Monthly Survey of Real Estate Agents – April 2013

Daniel Oppenheim, CFA Homebuilding & Building Products 212-325-5726 dan.oppenheim@credit-suisse.com Michael Dahl 212-325-5882 michael.dahl@credit-suisse.com William Alexis 212-538-3992 william.alexis@credit-suisse.com May 13, 2013
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90 80 70

Home prices continue to increase on the back of very favorable affordability and steady declines in homes for sale.

Home Price Index

60 50 40 30 20 10 0

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Dec-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Source: Credit Suisse

CREDIT SUISSE SECURITIES (USA) LLC

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

April Survey of Real Estate Agents: Pricing Mom entum Doesn’t Miss a Beat in April
• Dem and rem ains strong while supply declines; prices continue to m ove higher: Rising prices remains the most common theme in our survey, while declining inventories is a close second. Higher prices and low inventories continue to drive demand as buyers are growing increasingly concerned that they will miss opportunities in the market by waiting on the sidelines. However, competition remains fierce, and in some markets, buyers have become frustrated with losing out on bids.
Multiple offers becom ing com m onplace: Our home price index increased again to 84.8 from 83.7, suggesting that prices continue to experience very broad improvement as a greater share of agents pointed to higher prices in April vs. March. We expect prices to continue to head higher, although similar to our March commentary, we think it is becoming increasingly difficult to see additional increases in our index, although any reading above 50 points to rising prices. The greatest strength was in CA, FL, and the Southwest (Phoenix, Vegas), although every market experienced higher prices. Traffic rem ains at healthy in April: Our buyer traffic index fell slightly to 64 from 66 in April, but continued to indicate that levels surpassed agents’ expectations. According to agents, the slightly lower index reading was a function of buyers’ frustration with the intense level of competition for limited inventories in certain markets (i.e., consistently getting outbid); however, buyers were said to be willing to step back in given the right opportunity. Heightened urgency as tim e to sell falls further: Our time to sell index – a leading indicator for home price trends – came in at 81 in April, pointing to less time needed to sell a home. Urgency has remained strong in the market and has seen consistent improvement through the spring season. Buyers see declining inventory, rising prices, and are concerned that rates will soon increase, leading to added urgency. Buyers are said to not want to miss out on opportunities.
Traffic Levels Versus Expectations

Buyer Traffic Month Index Nov-12 49.0 Dec-12 52.0 Jan-13 59.0 Feb-13 65.1 Mar-13 66.1 Apr-13 64.4 Point Change (1.8)

Home Price Index 66.4 68.3 74.6 79.3 83.7 84.8 1.1

Incentive Index 46.7 49.9 52.4 51.5 53.0 52.9 (0.0)

Home Listings Index 74.0 75.7 74.7 72.7 71.7 73.7 2.0

Time to Sell Index 63.3 68.3 71.5 75.4 80.8 81.0 0.2

How Do the Recent 30 Days Compare to the Prior 30 Days...

17%
80%
60% 72% 73% 67%

45%

40%

25% 3% Home Prices 11%

28% 17% 5% Time to Sell Decreased

20%

38%

0% Incentives Increased Remained the same

More than expected

Meets expectations

Less than expected

Source: Credit Suisse
April ‘13 Slide 2

Table of Contents
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Key Housing Markets: Atlanta, Georgia Austin, Texas Baltimore, Maryland Boston, Massachusetts Charleston, South Carolina Charlotte, North Carolina Chicago, Illinois Cincinnati, Ohio Columbus, Ohio Dallas, Texas Denver, Colorado Detroit, Michigan Fort Myers, Florida Houston, Texas Inland Empire (Riverside-San Bernardino), California Jacksonville, Florida Las Vegas, Nevada Los Angeles, California Miami, Florida Minneapolis, Minnesota Nashville, Tennessee New York-Northern New Jersey 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 45 50 52 Key Housing Markets Continued: Orlando, Florida Philadelphia-Southern New Jersey Phoenix, Arizona Portland, Oregon Raleigh, North Carolina Richmond, Virginia Sacramento, California San Antonio, Texas San Diego, California San Francisco, California Sarasota, Florida Seattle, Washington St. Louis, Missouri Tampa, Florida Tucson, Arizona Virginia Beach, Virginia Washington, D.C. Wilmington, North Carolina Appendix: Historical Trends by Market Agent Recommendations Survey Methodology
April ‘13 Slide 3

Atlanta, GA – Pricing Continues to Rise, Pushing Some Traditional Buyers out of the Market
(9,146 single-family building permits in 2012, 5th largest market in the country)
80 70 60 50 40 30 20 10 0
Jun-11 Jan-12 Jun-12 May-11 May-12 Mar-12 Jan-13 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Feb-12 Buyer Traffic Index

Our Take:
• Buyer traffic fell again in April, but still met agents’ expectations as our index declined to 54 from 64 in March, inline with a reading of 50. Agents noted that some buyers were growing frustrated with losing out on multiple offers, given the level of competition in the market. Home prices continued to increase, as our price index came in at 82 from 83 in March. Inventories edged lower and the time to sell fell further. Declines in each metric are positives for future pricing.
Buyer Traffic Index 50.0 53.3 45.5 73.1 63.6 53.6 (10.1) Home Price Index 52.9 55.6 36.4 84.6 83.3 82.1 (1.2) Incentive Index 41.2 43.8 45.5 42.9 50.0 46.4 (3.6) Home Listings Index 73.5 75.0 90.9 92.9 75.0 57.1 (17.9) Time to Sell Index 61.8 68.8 59.1 76.9 87.5 71.4 (16.1)

