 35.0 27.3 42.1 50.0 40.0 36.4 42.1 40.9 35.0 35.7 25.0 35.7 37.5 21.4 47.9 36.1 37.0 40.5 31.8 40.0 25.0 62.5 32.5 32.4 32.5 28.3 30.8 40.9 34.4 46.7 38.9 40.0 30.0 50.0 33.3 40.0 34.2 38.6 50.0 50.0 66.7 50.0 40.5 43.5 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 42.9 50.0 66.7 63.3 50.0 55.6 53.6 65.4 50.0 50.0 45.5 63.6 57.4 51.6 50.0 58.3 42.9 40.0 50.0 54.5 52.2 54.5 55.6 55.3 38.9 45.5 50.0 45.8 59.1 41.7 43.8 58.3 65.9 66.7 48.0 52.3 48.5 54.5 42.3 47.2 50.0 70.8 45.5 48.9 47.1 38.2 50.0 50.0 56.1 48.3 50.0 57.1 50.0 50.0 50.0 66.7 77.3 66.7 43.8 33.3 64.7 65.0 64.6 62.5 50.0 50.0 65.8 65.8 50.0 28.6 50.0 50.0 31.8 38.9 45.5 57.1 55.0 57.1 50.0 40.0 51.5 53.0

March 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 Mar-11 Apr-11 May-11 Jun-11 32.8 34.6 31.5 38.3 47.8 36.7 41.3 37.0 16.7 20.8 40.0 44.4 22.2 20.6 25.0 16.7 25.0 25.0 20.0 50.0 32.1 45.8 43.8 42.3 24.5 26.2 25.0 23.6 8.3 10.0 50.0 29.2 37.5 33.3 35.7 33.3 33.9 30.0 21.1 40.0 38.6 34.8 37.1 42.6 58.3 46.7 65.9 56.3 64.6 70.0 63.9 86.7 37.5 31.0 26.5 20.0 47.6 40.6 34.2 47.1 53.6 38.5 58.3 53.8 42.0 30.6 34.8 50.0 31.9 37.8 31.1 39.7 62.2 70.5 64.1 68.5 40.3 48.1 51.1 56.5 26.9 31.3 20.0 31.8 24.6 21.9 15.9 21.7 71.1 67.6 71.7 78.9 32.0 25.0 25.0 21.4 57.8 67.9 76.4 75.7 50.0 52.3 45.7 60.0 25.0 30.0 41.7 30.0 20.0 16.7 37.5 30.0 59.4 61.1 36.1 63.2 32.1 31.8 45.0 36.4 29.5 38.0 31.8 33.3 43.8 54.0 27.8 34.8 53.8 75.0 79.4 100.0 36.0 21.1 27.1 41.3 33.3 25.0 12.5 30.0 52.3 67.6 57.5 58.7 23.1 27.3 59.4 65.6 30.0 25.0 27.3 50.0 44.0 38.5 37.0 44.0 50.0 25.0 25.0 50.0 38.8 38.3 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 92.9 75.0 85.7 63.3 91.7 75.0 73.3 60.7 50.0 57.1 72.7 72.7 64.1 77.8 60.0 83.3 68.8 80.0 75.0 70.8 84.8 69.6 75.0 72.5 83.3 72.7 78.9 92.3 85.0 76.3 87.5 83.3 75.0 77.1 75.0 80.0 89.7 87.8 89.3 69.4 70.8 91.7 64.4 68.9 82.4 67.6 77.3 73.1 47.3 67.7 63.2 71.4 50.0 64.3 62.5 75.0 84.6 85.7 50.0 58.3 89.5 84.1 81.5 72.9 64.3 83.3 85.7 85.0 41.7 28.6 77.8 71.4 54.5 65.0 68.2 64.3 72.7 65.9 62.5 25.0 72.7 71.7

