CS Realtor Survey January 2015

Dec-14
Nov-14
Oct-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Feb-14
Jan-14
Dec-13
Oct-13
Nov-13
Sep-13
Aug-13
Jul-13
Jun-13
Apr-13
May-13
Mar-13
Feb-13
Jan-13
Patrick Murray, CFA

212-325-5292
patrick.murray@credit-suisse.com
<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
Apr-14
May-14
Mar-14
Feb-14
Jan-14
Dec-13
Oct-13
Nov-13
Sep-13
Aug-13
Jul-13
Jun-13
Apr-13
May-13
Mar-13
Home prices were seen flat m/m in December as buyer resistance to price appreciation continues
to build, even with the partial benefit from more favorable mortgage rate environment.
Feb-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Anthony Trainor
212-325-5323
anthony.trainor@credit-suisse.com
Our Buyer Traffic Index ticked up to 37 in December, still indicating soft traffic levels relative to
expectations. Rates helped on the margin but diminished affordability remains a headwind.
Dec-12
100
90
80
70
60
50
40
30
20
10
0
Jan-13
Michael Dahl
Homebuilding & Building Products
212-325-5882
michael.dahl@credit-suisse.com
Buyer Traffic Index
Monthly Survey of Real Estate Agents Decem ber 2014
<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month
January 5, 2015
Source: Credit Suisse
DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, AND THE STATUS OF NON-US
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
Decem ber Survey of Real Estate Agents:

2014 Ends on a Steady Note for Both Traffic and Hom e Prices
Traffic levels continue at m odest levels through year-end: Our Buyer Traffic Index increased 2 points in December to 37
from 35 in November, though wed view this as typical seasonality combined with the 6 point increase seen in November (our
index has increased by 2 points on average in November and 5 points in December in its 10-year history). Agents largely blamed
price sensitivity for the soft traffic trends, with more comments of buyer pushback on prices and debt to income limits restricting
deals. Commentary did suggest the favorable mortgage rate environment was supportive for demand, but failed to drive the level
of excitement seen during past instances of low rates. Relative to prior months, we saw more discussion of a lack of inventory
limiting transactions, though this is also typical seasonally. Comments surrounding soft local economic conditions were less
pronounced than previous months, a positive. Some agents felt lower energy costs helped to lift consumer confidence; however,
some from regions with direct employment exposure to oil noted headlines beginning to weigh on clients minds (though still early
to gauge the full impact). Regionally, the Pacific Northwest was the only notable outperformer, as Texas and Florida worsened
sequentially. California improved but remained below average along with the Northeast.
Over 75% of m arkets see traffic below expectation: In December, 31 of the 40 markets we surveyed saw lower than
expected traffic (28 in November), 6 markets saw traffic in-line with expectations (8 in November), and 3 markets saw better than
expected traffic (4 in November). Traffic exceeded expectations in Seattle (index +5 points to 63), San Antonio (+8 points to 58)
and Denver (+12 points to 60). Outside of San Antonio, Texas was less impressive, with Austin (down 21 pts sequentially),
Dallas (down 11) and Houston (down 5) now sitting at or below the national average. Some of the largest index declines were
seen in Florida, with Orlando, Tampa, Sarasota and Fort Myers all seeing double-digit drops. Notable weakness was also seen in
the Inland Empire (lowest reading), San Diego, Phoenix, New York and Chicago.
Flat price trends continue through Decem ber: Home prices were flat sequentially again in December (4th consecutive
months), as our Price Index came in unchanged at 52. Of the 40 markets we survey, 17 saw higher prices in December (14 in
November), 11 saw flat prices (13 in November) and 12 saw lower prices (13 in November). Weakest price trends were seen in
Phoenix, Washington DC and San Diego, while the strongest price readings were seen in Ft Myers, San Antonio and Houston.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
34.2
34.8
29.6
29.3
35.2
36.7
1.5
Home Price
Index
64.4
59.0
52.7
51.5
51.6
52.3
0.7
Incentive Index
44.3
40.3
40.7
37.3
38.8
38.7
(0.1)
Home Listings
Index
44.4
40.8
41.7
42.8
53.1
60.3
7.2
Time to Sell
Index
44.2
39.6
31.3
33.8
37.0
38.0
1.0
How Do the Recent 30 Days Compare to

the Prior 30 Days...
Traffic Levels Versus Expectations
17%
70%
60%
50%
40%
30%
20%
10%
0%
43%
40%
64%
55%
44%
40%
25%
29%
20%
Home Prices
Increased
More than expected
Meets expectations
16%
7%
Incentives
Remained the same
Time to Sell
Decreased
Less than expected
December 14
Slide 2
Table of Contents
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Key Housing Markets:

Atlanta, Georgia
Austin, Texas
Baltimore, Maryland
Boston, Massachusetts
Charleston, South Carolina
Charlotte, North Carolina
Chicago, Illinois
Cincinnati, Ohio
Columbus, Ohio
Dallas, Texas
Denver, Colorado
Detroit, Michigan
Fort Myers, Florida
Houston, Texas
Inland Empire (Riverside-San Bernardino), California
Jacksonville, Florida
Las Vegas, Nevada
Los Angeles, California
Miami, Florida
Minneapolis, Minnesota
Nashville, Tennessee
New York-Northern New Jersey
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
45
50
52
Key Housing Markets Continued:

Orlando, Florida
Philadelphia-Southern New Jersey
Phoenix, Arizona
Portland, Oregon
Raleigh, North Carolina
Richmond, Virginia
Sacramento, California
San Antonio, Texas
San Diego, California
San Francisco, California
Sarasota, Florida
Seattle, Washington
St. Louis, Missouri
Tampa, Florida
Tucson, Arizona
Virginia Beach, Virginia
Washington, D.C.
Wilmington, North Carolina
Appendix:
Historical Trends by Market
Agent Recommendations
Survey Methodology
December 14
Slide 3
Atlanta, GA Low Inventory and Rates Helping to Buoy Prices as Traffic Remains Soft
Buyer traffic continued to improve in December, with our

Traffic Index rising to 40 from 33 in November; however, the
sub-50 level still indicates slower than expected levels. Multiple
agents noted that lower interest rates have been helping to
bring buyers out, but some would have expected a bigger
surge as rates have drifted lower.
Agents saw home prices marginally higher as our Price Index

came in at 55 for December from 57 in November.
Inventories expanded in December, but agents generally still

see them as too low, which should help support prices.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
(14,803 single-family building permits in 2013, 3rd largest market in the country)
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Comments from Real Estate Agents:
Lower inventory.
Not as much traffic as last year. Buyers may still be sitting

on sidelines waiting for better inventory to hit the market.
Rates are so low buyers should be jumping at homes but

they are not.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
20.6
40.0
14.3
23.3
33.3
40.0
6.7
Home Price
Index
64.7
73.3
47.6
43.3
57.1
55.0
(2.1)
Incentive Index
38.2
35.7
38.1
21.4
35.0
25.0
(10.0)
20%
Time to Sell
Index
35.3
46.7
23.8
36.7
47.6
35.0
(12.6)

80%
70%
60%
60%
40%
Interest rates dropped again and some buyers are rushing

to take advantage of the lower rates.
Many homeowners are listing property again and are
getting quick offers when reasonably priced.
Home Listings
Index
47.1
33.3
40.5
33.3
65.0
40.0
(25.0)
50%
40%
40%
30%
20%
20%
More than expected
Meets expectations
10%
10%
10%
0%
40%
Home Prices
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased
Source: Credit Suisse; Census Bureau

December 14
Slide 4
Austin, TX Traffic Slips in December, but Low Inventories Continue to Support Prices
Buyer traffic slipped back below a neutral 50 in December,

with our Traffic Index landing at 38 from 58 in November.
Agent comments in December were focused on continued
inventory shortages (despite growing levels) and price
resistance by buyers. We did see some increased commentary
about sellers willingness to reduce prices to get a deal done.
Home prices were seen modestly higher in December with our

Price Index improving to 58 from 50 in November.
We expect price gains to remain at modest levels, with the

choppiness to demand offset by still low inventory levels.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
(9,240 single-family building permits in 2013, 8th largest market in the country)
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Prices have risen too fast. Even many sellers think homes
are overpriced.
Strong resistance to rising prices.
Inventory shortage.
We saw a drop in actual transactions, but did get buyer

interest not only generally, but also for listings.
Strong job market.
Buyers seem to be motivated even though it's not typically

the best season for lots of home choices.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
45.0
46.9
20.0
19.2
58.3
37.5
(20.8)
Home Price
Index
80.0
60.0
60.7
57.7
50.0
58.3
8.3
Incentive Index
55.0
40.6
32.1
23.1
25.0
37.5
12.5
25%
25%
67%
42%
33%
25%
Meets expectations
Less than expected
42%42%
25%
17%
8%
Home Prices
More than expected
Time to Sell
Index
60.0
31.3
32.1
20.8
15.4
20.8
5.4

70%
60%
50%
40%
30%
20%
10%
0%
50%
Home Listings
Index
27.8
31.3
35.7
50.0
34.6
45.8
11.2
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 5
Baltimore, MD Traffic Levels Better, but Still Weak; Home Prices Continue to Hold Up
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
No reason for anyone to get off the fence.
Expectations for another government shutdown.
Maybe a little bounce from lower gas prices.
Buyer traffic moved up from the basement with our Traffic

Index registering a 33 reading in December from 5 in
November. While the majority of commentary remains dour
with little expectation of a near-term pick-up, some agents have
seen some incremental activity driven by low interest rates.
Despite the consistently soft traffic trends over the past year,
home prices continue to hold up with agents seeing only
modestly lower prices in December (Price Index level of 44).
After four consecutive months of inventory growth, supply

contracted in December, but the time to sell increased again.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Level of interest rates and consumer confidence continue to

be the motivator and the ever decreasing unemployment rate
and strong stock market are signs that the economy will
continue to grow.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
40.0
38.9
14.3
20.0
5.0
33.3
28.3
Home Price
Index
70.0
44.4
50.0
50.0
44.4
44.4
0.0
Incentive Index
50.0
50.0
35.7
30.0
45.0
44.4
(0.6)
Home Listings
Index
50.0
31.3
42.9
20.0
20.0
72.2
52.2
Time to Sell
Index
40.0
31.3
21.4
15.0
15.0
27.8
12.8

11%
100%
89%
89%
80%
44%
67%
60%
40%
45%
20%
22%
11%
0%
11%
11%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 6
Boston, MA Inventory Levels Seen Too Low by Nearly All Agents, Serving to Slow Buyers
Buyer traffic softened in December with our Traffic Index

sliding to 30 from 44 in November. Nearly every comment from
agents this month was centered on low inventory levels, and
while most saw low inventory as a limiting factor, others
actually saw some buyer urgency driven by the lack of supply
(also helped by low interest rates).
Home prices were flat sequentially as our Price Index came in

at 50 for December form 48 in November.
Inventories continued to shrink in December from already low

levels, which should continue to support prices.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Buyers are hoping for better quality of inventory.
Lack of inventory.
Not enough inventory.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Home Price
Index
68.4
64.7
67.5
52.2
47.8
50.0
2.2
Incentive Index
55.6
50.0
50.0
59.5
54.3
55.9
1.5
Home Listings
Index
55.3
63.9
39.5
47.8
77.1
77.5
0.4
Time to Sell
Index
42.1
36.1
25.0
41.3
35.4
42.5
7.1

15%
The lack of inventory has made home buyers continue to

look throughout the holiday season.
Low inventory and low interest rates driving buyers.
Buyer Traffic
Index
36.8
22.2
35.0
37.0
43.8
30.0
(13.8)
100%
88%
80%
80%
60%
55%
30%
20%
Reduced inventory.
40%35%
40%
10%
10%
25%
12%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 7
Charleston, SC Shrinking Inventories and Modest Traffic Levels Balance to Keep Prices About Flat
Buyer traffic was better in December, but still shy of

expectations with our Traffic Index hitting 43 vs. 39 in
November. Agents continue to see second home buyers and
retirees/empty-nesters from northern states head south,
helping to drive buyer traffic. We also saw commentary
suggesting that flipping activity has picked up in the area.
Home prices increased slightly in December with our Price

Index hitting 56, unchanged from November.
Inventory levels continued to fall in December, and with the still

soft traffic levels, balanced out for a flat time to sell.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Investors are buying properties to upgrade and resell.
Have seen more empty-nesters and retirees heading

south.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
30.0
50.0
33.3
30.0
38.9
42.9
4.0
Home Price
Index
80.0
64.3
83.3
75.0
55.6
56.3
0.7
Incentive Index
75.0
40.0
40.0
25.0
33.3
31.3
(2.1)
More people coming to buy second homes.
Time to Sell
Index
70.0
50.0
41.7
50.0
56.3
50.0
(6.3)

80%
28%
Home Listings
Index
70.0
50.0
41.7
37.5
81.3
62.5
(18.8)
75%
63%
63%
60%
43%
40%
38%
25%
13%
20%
13%
13%
0%
0%
29%
More than expected
Meets expectations
Home Prices
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 8
Charlotte, NC Home Prices Pushed Higher by Low Inventories, but Buyers Wait for Options
Our Buyer Traffic Index slipped to 39 in December from a

neutral 50 in November. Agents continue to see buyers
stymied by low inventory levels with many seemingly holding
out for more/better options in the spring, although some are
still motivated to buy rather than wait. Others have been
spurred by low interest rates and a fear that they may rise.
Home prices began to rise again in December as indicated by

our Price Index increasing to 67 from 50 in November.
Prices may be supported in coming months despite the softer

traffic as listings and the time to sell both fell in November.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Low inventory levels have slowed traffic.
With prices rebounding, seems as if buyers are holding

back to see what happens after the first of the year.
Buyer Traffic
Index
30.0
42.3
28.6
25.0
50.0
38.9
(11.1)
Interest rates and a pent up desire for home ownership.
An influx of qualified buyers not wanting to wait until spring.