Dec-11

Aug-11

Sep-11

Nov-11

Aug-12

Sep-12

Nov-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

• •

90 80 70 60 50 40 30 20 10 0
Jun-11 Jan-12 Jun-12 May-11 May-12 Mar-12 Jan-13 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Feb-12

Home Price Index

Dec-11

Aug-11

Sep-11

Nov-11

Aug-12

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “We’re signing fewer contracts despite the solid demand because we don’t have enough inventory to sell.” “We continue to see investors dominating the market, but there just isn’t enough inventory to go around. Hedge funds have drained the foreclosure inventory before it gets to realtors.” “Buyers feel pressure to sign contracts as they feel home values have hit bottom and are on their way up.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...
70% 60% 50% 40% 30% 20% 10% 0% 64% 36% 21% 0% 64%

21% 29%

43% 14%

50%

7%

50%
More than expected Meets expectations Less than expected

Home Prices
Increased

Incentives

Time to Sell
Decreased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 4

Austin, TX – Jobs & Economic Confidence Drive People into Austin
(7,970 single-family permits in 2012, 7th largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Traffic came in above agents’ expectations again in April, as our traffic index increased to 82 from 77 in March. Agents cited the strong local economy and higher rental rates for the better traffic levels in April. Agents continued to overwhelmingly point to higher prices in April, as our index came in at 96 from 97 in March. Agents indicated that inventories fell further in April, even as prices continue to rise, which we think would lead to sellers placing homes on the market. The time to sell also fell in April. We view these as positives for future pricing.
Buyer Traffic Index 42.3 53.1 57.1 76.7 76.7 81.8 5.2 Home Price Index 70.8 78.1 82.1 93.3 96.7 95.8 (0.8) Incentive Index 34.6 53.1 57.1 66.7 63.3 69.2 5.9 Home Listings Index 76.9 71.9 64.3 85.7 63.3 76.9 13.6 Time to Sell Index 76.9 71.9 75.0 93.3 93.3 92.3 (1.0)

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 120

• •

Home Price Index

100

80 60
40 20 0

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “There is increased competition in the market for a scare number of listings. We recently put two listings under contract just from putting signs in the yard.” “People keep flooding into Austin. New home construction is still way behind so there is an extreme shortage of inventory. There is an intense level of activity nowadays.” “Jobs, jobs, jobs. There is a tremendous influx of new people entering the city.” “People are fed up wasting their money on rent. They are jumping off the fence and going into the for-sale market.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

9%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days... 92% 62% 85%

18%

80%
60% 40% 20% 0% Home Prices 8%

38%
15% 0% 0% Incentives 0% Time to Sell Decreased

• •

73%

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 5

Baltimore, MD – Demand Falls, but Pricing Still Strong as Inventories Drop
(3,876 single-family permits in 2012, 30th largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Buyer traffic took a sharp hit in April, as our traffic index fell to 25 from 61 in March. Traffic has been volatile in Baltimore, and levels have now failed to meet expectations in 5 out of the past 7 months. Despite the sharp drop in traffic, agents indicated that prices were higher. Our price index came in at 100 from 80 in March. Our home listings and time to sell indexes pointed to declines in each category, a positive for future pricing, although we think better demand is needed to support consistent price increases.
Buyer Traffic Index 28.6 38.9 33.3 66.7 61.1 25.0 (36.1) Home Price Index 64.3 50.0 55.6 58.3 80.0 100.0 20.0 Incentive Index 41.7 33.3 62.5 50.0 55.6 50.0 (5.6) Home Listings Index 92.9 83.3 87.5 91.7 75.0 100.0 25.0 Time to Sell Index 71.4 66.7 72.2 91.7 65.0 87.5 22.5

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

• •

120
Home Price Index

100
80 60 40 20 0

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Prices are continuing to improve, but we can’t sell anything because we don’t have any inventory to showcase to buyers. I am also not so sure buyers like the inventory we have to offer, they are looking for better quality.” “Some buyers are still drawn to the market by affordability.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

0%
120% 100% 80% 60% 40% 20% 0%

How Do the Recent 30 Days Compare to the Prior 30 Days...

100%

100% 75%
25%

50%

50%

0% 0% Home Prices

0%

0%

0% Time to Sell Decreased

Incentives

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 6

Boston, MA – Low Inventories, Higher Rental Rates Keep Traffic Above Expectations in April
(4,075 single-family permits in 2012, 28th largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic exceeded agents’ expectations again in April, as our traffic index came in at 75 from 81 in March. Agents attributed the traffic levels in April to lower inventories (creating urgency) and higher rental rates. Home prices showed continued improvement in April, as our home price index came in at 92 from 89 in March. Agents indicated that inventories and the time needed to sell a home both fell in April, positives for future pricing. We think that as demand remains strong, the market can support higher prices in the coming months.
Buyer Traffic Index 53.3 50.0 61.1 73.3 80.8 75.0 (5.8) Home Price Index 56.3 70.0 80.6 86.7 88.5 91.7 3.2 Incentive Index 57.7 60.5 52.8 53.6 65.4 60.0 (5.4) Home Listings Index 75.0 84.2 76.3 73.3 60.7 79.2 18.5 Time to Sell Index 63.3 72.5 81.6 76.7 82.1 75.0 (7.1)

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0

• •

Home Price Index

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Inventory keeps falling and buyers are ready to enter the market now – no waiting.” “Interest rates are still low, and with high rent increases, buyers are taking a really close look at the value in the forsale market.” “The lack of supply is great for traffic and prices, but it is hurting sales since we don’t have inventory to move.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