March 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 Mar-11 Apr-11 May-11 Jun-11 32.8 25.0 18.5 33.3 41.7 43.3 41.3 34.8 29.2 37.5 30.0 16.7 41.2 64.7 32.1 30.0 16.7 25.0 20.0 30.0 32.1 33.3 25.0 23.1 17.9 25.0 23.0 25.0 25.0 26.7 40.0 19.2 25.0 41.7 35.7 27.8 32.1 47.5 31.6 34.4 41.4 39.1 41.9 32.7 52.6 63.3 52.3 52.9 60.4 70.0 58.3 73.3 33.3 28.6 26.5 14.0 45.2 34.4 28.9 29.4 39.3 50.0 41.7 35.7 37.5 44.4 37.9 40.0 31.5 29.2 24.3 26.5 59.8 53.9 50.0 54.5 33.3 21.2 26.2 21.7 38.5 43.8 30.0 29.2 25.4 34.1 16.4 17.5 36.8 44.1 39.1 34.2 40.0 26.2 19.2 19.0 40.4 59.5 57.1 67.1 39.3 31.8 40.9 32.0 33.3 10.0 8.3 20.0 40.0 58.3 31.3 35.0 31.3 44.4 33.3 52.6 28.6 36.4 27.8 31.8 27.3 37.5 28.3 33.3 33.3 40.0 17.3 26.1 53.8 75.0 58.8 68.8 42.3 42.1 45.8 39.1 33.3 30.0 0.0 40.0 40.5 46.9 42.5 41.3 34.6 36.4 37.5 37.5 35.0 33.3 18.2 30.0 51.2 44.2 28.3 44.0 16.7 25.0 0.0 25.0 36.2 40.1 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 76.9 87.5 93.3 93.3 91.7 65.0 76.7 82.1 37.5 78.6 63.6 95.0 68.8 75.0 80.0 83.3 87.5 90.0 79.2 95.8 93.8 76.1 79.4 84.2 66.7 63.6 77.8 83.3 86.4 77.8 93.8 91.7 84.1 85.4 75.9 88.0 75.0 82.9 84.5 77.8 83.3 83.3 62.5 66.0 79.4 67.6 69.6 88.5 58.3 72.6 78.9 89.3 80.0 71.4 87.5 83.3 88.5 85.7 61.1 79.2 92.1 93.2 89.3 89.6 64.3 83.3 83.3 87.5 60.0 78.6 61.1 71.4 54.5 75.0 68.2 78.6 83.3 81.8 40.0 50.0 75.4 80.8

March 13 Slide 49
Agent Recom m endations

Agents recom m end Toll, D.R. Horton and Standard Pacific. Toll Brothers received the highest percentage of recommendations by agents across the markets we survey. 35% 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 21% said they would recommend Standard Pacific. 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 2 4 5 6 7 8 9 9 11 12
Ticker TOL DHI SPF PHM MTH LEN RYL BZH HOV NVR MDC KBH
Company Name Toll Brothers D.R. Horton Standard Pacific Corp. Pulte Group Meritage Homes Lennar Corp. Ryland Group Beazer Homes Hovnanian Enterprises NVR, Inc. MDC Holdings KB Home
Net Recommendation 35% 25% 21% 20% 18% 15% 15% 7% 7% 6% 4% (9%)

