ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Real-Time Housing Market Update

Published by Altos Research & Real IQ

April 6, 2010

Highlights
 The Altos Research 10-City Composite Price Index was down by 0.5% in March
The Altos 10-City and 1.8% during the first quarter of 2010.
Composite  The Index has now shown sequential monthly declines for the past eight months but
the rate of decline has moderated. Readings of weekly price changes have shown
presents the most modest expected seasonal increases in the past 7 weeks, indicating that the headline
current price number will tick up in the coming months.
 Asking prices fell in 22 of 26 major markets. The largest monthly decline occurred
perspective on in San Diego with prices falling 2.9% during March and 7.0% during the first
housing market quarter. Washington, D.C. experienced the largest increase with prices rising by
conditions across 1.5% during March.
 Listed property inventory jumped in 22 of 26 markets tracked. The inventory
the country. The increases were largest in Houston, Boston and Los Angeles. The big inventory rise
Composite median is seasonally expected after the low point at the first of the year. Nationally
inventory is 10% lower than last year at this time, though climbing rapidly going
price fell by 0.5% into the spring.
in March 2010.  All markets except San Francisco, San Jose and San Diego had a median days-on-
market of 100 or more in March. The Chicago and Miami markets experienced the
slowest turnover with a median of 219 days-on-market or more than 7 months.

March Home Price Trends

The 10-City Composite Index was down 0.5% during March and 1.8% during the first
quarter of 2010. The Composite Index effectively bottomed out in January 2009 at
$470,017, climbed throughout the first half of 2009 to $509,030 in July before returning to a
gradual downward trend. The Index stood at $477,596 as of March 2010 reflecting a decline
of 6.2% from its 2009 summer high. Early indicators of pricing indicate that monthly price
declines will be somewhat abated by the normal spring selling season beginning in April.

The market has been heavily influenced by the Federal Reserve’s mortgage-backed securities
purchase program which has kept mortgage rates historically low and by the federal
government’s home buyer tax credit. The Federal Reserve program officially ended on
March 31 and the tax credit will only apply to home purchased through the end of April.

During March listing prices fell in 22 of 26 major markets; were flat in one – Chicago; and
increased in three markets: Cleveland, Boston and Washington, D.C. The largest monthly
decline occurred in San Diego with prices falling 2.9% during March and 7.0% during the
first quarter. Prices fell by two percent or more during the month in 4 other markets:
Phoenix, Denver, Salt Lake City and Tampa. Washington, D.C. experienced the largest
increase with prices rising by 1.5% during March.

© 2009 Altos Research LLC and Real IQ -1-

 ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Altos Research Price Composite

% Change
January February March % Change Over 3
MSA 2010 2010 2010 Last Month Months