8%
100% 80%

How Do the Recent 30 Days Compare to the Prior 30 Days... 83% 80%

67%

33%

60%

59%

40% 20% 0% Home Prices 17% 0% 0%

20%

17% 17%

Incentives

Time to Sell Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 7

Charleston, SC – Buyers Search for Better Inventory, Traffic Falls
(3,128 single-family permits in 2012, 34th largest market in the country)
70
Buyer Traffic Index

60
50 40 30

Our Take:
• Buyer traffic slipped in April, coming in below agents’ expectations, as our traffic index fell to 33 from 57 in March. Traffic has remained volatile in recent months, with traffic falling short of expectations in 3 out of the past 4 months. Despite the lower traffic, prices continue to move higher, though fewer agents saw rising prices. Our home price index came in at 67 from 86 in March. Inventories and the time to sell both fell in April, which we view as positives for future pricing. However, we would like to see better traffic trends to support higher prices going forward.
Buyer Traffic Index 50.0 50.0 25.0 25.0 57.1 33.3 (23.8) Home Price Index 60.0 70.0 75.0 66.7 85.7 66.7 (19.0) Incentive Index 50.0 40.0 50.0 50.0 50.0 50.0 0.0 Home Listings Index 60.0 41.7 25.0 50.0 57.1 66.7 9.5 Time to Sell Index 60.0 66.7 62.5 37.5 78.6 66.7 (11.9)

20
10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12

Home Price Index

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “We’re not seeing the same level of activity from first-time buyers anymore.” “I believe that buyers aren’t drawn to the current selection of inventories. What we have for sale isn’t very attractive and I think buyers aren’t responding so well. We need better homes to sell.” “Appraisals are actually loosening up a little bit.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...

17%
120% 100% 80% 60% 40% 20% 0% 100%
67% 33% 0% Home Prices 0% 0% 0% Time to Sell Decreased 67% 33%

50% 33%

Incentives

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 8

Charlotte, NC – Pricing Continues to Rise, Enticing Buyers to Get in and Participate in Recovery
(6,704 single-family permits in 2012, 10th largest market in the country)
100 90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic remained above agents’ expectations for this time of year, although our index fell to 65 from 91 in March (any reading above 50 points to better than expected traffic). Prices saw additional improvement in April, as our home price index came in at 83 from 100 in March (remained above 50). Inventories were flat in April, while the time to sell declined. We view the lower time to sell as a positive for future pricing, and believe that as long as demand remains healthy, flat inventories can also work to support higher pricing.
Buyer Traffic Index 59.1 50.0 75.0 86.4 90.9 65.4 (25.5) Home Price Index 72.7 72.2 85.0 81.8 100.0 83.3 (16.7) Incentive Index 40.9 44.4 54.5 45.5 63.6 46.2 (17.5) Home Listings Index 81.8 83.3 86.4 72.7 72.7 46.2 (26.6) Time to Sell Index 65.0 61.1 75.0 63.6 95.0 73.1 (21.9)

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Jan-13

Apr-13

Oct-11

Oct-12

• •

120

Home Price Index

100

80 60
40 20 0

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “It is starting to become a seller’s market and buyers aren’t hesitating to bid prices higher.” “Rents are becoming too expensive. Buyers see their rental rates and compare that to the for-sale market and they realize that owning can make more sense.” “Interest rates are low and buyers are understanding that the market is on its way back up again.” “Buyers are still looking at opportunities but realize that the market has changed. There aren’t as many ‘steals’ and ‘deals’ as before, but they are still serious about buying.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 70% 60% 50% 40% 30% 20% 10% 0%

23%

67%

62%

62%

• •

33%
23% 0% Home Prices Incentives Time to Sell Decreased 15% 23% 15%

54%
23%

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 9

Chicago, IL – Traffic Above Expectations with Rising Prices; Inventory Continues to Fall
(5,665 single-family permits in 2012, 14th largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Traffic came in to exceed expectations again in April, as our traffic index came in at 60 from 64 in March, down slightly but still above 50. This marks the fourth consecutive month of better than expected traffic. Pricing showed additional improvement in April, as our home price index came in at 70 from 76 in March (still above 50). Inventories fell modestly, while the time to sell saw a greater decline. We believe that with healthy demand, declines in these two categories will work to drive higher home prices in the coming months.
Buyer Traffic Index 41.1 46.4 60.6 68.3 63.5 59.6 (3.9) Home Price Index 42.6 44.6 62.0 60.9 76.4 70.0 (6.4) Incentive Index 47.9 50.0 50.0 57.4 51.6 41.7 (9.9) Home Listings Index 78.6 81.5 78.0 64.1 77.8 61.5 (16.2) Time to Sell Index 58.9 62.5 59.2 68.8 75.0 73.1 (1.9)

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

• •

90 80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12

Home Price Index

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Low prices are still attracting prospective buyers, but some are still only looking for bargains. Other prospects are slow to make a move.” “Inventory is low, but we’ve been seeing more traffic. It has been a recipe for higher prices.” “There are buyers out there who are worried about higher rates. The idea of having to pay more if they wait is driving them to buy now.” “Affordability is still great. Buyers don’t see any reason to wait.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• •

How Do the Recent 30 Days Compare to the Prior 30 Days...

23%
42%

100%
80% 60% 40% 52% 36% 12% Home Prices

83%
58% 31%

20%

17%
0% Incentives

12% Time to Sell Decreased

35%
More than expected Meets expectations Less than expected

0% Increased Remained the same

April ‘13 Slide 10

Cincinnati, OH – Traffic Down Slightly, but Inventory Remains Low and Confidence High
(2,668 single-family permits in 2012, 47th largest market in the country)
100 90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Traffic decreased in April, as our traffic index dipped to 50 from 67 in March, although levels still met agents’ expectations for this time of year (a reading of 50). Home prices showed additional improvement, despite the lower traffic as our home price index increased to 81 from 58 in March. Our home listings index came in at 81, while our time to sell index also came in at 81, both above a 50, indicating declines in each metric. We view this as a positive for future pricing.
Buyer Traffic Index 66.7 59.1 71.4 70.0 66.7 50.0 (16.7) Home Price Index 66.7 54.5 57.1 60.0 58.3 81.3 22.9 Incentive Index 50.0 55.0 42.9 50.0 58.3 50.0 (8.3) Home Listings Index 75.0 81.8 92.9 60.0 83.3 81.3 (2.1) Time to Sell Index 50.0 68.2 71.4 80.0 83.3 81.3 (2.1)

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
90 80 70 60 50 40 30 20 10 0

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

Home Price Index

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “I think buyers are realizing that the area is turning into a seller’s market. Our listing inventory is down 15%, interest rates are still low and buyers know they must get off the fence soon.” “Pent-up demand coupled with people feeling better about their jobs, low interest rates, plus investors looking for homes to turn into rentals are all driving higher traffic.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 60%

29%

28%

75%
63% 63%

40%
20%

38%
13% 13%

38%

0%
0%

0%
Incentives Time to Sell

43%
More than expected Meets expectations Less than expected

Home Prices

Increased

Remained the same

Decreased

Source: Credit Suisse; Census Bureau
April ‘13 Slide 11

Columbus, OH – Traffic Bounces Back, Buyers see Rising Prices and Want to Jump Back in
(2,899 single-family permits in 2012, 38th largest market in the country)
80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Buyer traffic rebounded in April, as our traffic index improved to 69 from 40 in March. Higher prices, low inventories, and favorable practices from appraisers all contributed to stronger traffic in April. Agents pointed to higher prices in April, as our home price index increased to 79 from 60 in March (fourth consecutive month of higher prices). Inventories and the time to sell both fell in April (both indexes came in above a neutral reading of 50). As a result, we expect prices to show additional improvement in the coming months.
Buyer Traffic Index 45.5 50.0 50.0 57.1 40.0 68.8 28.8 Home Price Index 63.6 54.5 75.0 68.8 60.0 78.6 18.6 Incentive Index 36.4 35.0 50.0 42.9 40.0 50.0 10.0 Home Listings Index 90.9 72.7 66.7 68.8 80.0 78.6 (1.4) Time to Sell Index 77.3 59.1 83.3 87.5 90.0 92.9 2.9

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12

Home Price Index

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Inventory is very low, helping drive prices higher. Buyers see higher prices and want to start looking for homes.” “I think traffic would be a bit better with higher inventories. We don’t have anything to showcase to buyers. Our inventories are too low.” “Appraisers haven’t been as bad lately. I think the higher prices are making them a bit more realistic in their evaluations.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

0%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days... 86% 71% 67%

37%

80% 60% 40%

63%

20%
0%

14%14% Home Prices

17%

17%
0%

14% Time to Sell Decreased

Incentives

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 12

Dallas, TX – Traffic Off Record Highs, but Levels Still Strong on Affordability, Greater Confidence
(17,821 single-family permits in 2012, 2nd largest market in the country)
100 90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic exceeded agents’ expectations again in April, as our traffic index came in at 80, a bit lower than the 92 in March, but any reading above 50 points to better than expected traffic. Agents pointed to broad price improvement as our price index improved to 97 from 83 in March. Inventories fell further in April, as did the time needed to sell a home. As a result, we think prices will continue to improve from current levels, as declines in both metrics are positive indications for future pricing.
Buyer Traffic Index 59.1 58.3 56.3 70.8 91.7 80.0 (11.7) Home Price Index 63.6 54.2 81.3 79.2 83.3 96.7 13.3 Incentive Index 40.0 45.0 50.0 50.0 54.5 67.9 13.3 Home Listings Index 50.0 72.7 75.0 75.0 70.8 78.6 7.7 Time to Sell Index 59.1 63.6 65.6 79.2 95.8 90.0 (5.8)

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 120

• •

Home Price Index

100

80 60
40 20 0

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • “More stability in the economy seems to be the most significant influence on my buyers lately.” “Consumer confidence is high and people want to take advantage of these low rates.” “Buyers are responding well to the positive news in the media about housing, low interest rates, and the thought that it is a good time to get into the market.” “Buyers are more positive about the market and don’t want to miss out on the upturn.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

7%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days... 93% 64% 36% 7% 87%

27%

80%

60%
40%

66%

20% 0%

0%

0%
Incentives

7% 7% Time to Sell

Home Prices

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Decreased

April ‘13 Slide 13

Denver, CO – Lower Inventories in Spotlight, Buyers Frantically Looking For Homes as Options Dwindle
(5,616 single-family permits in 2012, 15th largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Buyer traffic came in to beat agents’ expectations for this time of year, as our buyer traffic index improved to 75 from 71 in March. Low inventories have been a theme across markets in April, and Denver is no exception, with agents crediting the decline in homes for sale for better traffic and higher prices. Our home price index pointed to further price increases, as it improved to 94 from 90 in March. We expect prices to continue to increase, as our home listings and time to sell indexes pointed to declines in both metrics. This is a positive for home prices in the coming months.
Buyer Traffic Index 63.5 56.8 69.6 73.9 70.8 75.0 4.2 Home Price Index 68.5 65.9 82.1 87.5 89.6 93.8 4.2 Incentive Index 43.5 50.0 51.9 52.2 54.5 65.0 10.5 Home Listings Index 70.4 93.2 76.8 84.8 69.6 77.1 7.5 Time to Sell Index 66.7 73.8 76.8 93.8 76.1 79.2 3.1