They still feel there are good deals out there. Cash
buyers/investors on the rise.
Low interest rates and the fear of a rise in rates.
Home Price
Index
70.0
57.7
42.9
57.1
50.0
66.7
16.7
Incentive Index
40.0
50.0
35.7
35.7
18.2
27.8
9.6
Lack of good inventory.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
22%
33%
67%
67%
56%
44%
33%
33%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Time to Sell
Index
50.0
42.3
35.7
28.6
37.5
66.7
29.2

70%
60%
50%
40%
30%
20%
10%
0%
45%
Home Listings
Index
60.0
46.2
64.3
50.0
62.5
68.8
6.3
Increased
0%
Incentives
Remained the same
0%
Time to Sell
Decreased

December 14
Slide 9
Chicago, IL Home Prices Continue Skid as Buyer Show No Sense of Urgency
Buyer traffic remains sluggish in Chicago, with our Traffic

Index coming in at 27 for December, up from 20 in November.
Multiple agents noted that there is very little buyer urgency due
to both low inventories, and little expectation for higher interest
rates in 2015. Some agents have also seen a marked
slowdown at high price points which were strong in the spring.
Home prices fell again in December, with our Price Index

landing at 38 vs. 37 in November.
Declining inventories should help prices, but the weak traffic is

likely too much to overcome and prices may remain soft.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Still hard to finance for first-time buyers. Buyers generally

skittish regarding the economy.
There is no urgency. New loan applications are way down.
We had a very active spring but the market, especially over

$1 million, has been almost dead since then.
Inventories are low and buyers are not motivated to act.
Buyers are complacent, there is no urgency as the talk of

increased interest rates has been discussed for a year and
they are still low.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
27.3
28.8
17.1
9.1
20.3
27.4
7.1
Home Price
Index
57.5
48.4
41.4
37.9
36.5
38.1
1.6
Incentive Index
44.1
46.8
45.0
43.3
44.1
46.1
1.9
Home Listings
Index
35.0
43.9
47.1
46.9
58.1
63.4
5.3
Time to Sell
Index
42.5
25.8
27.1
21.2
20.3
29.8
9.5

12%
100%
76%
80%
60%
57%
31%
57%
20%
50%
40%
33%
40%
16%
10%
10%
8%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 10
Cincinnati, OH Home Prices Slide with Soft Traffic, but May Get Support from Declining Inventories
Our Buyer Traffic Index improved in December, but levels are

still below agents expectations as indicated by the reading of
42 vs. 33 in November. Agents continued to see discrepancies
between buyers and sellers on price, and while some saw
pockets of buyer activity, more agents were concerned that
inquiry levels were likely pointing to softer months ahead.
Home prices were seen modestly lower sequentially in

December after coming in flat in October and November.
The drop in inventories over the past two months should

continue to help support prices despite soft traffic levels.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Typical slowing for the holidays. Fewer than normal

inquiries about listing and buying in the new year have us
concerned.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
28.6
41.7
25.0
33.3
33.3
41.7
8.3
I think (hope) people are waiting until after the first of the
year to think about real estate.
Incentive Index
50.0
20.0
33.3
33.3
40.0
33.3
(6.7)
Availability and a need for buyer/seller education pertaining

to current market realities.
Buyers are out; but sellers seem to be waiting for the first of
the year.
Home Price
Index
71.4
70.0
33.3
50.0
50.0
41.7
(8.3)
50%
17%
More than expected
Meets expectations
50%
50%
33%
17%
Increased
50%
33%
33%
17%
Home Prices
Less than expected
Time to Sell
Index
35.7
40.0
25.0
16.7
33.3
41.7
8.3

60%
50%
40%
30%
20%
10%
0%
33%
Home Listings
Index
50.0
40.0
41.7
33.3
83.3
91.7
8.3
Incentives
Remained the same
17%
Time to Sell
Decreased

December 14
Slide 11
Columbus, OH Buyer Traffic Better, but Still Soft; Home Prices Resume the Push Higher
Our Buyer Traffic Index continued to move higher in December,

with a reading of 39 vs. 19 in November, although both levels
indicate traffic below agents expectations. Agents continue to
see low inventory levels as the primary driver behind slow
buyer activity, although some have seen the benefit of lower
interest rates pushing more people to look at what is out there.
Home prices improved in December with our Price Index

coming in at 61 from 50 in November.
Despite sliding inventories, the time to sell continued to fall as

weak traffic levels have persisted.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
A lot more people than before seem to be questioning the

value of buying real estate. I am now hearing this from more
than just young people. At a time when I thought that
sentiment should have subsided, it appears to be building.
Extremely low inventory.
Market slowed a bit but continues to have low inventory and

values balanced this month.
Poor inventory of home choices still remain.
Low interest rates.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
50.0
37.5
40.0
12.5
18.8
38.9
20.1
Home Price
Index
92.9
68.8
70.0
71.4
50.0
61.1
11.1
Incentive Index
42.9
42.9
33.3
21.4
42.9
50.0
7.1
22%
Home Listings
Index
57.1
43.8
50.0
50.0
75.0
83.3
8.3

100%
80%
45%
78%
75%
67%
60%
40%
22%
20%
33%
13%
Meets expectations
13%
22%
11%
0%
0%
Home Prices
More than expected
Time to Sell
Index
85.7
43.8
55.0
71.4
31.3
44.4
13.2
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 12
Dallas, TX Home Prices Slip as Buyer Traffic Softens Further Particularly at High End
Buyer traffic softened in December with our Traffic Index hitting

22 from 33 in November. Agents continue to see buyers put off
by low inventory levels and rising home prices. Some activity
has been seen at middle price points and corporate relocations
are still bringing buyers to the area, but it may be at a slower
pace than what was seen earlier in the year.
Home prices slipped in December with our Price Index

registering a 44 reading, down from 54 in November.
Declining inventory levels were not enough to offset the slow

traffic levels, as the time to sell continued to edge higher.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
(20,805 single-family building permits in 2013, 2nd largest market in the country)
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Slim inventory and increasing home prices.
Very low inventory.
Have seen many couples/families looking at the new home

market, and particularly on $300k to $450k range. Same
holds true for older clients that presently have a two-story
and looking for single-story home for health reasons. Our
market is slowing above $500k.
Rising rents and corporate relocation continue to drive our

fall traffic.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
55.6
41.7
50.0
20.0
33.3
22.2
(11.1)
Home Price
Index
81.3
91.7
54.5
66.7
54.2
44.4
(9.7)
Incentive Index
61.1
40.0
40.9
37.5
40.9
25.0
(15.9)
56%
70%
60%
50%
40%
30%
20%
10%
0%
67%
44%
33%
22%
Meets expectations
Less than expected
50%50%
22%
11%
0%
Home Prices
More than expected
Time to Sell
Index
61.1
50.0
27.3
50.0
33.3
44.4
11.1

0%
44%
Home Listings
Index
72.2
33.3
72.7
77.8
68.2
75.0
6.8
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 13
Denver, CO Home Prices Resume Growth as Relocations and Rates Drive Buyers
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Low interest rates and fear they may be rising.
Few affordable homes and more buyers than houses.
I'm seeing a lot of relocation buyers and sellers. I think the

economy is improving slowly so companies are moving key
people again.
Buyer traffic exceeded expectations in Denver for the first time

since April as our Traffic Index hit 60, its highest level since
June 2013 (up from 48 in November). Agents saw more buyers
driven by lower rates and corporate relocations, while low
inventory levels are still a headwind.
Home prices were seen higher in December as indicated by a

60 reading in our Price Index, up from 52 in November.
Price appreciation should continue in the near-term as solid

traffic levels are met by lower inventories and a flattening out of
the average time on the market for listings.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
29.2
41.3
37.0
44.2
48.0
59.5
11.5
Home Price
Index
75.0
63.0
50.0
44.2
52.1
59.5
7.4
Incentive Index
40.9
37.0
38.6
36.0
33.3
42.1
8.8
Buyers are still out looking but the lack of inventory is

making it difficult.
74%
80%
60%
Low interest rates, easing of credit requirements and more

buyers feeling better about the economy.
40%
57%
43%
38%
19%
20%
Meets expectations
21%
19%
24%
5%
0%
71%
More than expected
Time to Sell
Index
58.3
40.5
32.6
25.0
39.6
52.4
12.8

5%
24%
Home Listings
Index
41.7
31.8
41.3
48.0
75.0
88.1
13.1
Home Prices
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased
More relocating buyers from personal referrals.

December 14
Slide 14
Detroit, MI Home Prices Come in Flat Despite Weak Traffic and Rising Time on Market
Our Buyer Traffic Index moved up to 36 in December from 29

in November. While recognized as a seasonally slow period,
agents generally saw still-slower than expected traffic
conditions due to a challenged local economy. Agents also
mentioned difficult lending requirements and pent-up demand
having been fully met as being behind some of the slowness.
Home prices were seen flat in December vs. November as

indicated by our Price Index coming in at a near-neutral 47.
Price appreciation should be limited in the near-term as traffic

levels remain weak and the time to sell continues to grow.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Uncertain economic conditions and lender requirements.
Built up buyer demand met...we are back to more typical

year end market.
Seasonal slowdown. Still making a few deals.
A few serious buyers with the usual seasonal slow down.
Continuing to get multiple offers in some areas, and then

some areas have no traffic.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
25.0
25.0
37.5
19.4
29.4
36.1
6.7
Home Price
Index
62.5
60.7
61.8
44.4
41.2
47.2
6.0
Incentive Index
45.5
42.3
46.9
37.5
36.7
53.1
16.5
Home Listings
Index
37.5
28.6
50.0
47.2
43.8
52.8
9.0

11%
80%
69%
61%
39%
Time to Sell
Index
45.8
32.1
35.3
30.6
31.3
25.0
(6.3)
60%
50%50%
40%
20%
17%
22%
13%
0%
Home Prices
More than expected
Meets expectations
19%
0%
50%
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 15
Ft. Myers, FL Buyers Take a Month Off, but Home Price Gains Do Not
Our Buyer Traffic Index dropped significantly in December,

coming in at just 25 from 54 in November. Most agents cited
low inventory levels as the primary driver behind the slowdown,
but there were also comments around economic concerns as
well. Agents also noted that seasonal visitors and potential
buyers have begun to show at typical levels.
Home prices were seen broadly higher again in December as

indicated by an 80 reading in our Price Index (from 77 in Nov.).
Barring a continuation of the slowdown in traffic levels, we

would expect prices to be supported by still low inventories.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
The economy has slowed buyers.
Lack of inventory.
Low inventory levels.
Starting to see seasonal visitors as expected.
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
50.0
42.3
50.0
50.0
54.2
25.0
(29.2)
Home Price
Index
58.3
80.8
78.6
70.0
77.3
80.0
2.7
Incentive Index
41.7
46.2
46.4
28.6
25.0
35.0
10.0
Lending guidelines & underwriting very conservative.
50%
50%
70%
60%
50%
40%
30%
20%
10%
0%
60%
60%
50%
40%
40%
30%
10%
Meets expectations
Less than expected
10%
0%
Home Prices
More than expected
Time to Sell
Index
33.3
53.8
53.6
65.6
77.3
60.0
(17.3)

0%
99% of my sales are all-cash.
Home Listings
Index
58.3
57.7
57.7
50.0
50.0
60.0
10.0
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 16
Houston, TX Low Inventories Still Hurting, but Lower Oil Prices Also Beginning to Weigh on Minds
Our Buyer Traffic Index slid to 32 in December from 37 in

November, with both levels indicating slower than expected
traffic. While a few agents did mention lower oil prices
beginning to shake confidence, it was certainly not universal,
with low inventories cited more commonly as the driver behind
slower than expected buyer traffic levels.
Home prices continued to rise in December with our Price

Index landing at 68 from 70 in November.
Continued declines in inventories should help support prices

near-term despite the recent slowdown in demand.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
(34,509 single-family building permits in 2013, largest market in the country)

100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Falling oil prices beginning to weigh on people's minds in a

city dominated by oil.
No inventory.
Price of oil is causing a much slower market that expected.
Low inventory continues to be an issue but with rates still

helping affordability, buyers continue to look for properties
as they are brought to market.
While December traffic is normal for December, extremely

low inventory is taking its toll causing buyers to give up.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
22.2
50.0
33.3
57.1
36.7
31.8
(4.8)
Home Price
Index
72.2
82.4
72.2
75.0
70.0
68.2
(1.8)
Incentive Index
44.4
47.1
38.9
31.3
20.0
22.7
2.7
60%
50%
40%
30%
20%
10%
0%
46%
55%
45%
45%45%
Meets expectations
Less than expected
55%
27%
18%
9%
0%
Home Prices
More than expected
Time to Sell
Index
60.0
73.5
61.1
62.5
46.7
54.5
7.9

9%
45%
Home Listings
Index
40.0
50.0
55.6
50.0
60.0
80.0
20.0
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 17
Inland Empire, CA Home Prices Under Pressure as Traffic Remains Weak
Our Buyer Traffic Index slipped back to 13 in December from

21 in November, with agents continuing to see buyers limited
by lending requirements. While comments about slower
activity driven by lower loan limits have dissipated, we have
seen more comments from agents about documentation and
mortgage insurance keeping buyers from purchasing homes.
Home prices were seen lower in December as our Price Index

fell to 38 from a neutral 54 in November.
We expect prices to remain under pressure given the dearth of

buyer traffic and expanding supply levels.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
(6,359 single-family building permits in 2013, 21st largest market in the country)
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Low inventory, overpriced listings.
Lack of jobs. Tighter lending requirements.
Lenders still requiring a myriad of documentation and have

guidelines that are too strict. FHA MI is making payments
too high for first time home buyers. Most condo complexes
are not FHA approved.
Lack of inventory.
Normal activity for December.
Buyer Traffic
Index
15.0
13.3
7.1
19.2
20.8
13.3
(7.5)
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Home Price
Index
65.0
43.8
57.7
30.8
54.2
37.5
(16.7)
Incentive Index
30.0
33.3
46.4
25.0
27.8
36.7
8.9
73%
80%
60%
40%
20%
44%
38%
29%
27%
19%
0%
0%
Home Prices
Meets expectations
71%
0%
73%
More than expected
Time to Sell
Index
20.0
12.5
17.9
15.4
20.8
14.3
(6.5)

0%
27%
Home Listings
Index
30.0
9.4
17.9
19.2
45.8
37.5
(8.3)
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 18
Jacksonville, FL Traffic Meets Expectations Again as Prices Hold
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Very slow - buyers waiting for price corrections and new

inventory.
Low end, middle and high end properties seem to be

selling well.
Traffic held at levels in-line with agents expectations in

December, as our Buyer Traffic Index came in at 50,
unchanged from November. Agents noted that buyer
resistance to price gains over the last year is limiting interest at
current levels, with many holding out of list price reductions.
Home prices were flat again in December, with our Price Index
coming at 50 unchanged from November.
We expect modest price gains to continue, as a shorter

average time on market and some inventory gains have been
balanced by average demand from buyers.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
35.7
27.8
20.0
33.3
50.0
50.0
0.0
Home Price
Index
64.3
72.2
65.0
66.7
50.0
50.0
0.0
Incentive Index
57.1
27.8
35.0
41.7
43.8
30.0
(13.8)
14%
Home Listings
Index
50.0
62.5
45.0
50.0
43.8
41.7
(2.1)
Time to Sell
Index
64.3
61.1
44.4
50.0
50.0
58.3
8.3

14%
100%
Navy relocations have helped.
80%
83%
67%
60%
60%
40%
40%
20%
17%
17%
17%
0%
0%
0%
Home Prices
72%
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 19
Las Vegas, NV Flatter Prices Not Enough to Drive Better Traffic Trends
Housing demand in Las Vegas remains soft, as our Buyer

Traffic Index edged up to 27 in December from 20 last month.
Agents have seen continued resistance to higher home prices,
although lower interest rates have helped on the margin.
Challenges associated with financing have slowed transaction
activity in the area as well.
Prices were flat sequentially again in December, with our Price

Index coming in at 53 from 50 in November.
Further price appreciation may be challenging as agents saw

higher inventories and time to sell in December.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Many tell me they don't see prices dropping, and they want
to buy before another price surge hits the market.
The majority of the current listings are grossly over priced.
Lack of inventory.
Interest rates still low.
Investors are no longer a factor in our market. Buyers are

those who are relocating and moving up.
Difficult to get a loan. Seeing too many low credit scores.

Lenders very cautious.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
42.9
26.9
25.0
14.7
20.0
26.7
6.7
Home Price
Index
73.3
53.8
47.2
44.4
50.0
53.3
3.3
Incentive Index
32.1
15.4
27.8
25.0
35.0
23.3
(11.7)
40%
60%
50%
40%
30%
20%
10%
0%
53%
47%
Meets expectations
Less than expected
53%
40%
33%
27%
40%
7%
0%
Home Prices
More than expected
Time to Sell
Index
40.0
15.4
17.6
5.6
15.0
26.7
11.7

7%
53%
Home Listings
Index
26.7
15.4
19.4
19.4
32.5
33.3
0.8
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 20
Los Angeles, CA Uptick in Traffic and Lower Inventories Help to Support Prices
Demand trends improved closer to agents expectations, as

our Traffic Index came in at 43 in December, up from 34 in
November. Agents highlighted low inventory levels and high
price levels for the soft traffic trends, although low rates and
the fear/expectation of higher future rates helped to bring out
some buyers and push urgency somewhat.
Prices appeared to remain flat, with our Home Price Index

ticking up to 52 in December from 48 last month.
We expect modest price gains at best, as lower supply is more

than offset by soft traffic, pushing up the time to sell.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Less investor purchasing.
Prices still in the summer high range. Buyers looking for

bargains.
Threats from rising interest rates and low inventory have

drove some buyers.
Low mortgage rates continuing and a perceived lack of
inventory.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
34.6
25.6
24.1
21.7
33.9
42.6
8.7
Home Price
Index
55.6
56.6
39.7
39.7
48.4
51.9
3.5
Incentive Index
52.3
44.4
50.0
44.4
45.8
48.0
2.2
26%
Home Listings
Index
29.6
26.9
31.0
23.3
43.5
68.0
24.5

100%
80%
41%
60%
40%
88%
59%
22%
20%
Lack of good inventory.
Meets expectations
56%
19%
28%
8%
16%
4%
0%
33%
More than expected
Time to Sell
Index
17.3
20.3
17.9
7.1
27.4
30.0
2.6
Home Prices
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 21
Miami, FL Traffic Continues to Disappoint as Buyers Push Back on Price
Traffic ticked up in December, with our Buyer Traffic Index

improving to 39 from 30 in November. Agents saw the low
interest rate environment as the main driver behind the
sequential improvement. Agents noted that buyers looking for
lower price point homes continue to push back on price, while
the luxury market seems to be selling at a solid pace.
Home prices moved higher again in December, with our Price

Index coming in at 64 from 69 last month.
Prices appreciation may slow further in the near-term as the

time on market continued to lengthen.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Home prices too high. More inventory but at higher prices.
Lower priced buyers in the $300-900k range are still

resistant to the high prices. $1+ million properties are selling
well.
Low interest rates have helped.