10 City
$ 486,259 $ 479,781 $ 477,596 -0.5% -1.8%
Composite

San Diego $ 758,462 $ 726,408 $ 705,339 -2.9% -7.0%

Phoenix $ 295,465 $ 288,184 $ 281,049 -2.5% -4.9%

Denver $ 366,238 $ 355,361 $ 347,431 -2.2% -5.1%

Salt Lake City $ 351,884 $ 344,798 $ 337,574 -2.1% -4.1%

Tampa $ 216,296 $ 210,973 $ 206,846 -2.0% -4.4%

Los Angeles $ 707,355 $ 702,274 $ 691,386 -1.6% -2.3%

Minneapolis $ 287,057 $ 281,775 $ 278,077 -1.3% -3.1%

San Francisco $ 744,505 $ 712,048 $ 703,279 -1.2% -5.5%

Detroit $ 150,342 $ 147,456 $ 145,741 -1.2% -3.1%

Seattle $ 390,003 $ 382,374 $ 378,230 -1.1% -3.0%

Houston $ 229,622 $ 227,730 $ 225,483 -1.0% -1.8%

San Jose $ 758,610 $ 740,304 $ 733,139 -1.0% -3.4%

Miami $ 501,523 $ 500,436 $ 495,829 -0.9% -1.1%

Philadelphia $ 341,991 $ 337,360 $ 334,336 -0.9% -2.2%

Portland $ 315,362 $ 309,898 $ 307,266 -0.8% -2.6%

New York $ 620,268 $ 605,947 $ 601,249 -0.8% -3.1%

Charlotte $ 241,277 $ 237,368 $ 235,741 -0.7% -2.3%

Austin $ 287,977 $ 284,017 $ 282,351 -0.6% -2.0%

Las Vegas $ 164,513 $ 163,315 $ 162,466 -0.5% -1.2%

Dallas $ 236,574 $ 232,147 $ 231,152 -0.4% -2.3%

Indianapolis $ 167,331 $ 165,306 $ 164,892 -0.3% -1.5%

Atlanta $ 218,873 $ 216,042 $ 215,571 -0.2% -1.5%

Chicago $ 310,508 $ 306,972 $ 307,049 0.0% -1.1%

Cleveland $ 167,027 $ 166,084 $ 166,286 0.1% -0.4%

Boston $ 479,726 $ 475,711 $ 477,079 0.3% -0.6%

Washington, DC $ 436,260 $ 431,423 $ 437,847 1.5% 0.4%

© 2009 Altos Research LLC and Real IQ -2-

 ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

March Housing Supply Trends

During March, the inventory of properties listed for sale rose by 4.2% across the 10-City
Composite Index markets. Inventory increased in 22 of 26 markets and declined in just four
markets: Phoenix, Tampa, Miami and Washington, D.C. Nationally inventory is 10% lower
than this time in 2009, though growing rapidly into the spring.

Inventory increased at the fastest rate in Houston and Boston, up 18.8% and 15.8%
respectively. Inventory rose by more than 10% for the month in Los Angeles, Austin, San
Francisco, Minneapolis and San Jose. The sharp drop in the Washington, D.C. listed
inventory of 17.3% bodes well for prices in that market as the spring selling season begins.

Listing Inventory
% Change
% Change
MSA January February March Over 3
Last Month
2010 2010 2010 Months

10 City Composite 233,920 253,265 263,896 4.2% 12.8%

Houston 30,317 31,433 37,327 18.8% 23.1%

Boston 12,077 13,377 15,486 15.8% 28.2%

Los Angeles 26,921 29,854 34,316 14.9% 27.5%

Austin 9,040 10,134 11,435 12.8% 26.5%

San Francisco 6,331 7,333 8,236 12.3% 30.1%

Minneapolis 13,843 15,253 17,029 11.6% 23.0%

San Jose 3,342 3,962 4,414 11.4% 32.1%

San Diego 7,364 8,251 8,956 8.5% 21.6%

Denver 11,448 12,769 13,795 8.0% 20.5%

Charlotte 14,025 14,460 15,509 7.3% 10.6%

Cleveland 12,080 12,743 13,666 7.2% 13.1%

Dallas 29,309 31,042 33,236 7.1% 13.4%

New York 54,867 58,255 62,070 6.5% 13.1%

Indianapolis 12,131 12,794 13,554 5.9% 11.7%

Salt Lake City 7,341 7,184 7,591 5.7% 3.4%

Portland 12,161 13,040 13,724 5.2% 12.9%

Seattle 19,924 21,575 22,473 4.2% 12.8%

Atlanta 34,676 36,687 38,051 3.7% 9.7%

Detroit 27,026 27,023 27,963 3.5% 3.5%

Chicago 49,491 54,798 55,629 1.5% 12.4%

Las Vegas 19,258 20,003 20,116 0.6% 4.5%

© 2009 Altos Research LLC and Real IQ -3-

 ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Philadelphia 22,276 23,066 23,143 0.3% 3.9%

Phoenix 28,627 30,753 30,679 -0.2% 7.2%

Tampa 18,893 20,328 20,169 -0.8% 6.8%

Miami 28,371 30,246 29,940 -1.0% 5.5%

Washington, DC 17,028 17,561 14,515 -17.3% -14.8%

March Housing Market Demand Trends

During March every market except San Jose, San Francisco and San Diego had a median
days-on-market of 100 or more. The Chicago and Miami markets experienced the slowest
turnover with a median of 219 days-on-market or more than 7 months. San Francisco
experienced the fastest rate of inventory turnover at a median of 71 days-on-market.