March 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 8% 25% ------33% 25% Austin, TX -80% -13% 40% -- 47% -53% -Baltimore, MD 0% 27% 18% 9% 27% 0% -- 27% -18% Charleston, SC 14% 14% -14% 0% --0% -14% Charlotte, NC 0% 55% 0% 0% 27% --- 27% -18% Chicago, IL -19% 3% -14% 3% --38% 22% Cincinnati, OH --0% ----0% 0% 33% Columbus, OH --0% ----0% 0% -Dallas, TX 0% 25% 50% 0% 25% 0% 17% -17% -Denver, CO -13% -13% 21% 21% 13% -17% 25% Detroit, MI --0% -----35% -Fort Myers, FL -33% 0% 0% 17% -0% -17% 0% Houston, TX 31% 31% 23% 15% 31% 0% 23% -23% -Jacksonville, FL 50% 33% -17% 17% 0% --33% -Las Vegas, NV 8% 50% -33% 50% 13% 4% -50% 17% Los Angeles, CA -4% 18% 25% 18% 0% 0% -14% -Miami, FL -16% --47% -----Minneapolis, MN -28% 28% -44% ---39% 22% Nashville, TN 8% ---------New York-Northern New Jersey, NY-NJ -6% 17% -6% --0% 17% -Orlando, FL 47% 18% 24% 29% 41% -- 24% -35% 24% Philadelphia-Southern NJ -29% 7% -14% 7% -- 29% 29% -Phoenix, AZ 16% 19% 19% 10% 29% 19% 42% -52% 23% Port St. Lucie, FL -50% -0% ------Portland, OR -43% --------Raleigh, NC 29% 14% 0% 29% 29% --0% 0% -Richmond, VA 0% ------- 17% --Riverside-San Bernardino, CA 32% 42% 21% 21% 26% 16% --37% 26% Sacramento, CA 0% 29% 0% 29% 14% 0% 14% -14% 0% San Antonio, TX 0% 67% -17% 25% -- 42% -67% -San Diego, CA 5% 32% 14% 45% 18% 0% --32% 18% San Francisco, CA -0% --0% -8% -21% -Sarasota, FL ---0% 10% ---10% -Seattle, WA -45% --15% 15% ----Tampa, FL 18% 27% 18% 9% 32% 5% --36% 27% Tucson, AZ -20% 0% 0% 20% 10% 40% -30% -Virginia Beach, VA -14% 0% ----0% --Washington, DC 22% 39% 30% -4% 4% -- 48% 30% 13% Wilmington, NC 17% ------0% --TOTAL 15% 30% 13% 15% 23% 7% 21% 12% 28% 19% SPF -73% --36% ---25% 13% ---17% -14% 11% ---24% -29% --43% -37% 0% -27% 13% 0% -23% 0% ---23% TOL -40% --45% 32% --58% 29% 80% --33% 58% 32% -11% -40% 35% 29% 58% --57% --14% 50% 18% 29% -25% -0% -61% -38% 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 17% 8% ------8% 0% -Austin, TX -7% -67% 20% -0% -13% -0% Baltimore, MD 0% 9% 9% 0% 18% 9% -- 45% -36% -Charleston, SC 0% 0% -0% 0% --0% -0% -Charlotte, NC 55% 18% 9% 36% 9% --0% -0% 9% Chicago, IL -3% 5% -3% 0% --3% 5% -Cincinnati, OH --0% ----0% 0% 0% -Columbus, OH --0% ----0% 0% --Dallas, TX 0% 8% 0% 25% 0% 0% 8% -8% -0% Denver, CO -8% -29% 4% 8% 0% -4% 0% 0% Detroit, MI --0% -----25% --Fort Myers, FL -0% 17% 17% 17% -8% -0% 0% -Houston, TX 0% 0% 8% 31% 0% 0% 0% -0% --Jacksonville, FL 0% 0% -33% 0% 0% --0% -0% Las Vegas, NV 17% 0% -17% 8% 13% 0% -8% 0% -Los Angeles, CA -0% 4% 7% 4% 0% 0% -4% -4% Miami, FL -0% --13% -----0% Minneapolis, MN -0% 0% -6% ---6% 0% -Nashville, TN 0% ----------New York-Northern New Jersey, NY-NJ -2% 13% -4% --2% 6% --Orlando, FL 0% 18% 0% 35% 18% -- 12% -18% 6% 6% Philadelphia-Southern NJ -0% 7% -0% 7% -0% 7% --Phoenix, AZ 16% 19% 13% 45% 3% 0% 6% -3% 6% 3% Port St. Lucie, FL -0% -0% -------Portland, OR -0% ---------Raleigh, NC 14% 14% 14% 57% 14% --0% 43% -0% Richmond, VA 0% ------- 33% ---Riverside-San Bernardino, CA 5% 5% 0% 21% 11% 0% --5% 0% 0% Sacramento, CA 14% 0% 0% 0% 14% 0% 0% -0% 0% 0% San Antonio, TX 0% 8% -42% 8% -8% -17% --San Diego, CA 0% 0% 5% 14% 5% 0% --0% 0% 0% San Francisco, CA -8% --8% -0% -8% -0% Sarasota, FL ---20% 10% ---10% -- 10% Seattle, WA -10% --0% 0% -----Tampa, FL 14% 0% 5% 14% 9% 0% --5% 9% 0% Tucson, AZ -0% 0% 10% 0% 0% 0% -0% -0% Virginia Beach, VA -0% 0% ----0% ---Washington, DC 9% 9% 22% -9% 4% -0% 17% 4% -Wilmington, NC 0% ------0% ---TOTAL 8% 5% 6% 24% 7% 2% 3% 7% 8% 4% 2% TOL -13% --0% 0% --0% 0% 0% --0% 4% 4% -0% -4% 0% 29% 0% --0% --0% 8% 0% 0% -0% -0% -0% -3%