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “My listings are getting bombarded with showings immediately after going the market and are going under contract in hours, not days after listing. Inventory is really very low. Traditional buyers are even outbidding investors sometimes.” “Buyers are out and looking as the economy improves and interest rates stay low.” “There are fewer homes in inventory and prices are rising. Buyers are going nuts looking for something to buy.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

0%
100%
80% 60% 40% 20%

How Do the Recent 30 Days Compare to the Prior 30 Days... 88% 60% 63% 33%

• •

50%

50%

35%
13% 0% Home Prices 5% Incentives

4%
Time to Sell Decreased

0%
Increased Remained the same

More than expected

Meets expectations

Less than expected

Source: Credit Suisse; Census Bureau
April ‘13 Slide 14

Detroit, MI – Low Supply, Favorable Affordability are Key Drivers Behind Traffic in April
(4,103 single-family permits in 2012, 27th largest market in the country)
80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic dipped slightly in April, as our index came in at 57 from 68 in March, although levels still exceeded agents’ expectations (any reading above 50). Agents noted that rising prices have helped inspire confidence and drive better sales in the move-up market. Prices showed additional improvement, as our home price index increased to 89 from 85 in March. Inventories and the time to sell both declined in April. We view these as positives for future pricing trends.
Buyer Traffic Index 32.1 37.5 40.0 58.3 67.5 57.1 (10.4) Home Price Index 64.3 79.2 66.7 86.1 85.0 89.3 4.3 Incentive Index 54.2 40.9 60.7 55.6 55.3 57.7 2.4 Home Listings Index 82.1 79.2 86.7 75.0 72.5 78.6 6.1 Time to Sell Index 60.7 66.7 63.3 79.4 84.2 82.1 (2.1)

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “We have the same about of buyers but the supply is significantly smaller. This has done a good job driving prices higher.” “Inventory is down almost 25% in our area and prices are on the rise for the second straight year. More people can now afford to sell and as a result, they can afford to buy.” “Favorable affordability and low interest rates are bringing buyers back to the table.” “Appraisals are becoming a bit easer to deal with because prices are rising.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...
100% 86% 69% 71%

21% 36%

80% 60%

• •

40%
20% 0% 7% 7%

23%

21% 7%

8% Incentives

43%
More than expected Meets expectations Less than expected

Home Prices Increased

Time to Sell Decreased

Remained the same

April ‘13 Slide 15

Ft. Myers, FL – Inventory Falls Further Forcing Buyers to Look Before Prices Run too High
(1,806 single-family permits in 2012, 65th largest market in the country)
90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Buyer traffic rebounded in April, bouncing back to meet agents’ expectations for this time of year, as our index came in at 54 from 38 in March. Agents noted that falling inventories and stable pricing helped traffic in April. Home prices increased further in April, as our home price index came in at 79 from 77 in March. We expect prices to continue to increase, as our home listings and time to sell indexes pointed to declines both of these metrics. We view that as a positive for future pricing trends.
Buyer Traffic Index 62.5 28.6 47.4 50.0 37.5 53.3 15.8 Home Price Index 87.5 85.7 85.0 75.0 77.3 78.6 1.3 Incentive Index 45.8 50.0 40.0 38.9 45.5 42.9 (2.6) Home Listings Index 70.8 71.4 72.5 83.3 72.7 82.1 9.4 Time to Sell Index 87.5 75.0 77.5 66.7 63.6 82.1 18.5

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13

• •

Home Price Index

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • • “Inventory keeps falling and this has caused some buyers to buy that were previously just looking and waiting.” “Snowbirds are staying here a bit longer than usual and that has given us a little boost for this time of year.” “Buyers realize that inventory is down, prices are stable, and that the bargain basement days are over.” “Buyers must think it’s still Christmas. They are out in the market buying everything they see.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 80%

27% 33%

64%

71%

71%

60% 40% 20% 29% 21% 21%

7%
Home Prices

7%
Incentives

7%
Time to Sell Decreased

0%

40%
More than expected Meets expectations Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 16

Houston, TX – Corporate Relocations and Affordability Drive Much Higher Traffic in April
(28,568 single-family permits in 2012, largest market in the country)
100 90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic showed strong improvement in April, as our traffic index increased to 92 from 63 in March. Agents noted that corporate relocations, low inventories, and favorable affordability all contributed to the sharply higher traffic level. Home prices continued to increase, as our home price index came in at 87 from 79 in March. Inventories and the time to sell both declined in April. As a result, we would expect prices to show additional improvement in the coming months (declines in each metric are positives for future pricing).
Buyer Traffic Index 40.0 50.0 61.9 77.8 62.5 91.7 29.2 Home Price Index 76.7 79.4 83.3 81.6 79.2 86.8 7.7 Incentive Index 42.3 44.1 45.2 50.0 45.8 47.4 1.5 Home Listings Index 75.0 82.4 76.2 78.9 92.3 78.9 (13.4) Time to Sell Index 71.4 88.2 87.5 77.8 83.3 89.5 6.1

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0

• •

Home Price Index

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “People that have been sitting on the fence are realizing that the market is turning and that they better buy now before prices are too far out of their range.” “Oil companies and other large companies continue to relocate their employees to Houston. Record low interest rates and inventories are producing multiple offer situations. Some selling prices are over $50,000 above asking price.” “Buyers wanted to start early to avoid the hassle of multiple offers and getting outbid. They couldn’t start early enough! The competition has been really strong.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

17%

0%
100% 80% 60%

How Do the Recent 30 Days Compare to the Prior 30 Days...
79% 42% 32% 26% 5% 5% 11% 84%

40%
20% 16% 0%

83%
More than expected Meets expectations Less than expected

Home Prices Increased

Incentives

Time to Sell Decreased

Remained the same

April ‘13 Slide 17

Inland Empire, CA – Low Inventories Motivate Buyers to Act
(4,229 single-family permits in 2012, 26th largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Buyer traffic exceeded expectations in April, as our traffic index came in at 65, down slightly from 71 in March, but still at levels indicating better-than-expected traffic. Agents credited traffic levels to low inventories and buyers looking to capitalize on affordability. Homes prices showed additional improvement as our price index came in at 90, unchanged vs. our index in March. Prices are likely to continue to improve given declines in both inventories and the time needed to sell a home.
Buyer Traffic Index 58.8 66.7 70.8 63.6 71.1 65.0 (6.1) Home Price Index 84.4 78.1 83.3 81.8 89.5 90.0 0.5 Incentive Index 46.7 60.0 45.5 59.1 41.7 50.0 8.3 Home Listings Index 86.7 90.6 95.8 85.0 76.3 90.0 13.7 Time to Sell Index 78.1 80.0 70.8 86.4 77.8 80.0 2.2

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Buyers are out trying to take advantage of these interest rates. Inventory is still low and that is driving them to act even sooner.” “There is a shortage of inventory, especially in the lower ranges. Demand is solid in the market. But there still fewer people in the move-up market.” “Inventory is low and people are finally ready to buy.” “We don’t have any properties for sale. Good for urgency, traffic, and pricing, but it’s tough to convert to actual sales.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 80% 60%

20%
80%

50% 30%

60% 40% 20% 20% 0% Home Prices 10% 10%

40%
0% Time to Sell Decreased

• •

0%
Incentives Increased Remained the same

More than expected

Meets expectations

Less than expected

April ‘13 Slide 18

Jacksonville, FL – Buyers Drawn to Affordability, Concerned about Getting Priced Out
(4,582 single-family permits in 2012, 23rd largest market in the country)
80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic continued to improve in April, exceeding agents’ expectations again, as our traffic index came in at 69 from 67 in March. Agents highlighted that affordability, and the threat of higher prices and rates in the future helped drive traffic. Home prices increased further in April (eighth consecutive month), as our home price index came in at 88 from 92 in March. Agents indicated that inventories and the time to sell both declined in April. We view this as a good indication that prices will continue to rise in the coming months.
Buyer Traffic Index 64.3 56.3 75.0 68.8 66.7 68.8 2.1 Home Price Index 64.3 75.0 75.0 87.5 91.7 87.5 (4.2) Incentive Index 35.7 31.3 35.7 43.8 58.3 37.5 (20.8) Home Listings Index 85.7 62.5 75.0 87.5 83.3 81.3 (2.1) Time to Sell Index 71.4 62.5 62.5 93.8 91.7 78.6 (13.1)

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “People with good jobs and good credit can’t beat these rates. They understand this and they are moving in to take advantage.” “Our market has been excellent. Buyers seem to have more confidence. Low interest rates definitely help.” “We’re seeing more buyers realize that if they wait much longer home prices will be too far out of their reach.” “We have been extremely busy since the beginning of the year. Lack of inventory is helping urgency and demand, but it might limit the actual number of sales.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• • •

13%
80% 60%

How Do the Recent 30 Days Compare to the Prior 30 Days...
75% 75% 57% 43% 25% 0% 0% 25% 0% 0%

50% 37%

40% 20%

Home Prices

Incentives

Time to Sell
Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 19

Las Vegas, NV – Investor Demand Remains Strong, Builders Capitalizing on Inventory Shortage
(6,112 single-family permits in 2012, 12th largest market in the country)
90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Traffic exceeded agents’ expectations again in April, as our traffic index improved to 75 from 65 in March. Agents noted that affordability continues to draw buyers, with additional demand coming from prior short sellers who are re-entering the market. Prices saw very broad improvement in April, as our home price index improved to 100 from 98 in March. Inventory fell sharply in April, as did the time needed to sell. We view these both as strong positives for future pricing, especially as demand remains strong.
Buyer Traffic Index 36.7 63.3 61.9 60.9 65.2 75.0 9.8 Home Price Index 83.3 93.3 97.6 97.8 97.9 100.0 2.1 Incentive Index 46.7 56.7 57.1 65.9 66.7 57.5 (9.2) Home Listings Index 60.0 66.7 78.6 75.0 77.1 92.5 15.4 Time to Sell Index 66.7 73.3 78.6 84.1 85.4 95.0 9.6

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Interest rates are still very attractive. New home communities are popping up everywhere. We’ve also seen the return of some short sellers who’ve had time to repair their credit.” “Some builders are going back to the lottery system to award lots to buyers. The demand is overwhelming for homes $350,000 and below. I am getting calls from out of state investors weekly.” “Investors are very active. Supply is low and demand is high.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

10%
120% 100% 80% 60% 40% 20% 0%

How Do the Recent 30 Days Compare to the Prior 30 Days... 100%

90% 45% 35% 20%

30% 60%

0% 0% Home Prices Incentives

0%

10%

Time to Sell Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 20

Los Angeles, CA – Confidence Running High, but Investors Continue to Outbid Traditional Buyers
(4,921 single-family permits in 2012, 22nd largest market in the country)
80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Our buyer traffic index came in at 67, unchanged from levels in March. This reading indicates that traffic exceeded expectations again in April. Agents attributed the traffic levels to strong demand from cash investors, while multiple offers have become increasingly common. Home prices increased further in April, as our home price index came in at 97 from 98 in March. Inventories and the time to sell both declined in April. As a result, we expect pricing to continue to see nice improvement in Los Angeles.
Buyer Traffic Index 62.5 68.0 66.7 59.3 66.7 66.7 0.0 Home Price Index 88.9 88.0 83.9 94.4 98.0 96.6 (1.4) Incentive Index 56.3 57.1 59.5 48.0 52.3 63.5 11.2 Home Listings Index 76.8 93.5 86.2 75.0 80.0 70.7 (9.3) Time to Sell Index 71.4 79.2 77.6 75.9 88.0 81.0 (7.0)

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “There are also a lot of cash buyers out there trying to grab deals before prices get too out of hand.” “Buyers are increasingly confident about the state of the housing market. They are positive that now is the right time to buy.” “Cash buyers still dominate. Traditional buyers routinely get outbid.” “Buyers are coming out of the woodwork. The shortage of inventory has caused an outrageous number of multiple offers to be presented.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...
120% 100% 80% 60% 40% 20% 0%

22%

97%
65% 31% 0% 3% 4% 3%

• •

66% 31%

56% 22%

Home Prices

Incentives

Time to Sell
Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 21

Miami, FL – Inventory is Low and Multiple Bids are Common, Competition is Fierce
(5,048 single-family permits in 2012, 21st largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Buyer traffic exceeded agents’ expectations in April, as our traffic index came in at 67 from 70 in March. Agents credited the healthy traffic to low inventories and resulting urgency, as well as continued demand from investors. Prices continued to see broad improvement in April, as our price index came in at 92, unchanged from our index in March. Pricing is likely to continue to improve given declines in both inventories and the time needed to sell a home. We think decreases in these metrics are each positives for future pricing.
Buyer Traffic Index 50.0 55.3 60.3 57.6 69.7 66.7 (3.1) Home Price Index 86.2 88.2 92.6 88.2 92.1 92.4 0.3 Incentive Index 50.0 45.9 50.0 48.5 54.5 40.0 (14.5) Home Listings Index 85.0 85.9 80.0 89.7 87.8 87.9 0.0 Time to Sell Index 77.6 69.2 78.6 75.0 82.9 89.4 6.5

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Buyers are worried they might miss the market. Prices had already been going higher, but there were still people who weren’t yet sure the market had turned positive.” “Some buyers keep getting outbid, but they are patient. They are willing to wait it out to eventually get a home they want.” “We have no inventory. Buyers are going crazy trying to buy whatever they can as fast as they can.” “Investors remain very active. They are responsible for all of our sales.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 85% 80% 82%

18%
80%

• •

52% 30%

60% 40% 20% 0% Home Prices Incentives Time to Sell Decreased Increased Remained the same 15% 0%

20%
0% 3%

15%

More than expected

Meets expectations

Less than expected

April ‘13 Slide 22

Minneapolis, MN – Low Inventories Support Sustained Urgency, Buyers Eager to Purchase Homes
(5,611 single-family permits in 2012, 16th largest market in the country)
80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic improved and exceeded expectations in April, as our buyer traffic index increased to 60 from 53 in March. Agents noted that low inventories were an important driver of traffic, with multiple offers on quality inventories commonplace. Prices improved further in April, as our home price index increased to 93 from 81 in March. Inventories and the time to sell both declined in April. We view declines in each metrics as positive indicators for future pricing.
Buyer Traffic Index 46.9 39.5 57.4 64.3 52.9 60.0 7.1 Home Price Index 63.2 78.6 83.3 87.9 80.6 92.9 12.3 Incentive Index 46.9 55.3 48.6 42.3 47.2 42.9 (4.4) Home Listings Index 86.4 88.1 84.7 89.3 69.4 78.6 9.1 Time to Sell Index 74.2 81.0 81.9 84.5 77.8 92.9 15.1

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0

• •

Home Price Index

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • • • “We’re seeing multiple offers in areas of high demand because inventories are so low.” “There is a lack of inventory. There is a multiple offer frenzy on decent, well priced properties.” “Everyone wants in before rates go higher.” “People are feeling more secure about the their jobs and are willing to step into the market.” “People see that we’ve reached the bottom of the market. They feel better looking at homes now.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

13%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days... 86% 71% 86%

33%

80% 60% 40%

20%

14% 0% Home Prices

21% 7% Incentives 0%

14% Time to Sell Decreased

54%
More than expected Meets expectations Less than expected

0% Increased Remained the same

April ‘13 Slide 23

Nashville, TN – Local Economy, Lower Inventories Help Instill Confidence and Urgency
(5,343 single-family permits in 2012, 17th largest market in the country)
90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Traffic improved further in April and exceeded expectations, as our buyer traffic index increased to 81 from 75 in March. Agents stressed that lower inventories and the local economy attracted buyers to market in April. Prices continued to improve in April, as our home price index increased to 73 from 71 in March. Agents indicated that inventories were flat, marking the first time levels haven’t declined since September. However, we would still expect prices to improve given the reduced time to sell.
Buyer Traffic Index 50.0 61.1 61.1 83.3 75.0 80.8 5.8 Home Price Index 64.3 50.0 77.8 83.3 70.8 73.1 2.2 Incentive Index 42.9 55.6 68.8 50.0 70.8 65.4 (5.4) Home Listings Index 64.3 66.7 66.7 70.8 91.7 53.8 (37.8) Time to Sell Index 35.7 66.7 72.2 83.3 83.3 88.5 5.1

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12

• •

Home Price Index

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • “Investors looking for REOs and short-sales continue to drive better traffic in our area.” “Buyers’ confidence levels are higher. Sales and pricing continue to improve.” “There is a real shortage of inventory here. Plus interest rates are still at great levels and the local economy has remained a nice draw for buyers.” “Inventory is pretty much down to nothing in a lot of the better markets. We’re seeing very nice price appreciation in these areas.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

8%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days...

