For Immediate Release December 11, 2008

Lennox Scott Says: It’s Time To Make YourMove!

With the news that interest rates on a 30-year fixed *conforming loan havedropped below 5%, J. Lennox Scott, chairman and CEO of John L. Scott RealEstate, feels compelled to alert consumers to the fact that now is anopportune time for them to make their move on a home purchase orrefinance.“Even with speculation that interest rates could drop further, there’s noguarantee that will happen or that rates will even remain at their currentlevel,” said Scott. “In the recorded history of interest rates, they’ve neverdropped this low with the exception of a brief period in 2003.”Scott adds that homebuyers who are concerned about home prices droppingfurther need to understand the math, “A 1% drop in interest rates is equal toa 10% savings in the sales price of a home.” As an example, the followingillustrates the savings a homebuyer would assume with today’s interest ratecompared to interest rates from only a few weeks ago:

Scenario 1Scenario 2Sales Price$400,000$400,000Down Payment %10%10%Loan Amount360,000360,000Interest Rate**5.875%**4.875%Payment$2,129.54 $1,905.15

“This chart demonstrates that today’s interest rates increases a homebuyer’spurchasing power by 10%,” said Scott. “This fact combined with the ampleinventory of high-quality homes for sale makes this the ideal time to makeyour move on a home purchase.”Scott also wants homeowners to know that lower rates provide advantageousopportunities for homeowners to significantly reduce their monthly paymentby refinancing. To support this statement, Scott adds that he himself is goingto refinance his own home based on today’s drop in interest rates.Scott says that there are misconceptions about what it takes to qualify for amortgage, “Contrary to what you may have heard, you don’t need perfectcredit, a large down payment, or a large amount of home equity to qualify fora low interest loan. Loans still exist for the majority of people looking topurchase or refinance.”