Lack of inventory.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
19.2
32.0
29.0
25.0
29.6
38.5
8.8
Home Price
Index
74.0
78.0
62.9
66.2
68.5
63.5
(5.1)
Incentive Index
41.7
45.8
36.7
43.8
36.0
34.0
(2.0)
Home Listings
Index
38.0
44.0
24.1
31.8
51.9
52.0
0.1
Time to Sell
Index
28.8
45.8
22.6
20.6
38.9
34.0
(4.9)

19%
70%
60%
50%
40%
30%
20%
10%
0%
42%
39%
60%
46%
35%
19%
Meets expectations
Less than expected
16%
4%
Home Prices
More than expected
48%
36%
36%
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 22
Minneapolis, MN Price Resistance Continues to Weigh on Traffic Levels
Our Buyer Traffic Index bounced back in December but still

remains firmly below agents expectations. The index increased
to 35 from 15 last month. The improvement was largely
credited to better economic confidence and a favorable rate
environment, but buyers are holding out for lower prices, as
some areas are seen as close to peak price levels.
Prices were seen flat sequentially in December, as our Price

Index came in at 47, up from 35 in November.
Home prices may be soft in the near-term as weak demand has

not been fully offset by the recent decline in supply.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Increase in prices have reached 2005 levels in some

pockets, price rose too far too fast.
Low interest rates and better consumer confidence have

spurred more activity.
Buyers want lower pricing.
Most offers are low balling.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
31.8
26.9
27.8
32.1
15.4
35.3
19.9
Home Price
Index
59.1
57.7
41.7
50.0
34.6
47.1
12.4
Incentive Index
45.5
46.2
27.8
39.3
41.7
35.3
(6.4)
23%
Home Listings
Index
31.8
33.3
27.8
39.3
42.3
61.8
19.5
Time to Sell
Index
40.9
26.9
16.7
21.4
20.8
29.4
8.6

80%
71%
59%
60%
40%
53%
35%35%
29%
29%
24%
20%
24%
18%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 23
Nashville, TN Traffic Improves and Meets Expectations as Prices March Higher
There is some pent-up demand and has been a little

improvement in the economy.
Lower than normal inventory of entry level homes have

discouraged buyers.
Fewer looking but those looking are buying now.
Activity began slowing.
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Traffic improved and essentially met expectations in December,

as our Traffic Index increased to 46 from 31 in November.
While a seasonal slower time, agents were encouraged by
some serious buyers acting quickly. Inventory levels at lower
price points have continued to frustrate some buyers, though.
Prices continued to move higher in December, with our Home

Price Index coming in at 65 from 69 in November.
We think prices in Nashville will likely continue to rise, as

homes have been moving quicker when brought to market and
inventories have continued to contract in recent months.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Buyer Traffic
Index
31.8
45.8
36.4
36.4
31.3
46.2
14.9
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Home Price
Index
61.1
68.2
63.6
66.7
68.8
65.4
(3.4)
Incentive Index
43.8
54.5
45.5
50.0
62.5
54.2
(8.3)
23%
Time to Sell
Index
55.6
59.1
36.4
41.7
56.3
62.5
6.3

80%
31%
Home Listings
Index
61.1
68.2
68.2
68.2
56.3
75.0
18.8
75%
69%
60%
42% 42%
40%
31%
20%
0%
8%
17%
17%
0%
Home Prices
46%
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 24
New York-Northern NJ Traffic Remains Slow on Low Inventories and Buyer Price Resistance
Traffic improved sequentially but remained well below agents

expectations in December, with our Traffic Index coming in at
26 from 19 in November. Low inventory levels and buyer
resistance to higher prices were the most commonly cited
reasons for slow traffic, with many buyers seemingly only out
there looking for bargain properties.
Prices slipped again in December, with our Home Price Index

coming in at 43 vs. 39 in November.
Time to sell lengthened in December, which could lead to a

continuation of lackluster pricing trends as traffic remains soft,
although lower inventories should help provide some support.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Lack of inventory, uncertainty.
Rates still low investors looking for foreclosure deals.
Overpriced inventory.
Buyer Traffic
Index
23.8
24.5
19.0
18.6
18.6
25.6
7.0
The traffic now is worse than in 2009 into 2010.
Lack of good quality listing inventory.
Buyers are still looking for unrealistic bargains.

Buyers still concerned over job market.
Home Price
Index
52.5
46.9
41.9
41.7
39.3
42.6
3.3
Incentive Index
58.8
50.0
55.6
58.6
52.8
50.0
(2.8)
Home Listings
Index
36.3
46.1
36.0
52.3
59.8
71.3
11.5
100%
80%
33%
85%
64%
60%
45%45%
40%
58%
Time to Sell
Index
24.4
36.3
31.0
35.4
34.5
33.0
(1.5)

9%
Low interest rates and rising prices drove some pickup in

activity.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
20%
26%
11%
8%
11%
8%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 25
Orlando, FL Buyer Traffic Steps Back as Inventories Grow and Nudge Prices Lower
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Inventory is up and prices have started to fall.
Difficulty obtaining mortgages.
Mostly buyers that have to move are looking. Some are

already priced out of the market that they could qualify for.
Traffic pulled back in December, with our index slipping to 28

from 41 in November. Agents noted that home price levels
have put off buyers generally, with some completely priced out
of areas that they would like to be looking, although it was
noted by some that this year seems to be better than last year.
Our Home Price Index were seen modestly lower for the first
time in over a year as indicated by a 45 reading for December.
The time needed to sell and inventory levels continued to rise,

suggesting home prices may face ongoing resistance,
especially if demand remains soft.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
We are up from the stats this time last year, for an overall
market improvement.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
42.3
20.8
27.8
38.9
40.9
27.8
(13.1)
Home Price
Index
57.1
50.0
66.7
55.6
63.6
45.0
(18.6)
Incentive Index
41.7
35.0
38.9
25.0
30.0
30.0
0.0
Home Listings
Index
42.9
45.5
50.0
55.6
45.5
20.0
(25.5)
Time to Sell
Index
42.9
31.8
33.3
33.3
40.9
25.0
(15.9)

0%
80%
70%
60%
60%
44%
50%50%
40%
56%
40%
20%
20%
10%
0%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 26
Philadelphia, PA-Southern NJ Weakness on Lower End Keeps Overall Traffic Level Below Expectations
Traffic ticked up in December but remains below agents

expectations as indicated by our Buyer Traffic Index landing at
29 from 24 in November. Overall, agents noted that local
economic weakness continues hinder buyer confidence,
particularly for first-time buyers as the entry level job market
seem to be soft in the Philadelphia area.
Prices were lower in December, as our Price Index came in at

39, similar to the reading of 38 seen in November.
Inventory levels fell in December, but the time to sell

lengthened for the 3rd consecutive month.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
More buyers getting ready to make moves after the first of

the year.
It is slow - buyers seem to have disappeared.
Lack of confidence.
The job market for first-time buyers remains soft.
High-end properties are moving rather quickly.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
25.0
32.4
36.8
26.5
23.5
29.2
5.6
Home Price
Index
38.5
50.0
39.5
29.4
38.2
38.5
0.2
Incentive Index
59.1
41.2
52.8
50.0
50.0
36.4
(13.6)
Home Listings
Index
41.7
52.9
38.9
35.3
38.2
61.5
23.3
Time to Sell
Index
38.5
50.0
47.4
32.4
35.3
38.5
3.2

8%
100%
77%
80%
42%
36%
40%
20%
62%
55%
60%
50%
31%
23%
9%
0%
8%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 27
Phoenix, AZ Buyers Willing to Wait for Lower Prices and Stay Put For Now
Buyer traffic levels ticked up sequentially but remained well

below agents expectations in December, as our Buyer Traffic
Index came in at 25, up from 13 in November. Agents indicate
buyers are willing to wait for lower prices rather than pay what
are perceived to be unreasonable prices. Some suggested
sellers have been more open to price negotiations.
Home prices slipped again in December, with our Price Index

coming in at 29 from 26 in November.
We think prices will likely face continued pressure in the

coming months, as inventories grow and traffic levels have yet
to see a meaningful improvement.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Buyers are sitting on the sideline; sellers still think they can
be aggressive with pricing, but buyers are clearly rejecting
anything that doesn't seem reasonable.
New home buyers don't seem to qualify with lenders.
Some pickup in investor activity while prices are affordable

and rents favorable.
Some sellers are listing homes at high prices then slowly

lower them to keep buyers interested in price reductions.
Lack of buyers in the market.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
16.7
16.1
15.6
19.6
12.9
25.0
12.1
Home Price
Index
32.7
30.6
37.5
21.4
25.8
28.6
2.8
Incentive Index
21.2
25.9
26.6
28.6
28.3
37.9
9.5
Home Listings
Index
36.0
40.3
46.9
30.4
37.1
38.6
1.5
Time to Sell
Index
11.5
14.5
19.4
9.3
11.3
16.2
4.9

8%
80%
71%
58%
60%
33%
46%49%
33%
40%
26%
59%
20%
9%
6%
3%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 28
Portland, OR Pick Up in Buyer Urgency Helps Propel Prices Higher
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Favorable interest rates.
Trying to beat additional price increases.
Anticipation of higher interest rates have motivated buyers

to move now.
Traffic remained solid and was in-line with agents expectations

in December, with our index coming in at 54 from 57 in
November. Agents largely attributed the solid reading to
favorable mortgage rates. Some saw increased buyer urgency
than in prior months, as fears of rising prices and rates grew.
Prices continue to move higher in Portland, as our Price Index

came in at 64 in December vs. 68 in November.
Agents indicated that inventory continued to contract in

December, while the time to sell held flatpositive leading
indicators for near-term home price trends.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
41.7
30.0
37.5
36.4
56.7
53.8
(2.8)
Home Price
Index
75.0
63.3
62.5
63.6
67.9
64.3
(3.6)
Incentive Index
45.8
50.0
50.0
45.5
50.0
42.3
(7.7)
15%
23%
Home Listings
Index
45.8
43.3
37.5
50.0
73.3
57.1
(16.2)

100%
About 1/3 of my clients are buying a second home in

Portland.
Time to Sell
Index
70.8
60.0
37.5
40.9
43.3
50.0
6.7
85%
80%
60%
40%
Slow down in economy.
57%
43%
29%
29%
36%
20%
7%
15%
0%
0%
Home Prices
62%
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 29
Raleigh, NC Improving Local Economy and Tight Inventory Push Prices Higher
Traffic improved and was roughly in-line with expectations for

December, with our Traffic Index increasing to 45 from 38 in
November. Agents indicated that a better local economy
helped drive some improvement in demand over the past
month. However, affordable supply remains constrained,
limiting overall sales levels in Raleigh.
Prices moved moderately higher in December, as our Home

Price Index increased to 65 from 62 in November.
Inventories fell in December and the length of time needed to

sell was unchanged, which should support home prices.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Renewed confidence in local economy is helping buyers

pull the trigger.
Shortage of affordable inventory.
Few housing choices and a very tight market.
Lack of available financing.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
28.6
50.0
23.1
28.6
37.5
45.0
7.5
Home Price
Index
56.3
55.6
53.8
57.1
61.5
65.0
3.5
Incentive Index
50.0
50.0
42.3
57.1
50.0
30.0
(20.0)
Time to Sell
Index
50.0
55.6
34.6
64.3
54.2
45.0
(9.2)

80%
30%
Home Listings
Index
50.0
38.9
38.5
66.7
50.0
65.0
15.0
70%
60%
60%
40%
50%
40%
40%
30%
30%
20%
20%
0%
0%
0%
Home Prices
30%
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 30
Richmond, VA Home Prices Flatten Out, but Buyers Remain Nervous About Economy and Price Levels
Our Buyer Traffic Index edged down to 33 for December from

38 in November. Agents commentary varied, but noted that
newer/remodeled homes and homes closer to the city have
been selling relatively better. Economic uneasiness and home
price gains have weighed on confidence though and have left
some buyers waiting for a more opportune time to buy.
Home prices appeared flat sequentially in December with our

Price Index improving to a neutral 50 from 38 in November.
Declining supply should provide some support to home prices,

but meaningful gains are unlikely with the slow traffic levels.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Buyers are interested in houses that have been

updated/upgraded. Many of the houses on the market have
not been updated. This makes buyers stay on the sidelines.
High prices are becoming a big issue too.
Buyers are scared of the future with the economy. They are
also uncertain with the political climate and how it may affect
their bottom line and lifestyle.
Low interest rates, pent up demand, low inventory, quick

sales and closings. Great as long as near city. Some
outlying suburbs still slow.
Buyer Traffic
Index
50.0
50.0
20.0
25.0
37.5
33.3
(4.2)
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Home Price
Index
41.7
50.0
30.0
50.0
37.5
50.0
12.5
Incentive Index
16.7
0.0
33.3
25.0
25.0
33.3
8.3
Home Listings
Index
25.0
25.0
37.5
50.0
37.5
66.7
29.2
Time to Sell
Index
41.7
50.0
10.0
16.7
12.5
33.3
20.8

100%
33%
80%
67%
67%
60%
40%
67%
0%
33%33%33%
20%
33%
33%
0%
0%
Incentives
Time to Sell
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Remained the same
Decreased

December 14
Slide 31
Sacramento, CA Lower Prices Drive Traffic Bounce but Push Many to Wait and See Mode
Buyer traffic bounced back in December but remained below

agents expectations. Our Traffic Index came in at 35, up from
15 in November. Agents noted that since sellers started
reducing prices, buyers have moved to the sideline, waiting for
a bottom. Additionally, buyers have been challenged by the
financing processeven coming up with down payments.
Prices remained under pressure in December, as our Home

Price Index came in at 39, little changed from November.
Prices are likely to remain soft as agents saw an increasing

time to sell, driven by the soft traffic trends.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Sluggish sentiment.
Sellers making price reductions off their inflated

expectations.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
31.8
34.6
32.1
34.6
14.7
34.6
19.9
Incentive Index
25.0
34.6
25.0
31.8
35.7
25.0
(10.7)
There is also a sense that prices may begin to drop and

buyers are in a wait-and-see mode.
Less qualified buyers that have little cash - several using
down payment assistance programs just to qualify.
Home Price
Index
62.5
60.7
46.4
50.0
37.5
38.5
1.0
Home Listings
Index
29.2
32.1
25.0
11.5
20.0
53.8
33.8
Time to Sell
Index
16.7
21.4
17.9
15.4
18.8
19.2
0.5

15%
100%
80%
46%
60%
40%
20%
39%
62%
46%
38%
50%50%
38%
15%
0%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 32
San Antonio, TX Oil and Mortgage Rates are Both Still Helping Here For Now; Prices March Higher
Traffic continued to come in at solid levels in San Antonio, as

our Traffic Index indicated better levels than expected for
December (reading of 58, up from 50 in November). Agents
saw demand still being driven by local economic trends tied to
oil, though well watch closely to see if this changes in coming
months. Lower mortgage rates have helped as well.
Home prices were seen higher once again, with our Price
Index landing at 79 for December from 75 in November.
Still-favorable supply/demand dynamics should support home

prices near-term. Potential fallout from lower oil is the wildcard.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Good interest rates. A good general opinion of the market

conditions.
Totally expected dynamic late fall market is mostly due to

nearby developing oil and gas fields and the entire state's
favorable business environment.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
55.0
66.7
43.8
58.3
50.0
58.3
8.3
Home Price
Index
75.0
72.2
56.3
66.7
75.0
78.6
3.6
Incentive Index
35.0
38.9
31.3
41.7
43.8
42.9
(0.9)
Home Listings
Index
83.3
61.1
62.5
75.0
62.5
78.6
16.1
Time to Sell
Index
75.0
55.6
43.8
50.0
43.8
64.3
20.5

17%
100%
33%
86%
71%
80%
Holidays and weather have slowed down things as we

expected, but nothing serious.
60%
57%
43%
40%
29%
14%
20%
More than expected
Meets expectations
0%
0%
0%
0%
50%
Home Prices
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 33
San Diego, CA Traffic Struggles to Gain Traction, Levels Still Well Short of Expectations
Our Traffic Index continues to trudge along at weak levels, with

Decembers reading of 21 up from 14 in November. Agents
continue to point to soft local economic conditions continues to
weigh on the demand environment. Some agents have seen
incremental buyers come in as interest rates have moved
lower, but not enough to meaningfully boost demand.
Prices continue to move lower in San Diego, as our index

came in at 35 in December, vs. 25 in November.
Inventories were generally flat in December, while the time to

sell lengthened, indicating prices could slip further.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Buyer interest continues to decline, traffic is low.
Worse than prior December slow downs.
Uncertainty about local economy.
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
18.8
8.3
16.7
18.8
14.3
20.5
6.2
Incentive Index
39.3
45.2
37.5
35.0
40.0
42.1
2.1
Home Listings
Index
21.9
22.9
14.7
20.5
45.7
45.7
0.0
74%
80%
32%
Time to Sell
Index
18.8
4.3
0.0
15.9
8.7
17.4
8.7

4%
Clients are afraid to buy, because they are afraid their

homes wont sell and will end up being stuck with two
properties.
Prospect of low interest rates brought some into the
market.
Home Price
Index
58.8
39.6
30.6
31.8
25.0
34.8
9.8
65%
52%
39%
60%
40%
35%
21%
64%
20%
9%
5%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 34
San Francisco, CA Price Pushback Continues, but Low Supply Gives Sellers the Upper Hand
Traffic met agents expectations in December, with our Buyer

Traffic Index improving to a neutral 52, up from 42 in
November. Agents suggested that prices have increased too
quickly and now present affordability challenges to many
buyers, but low inventory levels have not given buyers much
opportunity to successfully push back on price.
Prices continue to grind higher, with our Home Price Index

coming in at 60 for December, up slightly from November.
The vast majority of agents indicated inventory levels declined

from last month, which should support prices.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
No one can get loans because incomes are too low at these
prices.
Very little inventory out there and mostly all is overpriced.
Job growth and low interest rates.
Lack of inventory means happy holidays for sellers.
Rising rents are driving the market.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
32.4
44.7
40.5
42.0
42.0
51.9
9.9
Home Price
Index
88.2
58.3
59.5
56.3
58.0
59.6
1.6
Incentive Index
65.4
50.0
59.4
55.6
50.0
57.1
7.1
23%
Home Listings
Index
29.4
27.8
35.7
39.6
66.0
88.5
22.5

76%
80%
27%
Time to Sell
Index
44.1
27.8
32.5
27.1
31.3
44.0
12.8
60%
40%
48%
38%42%
32%
19%
20%
20%
19%
5%
0%
Home Prices
50%
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 35
Sarasota, FL Traffic Misses Expectations as Prices and Low Inventory Levels Challenge Buyers
Our Buyer Traffic Index gave back much of Novembers gains,

with a level of 25 registering for December, down from 46 last
month. Agents see stretched affordability for local buyers and
low inventory levels as the primary drivers behind the slower
traffic trends. More seasonal visitors renting instead of buying
may also be contributing to the slower pace of activity.
Price gains continued but were less broad-based in December

with our Price Index slipping to 58 from 80 in November.
Inventory levels contracted in December, but this was not

enough to prevent the time to sell from growing.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Home prices exceed local income levels.
Holiday slowdown seems deeper than past years. Seasonal

rental activity is, if anything, up.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
50.0
46.2
31.3
22.2
45.5
25.0
(20.5)
Home Price
Index
50.0
59.1
64.3
50.0
80.0
58.3
(21.7)
Incentive Index
50.0
50.0
50.0
35.7
40.0
50.0
10.0
50%
50%
70%
60%
50%
40%
30%
20%
10%
0%
67%
Meets expectations
Less than expected
67%
50%
33%
17%
Home Prices
More than expected
Time to Sell
Index
60.0
45.8
42.9
50.0
75.0
25.0
(50.0)

0%
Less buyers in the area amid low inventory.
Home Listings
Index
70.0
58.3
71.4
50.0
55.0
66.7
11.7
Increased
17%
17%
Incentives
Remained the same
17% 17%
Time to Sell
Decreased

December 14
Slide 36
Seattle, WA Fear of Higher Rates and Prices Help to Drive Some Urgency from Buyers
Demand improved again in December and remained above

agents expectations, with our Traffic Index increasing to 63
from 58 in November. Largely, agents noted that lower
mortgage rates have helped drum up demand, with many
buyers fearful 2015 will bring both price and rate increases
that would challenge future affordability.
Prices edged higher in December, with our Home Price Index

coming in at 57 up from 50 in November.
Home prices should see support as inventories fell and time to

sell shortened, coupled with solid traffic trends.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Buyers polled indicated that they wanted to lock in low

interest rates.
We are continuing to see strong inward migration as well as

investor interests.
Fear that rates and prices will rise in 2015.
Lack of new inventory has the buyers staying home.
Buyer Traffic
Index
18.2
35.0
26.2
26.9
58.3
63.3
5.0
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Home Price
Index
68.2
60.0
57.1
44.0
50.0
56.7
6.7
Incentive Index
59.1
47.1
40.0
31.3
35.3
42.3
7.0
20%
Home Listings
Index
54.5
28.9
23.8
42.0
66.7
70.0
3.3

100%
80%
47%
85%
67%
60%
60%
40%
27%
27%
13%
20%
33%
Meets expectations
15%
0%
7%
0%
Home Prices
More than expected
Time to Sell
Index
45.5
42.1
23.8
28.0
38.9
60.0
21.1
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 37
St. Louis, MO Buyers Step Toward Sidelines as Home Prices Slip Again
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Our Buyer Traffic Index indicated demand levels well below

expectations with a December reading of 25, down from 42 in
November. Despite the overall softness in buyer traffic, agents
did see pockets of activity brought on by increased confidence
from lower interest rates and improving employment markets.
Home prices slipped again in December, as indicated by our

Price Index landing at 38, vs. 42 in November.
Weak demand and increasing inventory levels have pushed the

average time on market higher recently, a negative for nearterm pricing trends.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Renewed confidence, low interest rates, low gas prices,

and improving jobs numbers.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
50.0
33.3
30.0
20.0
41.7
25.0
(16.7)
Home Price
Index
83.3
33.3
40.0
30.0
41.7
37.5
(4.2)
Incentive Index
25.0
50.0
62.5
62.5
37.5
33.3
(4.2)
Home Listings
Index
25.0
33.3
50.0
30.0
75.0
37.5
(37.5)
Time to Sell
Index
50.0
50.0
40.0
50.0
66.7
25.0
(41.7)

0%
75%
80%
67%
60%
50%
50%
50%50%
40%
25%
33%
20%
0%
0%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 38
Tampa, FL Traffic Comes in Below Expectations, but Retirees and Cash Buyers Still There
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Lack of qualified purchasers.
A balancing of less capable buyers offset by more retirees

maintained acceptable activity.
Traffic dipped back just below agents expectations, as our

Traffic Index came in at 40 in December down from 50 in
November. Agents indicated many traditional buyers have been
priced out of the market, unable to meet loan qualifications, but
all-cash and retiree buyers showed interest prior to year-end.
Home values appreciated in December, but likely at a slower

rate than trends seen earlier this year. Our Price Index slipped
to 57 from 77 in November.
Price gains could be limited in coming months as demand has

been soft, inventories stabilized and the time to sell increased.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
True buyers this month want to close by 12/31-mostly cash

buyers.
Buyer Traffic
Index
35.7
45.2
36.7
33.3
50.0
40.0
(10.0)
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Home Price
Index
82.1
69.0
63.3
63.3
77.3
57.1
(20.1)
Incentive Index
46.4
47.6
39.3
36.7
31.8
42.9
11.0
Home Listings
Index
64.3
57.1
60.0
76.7
72.7
50.0
(22.7)
Time to Sell
Index
46.4
50.0
43.3
66.7
59.1
39.3
(19.8)

13%
60%
50%
40%
30%
20%
10%
0%
33%
People want to lock in low interest rates.

54%
More than expected
Meets expectations
50%
43%
36%
43%
36%
21%
21%
14%
Home Prices
Less than expected
36%
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 39
Tucson, AZ Traffic Continues to Disappoint, Though Home Prices Start to Flatten Out
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Early snowbirds seem more inclined to buy rather than just

rent so far this winter.
Very little traffic.
Distressed sales have dropped significantly over this time

last year.
Snowbirds are back and buying.
Demand took a step back in December, with our Buyer Traffic

Index slipping to 35 from 45 in November. Agents noted overall
trends remain sluggish with distressed sales slowing
significantly from this time last year. However, early signs from
snowbirds seem encouraging for the season.
Prices were flat in December with our Price Index landing at

50 from 45 in Novemberthe first flat pricing month since July.
Soft pricing trends could persist into 2015, though, as our

agents indicated that supply and the time to sell continued to
grow as weak demand trends have persisted.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
25.0
30.8
45.0
35.7
45.0
35.0
(10.0)
Home Price
Index
50.0
38.5
35.0
42.9
45.0
50.0
5.0
Incentive Index
37.5
42.3
45.0
46.2
40.0
40.0
0.0
Home Listings
Index
54.2
53.8
40.0
32.1
30.0
40.0
10.0
Time to Sell
Index
20.8
30.8
40.0
46.4
27.8
40.0
12.2

20%
100%
80%
60%
50%
40%
A more traditional market.
80%
60%
40%40%
20%
20%
20%
30%
20%
20%
0%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 40
Virginia Beach, VA Flat Price Trends and Economic Improvement Lead to More Balanced Market
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Traffic slipped and returned to levels in-line with agents

expectations, as our Traffic Index fell to 50 in December from
60 in November. Agents noted conditions have stabilized, as
the local economy has improved and flatter price trends have
led to a more favorable buying environment.
Home prices were flat in December, with our Price Index

improving to a neutral 50 from 40 in November.
The time to sell in December remained generally consistent

with November, while inventories levels fell these trends plus
solid demand should support home prices.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Reduced prices have helped close some deals.
Better economy and low rates.
Many remain unemployed, dampening confidence of those

with jobs.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
33.3
21.4
41.7
43.8
60.0
50.0
(10.0)
Home Price
Index
33.3
57.1
41.7
43.8
40.0
50.0
10.0
Incentive Index
16.7
16.7
33.3
18.8
37.5
42.9
5.4
14%
Home Listings
Index
33.3
50.0
16.7
43.8
40.0
64.3
24.3
Time to Sell
Index
33.3
57.1
41.7
25.0
70.0
50.0
(20.0)

14%
100%
86%
80%
60%
40%
43%
29%
29%
33%33% 33%
14%
20%
0%
0%
Home Prices
72%
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 41
Washington, D.C. Traffic Comes in Well Shy of Expectations Again as Prices Move Lower
Buyer traffic continued to disappoint in the D.C. area, as our

Traffic Index came in at 29 for December, from 26 last month.
Potential buyers remain cautious about the local economy and
employment markets, which has weighed on buyer traffic.
Hope remains among agents that lower rates will bring a more
active environment in 2015.
Prices moved lower again in December, with our Price Index

hitting 35, vs. 30 in November.
Inventories stopped rising in December, but the still-weak

demand pushed the time to sell higher.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
100
90
80
70
60
50
40
30
20
10
0
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
I don't think the public is aware that the rates have fallen
again. If they stay around 3.75% in January we should have
a good start to the year.
Since the elections are over buyer interest has picked up.
Buyers see inventory is falling pushing them to act before

they have no choices. Many have been sitting on the fence
too long.
The economy in Northern VA is closely tied to govt.

contracting which has shrunk a great deal the past year so I
believe buyers don't feel secure about their jobs.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
30.8
25.0
11.4
8.7
25.9
29.3
3.4
Home Price
Index
39.3
41.4
34.1
37.0
29.6
34.5
4.9
Incentive Index
50.0
30.0
29.4
30.6
39.6
42.9
3.3
Home Listings
Index
28.6
21.4
26.2
30.4
29.6
55.0
25.4
Time to Sell
Index
14.3
19.6
7.1
11.4
8.9
12.5
3.6

17%
100%
79%
80%
60%
59%
24%
64%
48%
41%
40%
20%
25%
11%
10%
18%
4%
0%
Home Prices
More than expected
Meets expectations
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 42
Wilmington, NC Traffic Remains Weak as Buyers Struggle to Find Affordable Homes

100
90
80
70
60
50
40
30
20
10
0
Our Buyer Traffic Index moved up to 38 in December from 30

in November, but remained below a neutral 50. Agents
suggested current supply consists of too many high priced
properties, frustrating buyers looking for more affordable and
well-priced homes. Some agents have seen more activity
where homes are priced well.
Home prices rose modestly, marking the 6th consecutive month

of gains, with our Price Index increasing to 63.
Inventories held flat in December, but the time to sell grew

again, which could limit further price gains.
Dec-14
Oct-14
Nov-14
Sep-14
Jul-14
Aug-14
Jun-14
Apr-14
May-14
Mar-14
Jan-14
Feb-14
Dec-13
Oct-13
Nov-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Mar-13
Jan-13
Feb-13
Our Take:
Dec-12
Buyer Traffic Index
Dec-14
Nov-14
Oct-14
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
Dec-13
Nov-13
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
Feb-13
Jan-13
100
90
80
70
60
50
40
30
20
10
0
Dec-12
Home Price Index
Continued soft market. Oversupply of high priced houses

and few buyers.
Seasonal slow down but even less business than normal.

Even the lookers are not showing up.
Pricing and improving national and local economies is

helping.
Month
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Point Change
Buyer Traffic
Index
56.3
31.3
42.9
50.0
30.0
37.5
7.5
Home Price
Index
75.0
62.5
57.1
64.3
60.0
62.5
2.5
Incentive Index
43.8
50.0
50.0
42.9
50.0
37.5
(12.5)
Time to Sell
Index
75.0
42.9
35.7
35.7
50.0
31.3
(18.8)

12%
80%
38%
Home Listings
Index
37.5
50.0
42.9
28.6
50.0
50.0
0.0
75%
75%
60%
40%
50%
38%
25%
25%
13%
20%
0%
50%
Home Prices
More than expected
Meets expectations
0%
0%
Less than expected
Increased
Incentives
Remained the same
Time to Sell
Decreased

December 14
Slide 43
Appendix:
December 14
Slide 44
Historical Trends: Buyer Traffic Index

BUYER TRAFFIC INDEX
Atlanta, GA
Austin, TX
Baltimore, MD
Boston, MA
Charleston, SC
Charlotte, NC
Chicago, IL
Cincinnati, OH
Columbus, OH
Dallas, TX
Denver, CO
Detroit, MI
Fort Myers, FL
Houston, TX
Inland Empire, CA
Jacksonville, FL
Las Vegas, NV
Los Angeles, CA
Miami, FL
Minneapolis, MN
Nashville, TN
New York-Northern NJ
Orlando, FL
Phila.-Southern NJ
Phoenix, AZ
Portland, OR
Raleigh, NC
Richmond, VA
Sacramento, CA
San Antonio, TX
San Diego, CA
San Francisco, CA
Sarasota, FL
Seattle, WA
St. Louis, MO
Tampa, FL
Tucson, AZ
Virginia Beach, VA
Washington, DC
Wilmington, NC
Total
Dec-12
53.3
53.1
38.9
50.0
50.0
50.0
46.4
59.1
50.0
58.3
56.8
37.5
28.6
50.0
66.7
56.3
63.3
68.0
55.3
39.5
61.1
32.6
35.7
54.5
39.6
54.2
40.0
50.0
73.3
43.8
60.0
70.0
62.5
73.5
43.8
39.5
55.0
37.5
48.2
75.0
52.0
Jan-13
45.5
57.1
33.3
61.1
25.0
75.0
60.6
71.4
50.0
56.3
69.6
40.0
47.4
61.9
70.8
75.0
61.9
66.7
60.3
57.4
61.1
45.8
34.6
63.9
42.6
57.5
42.9
87.5
64.3
81.8
68.2
80.4
50.0
69.4
50.0
53.3
50.0
70.0
63.8
75.0
59.0
Feb-13
73.1
76.7
66.7
73.3
25.0
86.4
68.3
70.0
57.1
70.8
73.9
58.3
50.0
77.8
63.6
68.8
60.9
59.3
57.6
64.3
83.3
57.5
47.1
63.0
53.9
63.2
50.0
87.5
76.9
72.2
71.1
80.4
50.0
66.7
75.0
66.7
36.4
63.6
69.0
70.0
65.1
Mar-13
63.6
76.7
61.1
80.8
57.1
90.9
63.5
66.7
40.0
91.7
70.8
67.5
37.5
62.5
71.1
66.7
65.2
66.7
69.7
52.9
75.0
62.3
52.9
57.1
50.0
75.0
57.1
75.0
78.6
75.0
81.8
81.3
55.0
65.0
64.3
52.4
65.0
78.6
63.0
58.3
66.1
Apr-13
53.6
81.8
25.0
75.0
33.3
65.4
59.6
50.0
68.8
80.0
75.0
57.1
53.3
91.7
65.0
68.8
75.0
66.7
66.7
60.0
80.8
51.0
34.4
61.1
58.3
68.2
56.3
75.0
80.8
55.0
72.2
82.6
70.0
61.1
50.0
63.9
70.0
64.3
64.6
83.3
64.4
May-13
53.1
80.8
38.9
66.7
64.3
66.7
68.3
50.0
50.0
65.0
68.8
53.8
58.3
77.8
63.2
71.4
65.9
76.5
75.8
73.1
72.7
60.4
61.8
56.8
55.8
60.7
57.1
58.3
66.7
78.6
61.1
68.8
66.7
60.0
50.0
76.9
62.5
62.5
61.7
50.0
63.4
Jun-13
42.9
63.3
30.0
67.9
50.0
60.0
64.0
33.3
70.0
70.0
63.2
47.5
60.0
71.4
75.0
55.0
61.1
63.0
64.3
55.3
68.2
46.7
45.0
61.5
65.2
63.3
70.0
58.3
66.7
63.6
76.3
61.5
62.5
67.6
50.0
65.6
70.8
75.0
52.1
62.5
60.5
Jul-13
47.1
61.1
28.6
46.9
80.0
50.0
55.8
42.9
42.9
56.3
55.0
50.0
59.1
70.8
53.3
37.5
46.2
52.1
55.9
55.9
54.5
52.3
46.9
52.6
38.0
29.2
38.9
70.0
61.1
78.6
50.0
47.6
57.1
46.7
75.0
50.0
66.7
50.0
52.2
50.0
52.9
Aug-13 Sep-13
35.7
17.4
65.4
46.7
50.0
20.0
47.2
25.0
41.7
43.8
31.3
38.9
50.0
44.8
66.7
20.0
37.5
45.0
40.0
50.0
34.0
30.6
46.9
36.7
60.0
61.1
68.2
41.7
54.5
22.7
75.0
11.1
36.1
23.7
47.2
38.5
46.0
30.0
62.5
37.5
61.1
21.4
42.9
30.6
25.0
38.9
37.5
41.7
43.1
22.1
38.5
38.5
30.0
30.0
50.0
83.3
20.0
40.0
61.1
31.3
41.7
29.5
43.3
40.9
57.1
64.3
40.0
37.5
33.3
16.7
31.8
42.9
27.3
35.0
50.0
33.3
27.3
34.2
50.0
50.0
45.2
36.2
Oct-13
12.5
34.6
8.3
39.3
40.0
33.3
25.0
25.0
28.6
50.0
40.5
42.1
38.5
44.4
13.6
25.0
38.6
37.0
32.7
32.1
27.3
27.5
4.2
30.0
18.6
25.0
40.0
31.3
8.3
25.0
20.0
31.8
31.3
0.0
12.5
23.1
27.8
33.3
25.0
41.7
28.1
Nov-13
41.7
35.0
25.0
40.6
37.5
42.3
36.5
45.0
35.7
38.9
40.5
25.0
45.0
25.0
50.0
27.8
27.8
23.7
29.5
17.6
33.3
23.3
15.6
25.0
17.6
26.9
42.9
33.3
12.5
56.3
25.0
37.0
40.0
16.7
62.5
30.8
30.0
0.0
31.5
25.0
31.9
Dec-13
45.0
35.0
30.0
26.2
30.0
42.9
42.6
50.0
33.3
31.3
35.7
21.4
50.0
33.3
50.0
43.8
33.3
32.6
32.7
20.0
36.4
27.9
11.1
26.9
32.7
41.7
40.0
41.7
20.0
30.0
21.9
36.8
50.0
35.7
66.7
31.3
50.0
50.0
19.2
16.7
35.1
Jan-14
45.0
59.4
50.0
23.8
10.0
50.0
29.5
28.6
37.5
54.2
43.8
18.4
42.9
40.9
33.3
45.8
29.4
50.0
33.3
33.3
50.0
38.9
40.0
30.0
25.8
50.0
28.6
50.0
31.8
40.0
23.7
54.2
22.7
46.9
25.0
46.4
57.1
50.0
39.6
16.7
38.2
Feb-14
54.5
54.2
5.6
42.9
37.5
50.0
32.8
66.7
14.3
61.1
37.5
19.4
35.7
44.4
35.0
25.0
25.0
38.6
37.0
28.6
37.5
21.4
35.7
7.1
29.0
46.9
25.0
25.0
25.0
50.0
53.6
57.9
33.3
47.7
40.0
44.1
25.0
33.3
31.3
12.5
35.7
Mar-14
33.3
55.6
0.0
37.5
58.3
35.7
32.8
25.0
50.0
66.7
47.2
32.4
40.9
50.0
25.0
71.4
28.9
52.0
45.8
20.8
38.9
36.9
18.2
36.7
23.4
42.3
30.0
33.3
22.2
56.3
46.7
50.0
56.3
56.5
66.7
41.7
44.4
60.0
47.1
58.3
41.9
Apr-14
41.2
59.1
37.5
47.5
50.0
50.0
40.3
41.7
30.0
87.5
54.3
39.5
35.0
59.1
28.6
60.0
35.3
42.9
31.5
50.0
45.8
29.7
40.9
38.5
19.4
50.0
21.4
50.0
25.0
75.0
30.0
57.5
57.1
67.6
50.0
53.3
37.5
16.7
42.3
25.0
43.8
May-14
35.3
53.8
30.0
46.4
50.0
50.0
37.1
50.0
27.8
50.0
50.0
34.4
27.3
50.0
10.0
58.3
30.4
41.3
35.7
56.7
35.0
26.1
40.9
23.1
29.6
60.7
37.5
30.0
25.0
40.0
23.1
56.7
44.4
40.6
37.5
50.0
33.3
40.0
20.6
40.0
39.0
Jun-14
28.1
45.5
33.3
46.9
50.0
25.0
27.6
30.0
58.3
75.0
39.3
40.0
56.3
32.1
10.0
50.0
36.7
44.7
38.2
38.9
50.0
23.2
31.3
27.8
21.4
50.0
20.0
40.0
22.2
43.8
23.1
46.4
43.8
23.1
33.3
25.0
20.8
20.0
16.7
50.0
35.9
Jul-14
20.6
45.0
40.0
36.8
30.0
30.0
27.3
28.6
50.0
55.6
29.2
25.0
50.0
22.2
15.0
35.7
42.9
34.6
19.2
31.8
31.8
23.8
42.3
25.0
16.7
41.7
28.6
50.0
31.8
55.0
18.8
32.4
50.0
18.2
50.0
35.7
25.0
33.3
30.8
56.3
34.2
Aug-14 Sep-14
40.0
14.3
46.9
20.0
38.9
14.3
22.2
35.0
50.0
33.3
42.3
28.6
28.8
17.1
41.7
25.0
37.5
40.0
41.7
50.0
41.3
37.0
25.0
37.5
42.3
50.0
50.0
33.3
13.3
7.1
27.8
20.0
26.9
25.0
25.6
24.1
32.0
29.0
26.9
27.8
45.8
36.4
24.5
19.0
20.8
27.8
32.4
36.8
16.1
15.6
30.0
37.5
50.0
23.1
50.0
20.0
34.6
32.1
66.7
43.8
8.3
16.7
44.7
40.5
46.2
31.3
35.0
26.2
33.3
30.0
45.2
36.7
30.8
45.0
21.4
41.7
25.0
11.4
31.3
42.9
34.8
29.6
Oct-14
23.3
19.2
20.0
37.0
30.0
25.0
9.1
33.3
12.5
20.0
44.2
19.4
50.0
57.1
19.2
33.3
14.7
21.7
25.0
32.1
36.4
18.6
38.9
26.5
19.6
36.4
28.6
25.0
34.6
58.3
18.8
42.0
22.2
26.9
20.0
33.3
35.7
43.8
8.7
50.0
29.3
Nov-14
33.3
58.3
5.0
43.8
38.9
50.0
20.3
33.3
18.8
33.3
48.0
29.4
54.2
36.7
20.8
50.0
20.0
33.9
29.6
15.4
31.3
18.6
40.9
23.5
12.9
56.7
37.5
37.5
14.7
50.0
14.3
42.0
45.5
58.3
41.7
50.0
45.0
60.0
25.9
30.0
35.2

December 14
Slide 45
Dec-14
40.0
37.5
33.3
30.0
42.9
38.9
27.4
41.7
38.9
22.2
59.5
36.1
25.0
31.8
13.3
50.0
26.7
42.6
38.5
35.3
46.2
25.6
27.8
29.2
25.0
53.8
45.0
33.3
34.6
58.3
20.5
51.9
25.0
63.3
25.0
40.0
35.0
50.0
29.3
37.5
36.7
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
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
Dec-12
55.6
78.1
50.0
70.0
70.0
72.2
44.6
54.5
54.5
54.2
65.9
79.2
85.7
79.4
78.1
75.0
93.3
88.0
88.2
78.6
50.0
41.5
80.0
47.7
78.3
75.0
60.0
33.3
100.0
62.5
76.7
89.5
85.7
86.7
56.3
73.5
75.0
50.0
70.7
25.0
68.3
Jan-13
36.4
82.1
55.6
80.6
75.0
85.0
62.0
57.1
75.0
81.3
82.1
66.7
85.0
83.3
83.3
75.0
97.6
83.9
92.6
83.3
77.8
47.9
73.1
47.2
75.9
82.5
50.0
75.0
92.3
77.3
90.9
96.3
92.9
83.3
60.0
83.3
71.4
40.0
78.9
66.7
74.6
Feb-13
84.6
93.3
58.3
86.7
66.7
81.8
60.9
60.0
68.8
79.2
87.5
86.1
75.0
81.6
81.8
87.5
97.8
94.4
88.2
87.9
83.3
59.6
73.5
54.3
87.8
81.6
60.0
62.5
100.0
94.4
94.7
98.2
92.9
88.1
66.7
75.0
81.8
54.5
92.9
60.0
79.3
Mar-13
83.3
96.7
80.0
88.5
85.7
100.0
76.4
58.3
60.0
83.3
89.6
85.0
77.3
79.2
89.5
91.7
97.9
98.0
92.1
80.6
70.8
68.6
82.4
67.9
87.1
85.7
78.6
83.3
100.0
83.3
97.6
100.0
88.9
90.0
78.6
88.1
85.0
85.7
84.1
50.0
83.7
Apr-13
82.1
95.8
100.0
91.7
66.7
83.3
70.0
81.3
78.6
96.7
93.8
89.3
78.6
86.8
90.0
87.5
100.0
96.6
92.4
92.9
73.1
66.3
81.3
63.9
93.2
86.4
81.3
83.3
88.5
80.0
94.4
100.0
80.0
87.5
71.4
88.2
80.0
78.6
95.8
66.7
84.8
May-13
93.3
100.0
83.3
91.7
85.7
87.5
81.3
78.6
83.3
90.0
85.7
87.5
75.0
97.2
97.4
71.4
97.6
97.1
93.9
88.5
81.8
69.8
91.2
65.9
92.3
86.7
78.6
83.3
100.0
81.3
91.7
95.5
90.0
91.7
50.0
79.2
68.8
87.5
85.0
60.0
84.9
Jun-13
80.0
85.7
100.0
92.9
91.7
90.0
80.0
58.3
100.0
86.7
86.8
90.0
83.3
92.3
100.0
75.0
100.0
95.7
86.1
92.1
81.8
64.8
95.5
69.2
95.7
90.0
90.0
66.7
100.0
81.8
89.5
90.4
92.9
96.9
83.3
96.7
83.3
83.3
86.0
87.5
87.3
Jul-13
81.3
94.4
71.4
80.0
90.0
80.0
80.0
71.4
83.3
75.0
83.3
86.1
95.5
87.5
90.0
62.5
90.4
85.4
92.6
85.3
90.9
70.5
86.7
63.2
82.7
87.5
72.2
80.0
100.0
64.3
80.8
90.5
87.5
85.7
87.5
100.0
77.8
66.7
63.0
87.5
82.3
Aug-13 Sep-13
78.6
61.9
84.6
80.0
56.3
80.0
77.8
65.8
75.0
75.0
92.9
77.8
61.7
75.9
80.0
60.0
75.0
70.0
80.0
80.0
72.0
52.5
81.3
80.0
94.4
83.3
86.4
87.5
86.4
63.6
62.5
72.2
86.1
75.0
77.8
76.0
81.3
84.0
68.2
58.3
88.9
64.3
71.4
55.1
80.0
77.8
65.6
57.9
82.8
78.6
69.2
66.7
50.0
70.0
83.3
83.3
95.0
63.6
80.0
75.0
75.0
47.7
81.3
76.2
80.0
83.3
77.8
65.4
50.0
66.7
77.3
76.7
72.7
75.0
50.0
70.0
72.9
63.2
66.7
85.7
75.7
71.5
Oct-13
63.6
61.5
41.7
75.0
70.0
61.1
43.8
40.0
50.0
72.2
39.1
63.9
84.6
80.0
54.5
50.0
54.8
56.3
80.8
50.0
59.1
56.4
45.8
46.7
47.1
62.5
60.0
50.0
45.8
64.3
42.1
54.8
66.7
64.3
50.0
73.1
44.4
33.3
64.3
58.3
57.0
Nov-13
54.2
60.0
60.0
62.5
62.5
76.9
53.7
60.0
57.1
62.5
44.7
63.9
75.0
75.0
61.1
72.2
61.1
58.3
72.7
52.9
61.1
51.1
62.5
36.1
51.5
42.3
57.1
58.3
37.5
81.3
17.9
68.8
55.6
54.5
75.0
73.1
60.0
25.0
46.4
58.3
58.0
Dec-13
60.0
75.0
70.0
57.1
70.0
85.7
55.9
57.1
41.7
50.0
52.4
60.7
75.0
70.0
75.0
56.3
44.4
60.9
69.2
45.0
68.2
59.5
72.2
50.0
42.3
50.0
55.6
58.3
50.0
60.0
28.1
62.5
68.8
53.6
50.0
62.5
64.3
20.0
46.4
33.3
57.2
Jan-14
65.8
84.4
66.7
70.0
60.0
66.7
60.5
71.4
68.8
87.5
62.5
52.6
78.6
72.7
54.2
62.5
44.1
77.8
75.0
61.1
76.9
62.5
65.0
44.7
45.0
57.7
56.3
50.0
63.6
75.0
58.3
78.3
75.0
75.0
50.0
69.2
78.6
40.0
52.1
66.7
64.6
Feb-14
86.4
91.7
66.7
64.3
75.0
75.0
62.1
66.7
64.3
80.0
68.8
55.6
71.4
90.0
70.0
60.0
57.1
75.0
67.9
63.3
68.8
57.1
57.7
42.9
45.0
65.6
50.0
62.5
50.0
78.6
53.6
80.6
63.6
76.2
70.0
61.8
45.0
50.0
63.3
75.0
65.7
Mar-14
87.5
94.4
66.7
65.6
66.7
85.7
58.1
75.0
64.3
88.9
70.6
58.3
68.2
80.8
55.0
71.4
63.9
78.0
75.0
70.8
77.8
67.9
63.6
64.3
40.3
76.9
70.0
83.3
50.0
93.8
56.7
95.0
85.7
81.8
83.3
73.7
38.9
66.7
64.7
75.0
71.4
Apr-14
81.3
95.0
61.1
73.8
83.3
80.0
67.7
66.7
80.0
100.0
92.9
89.5
55.0
95.0
57.1
70.0
73.5
72.5
75.0
75.0
77.3
71.3
59.1
64.3
32.3
83.3
85.7
85.7
60.0
87.5
66.7
95.0
58.3
88.2
50.0
76.7
58.3
50.0
71.4
70.0
73.4
May-14
76.5
92.3
60.0
78.6
70.0
80.0
67.2
77.8
90.0
93.8
84.1
78.1
68.2
86.4
60.0
66.7
56.5
71.7
77.8
73.3
75.0
63.3
68.2
60.7
35.7
75.0
87.5
80.0
62.5
83.3
53.8
90.0
57.1
80.8
75.0
81.8
37.5
33.3
59.4
60.0
70.7
Jun-14
68.8
90.9
66.7
56.7
83.3
83.3
60.3
70.0
90.0
100.0
71.4
76.7
62.5
85.7
65.0
92.9
59.4
71.1
70.6
72.2
65.0
59.2
75.0
50.0
32.1
86.4
70.0
50.0
66.7
66.7
53.8
85.7
57.1
80.8
78.6
62.5
70.8
20.0
45.8
50.0
68.1
Jul-14
64.7
80.0
70.0
68.4
80.0
70.0
57.5
71.4
92.9
81.3
75.0
62.5
58.3
72.2
65.0
64.3
73.3
55.6
74.0
59.1
61.1
52.5
57.1
38.5
32.7
75.0
56.3
41.7
62.5
75.0
58.8
88.2
50.0
68.2
83.3
82.1
50.0
33.3
39.3
75.0
64.4
Aug-14 Sep-14
73.3
47.6
60.0
60.7
44.4
50.0
64.7
67.5
64.3
83.3
57.7
42.9
48.4
41.4
70.0
33.3
68.8
70.0
91.7
54.5
63.0
50.0
60.7
61.8
80.8
78.6
82.4
72.2
43.8
57.7
72.2
65.0
53.8
47.2
56.6
39.7
78.0
62.9
57.7
41.7
68.2
63.6
46.9
41.9
50.0
66.7
50.0
39.5
30.6
37.5
63.3
62.5
55.6
53.8
50.0
30.0
60.7
46.4
72.2
56.3
39.6
30.6
58.3
59.5
59.1
64.3
60.0
57.1
33.3
40.0
69.0
63.3
38.5
35.0
57.1
41.7
41.4
34.1
62.5
57.1
59.0
52.7
Oct-14
43.3
57.7
50.0
52.2
75.0
57.1
37.9
50.0
71.4
66.7
44.2
44.4
70.0
75.0
30.8
66.7
44.4
39.7
66.2
50.0
66.7
41.7
55.6
29.4
21.4
63.6
57.1
50.0
50.0
66.7
31.8
56.3
50.0
44.0
30.0
63.3
42.9
43.8
37.0
64.3
51.5
Nov-14
57.1
50.0
44.4
47.8
55.6
50.0
36.5
50.0
50.0
54.2
52.1
41.2
77.3
70.0
54.2
50.0
50.0
48.4
68.5
34.6
68.8
39.3
63.6
38.2
25.8
67.9
61.5
37.5
37.5
75.0
25.0
58.0
80.0
50.0
41.7
77.3
45.0
40.0
29.6
60.0
51.6