March 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 February, we received responses from 850 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.
March 13 Slide 52
DISCLOSURES
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. US Disclosure: Credit Suisse does
and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
CREDIT SUISSE SECURITIES (USA) LLC
Companies Mentioned (Price as of 09-Apr-2013)

Beazer Homes USA (BZH.N, $14.89) DR Horton (DHI.N, $23.27) KB Home (KBH.N, $21.9) Lennar (LEN.N, $39.74) M.D.C. Holdings, Inc. (MDC.N, $35.41) Meritage Corp (MTH.N, $43.7) NVR Inc. (NVR.N, $1053.11) Pulte (PHM.N, $19.45) Ryland Group (RYL.N, $40.84) Standard Pacific Corp. (SPF.N, $8.45) Toll Brothers (TOL.N, $32.74)
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.
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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As of December 10, 2012 Analysts stock rating are defined as follows:

Outperform (O) : The stocks total return is expected to outperform the relevant benchmark*over the next 12 months. Neutral (N) : The stocks total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stocks total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stocks total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most 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 ratings are based on a stocks total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector , with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stocks total return relative to the average total return of the relevant country or regional benchmark; Australia, New Zealand are, and prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stocks absolute total return potential to its current share price and (2) the relative attractiveness of a sto cks 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 tota l return relative to the average total return of the relevant country or regional benchmark.
Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward. Analysts sector weightings are distinct from analysts stock ratings and are based on the analysts expectations for the fun damentals and/or valuation of the sector* relative to the groups historic fundamentals and/or valuation: Overweight : The analysts expectation for the sectors fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analysts expectation for the sectors fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analysts expectation for the sectors fundamentals and/or valuation is cautious over the next 12 months.
*An analysts coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cov er multiple sectors.
Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution
Rating
Versus universe (%)
Of which banking clients (%)
Outperform/Buy* 43% (53% banking clients) Neutral/Hold* 39% (46% banking clients) Underperform/Sell* 16% (40% banking clients) Restricted 3% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, an d Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other indivi dual factors.
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March 13 Slide 54
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March 13 Slide 55

Credit Suisse Monthly Survey of Real Estate Agents Results March 2013

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Credit Suisse Monthly Survey of Real Estate Agents Results March 2013

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Monthly Survey of Real Estate Agents March 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

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

Time to Sell Decreased

More than expected

Less than expected

Remained the same

Source: Credit Suisse

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

Home Price Index

Comments from Real Estate Agents:

Month Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Point Change

Traffic Levels Versus Expectations

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

More than expected

Less than expected

Remained the same

Buyer Traffic Index

Home Price Index

Comments from Real Estate Agents:

Month Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Point Change

Traffic Levels Versus Expectations

60% 40% 20% 0%

Time to Sell Decreased

Remained the same

Baltimore, MD Sellers Start to Push Pricing, Recognizing an Improving Demand/Supply Balance

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

Home Price Index

Comments from Real Estate Agents:

Month Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Point Change

Traffic Levels Versus Expectations

33% 56% 11%

20% 10% Home Prices

22% 11% Incentives

Time to Sell Decreased

Remained the same

Buyer Traffic Index

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

Home Price Index

Comments from Real Estate Agents:

Month Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 77%

69% 31% 0% 0% Incentives 7%

Time to Sell Decreased

More than expected

Less than expected

Remained the same

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 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Point Change

Traffic Levels Versus Expectations

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

120% 100% 80% 60% 40% 20% 0%

Remained the same

Source: Credit Suisse; Census Bureau

Buyer Traffic Index

Home Price Index

Comments from Real Estate Agents: