Market Dynamics

Prepared For

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

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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09/15/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Aug-11 vs. Aug-12: The median sold price is up 4%

Aug-11 vs. Aug-12

Aug-11 169,740
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 176,000
All Construction Type:

Change 6,260
All Bedrooms: All

% +4%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Aug-11 vs. Aug-12: The median sold price is up 4%

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

Median Price 176,000 175,000 174,706 170,000 161,400 164,000 164,500 159,000 160,900 158,731 169,000 170,000 169,740

# Units 344 410 439 438 349 367 261 214 271 273 289 306 397

Average DOM 96 87 84 93 98 106 108 100 94 104 107 100 103

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Aug-11 vs. Aug-12: The median price of for sale properties is up 1% and the median price of sold properties is up 4%

Aug-11 vs. Aug-12

Aug-11 165,000
MLS: GBRAR Property Types: MLS Area:

Aug-11 vs. Aug-12

% +1%
All Construction Type: All Bedrooms:

Aug-12 166,450
Period: 1 year (monthly)

Change 1,450
Price:

Aug-11 169,740
All

Aug-12 176,000
Bathrooms: All

Change 6,260
Lot Size: All Sq Ft: All

% +4%

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Aug-11 vs. Aug-12: The median price of for sale properties is up 1% and the median price of sold properties is up 4%
For Sale Median 166,450 169,000 169,000 167,500 165,000 163,999 162,950 162,500 160,000 162,500 164,900 165,000 165,000 # Properties For Sale 3,158 3,295 3,307 3,279 3,224 3,171 3,048 3,031 3,011 3,127 3,275 3,316 3,416 Sold Median 176,000 175,000 174,706 170,000 161,400 164,000 164,500 159,000 160,900 158,731 169,000 170,000 169,740 # Properties Sold 344 410 439 438 349 367 261 214 271 273 289 306 397 Price Difference 9,550 6,000 5,706 2,500 -3,600 1 1,550 -3,500 900 -3,769 4,100 5,000 4,740

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Aug-11 vs. Aug-12: The number of Sold properties is down 13%

Aug-11 vs. Aug-12

Aug-11 397
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 344
All Construction Type:

Change -53
All Bedrooms: All

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

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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09/15/2012

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Aug-11 vs. Aug-12: The number of Sold properties is down 13%

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

# Properties 344 410 439 438 349 367 261 214 271 273 289 306 397

Median Price 176,000 175,000 174,706 170,000 161,400 164,000 164,500 159,000 160,900 158,731 169,000 170,000 169,740

Average DOM 96 87 84 93 98 106 108 100 94 104 107 100 103

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Aug-11 vs. Aug-12: The number of Under Contract properties is up 8%

Aug-11 vs. Aug-12

Aug-11 346
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 372
All Construction Type:

Change 26
All Bedrooms: All

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

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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09/15/2012

8 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Aug-11 vs. Aug-12: The number of Under Contract properties is up 8%

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

# Properties 372 444 401 453 456 413 367 291 233 251 294 292 346

Median Price 169,950 183,750 177,000 179,900 174,900 173,400 173,900 161,400 165,000 170,000 174,950 169,900 179,450

Average DOM 105 90 87 93 99 97 103 114 102 96 99 103 111

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

New Properties by Month

Aug-11 vs. Aug-12: The number of New properties is down 5%

Aug-11 vs. Aug-12

Aug-11 592
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 565
All Construction Type:

Change -27
All Bedrooms: All

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

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

New Properties by Month

Aug-11 vs. Aug-12: The number of New properties is down 5%

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

# Properties 565 667 696 693 675 678 537 566 358 436 558 552 592

Median Price 174,900 175,000 177,600 172,000 170,000 164,400 162,500 165,000 154,950 165,000 154,900 167,950 155,000

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Aug-11 vs. Aug-12: The number of For Sale properties is down 8%

Aug-11 vs. Aug-12

Aug-11 3,416
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 3,158
All Construction Type:

Change -258
All Bedrooms: All

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

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

1 of 2
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09/15/2012

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Aug-11 vs. Aug-12: The number of For Sale properties is down 8%

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

# Properties 3,158 3,295 3,307 3,279 3,224 3,171 3,048 3,031 3,011 3,127 3,275 3,316 3,416

Median Price 166,450 169,000 169,000 167,500 165,000 163,999 162,950 162,500 160,000 162,500 164,900 165,000 165,000

Average DOM 156 151 155 157 160 163 168 170 180 169 161 158 157

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Aug-11 vs. Aug-12: The number of Expired properties is down 15%

Aug-11 vs. Aug-12

Aug-11 307
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 262
All Construction Type:

Change -45
All Bedrooms: All

% -15%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Aug-11 vs. Aug-12: The number of Expired properties is down 15%

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

# Properties 262 257 274 216 182 211 188 228 314 223 290 307 307

Median Price 162,500 159,900 168,750 167,500 139,900 148,900 143,450 150,000 154,950 164,900 165,000 155,500 158,603

Average DOM 251 180 231 184 197 194 187 198 261 187 183 172 184

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Aug-11 vs. Aug-12: The number of for sale properties is down 8% and the number of sold properties is down 13%

Aug-11 vs. Aug-12

Aug-11 3,416
MLS: GBRAR Property Types: MLS Area:

Aug-11 vs. Aug-12

% -8%
All Construction Type: All Bedrooms:

Aug-12 3,158
Period: 1 year (monthly)

Change -258
Price:

Aug-11 397
All

Aug-12 344
Bathrooms: All

Change -53
Lot Size: All Sq Ft: All

% -13%

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Aug-11 vs. Aug-12: The number of for sale properties is down 8% and the number of sold properties is down 13%
# Properties For Sale 3,158 3,295 3,307 3,279 3,224 3,171 3,048 3,031 3,011 3,127 3,275 3,316 3,416 Average DOM For Sale 156 151 155 157 160 163 168 170 180 169 161 158 157 # Properties Sold 344 410 439 438 349 367 261 214 271 273 289 306 397 Average DOM Sold 96 87 84 93 98 106 108 100 94 104 107 100 103

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Aug-11 vs. Aug-12: The average days on market is down 6%

Aug-11 vs. Aug-12

Aug-11 111
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 105
All Construction Type:

Change -6
All Bedrooms: All

% -6%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Aug-11 vs. Aug-12: The average days on market is down 6%

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

Average DOM 105 90 87 93 99 97 103 114 102 96 99 103 111

# UC Units 372 444 401 453 456 413 367 291 233 251 294 292 346

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Aug-11 vs. Aug-12: The average months supply of inventory is down 15%

Aug-11 vs. Aug-12

Aug-11 8.0
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Aug-12 6.8
All Construction Type:

Change -1.2
All Bedrooms: All

% -15%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF)

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Aug-11 vs. Aug-12: The average months supply of inventory is down 15%
# Units For Sale Last Day of Month 2,524 2,595 2,637 2,614 2,590 2,549 2,493 2,512 2,465 2,653 2,691 2,717 2,764 # UC Units During Month 372 444 401 453 456 413 367 291 233 251 294 292 346 UC Average DOM 105 90 87 93 99 97 103 114 102 96 99 103 111

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

MSI 6.8 5.8 6.6 5.8 5.7 6.2 6.8 8.6 10.6 10.6 9.2 9.3 8.0

Clarus MarketMetrics

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