December 14
Slide 46
Dec-14
55.0
58.3
44.4
50.0
56.3
66.7
38.1
41.7
61.1
44.4
59.5
47.2
80.0
68.2
37.5
50.0
53.3
51.9
63.5
47.1
65.4
42.6
45.0
38.5
28.6
64.3
65.0
50.0
38.5
78.6
34.8
59.6
58.3
56.7
37.5
57.1
50.0
50.0
34.5
62.5
52.3
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
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
Dec-12
43.8
53.1
33.3
60.5
40.0
44.4
50.0
55.0
35.0
45.0
50.0
40.9
50.0
44.1
60.0
31.3
56.7
57.1
45.9
55.3
55.6
54.9
40.0
57.9
41.7
45.8
37.5
50.0
50.0
62.5
60.7
65.6
57.1
63.3
43.8
46.7
50.0
50.0
50.0
62.5
49.9
Jan-13
45.5
57.1
62.5
52.8
50.0
54.5
50.0
42.9
50.0
50.0
51.9
60.7
40.0
45.2
45.5
35.7
57.1
59.5
50.0
48.6
68.8
53.8
53.8
70.0
50.0
47.5
58.3
62.5
54.5
40.9
60.0
58.3
42.9
55.9
75.0
53.3
46.4
40.0
45.8
50.0
52.4
Feb-13
42.9
66.7
50.0
53.6
50.0
45.5
57.4
50.0
42.9
50.0
52.2
55.6
38.9
50.0
59.1
43.8
65.9
48.0
48.5
42.3
50.0
45.5
47.1
50.0
56.1
50.0
50.0
50.0
77.3
43.8
64.7
64.6
50.0
65.8
50.0
50.0
31.8
45.5
55.0
50.0
51.5
Mar-13
50.0
63.3
55.6
65.4
50.0
63.6
51.6
58.3
40.0
54.5
54.5
55.3
45.5
45.8
41.7
58.3
66.7
52.3
54.5
47.2
70.8
48.9
38.2
50.0
48.3
57.1
50.0
66.7
66.7
33.3
65.0
62.5
50.0
65.8
28.6
50.0
38.9
57.1
57.1
40.0
53.0
Apr-13
46.4
69.2
50.0
60.0
50.0
46.2
41.7
50.0
50.0
67.9
65.0
57.7
42.9
47.4
50.0
37.5
57.5
63.5
40.0
42.9
65.4
51.1
50.0
50.0
60.0
50.0
57.1
50.0
54.2
40.0
59.4
67.6
60.0
59.4
41.7
52.9
44.4
64.3
54.3
50.0
52.9
May-13
43.3
63.6
43.8
59.1
50.0
66.7
50.0
57.1
41.7
66.7
60.9
45.5
41.7
62.5
61.1
50.0
73.8
65.0
51.6
41.7
68.2
57.1
58.8
50.0
44.0
56.7
57.1
58.3
59.1
43.8
56.7
61.5
50.0
68.8
25.0
54.5
56.3
33.3
57.1
50.0
54.1
Jun-13
35.7
65.4
60.0
53.6
58.3
70.0
45.2
50.0
40.0
53.3
44.1
50.0
43.3
66.7
45.8
45.0
61.8
53.1
48.6
52.8
70.0
59.0
50.0
54.2
50.0
53.3
50.0
41.7
75.0
45.5
67.6
67.5
64.3
62.5
75.0
39.3
45.5
50.0
63.6
37.5
54.1
Jul-13
50.0
44.4
57.1
64.3
60.0
65.0
45.8
50.0
58.3
75.0
45.0
55.9
40.9
63.6
64.3
50.0
64.0
55.0
46.9
55.9
72.7
53.6
57.1
50.0
47.9
54.2
68.8
70.0
64.3
42.9
54.5
52.8
68.2
57.1
25.0
56.3
50.0
41.7
50.0
62.5
55.3
Aug-13 Sep-13
42.9
52.5
50.0
43.3
42.9
40.0
61.8
52.8
50.0
42.9
50.0
50.0
50.0
55.8
60.0
50.0
62.5
40.0
55.0
50.0
48.0
47.4
43.3
50.0
33.3
38.9
54.5
41.7
60.0
36.4
43.8
44.4
55.6
30.6
43.8
56.5
48.0
50.0
45.5
50.0
68.8
64.3
51.7
58.0
55.0
50.0
60.0
44.4
55.4
54.8
50.0
50.0
50.0
60.0
66.7
66.7
56.3
45.0
55.0
35.7
61.1
50.0
69.2
52.8
50.0
58.3
66.7
54.5
50.0
75.0
59.1
42.9
54.5
40.0
37.5
33.3
45.0
55.3
50.0
50.0
52.8
49.1
Oct-13
36.4
50.0
40.0
65.4
37.5
56.3
53.7
40.0
41.7
44.4
32.5
44.1
42.3
60.0
54.5
33.3
21.4
50.0
42.3
46.4
50.0
44.6
29.2
50.0
34.8
45.5
40.0
42.9
40.9
35.7
46.2
47.2
33.3
37.5
0.0
26.9
50.0
50.0
47.6
41.7
42.2
Nov-13
29.2
45.0
50.0
66.7
50.0
53.8
50.0
30.0
42.9
25.0
36.1
50.0
45.0
33.3
37.5
44.4
32.4
50.0
45.5
46.9
38.9
53.8
34.4
40.0
37.1
45.8
40.0
33.3
37.5
12.5
46.2
50.0
50.0
36.4
50.0
37.5
35.0
25.0
44.0
33.3
41.1
Dec-13
25.0
40.0
60.0
60.0
50.0
64.3
43.3
35.7
33.3
28.6
31.0
50.0
25.0
50.0
44.4
37.5
22.2
52.6
42.0
50.0
50.0
54.1
33.3
54.5
44.0
50.0
43.8
41.7
25.0
35.0
46.2
47.1
37.5
34.6
33.3
37.5
42.9
40.0
46.2
58.3
42.5
Jan-14
36.1
56.3
50.0
65.0
50.0
38.9
52.9
35.7
35.7
50.0
50.0
44.4
58.3
44.4
40.0
33.3
25.0
58.3
52.6
47.1
53.8
56.1
44.4
50.0
32.1
46.2
37.5
40.0
45.0
55.0
50.0
60.0
50.0
46.4
50.0
50.0
50.0
50.0
43.2
50.0
47.1
Feb-14
30.0
37.5
44.4
57.1
50.0
58.3
40.7
30.0
42.9
50.0
50.0
50.0
41.7
60.0
43.8
35.0
28.6
52.5
42.6
50.0
50.0
57.9
42.3
44.4
32.8
50.0
40.0
25.0
37.5
50.0
54.2
63.3
54.5
50.0
37.5
44.1
55.0
50.0
39.3
37.5
45.3
Mar-14
36.4
55.6
33.3
46.7
60.0
41.7
51.8
50.0
41.7
61.1
50.0
50.0
27.8
45.8
33.3
28.6
28.9
50.0
43.8
37.5
50.0
56.8
45.5
46.2
37.5
50.0
50.0
33.3
28.6
62.5
50.0
62.5
50.0
52.8
33.3
36.8
38.9
41.7
46.9
58.3
45.1
Apr-14
46.9
60.0
33.3
60.5
50.0
40.0
53.7
58.3
30.0
56.3
54.8
58.3
60.0
60.0
35.7
30.0
23.5
47.1
41.1
50.0
62.5
55.7
50.0
45.5
30.0
56.3
50.0
28.6
33.3
62.5
60.0
62.5
50.0
67.6
50.0
43.3
25.0
50.0
46.2
60.0
48.5
May-14
29.4
53.8
50.0
57.1
33.3
40.0
51.9
44.4
60.0
68.8
54.5
66.7
40.9
55.6
55.0
70.0
30.4
56.3
42.9
46.7
65.0
46.1
40.9
54.2
23.2
57.7
50.0
40.0
37.5
33.3
50.0
53.3
21.4
62.5
16.7
40.9
33.3
33.3
33.3
50.0
46.3
Jun-14
50.0
59.1
50.0
60.0
66.7
25.0
52.0
40.0
30.0
62.5
46.4
60.7
37.5
50.0
44.4
25.0
21.9
46.4
35.3
44.4
40.9
51.4
43.8
43.8
33.3
58.3
70.0
30.0
31.3
38.9
37.5
54.5
42.9
62.5
25.0
29.2
45.5
40.0
35.0
50.0
44.3
Jul-14
38.2
55.0
50.0
55.6
75.0
40.0
44.1
50.0
42.9
61.1
40.9
45.5
41.7
44.4
30.0
57.1
32.1
52.3
41.7
45.5
43.8
58.8
41.7
59.1
21.2
45.8
50.0
16.7
25.0
35.0
39.3
65.4
50.0
59.1
25.0
46.4
37.5
16.7
50.0
43.8
44.3
Aug-14 Sep-14
35.7
38.1
40.6
32.1
50.0
35.7
50.0
50.0
40.0
40.0
50.0
35.7
46.8
45.0
20.0
33.3
42.9
33.3
40.0
40.9
37.0
38.6
42.3
46.9
46.2
46.4
47.1
38.9
33.3
46.4
27.8
35.0
15.4
27.8
44.4
50.0
45.8
36.7
46.2
27.8
54.5
45.5
50.0
55.6
35.0
38.9
41.2
52.8
25.9
26.6
50.0
50.0
50.0
42.3
0.0
33.3
34.6
25.0
38.9
31.3
45.2
37.5
50.0
59.4
50.0
50.0
47.1
40.0
50.0
62.5
47.6
39.3
42.3
45.0
16.7
33.3
30.0
29.4
50.0
50.0
40.3
40.7
Oct-14
21.4
23.1
30.0
59.5
25.0
35.7
43.3
33.3
21.4
37.5
36.0
37.5
28.6
31.3
25.0
41.7
25.0
44.4
43.8
39.3
50.0
58.6
25.0
50.0
28.6
45.5
57.1
25.0
31.8
41.7
35.0
55.6
35.7
31.3
62.5
36.7
46.2
18.8
30.6
42.9
37.3
Nov-14
35.0
25.0
45.0
54.3
33.3
18.2
44.1
40.0
42.9
40.9
33.3
36.7
25.0
20.0
27.8
43.8
35.0
45.8
36.0
41.7
62.5
52.8
30.0
50.0
28.3
50.0
50.0
25.0
35.7
43.8
40.0
50.0
40.0
35.3
37.5
31.8
40.0
37.5
39.6
50.0
38.8

December 14
Slide 47
Dec-14
25.0
37.5
44.4
55.9
31.3
27.8
46.1
33.3
50.0
25.0
42.1
53.1
35.0
22.7
36.7
30.0
23.3
48.0
34.0
35.3
54.2
50.0
30.0
36.4
37.9
42.3
30.0
33.3
25.0
42.9
42.1
57.1
50.0
42.3
33.3
42.9
40.0
42.9
42.9
37.5
38.7
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
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
Dec-12
75.0
71.9
83.3
84.2
41.7
83.3
81.5
81.8
72.7
72.7
93.2
79.2
71.4
82.4
90.6
62.5
66.7
93.5
85.9
88.1
66.7
70.2
86.7
77.3
39.6
83.3
60.0
50.0
70.0
75.0
83.3
97.2
78.6
93.3
62.5
87.5
55.0
75.0
79.3
75.0
75.7
Jan-13
90.9
64.3
87.5
76.3
25.0
86.4
78.0
92.9
66.7
75.0
76.8
86.7
72.5
76.2
95.8
75.0
78.6
86.2
80.0
84.7
66.7
69.8
73.1
86.1
46.3
82.5
71.4
87.5
84.6
68.2
81.8
78.8
92.9
73.5
50.0
63.3
53.6
80.0
73.1
50.0
74.7
Feb-13
92.9
85.7
91.7
73.3
50.0
72.7
64.1
60.0
68.8
75.0
84.8
75.0
83.3
78.9
85.0
87.5
75.0
75.0
89.7
89.3
70.8
64.4
82.4
77.3
47.3
63.2
50.0
62.5
84.6
50.0
89.5
81.5
64.3
85.7
41.7
77.8
54.5
68.2
72.7
62.5
72.7
Mar-13
75.0
63.3
75.0
60.7
57.1
72.7
77.8
83.3
80.0
70.8
69.6
72.5
72.7
92.3
76.3
83.3
77.1
80.0
87.8
69.4
91.7
68.9
67.6
73.1
67.7
71.4
64.3
75.0
85.7
58.3
84.1
72.9
83.3
85.0
28.6
71.4
65.0
64.3
65.9
25.0
71.7
Apr-13
57.1
76.9
100.0
79.2
66.7
46.2
61.5
81.3
78.6
78.6
77.1
78.6
82.1
78.9
90.0
81.3
92.5
70.7
87.9
78.6
53.8
64.4
84.4
52.9
71.7
81.8
68.8
75.0
76.9
50.0
69.4
63.0
80.0
78.1
71.4
88.2
70.0
71.4
82.0
50.0
73.7
May-13
65.6
75.0
66.7
70.8
64.3
62.5
68.8
57.1
41.7
65.0
56.5
83.3
79.2
91.2
84.2
71.4
64.3
65.3
72.6
83.3
72.7
65.1
79.4
67.5
61.5
60.0
71.4
33.3
77.3
50.0
58.3
43.5
100.0
88.9
50.0
83.3
68.8
62.5
53.3
50.0
67.1
Jun-13
56.7
60.7
50.0
67.9
66.7
65.0
76.0
66.7
40.0
56.7
28.9
60.0
86.7
88.5
87.5
50.0
63.9
71.4
65.3
60.5
72.7
52.2
63.6
65.4
67.4
56.7
90.0
41.7
33.3
40.9
52.6
38.5
78.6
86.7
16.7
70.0
83.3
75.0
56.0
62.5
61.8
Jul-13
78.1
55.6
50.0
70.0
80.0
80.0
50.0
78.6
66.7
62.5
26.2
69.4
86.4
79.2
70.0
62.5
60.0
41.7
77.3
76.5
86.4
50.0
63.3
71.1
62.0
41.7
66.7
75.0
44.4
35.7
57.7
45.0
87.5
67.9
37.5
77.8
78.6
66.7
47.8
50.0
63.3
Aug-13 Sep-13
64.3
80.4
69.2
56.7
75.0
100.0
72.2
60.5
58.3
50.0
71.4
61.1
66.7
69.0
37.5
40.0
75.0
60.0
55.6
80.0
24.0
20.0
34.4
56.7
80.0
68.8
59.1
63.6
31.8
36.4
71.4
43.8
41.2
25.0
38.9
46.2
66.0
66.0
63.6
41.7
83.3
85.7
62.9
56.1
65.0
50.0
50.0
39.5
60.7
48.6
50.0
33.3
80.0
90.0
83.3
66.7
40.0
25.0
60.0
62.5
12.5
50.0
25.0
40.0
60.0
83.3
55.0
61.5
50.0
33.3
81.8
70.0
54.5
50.0
37.5
58.3
54.2
52.8
66.7
71.4
57.2
56.3
Oct-13
63.6
53.8
60.0
64.3
60.0
55.6
51.6
60.0
41.7
68.8
39.1
58.3
57.7
60.0
45.5
54.2
31.0
33.3
61.5
64.3
45.5
59.0
54.2
63.3
31.4
45.8
70.0
50.0
20.8
85.7
36.8
40.5
41.7
50.0
50.0
53.8
27.8
50.0
59.5
50.0
51.8
Nov-13
66.7
65.0
30.0
84.4
62.5
57.7
70.4
65.0
50.0
75.0
73.8
58.3
75.0
70.0
33.3
50.0
8.3
36.8
59.1
61.8
72.2
76.7
40.6
61.1
20.0
73.1
71.4
16.7
31.3
87.5
46.4
76.1
55.6
59.1
100.0
41.7
30.0
87.5
44.4
50.0
57.4
Dec-13
70.0
70.0
40.0
95.2
70.0
78.6
83.3
78.6
66.7
87.5
55.0
64.3
45.0
85.0
50.0
56.3
19.4
50.0
59.6
85.0
54.5
76.2
61.1
73.1
34.6
63.6
65.0
75.0
30.0
90.0
50.0
81.6
25.0
76.9
50.0
62.5
7.1
80.0
60.7
50.0
61.9
Jan-14
65.8
84.4
50.0
87.5
70.0
55.6
61.8
71.4
68.8
62.5
60.4
67.6
66.7
81.8
54.2
58.3
20.6
66.1
48.8
63.9
80.8
71.1
40.0
60.5
14.5
61.5
56.3
70.0
54.5
70.0
55.6
77.1
30.0
65.6
75.0
58.3
35.7
66.7
58.3
58.3
60.7
Feb-14
72.7
83.3
50.0
67.9
50.0
58.3
55.2
75.0
71.4
55.0
40.6
63.9
71.4
65.0
45.0
50.0
42.9
57.1
42.6
73.3
56.3
66.7
60.7
64.3
17.2
50.0
58.3
25.0
44.4
78.6
32.1
61.8
50.0
59.5
30.0
58.8
20.0
75.0
50.0
37.5
54.7
Mar-14
62.5
55.6
50.0
56.7
41.7
42.9
40.3
50.0
43.8
88.9
50.0
72.2
65.0
69.2
35.0
50.0
33.3
42.0
33.3
79.2
72.2
51.2
31.8
53.6
21.0
37.5
50.0
66.7
50.0
56.3
33.3
42.5
57.1
56.8
50.0
73.7
33.3
33.3
47.1
33.3
50.3
Apr-14
56.3
60.0
27.8
59.5
66.7
40.0
40.0
50.0
50.0
93.8
40.9
71.1
80.0
75.0
28.6
30.0
41.2
31.6
48.2
55.0
70.8
48.8
36.4
42.9
20.0
46.9
57.1
64.3
70.0
57.1
33.3
50.0
33.3
67.6
0.0
67.9
45.5
16.7
35.7
25.0
48.4
May-14
52.9
57.7
30.0
53.3
30.0
50.0
32.8
50.0
50.0
87.5
50.0
53.1
77.3
77.3
45.0
50.0
37.0
37.0
42.9
53.3
65.0
40.9
36.4
32.1
32.1
50.0
75.0
50.0
25.0
66.7
38.5
43.8
57.1
38.5
33.3
54.5
54.2
41.7
35.3
50.0
48.4
Jun-14
36.7
22.7
33.3
43.3
16.7
58.3
40.0
50.0
60.0
62.5
28.6
46.7
68.8
75.0
35.0
42.9
34.4
16.7
41.2
33.3
50.0
37.2
31.3
16.7
32.1
50.0
80.0
30.0
37.5
56.3
26.9
28.6
64.3
37.5
50.0
54.2
50.0
30.0
29.2
40.0
41.9
Jul-14
47.1
27.8
50.0
55.3
70.0
60.0
35.0
50.0
57.1
72.2
41.7
37.5
58.3
40.0
30.0
50.0
26.7
29.6
38.0
31.8
61.1
36.3
42.9
41.7
36.0
45.8
50.0
25.0
29.2
83.3
21.9
29.4
70.0
54.5
25.0
64.3
54.2
33.3
28.6
37.5
44.4
Aug-14 Sep-14
33.3
40.5
31.3
35.7
31.3
42.9
63.9
39.5
50.0
41.7
46.2
64.3
43.9
47.1
40.0
41.7
43.8
50.0
33.3
72.7
31.8
41.3
28.6
50.0
57.7
57.7
50.0
55.6
9.4
17.9
62.5
45.0
15.4
19.4
26.9
31.0
44.0
24.1
33.3
27.8
68.2
68.2
46.1
36.0
45.5
50.0
52.9
38.9
40.3
46.9
43.3
37.5
38.9
38.5
25.0
37.5
32.1
25.0
61.1
62.5
22.9
14.7
27.8
35.7
58.3
71.4
28.9
23.8
33.3
50.0
57.1
60.0
53.8
40.0
50.0
16.7
21.4
26.2
50.0
42.9
40.8
41.7
Oct-14
33.3
50.0
20.0
47.8
37.5
50.0
46.9
33.3
50.0
77.8
48.0
47.2
50.0
50.0
19.2
50.0
19.4
23.3
31.8
39.3
68.2
52.3
55.6
35.3
30.4
50.0
66.7
50.0
11.5
75.0
20.5
39.6
50.0
42.0
30.0
76.7
32.1
43.8
30.4
28.6
42.8
Nov-14
65.0
34.6
20.0
77.1
81.3
62.5
58.1
83.3
75.0
68.2
75.0
43.8
50.0
60.0
45.8
43.8
32.5
43.5
51.9
42.3
56.3
59.8
45.5
38.2
37.1
73.3
50.0
37.5
20.0
62.5
45.7
66.0
55.0
66.7
75.0
72.7
30.0
40.0
29.6
50.0
53.1

December 14
Slide 48
Dec-14
40.0
45.8
72.2
77.5
62.5
68.8
63.4
91.7
83.3
75.0
88.1
52.8
60.0
80.0
37.5
41.7
33.3
68.0
52.0
61.8
75.0
71.3
20.0
61.5
38.6
57.1
65.0
66.7
53.8
78.6
45.7
88.5
66.7
70.0
37.5
50.0
40.0
64.3
55.0
50.0
60.3
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
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
Dec-12
68.8
71.9
66.7
72.5
66.7
61.1
62.5
68.2
59.1
63.6
73.8
66.7
75.0
88.2
80.0
62.5
73.3
79.2
69.2
81.0
66.7
40.4
83.3
63.6
39.6
83.3
60.0
66.7
86.7
68.8
73.3
78.9
57.1
83.3
62.5
70.6
65.0
87.5
60.7
25.0
68.3
Jan-13
59.1
75.0
72.2
81.6
62.5
75.0
59.2
71.4
83.3
65.6
76.8
63.3
77.5
87.5
70.8
62.5
78.6
77.6
78.6
81.9
72.2
52.1
69.2
63.9
55.6
82.5
57.1
87.5
69.2
72.7
86.4
77.8
78.6
83.3
62.5
66.7
71.4
70.0
73.1
50.0
71.5
Feb-13
76.9
93.3
91.7
76.7
37.5
63.6
68.8
80.0
87.5
79.2
93.8
79.4
66.7
77.8
86.4
93.8
84.1
75.9
75.0
84.5
83.3
62.5
79.4
69.6
58.3
78.9
80.0
87.5
88.5
61.1
92.1
89.3
64.3
83.3
60.0
61.1
54.5
68.2
83.3
40.0
75.4
Mar-13
87.5
93.3
65.0
82.1
78.6
95.0
75.0
83.3
90.0
95.8
76.1
84.2
63.6
83.3
77.8
91.7
85.4
88.0
82.9
77.8
83.3
66.0
67.6
88.5
72.6
89.3
71.4
83.3
85.7
79.2
93.2
89.6
83.3
87.5
78.6
71.4
75.0
78.6
81.8
50.0
80.8
Apr-13
71.4
92.3
87.5
75.0
66.7
73.1
73.1
81.3
92.9
90.0
79.2
82.1
82.1
89.5
80.0
78.6
95.0
81.0
89.4
92.9
88.5
72.1
75.0
77.8
78.3
77.3
87.5
100.0
80.8
70.0
86.1
78.3
80.0
84.4
64.3
83.3
77.8
64.3
88.0
75.0
81.0
May-13
81.3
87.5
88.9
91.7
78.6
91.7
77.4
71.4
75.0
100.0
82.6
83.3
83.3
88.2
92.1
71.4
81.0
83.3
87.9
88.5
86.4
72.6
90.6
75.0
76.9
83.3
92.9
58.3
81.8
75.0
72.2
75.0
100.0
86.1
50.0
81.8
75.0
87.5
80.0
60.0
81.1
Jun-13
70.0
76.7
70.0
82.1
58.3
70.0
79.2
58.3
90.0
93.3
76.3
73.7
76.7
96.2
95.8
75.0
79.4
84.1
77.8
84.2
86.4
56.7
90.9
80.8
69.6
83.3
100.0
75.0
72.2
63.6
72.2
65.4
78.6
84.4
50.0
76.7
87.5
83.3
68.0
25.0
75.9
Jul-13
59.4
72.2
64.3
70.0
70.0
70.0
74.1
64.3
58.3
75.0
57.1
64.7
80.0
79.2
46.7
75.0
65.4
45.7
77.3
76.5
90.9
50.0
73.3
65.8
57.7
79.2
83.3
100.0
66.7
78.6
65.4
47.4
86.4
53.6
62.5
77.8
72.2
83.3
54.5
50.0
68.6
Aug-13 Sep-13
46.4
43.5
69.2
63.3
50.0
70.0
61.1
60.5
66.7
68.8
71.4
55.6
66.7
53.4
25.0
40.0
62.5
70.0
55.0
70.0
42.0
27.5
50.0
50.0
66.7
83.3
77.3
62.5
59.1
36.4
62.5
55.6
52.8
30.6
41.7
38.0
80.0
60.0
54.5
58.3
77.8
42.9
64.3
54.2
60.0
94.4
61.8
60.5
55.4
47.1
57.7
41.7
50.0
90.0
50.0
75.0
35.0
31.8
80.0
68.8
41.7
27.3
37.5
45.0
80.0
83.3
70.0
38.5
33.3
50.0
77.3
56.7
40.9
50.0
50.0
91.7
54.2
47.4
66.7
64.3
57.6
56.4
Oct-13
27.3
53.8
30.0
60.7
60.0
44.4
42.2
20.0
58.3
44.4
21.7
47.2
69.2
65.0
13.6
58.3
26.2
32.6
50.0
35.7
45.5
43.6
37.5
56.7
25.7
37.5
75.0
37.5
16.7
71.4
26.3
35.7
33.3
35.7
33.3
38.5
27.8
50.0
37.5
50.0
41.9
Nov-13
29.2
50.0
20.0
57.1
50.0
50.0
46.3
50.0
42.9
31.3
45.2
27.8
50.0
44.4
38.9
61.1
25.0
23.7
43.2
38.2
55.6
36.7
28.1
50.0
18.8
46.2
64.3
33.3
25.0
75.0
10.7
43.8
33.3
27.3
87.5
46.2
35.0
12.5
28.6
50.0
40.8
Dec-13
55.0
60.0
50.0
57.1
60.0
85.7
51.6
28.6
50.0
37.5
38.1
32.1
50.0
50.0
40.0
43.8
14.7
26.1
44.0
45.0
59.1
41.7
50.0
57.7
19.2
25.0
44.4
41.7
20.0
50.0
12.5
47.4
57.1
46.2
66.7
34.4
50.0
30.0
35.7
25.0
43.3
Jan-14
68.4
78.1
33.3
60.0
50.0
66.7
48.6
57.1
62.5
59.1
43.8
44.7
66.7
77.3
41.7
58.3
11.8
42.9
46.3
62.5
75.0
52.2
60.0
57.9
11.7
50.0
56.3
60.0
27.3
72.2
41.7
60.4
45.0
65.6
62.5
62.5
57.1
50.0
43.8
16.7
52.7
Feb-14
77.3
75.0
43.8
69.2
50.0
66.7
64.3
75.0
57.1
60.0
59.4
41.2
57.1
75.0
30.0
50.0
30.8
47.6
38.5
56.7
56.3
52.4
46.2
38.1
16.7
53.1
50.0
50.0
38.9
78.6
46.4
47.1
50.0
73.8
60.0
44.1
15.0
50.0
43.8
12.5
51.2
Mar-14
66.7
83.3
33.3
71.9
60.0
78.6
59.4
75.0
50.0
94.4
61.8
52.8
45.0
69.2
45.0
71.4
33.3
48.0
27.1
62.5
77.8
55.8
50.0
64.3
22.6
61.5
40.0
66.7
45.0
87.5
43.3
65.0
64.3
70.5
83.3
66.7
27.8
41.7
50.0
41.7
57.9
Apr-14
71.9
80.0
50.0
73.7
66.7
80.0
51.7
58.3
60.0
93.8
68.2
73.7
44.4
81.8
21.4
60.0
29.4
34.2
41.1
70.0
75.0
58.8
50.0
53.6
4.8
70.0
64.3
64.3
27.8
75.0
36.7
65.0
50.0
82.4
50.0
70.0
33.3
83.3
46.4
33.3
57.6
May-14
58.8
84.6
40.0
56.7
50.0
60.0
50.0
77.8
80.0
100.0
68.2
65.6
63.6
85.0
30.0
91.7
31.8
39.1
44.4
80.0
60.0
51.1
36.4
57.1
19.6
67.9
75.0
70.0
35.7
80.0
42.3
65.6
57.1
57.7
33.3
59.1
29.2
41.7
29.4
40.0
56.6
Jun-14
50.0
59.1
33.3
50.0
50.0
50.0
44.6
70.0
80.0
75.0
50.0
56.7
50.0
73.1
30.0
71.4
28.1
19.4
29.4
55.6
72.7
42.1
57.1
43.8
17.9
70.8
60.0
40.0
27.8
72.2
19.2
34.6
35.7
45.8
50.0
50.0
29.2
20.0
37.5
60.0
47.8
Jul-14
35.3
60.0
40.0
42.1
70.0
50.0
42.5
35.7
85.7
61.1
58.3
45.8
33.3
60.0
20.0
64.3
40.0
17.3
28.8
40.9
55.6
24.4
42.9
38.5
11.5
70.8
50.0
41.7
16.7
75.0
18.8
44.1
60.0
45.5
50.0
46.4
20.8
33.3
14.3
75.0
44.2
Aug-14 Sep-14
46.7
23.8
31.3
32.1
31.3
21.4
36.1
25.0
50.0
41.7
42.3
35.7
25.8
27.1
40.0
25.0
43.8
55.0
50.0
27.3
40.5
32.6
32.1
35.3
53.8
53.6
73.5
61.1
12.5
17.9
61.1
44.4
15.4
17.6
20.3
17.9
45.8
22.6
26.9
16.7
59.1
36.4
36.3
31.0
31.8
33.3
50.0
47.4
14.5
19.4
60.0
37.5
55.6
34.6
50.0
10.0
21.4
17.9
55.6
43.8
4.3
0.0
27.8
32.5
45.8
42.9
42.1
23.8
50.0
40.0
50.0
43.3
30.8
40.0
57.1
41.7
19.6
7.1
42.9
35.7
39.6
31.3
Oct-14
36.7
20.8
15.0
41.3
50.0
28.6
21.2
16.7
71.4
50.0
25.0
30.6
65.6
62.5
15.4
50.0
5.6
7.1
20.6
21.4
41.7
35.4
33.3
32.4
9.3
40.9
64.3
16.7
15.4
50.0
15.9
27.1
50.0
28.0
50.0
66.7
46.4
25.0
11.4
35.7
33.8
Nov-14
47.6
15.4
15.0
35.4
56.3
37.5
20.3
33.3
31.3
33.3
39.6
31.3
77.3
46.7
20.8
50.0
15.0
27.4
38.9
20.8
56.3
34.5
40.9
35.3
11.3
43.3
54.2
12.5
18.8
43.8
8.7
31.3
75.0
38.9
66.7
59.1
27.8
70.0
8.9
50.0
37.0

