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Market Dynamics

Prepared For

EBRP 09/2011 vs 9/2012, Louisiana ALL EBRP

William Cobb Accurate Valuations Group

Clarus MarketMetrics®
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10/17/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month
Sep-11 vs. Sep-12: The median sold price is up 5%

Sep-11 vs. Sep-12
Sep-11 170,000
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price:

Sep-12 178,000
All Construction Type:

Change 8,000
All Bedrooms: All

% +5%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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10/17/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month
Sep-11 vs. Sep-12: The median sold price is up 5%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

Median Price 178,000 176,000 175,000 174,853 171,000 161,400 164,000 164,500 159,000 161,500 159,900 169,500 170,000

# Units 339 349 410 436 436 349 366 261 213 269 271 287 305

Average DOM 102 98 87 84 93 98 106 108 100 94 105 107 100

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold
Sep-11 vs. Sep-12: The median price of for sale properties has not changed and the median price of sold properties is up 5%

Sep-11 vs. Sep-12
Sep-11 165,000
MLS: GBRAR Property Types: County:

Sep-11 vs. Sep-12
% 0%
All Construction Type: All Bedrooms:

Sep-12 165,000
Period: 1 year (monthly)

Change 0
Price:

Sep-11 170,000
All

Sep-12 178,000
Bathrooms: All

Change 8,000
Lot Size: All Sq Ft: All

% +5%

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold
Sep-11 vs. Sep-12: The median price of for sale properties has not changed and the median price of sold properties is up 5%
For Sale Median 165,000 165,000 169,000 169,000 169,000 165,000 164,900 164,100 163,000 161,898 164,900 164,900 165,000 # Properties For Sale 3,037 3,160 3,283 3,293 3,258 3,202 3,154 3,030 3,010 2,988 3,106 3,254 3,297 Sold Median 178,000 176,000 175,000 174,853 171,000 161,400 164,000 164,500 159,000 161,500 159,900 169,500 170,000 # Properties Sold 339 349 410 436 436 349 366 261 213 269 271 287 305 Price Difference 13,000 11,000 6,000 5,853 2,000 -3,600 -900 400 -4,000 -397 -5,000 4,600 5,000

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

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William Cobb

Accurate Valuations Group

Sold Properties by Month
Sep-11 vs. Sep-12: The number of Sold properties is up 11%

Sep-11 vs. Sep-12
Sep-11 305
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 339
Construction Type:

Change 34
All Bedrooms: All

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

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

Sold Properties by Month
Sep-11 vs. Sep-12: The number of Sold properties is up 11%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

# Properties 339 349 410 436 436 349 366 261 213 269 271 287 305

Median Price 178,000 176,000 175,000 174,853 171,000 161,400 164,000 164,500 159,000 161,500 159,900 169,500 170,000

Average DOM 102 98 87 84 93 98 106 108 100 94 105 107 100

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month
Sep-11 vs. Sep-12: The number of Under Contract properties is up 26%

Sep-11 vs. Sep-12
Sep-11 289
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 363
Construction Type:

Change 74
All Bedrooms: All

% +26%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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10/17/2012

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month
Sep-11 vs. Sep-12: The number of Under Contract properties is up 26%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

# Properties 363 343 431 397 447 451 413 366 291 232 250 290 289

Median Price 179,900 174,900 185,000 177,000 179,900 174,900 173,400 174,400 161,400 165,000 170,000 175,000 169,900

Average DOM 89 105 91 87 94 98 97 103 114 102 96 99 102

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William Cobb

Accurate Valuations Group

New Properties by Month
Sep-11 vs. Sep-12: The number of New properties is down 12%

Sep-11 vs. Sep-12
Sep-11 547
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 484
Construction Type:

Change -63
All Bedrooms: All

% -12%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

New Properties by Month
Sep-11 vs. Sep-12: The number of New properties is down 12%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

# Properties 484 567 663 697 689 670 675 535 564 355 434 553 547

Median Price 159,900 172,500 174,900 176,900 172,000 172,450 165,000 162,500 165,000 155,000 165,250 155,000 168,000

