Market Dynamics

Prepared For

Westminister Estates, Denham Springs, Louisiana 70726

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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01/16/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Dec-10 vs. Dec-11: The median sold price is down 11%

Dec-10 vs. Dec-11

Dec-10 151,000
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Dec-11 134,500
All Construction Type:

Change -16,500
All Bedrooms: All

% -11%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

2 of 21

William Cobb

Accurate Valuations Group

Median Sold Price by Month

Dec-10 vs. Dec-11: The median sold price is down 11%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Median Price 134,500 146,000

# Units 1 2 0 0

Average DOM 4 64

137,000 122,199 152,450 151,000 127,000 137,950 144,900 151,000

2 1 2 2 2 2 1 0 1

110 55 101 70 12 278 35 35

Clarus MarketMetrics

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01/16/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Dec-10 vs. Dec-11: The median price of for sale properties is up 3% and the median price of sold properties is down 11%

Dec-10 vs. Dec-11

Dec-10 155,900
MLS: GBRAR Property Types: Subdivision:

Dec-10 vs. Dec-11

% +3%
All Construction Type: All Bedrooms:

Dec-11 160,000
Period: 1 year (monthly)

Change 4,100
Price:

Dec-10 151,000
All

Dec-11 134,500
Bathrooms: All

Change -16,500
Lot Size: All Sq Ft: All

% -11%

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

4 of 21

William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Dec-10 vs. Dec-11: The median price of for sale properties is up 3% and the median price of sold properties is down 11%
For Sale Median 160,000 154,500 149,999 157,250 157,500 149,999 146,200 147,900 148,945 144,990 147,950 144,990 155,900 # Properties For Sale 5 5 7 6 4 7 10 13 12 13 14 11 9 151,000 137,000 122,199 152,450 151,000 127,000 137,950 144,900 Sold Median 134,500 146,000 # Properties Sold 1 2 0 0 2 1 2 2 2 2 1 0 1 -4,900 -20,499 -27,800 6,250 3,100 -21,945 -7,040 -3,050 Price Difference -25,500 -8,500

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Clarus MarketMetrics

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01/16/2012

5 of 21

William Cobb

Accurate Valuations Group

Sold Properties by Month

Dec-10 vs. Dec-11: The number of Sold properties has not changed

Dec-10 vs. Dec-11

Dec-10 1
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 1
Construction Type:

Change 0
All Bedrooms: All

% 0%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

6 of 21

William Cobb

Accurate Valuations Group

Sold Properties by Month

Dec-10 vs. Dec-11: The number of Sold properties has not changed

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 1 2 0 0 2 1 2 2 2 2 1 0 1

Median Price 134,500 146,000

Average DOM 4 64

137,000 122,199 152,450 151,000 127,000 137,950 144,900 151,000

110 55 101 70 12 278 35 35

Clarus MarketMetrics

2 of 2
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01/16/2012

7 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Dec-10 vs. Dec-11: The number of Under Contract properties is down 100%

Dec-10 vs. Dec-11

Dec-10 1
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 0
Construction Type:

Change -1
All Bedrooms: All

% -100%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

8 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Dec-10 vs. Dec-11: The number of Under Contract properties is down 100%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 0 1 2 0 0 2 1 4 0 2 1 1 1

Median Price 146,345 139,574

Average DOM 19 56

141,225 131,600 154,945 117,400 148,000 144,900 155,000

110 55 86 261 11 35 47

Clarus MarketMetrics

2 of 2
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01/16/2012

9 of 21

William Cobb

Accurate Valuations Group

New Properties by Month

Dec-10 vs. Dec-11: The number of New properties is down 50%

Dec-10 vs. Dec-11

Dec-10 2
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 1
Construction Type:

Change -1
All Bedrooms: All

% -50%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

10 of 21

William Cobb

Accurate Valuations Group

New Properties by Month

Dec-10 vs. Dec-11: The number of New properties is down 50%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 1 1 2 2 0 1 2 1 3 2 4 4 2

Median Price 207,900 150,000 137,748 157,250 165,000 149,950 142,500 162,000 136,950 148,945 142,445 135,950

Clarus MarketMetrics

2 of 2
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01/16/2012

11 of 21

William Cobb

Accurate Valuations Group

For Sale Properties by Month

Dec-10 vs. Dec-11: The number of For Sale properties is down 44%

Dec-10 vs. Dec-11

Dec-10 9
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 5
Construction Type:

Change -4
All Bedrooms: All

% -44%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

12 of 21

William Cobb

Accurate Valuations Group

For Sale Properties by Month

Dec-10 vs. Dec-11: The number of For Sale properties is down 44%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 5 5 7 6 4 7 10 13 12 13 14 11 9

Median Price 160,000 154,500 149,999 157,250 157,500 149,999 146,200 147,900 148,945 144,990 147,950 144,990 155,900

Average DOM 114 88 78 80 92 76 103 96 80 112 109 116 159

Clarus MarketMetrics

2 of 2
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01/16/2012

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Dec-10 vs. Dec-11: The number of Expired properties is down 100%

Dec-10 vs. Dec-11

Dec-10 1
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 0
Construction Type:

Change -1
All Bedrooms: All

% -100%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

14 of 21

William Cobb

Accurate Valuations Group

Expired Properties by Month

Dec-10 vs. Dec-11: The number of Expired properties is down 100%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 0 0 1 1 0 1 3 1 0 2 2 0 1

Median Price

Average DOM

149,900 165,000 168,800 134,500 147,900 149,900 178,400 163,900

123 69 86 202 93 150 193 400

Clarus MarketMetrics

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01/16/2012

15 of 21

William Cobb

Accurate Valuations Group

Supply & Demand by Month

Dec-10 vs. Dec-11: The number of for sale properties is down 44% and the number of sold properties has not changed

Dec-10 vs. Dec-11

Dec-10 9
MLS: GBRAR Property Types: Subdivision:

Dec-10 vs. Dec-11

% -44%
All Construction Type: All Bedrooms:

Dec-11 5
Period: 1 year (monthly)

Change -4
Price:

Dec-10 1
All

Dec-11 1
Bathrooms: All

Change 0
Lot Size: All Sq Ft: All

% 0%

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

16 of 21

William Cobb

Accurate Valuations Group

Supply & Demand by Month

Dec-10 vs. Dec-11: The number of for sale properties is down 44% and the number of sold properties has not changed
# Properties For Sale 5 5 7 6 4 7 10 13 12 13 14 11 9 Average DOM For Sale 114 88 78 80 92 76 103 96 80 112 109 116 159 # Properties Sold 1 2 0 0 2 1 2 2 2 2 1 0 1 35 110 55 101 70 12 278 35 Average DOM Sold 4 64

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Clarus MarketMetrics

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01/16/2012

17 of 21

William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Dec-10 vs. Dec-11: The average days on market is down 100%

Dec-10 vs. Dec-11

Dec-10 47
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 0
Construction Type:

Change -47
All Bedrooms: All

% -100%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

18 of 21

William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Dec-10 vs. Dec-11: The average days on market is down 100%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Average DOM 19 56

# UC Units 0 1 2 0 0

110 55 86 261 11 35 47

2 1 4 0 2 1 1 1

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Dec-10 vs. Dec-11: The average months supply of inventory is down 100%

Dec-10 vs. Dec-11

Dec-10 7.0
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price: All

Dec-11 0.0
Construction Type:

Change -7.0
All Bedrooms: All

% -100%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Westminister Estates

Clarus MarketMetrics

1 of 2
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01/16/2012

20 of 21

William Cobb

Accurate Valuations Group

Months Supply of Inventory

Dec-10 vs. Dec-11: The average months supply of inventory is down 100%
# Units For Sale Last Day of Month 5 4 4 5 4 4 6 8 12 9 11 10 7 # UC Units During Month 0 1 2 0 0 2 1 4 0 2 1 1 1 4.5 11.0 10.0 7.0 261 11 35 47 2.0 6.0 2.0 110 55 86 4.0 2.0 19 56 UC Average DOM

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

MSI

Clarus MarketMetrics

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