December 14
Slide 49
Dec-14
35.0
20.8
27.8
42.5
50.0
66.7
29.8
41.7
44.4
44.4
52.4
25.0
60.0
54.5
14.3
58.3
26.7
30.0
34.0
29.4
62.5
33.0
25.0
38.5
16.2
50.0
45.0
33.3
19.2
64.3
17.4
44.0
25.0
60.0
25.0
39.3
40.0
50.0
12.5
31.3
38.0
Agent Recom m endations

Agents recom m end Toll Brothers, D.R. Horton, and Standard Pacific. Toll Brothers received the highest percentage
of recommendations by agents across the markets we survey with 30% of agents (net of positive responses less negative
responses) responded saying they would recommend Toll, while 23% said they would recommend D.R. Horton, and 23%
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
Ticker
Company Name
Net Recommendation
TOL
Toll Brothers
30%
DHI
D.R. Horton
23%
SPF
Standard Pacific Corp.
23%
PHM
Pulte Group
22%
MTH
Meritage Homes
19%
TMHC
Taylor Morrison
18%
RYL
Ryland Group
17%
LEN
Lennar Corp.
16%
WCIC
WCI Communities
14%
10
HOV
Hovnanian Enterprises
9%
11
BZH
Beazer Homes
8%
12
WLH
William Lyon Homes
8%
13
MDC
MDC Holdings
5%
14
NVR
NVR, Inc.
2%
15
KBH
KB Home
(9%)

December 14
Slide 50
Agent Recom m endations

Which of the following homebuilders would you most highly recommend to clients?
Market
BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL SPF TMHC TOL
Atlanta, GA
10% 40% --- 20% ---- 50% 30% ---Austin, TX
-- 67% -- 17% 50% -- 42% -- 50% 50% 58% 58% -Baltimore, MD
33% -0% 0% 0% 0%
-- 22% -0%
--- 44%
Charleston, SC
0% 25% --- 38% ---- 13% 13% ---Charlotte, NC
-- 56% --- 33% -- 33% 11% 44% 22% 33% -- 22%
Chicago, IL
-- 14% 7%
-9%
--0% 33% 14% --- 26%
Cincinnati, OH
-------0%
-----Columbus, OH
-------- 11% -----Dallas, TX
0% 44% 33% 22% 11% -- 11% -- 22% 11% 44% 11% 56%
Denver, CO
-- 19% -5% 24% 5% 5%
-5% 14% 14% 10% 29%
Detroit, MI
--------- 28% ---- 67%
Fort Myers, FL
-- 60% --- 30% ---- 40% --- 30% 30%
Houston, TX
18% 36% 9% 0% 27% -- 18% -- 27% 0%
-- 18% 27%
Jacksonville, FL
43% 43% -- 29% 43% 14% --- 29% -- 14% 14% 29%
Las Vegas, NV
27% 60% -- 33% 47% 13% --- 40% 13% --- 47%
Los Angeles, CA
4%
--- 30% 26% 0% 4%
---- 33% -- 22%
Miami, FL
-- 31% --- 54% 4%
--- 15% -4%
-- 38%
Minneapolis, MN
-- 53% 12% -- 35% ---- 29% 12% ---Nashville, TN
23% ------8% 15% ----New York-Northern NJ, NY-NJ
4% 6% 19% -9%
---- 15% ---- 32%
Orlando, FL
20% 30% 0% 20% 60% -- 40% -- 40% 30% 30% 30% 10%
Philadelphia-Southern NJ
8% 8% 23% -8% 15% -- 38% 62% ---- 38%
Phoenix, AZ
17% 17% 11% 8% 19% 17% 36% -- 44% 28% 19% 22% 50%
Port St. Lucie, FL
-------------Portland, OR
-- 43% -----------Raleigh, NC
0% 20% 0% 0% 10% -- 10% 10% 10% 10% 10% -- 30%
Richmond, VA
-------0%
-----Riverside-San Bernardino, CA 19% 19% 19% 31% 25% 13% --- 25% 25% 38% 13% -Sacramento, CA
-- 38% 23% 15% 23% -- 31% -- 54% -- 31% 8% 23%
San Antonio, TX
-- 71% -- 29% 29% -0%
-- 57% 86% --- 43%
San Diego, CA
-- 22% 13% 26% 17% ---- 22% 9% 22% -9%
San Francisco, CA
-8%
-- 12% 0% 0% 4%
-- 23% -4% 4% 31%
Sarasota, FL
-0%
-0% 0%
---0% 17% -0%
-Seattle, WA
-- 33% --- 13% 20% --- 27% ---- 20%
Tampa, FL
20% 20% 27% 13% 27% -0%
-- 33% 13% 7% 33% -Tucson, AZ
-- 10% -0% 20% 20% 70% -- 30% ----Virginia Beach, VA
-- 14% -----0%
-----Washington, DC
13% 23% 30% 3% 7% 3%
-- 37% 27% 23% --- 50%
Wilmington, NC
25% ------0%
-----TOTAL
16% 31% 15% 15% 24% 10% 22% 11% 30% 21% 24% 19% 34%
WCIC WLH
-------------------0%
--20% ---29% --- 13%
-7%
12% ------------- 19%
-----------------4%
17% ---20% ---------19% 9%
From which of the following homebuilders would you most strongly discourage clients from buying?
Market
BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL SPF TMHC TOL WCIC WLH
Atlanta, GA
10% 20% --0%
---- 10% 0%
-----Austin, TX
-0%
-- 50% 17% -8%
-- 17% 0% 0% 0%
---Baltimore, MD
11% -- 22% 0% 22% 22% -- 33% -- 11% --0%
--Charleston, SC
0% 25% --- 13% ---- 13% 0%
-----Charlotte, NC
-- 33% --- 11% -0% 0% 0% 0% 0%
-0%
--Chicago, IL
-2% 5%
-7%
--0% 2% 5%
--2%
--Cincinnati, OH
-------- 17% -------Columbus, OH
-------0%
-------Dallas, TX
11% 0% 0% 22% 0%
-0%
-- 22% 0% 0% 0% 0%
--Denver, CO
-- 10% -- 19% 5% 5% 0%
-0% 0% 0% 0% 0%
-0%
Detroit, MI
--------- 33% ---0%
--Fort Myers, FL
-- 10% --- 20% ---0%
--0% 0% 10% -Houston, TX
9% 0% 9% 9% 0%
-9%
-0% 9%
-0% 0%
--Jacksonville, FL
0% 14% -- 29% 0% 0%
--- 14% -0% 0% 0% 0%
-Las Vegas, NV
7% 0%
-7% 13% 20% --- 13% 13% --7%
-0%
Los Angeles, CA
4%
--7% 7% 0% 0%
---0%
-4%
-4%
Miami, FL
-0%
--- 15% 0%
--0%
-0%
-0% 0%
-Minneapolis, MN
-0% 6%
-0%
---- 18% 12% -----Nashville, TN
8%
------8% 15% ------New York-Northern NJ, NY-NJ
6% 4% 11% -6%
---4%
---4%
--Orlando, FL
0% 0% 0% 40% 20% -0%
-0% 0% 0% 0% 0%
--Philadelphia-Southern NJ
8% 8% 8%
-0% 0%
-- 15% 15% ---- 31% --Phoenix, AZ
8% 6% 6% 36% 3% 0% 3%
-8% 3% 3% 3% 6%
-3%
Port St. Lucie, FL
---------------Portland, OR
-- 14% -------------Raleigh, NC
20% 10% 20% 40% 0%
-- 10% 0% 10% 0% 10% -- 20% --Richmond, VA
-------- 33% -------Riverside-San Bernardino, CA 6% 0% 0% 19% 0% 0%
--6% 0% 0% 0%
---Sacramento, CA
-0% 0% 23% 8%
-0%
-8%
-8% 0% 0%
--San Antonio, TX
-0%
-- 43% 0%
-0%
-0% 0%
--0%
--San Diego, CA
-0% 0% 4% 9%
---0% 4% 0%
-0%
--San Francisco, CA
-- 12% -- 23% 15% 0% 4%
-8%
-0% 0% 4%
-0%
Sarasota, FL
-- 17% -- 33% 33% ---- 17% 17% -- 17% -- 17% -Seattle, WA
-- 13% --0% 7%
--- 13% ---0%
--Tampa, FL
7% 13% 0% 7% 7%
-0%
-0% 0% 0% 0%
-0%
-Tucson, AZ
-0%
-- 40% 0% 0% 0%
-- 10% ------Virginia Beach, VA
-0%
-----0%
-------Washington, DC
10% 17% 7% 13% 7% 7%
-3% 3% 13% --0%
--Wilmington, NC
13% ------0%
-------TOTAL
8% 8% 6% 23% 8% 5% 2% 9% 9% 4% 1% 1% 3%
5% 1%

December 14
Slide 51
Survey Methodology
We survey real estate agents, as we believe agents provide an accurate assessment of local housing market trends in both the new and
existing home markets. We view an understanding of the existing home market as crucial to homebuilders as it represents over 90% of
total sales, and trends in the existing home market often dictate trends in the new home market.
Each month, we survey agents about trends in buyer traffic levels, home prices, incentives, inventory levels, and the length of time
needed to sell a home. In December, we received responses from over 700 real estate agents across the country. We review responses
and calculate a diffusion 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 Buyer Traffic Index above 50 means that traffic was above the expectations of
agents, a Buyer Traffic Index of 50 means that traffic was in-line with expectations, and a Buyer 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 Home Price Index above 50 indicates that
prices increased over the past 30 days, a Home Price Index of 50 indicates that prices were flat, and a Home 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.
December 14
Slide 52
DISCLOSURES
DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE

ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. US Disclosure: Credit Suisse does
and seeks to do business with companies covered in its research reports. As a result, investors should be aware that
the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this
report as only a single factor in making their investment decision.
CREDIT SUISSE SECURITIES (USA) LLC
Companies Mentioned (Price as of 04-Dec-2014)
Important Regional Disclosures
Beazer Homes USA (BZH.N, $18.82)

DR Horton (DHI.N, $24.57)
Hovnanian Enterprises (HOV.N, $3.99)
KB Home (KBH.N, $16.3)
Lennar (LEN.N, $45.77)
M.D.C. Holdings, Inc. (MDC.N, $25.64)
Meritage Corp (MTH.N, $35.69)
NVR Inc. (NVR.N, $1246.9)
Pulte (PHM.N, $21.72)
Ryland Group (RYL.N, $37.64)
Standard Pacific Corp. (SPF.N, $7.18)
Taylor Morrison (TMHC.N, $17.37)
Toll Brothers (TOL.N, $34.61)
WCI Communities (WCIC.N, $18.66)
William Lyon Homes (WLH.N, $19.79)
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
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As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.
Principal is not guaranteed in the case of equities because equity prices are variable.
Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.
Disclosure Appendix
Important Global Disclosures
I, Michael Dahl, 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.
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revenues, a portion of which are generated by Credit Suisse's investment banking activities
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.
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*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stocks total return relative to the an alyst's coverage universe which
consists of all companies covered by the analyst within the relevant sector, with Outperforms repre senting the most attractive, Neutrals the less attractive, and
Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stocks total return
relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms represe nting the most
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based on a stocks total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings
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threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and 10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were based on a stocks total return relative to the
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Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications,
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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
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Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution
Rating
Versus universe (%)
Of which banking clients (%)
Outperform/Buy*
46%
(54% banking clients)
Neutral/Hold*
38%
Underperform/Sell*
14%
Restricted
2%
*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, an d Underperform most closely correspond
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December 14
Slide 54
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December 14
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CS Realtor Survey January 2015

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Dec-14

Patrick Murray, CFA

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

Home Price Index

Buyer Traffic Index

Monthly Survey of Real Estate Agents Decem ber 2014

Source: Credit Suisse

CREDIT SUISSE SECURITIES (USA) LLC

Decem ber Survey of Real Estate Agents:

Source: Credit Suisse

How Do the Recent 30 Days Compare to

Traffic Levels Versus Expectations

Remained the same

Less than expected

Key Housing Markets:

Key Housing Markets Continued:

Buyer traffic continued to improve in December, with our

Agents saw home prices marginally higher as our Price Index

Inventories expanded in December, but agents generally still

Buyer Traffic Index

Home Price Index

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

Comments from Real Estate Agents:

Not as much traffic as last year. Buyers may still be sitting

Rates are so low buyers should be jumping at homes but

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to

Interest rates dropped again and some buyers are rushing

More than expected

Less than expected

Remained the same

Source: Credit Suisse; Census Bureau

Buyer traffic slipped back below a neutral 50 in December,

Home prices were seen modestly higher in December with our

We expect price gains to remain at modest levels, with the

Buyer Traffic Index

Home Price Index

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

Comments from Real Estate Agents:

Strong resistance to rising prices.

We saw a drop in actual transactions, but did get buyer

Strong job market.

Buyers seem to be motivated even though it's not typically

Traffic Levels Versus Expectations

Less than expected

More than expected

How Do the Recent 30 Days Compare to

Remained the same

Source: Credit Suisse; Census Bureau

Home Price Index

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

Comments from Real Estate Agents:

No reason for anyone to get off the fence.

Expectations for another government shutdown.

Maybe a little bounce from lower gas prices.

Buyer traffic moved up from the basement with our Traffic

After four consecutive months of inventory growth, supply

Buyer Traffic Index

Level of interest rates and consumer confidence continue to

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to

More than expected

Less than expected

Remained the same