Average Days on Market

% Change
January February March % Change Over 3
MSA 2010 2010 2010 Last Month Months

10 City Composite 172 166 160 -3.1% -6.7%

Chicago 220 220 219 -0.1% -0.4%

Miami 244 219 219 -0.1% -10.2%

Charlotte 206 203 201 -1.3% -2.4%

Cleveland 185 188 190 1.1% 2.6%

Atlanta 222 191 184 -3.7% -17.1%

Detroit 189 187 176 -6.1% -7.2%

Washington, DC 181 182 171 -6.1% -5.7%

Philadelphia 175 179 169 -5.4% -3.7%

Seattle 158 155 150 -2.7% -4.6%

Minneapolis 162 156 149 -4.8% -8.2%

Tampa 154 147 143 -2.6% -7.0%

New York 152 145 142 -1.8% -6.3%

Denver 164 155 141 -9.4% -14.1%

Las Vegas 134 136 136 0.0% 1.7%

Portland 142 145 136 -6.1% -4.1%

Phoenix 145 138 135 -2.5% -7.2%

Salt Lake City 132 134 130 -3.0% -1.5%

© 2009 Altos Research LLC and Real IQ -4-

 ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Dallas 169 137 129 -6.1% -23.7%

Austin 142 138 127 -7.9% -10.3%

Boston 135 130 123 -5.6% -9.0%

Houston 137 131 122 -7.2% -10.9%

Los Angeles 126 119 121 1.0% -4.0%

San Diego 110 108 93 -14.4% -15.6%

San Jose 102 99 81 -17.9% -20.4%

San Francisco 94 86 71 -17.3% -24.4%

Indianapolis* 161 162 - - -

* Change in methodology makes data inconsistent with prior months

Methodology
The Altos Research—Real IQ Real-Time Housing Report provides data on current housing
market conditions in major markets around the country. Unlike other data sources that lag
several months behind the market, this report summarizes metrics associated with active
residential property listings to present the only real-time view of the housing market.

Each ―market‖ measured in this report is equivalent to the Census Bureau's Metropolitan
Statistical Area (MSA) dominated by the city listed. Properties analyzed in this data included
repeat sales of single-family homes. Condominiums and town homes are not included in the
data set. New construction is not included in the data set. The Altos Research Price Index is a
statistical compilation of property prices highly correlated with the S&P/Case Shiller®
Index. The Altos 10-City Composite is based on single family homes in Boston, Chicago,
New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas , Washington D.C,
Denver. For more information visit AltosResearch.com.

© 2009 Altos Research LLC and Real IQ -5-

 ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

About Real IQ
Real IQ provides housing market analysis and consulting services to leading mortgage and
real estate companies including: Bank of America, Realogy, Weichert, Long & Foster,
LendingTree and others. More information about Real IQ is located at www.realiq.com.

About Altos Research

Altos Research LLC pioneered real-time real estate market research. Founded in 2005, the
company's information products serve investors, derivatives traders, and thousands of real
estate professionals. The company publishes analytical reports and data feeds each week for
thousands of zip codes including all 20 S&P/Case Shiller markets summarized in this report.

The Altos Research—Real IQ Housing Market Update is jointly produced by Real IQ™ and
Altos Research. If you have any questions regarding this report, please contact Michael
Simonsen.

Michael Simonsen
CEO & Co-Founder
Altos Research LLC
Tel: 888-819-7775
Web: www.altosresearch.com
Email: mike@altosresearch.com

© 2009 Altos Research LLC and Real IQ -6-