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William Cobb

Accurate Valuations Group

For Sale Properties by Month
Sep-11 vs. Sep-12: The number of For Sale properties is down 8%

Sep-11 vs. Sep-12
Sep-11 3,297
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 3,037
Construction Type:

Change -260
All Bedrooms: All

% -8%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

For Sale Properties by Month
Sep-11 vs. Sep-12: The number of For Sale properties is down 8%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

# Properties 3,037 3,160 3,283 3,293 3,258 3,202 3,154 3,030 3,010 2,988 3,106 3,254 3,297

Median Price 165,000 165,000 169,000 169,000 169,000 165,000 164,900 164,100 163,000 161,898 164,900 164,900 165,000

Average DOM 152 155 151 155 157 160 163 168 170 180 169 162 159

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William Cobb

Accurate Valuations Group

Expired Properties by Month
Sep-11 vs. Sep-12: The number of Expired properties is down 23%

Sep-11 vs. Sep-12
Sep-11 307
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 235
Construction Type:

Change -72
All Bedrooms: All

% -23%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

Expired Properties by Month
Sep-11 vs. Sep-12: The number of Expired properties is down 23%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

# Properties 235 264 258 272 216 182 211 185 223 311 223 292 307

Median Price 149,900 162,500 159,900 169,000 168,700 139,900 148,900 145,000 150,000 155,000 164,900 165,000 155,900

Average DOM 174 255 179 231 185 198 193 187 195 261 189 188 172

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William Cobb

Accurate Valuations Group

Supply & Demand by Month
Sep-11 vs. Sep-12: The number of for sale properties is down 8% and the number of sold properties is up 11%

Sep-11 vs. Sep-12
Sep-11 3,297
MLS: GBRAR Property Types: County:

Sep-11 vs. Sep-12
% -8%
All Construction Type: All Bedrooms:

Sep-12 3,037
Period: 1 year (monthly)

Change -260
Price:

Sep-11 305
All

Sep-12 339
Bathrooms: All

Change 34
Lot Size: All Sq Ft: All

% +11%

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

Supply & Demand by Month
Sep-11 vs. Sep-12: The number of for sale properties is down 8% and the number of sold properties is up 11%
# Properties For Sale 3,037 3,160 3,283 3,293 3,258 3,202 3,154 3,030 3,010 2,988 3,106 3,254 3,297 Average DOM For Sale 152 155 151 155 157 160 163 168 170 180 169 162 159 # Properties Sold 339 349 410 436 436 349 366 261 213 269 271 287 305 Average DOM Sold 102 98 87 84 93 98 106 108 100 94 105 107 100

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month
Sep-11 vs. Sep-12: The average days on market is down 13%

Sep-11 vs. Sep-12
Sep-11 102
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 89
Construction Type:

Change -13
All Bedrooms: All

% -13%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month
Sep-11 vs. Sep-12: The average days on market is down 13%

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

Average DOM 89 105 91 87 94 98 97 103 114 102 96 99 102

# UC Units 363 343 431 397 447 451 413 366 291 232 250 290 289

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William Cobb

Accurate Valuations Group

Months Supply of Inventory
Sep-11 vs. Sep-12: The average months supply of inventory is down 28%

Sep-11 vs. Sep-12
Sep-11 9.3
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Sep-12 6.7
Construction Type:

Change -2.6
All Bedrooms: All

% -28%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics®

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William Cobb

Accurate Valuations Group

Months Supply of Inventory
Sep-11 vs. Sep-12: The average months supply of inventory is down 28%
# Units For Sale Last Day of Month 2,439 2,553 2,595 2,629 2,599 2,573 2,532 2,479 2,496 2,446 2,633 2,672 2,701 # UC Units During Month 363 343 431 397 447 451 413 366 291 232 250 290 289 UC Average DOM 89 105 91 87 94 98 97 103 114 102 96 99 102

Time Period Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12 Jan-12 Dec-11 Nov-11 Oct-11 Sep-11

MSI 6.7 7.4 6.0 6.6 5.8 5.7 6.1 6.8 8.6 10.5 10.5 9.2 9.3

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