23%

80%

69% 54% 46% 31% 0% Home Prices 0% Incentives 0% 23%

77%

60%
40% 20% 0%

69%

Time to Sell Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 24

New York-Northern NJ – Confidence in Housing Remains, though Job Security Still a Concern for Some
(6,794 single-family permits in 2012, 9th largest market in the country)
70

Buyer Traffic Index

60 50

Our Take:
• Buyer traffic slipped in April, but levels still met expectations. Our buyer traffic index came in at 51 vs. 62 in March. Agents noted that buyers remained drawn by affordability, while low inventories continued to act as motivation. However, others were said to still be concerned about job security in the region. Home prices continued to rise in April, as our home price index came in at 66 from 69 in March. Our home listings and time to sell indexes both pointed to declines in each metric. The lower inventories and the lower time to sell are both good indications of future pricing power.
Buyer Traffic Index 15.1 32.6 45.8 57.5 62.3 51.0 (11.3) Home Price Index 39.8 41.5 47.9 59.6 68.6 66.3 (2.3) Incentive Index 52.6 54.9 53.8 45.5 48.9 51.1 2.2 Home Listings Index 69.8 70.2 69.8 64.4 68.9 64.4 (4.4) Time to Sell Index 29.1 40.4 52.1 62.5 66.0 72.1 6.1

40 30
20 10 0

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 80 70 60 50 40 30 20 10 0

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “People want to get in ahead of potential mortgage rate increases, which has helped traffic; that, along with our inventory falling half over the past year.” “Consumer confidence is better. People want to own homes, but right now it is a seller’s market.” “Traffic remains strong, but the shortage of inventory has been a strong challenge. We have people looking, but there isn’t anything for them to buy.” “I think buyers are still a bit turned off by the job market.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• •

How Do the Recent 30 Days Compare to the Prior 30 Days...

30%

31%

80%
60% 40% 20% 12% Home Prices 44% 44%

68%

56%
33% 15% 17% 12% Time to Sell Decreased

0%

39%
More than expected Meets expectations Less than expected

Incentives

Increased

Remained the same

April ‘13 Slide 25

Orlando, FL – Competition from Investors Pushes Traditional Buyers Out of the Market, Traffic Falls
(7,240 single-family building permits in 2012, 8th largest market in the country)
70
Buyer Traffic Index
60 50 40 30

Our Take:
• Traffic fell below expectations in April, as our traffic index came in at 34 from 53 in March. Agents noted that buyers pulled back because of increased competition from investors, and mentioned that the very small selection of inventories did not appeal to buyers. Home prices continued to move higher in April, as our home price index came in at 81 from 82 in March. Agents indicated that inventories fell further, as did the time needed to sell. We view these both as positive indicators for future pricing.
Buyer Traffic Index 42.3 35.7 34.6 47.1 52.9 34.4 (18.6) Home Price Index 75.0 80.0 73.1 73.5 82.4 81.3 (1.1) Incentive Index 57.1 40.0 53.8 47.1 38.2 50.0 11.8 Home Listings Index 75.0 86.7 73.1 82.4 67.6 84.4 16.7 Time to Sell Index 67.9 83.3 69.2 79.4 67.6 75.0 7.4

20
10 0

May-11

May-12

Mar-12

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

• •

90 80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12

Home Price Index

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Inventory has fallen too low. The selection isn’t good and this has discouraged potential buyers from even looking.” “Buyers aren’t interested in the market because they either don’t like what’s for sale or the competition is too fierce. The competition isn’t from other owner-occupants either; it is coming from cash investors and hedge funds.” “There are buyers who don’t have so much faith in the future of the economy. They are more comfortable staying on the sidelines.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

12%
80%

How Do the Recent 30 Days Compare to the Prior 30 Days... 69%

75%
63%

44%

60% 40% 25% 6% Home Prices 13% 13% 25% 13% Time to Sell Decreased

44%

20% 0%

Incentives

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 26

Philadelphia, PA-Southern NJ – Confidence Continuing to Improve in April
(5,240 single-family building permits in 2012, 19th largest market in the country)
70

Buyer Traffic Index

60
50 40 30 20

Our Take:
• Buyer traffic continued to exceed expectations in April, as our traffic index increased to 61 from 57 in March. Agents noted that buyers were driven to the market by increased confidence, and concerns that they might miss a golden opportunity. Home prices increased again in April, as our home price index came in at 64 from 68 in March. Inventories were flat in April, although the time to sell declined. With the improvement in demand, we would expect prices to continue to improve given the flat inventories and the lower time to sell.
Buyer Traffic Index 33.3 54.5 63.9 63.0 57.1 61.1 4.0 Home Price Index 38.1 47.7 47.2 54.3 67.9 63.9 (4.0) Incentive Index 47.5 57.9 70.0 50.0 50.0 50.0 0.0 Home Listings Index 68.4 77.3 86.1 77.3 73.1 52.9 (20.1) Time to Sell Index 54.8 63.6 63.9 69.6 88.5 77.8 (10.7)

10 0
Jul-11 May-11 May-12 Mar-12 Jul-12 Mar-13 Apr-11 Apr-12 Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
80 70 60 50 40 30 20 10 0

• •

Home Price Index

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • • “Buyer confidence is at levels we haven’t seen in 7 years.” “Most buyers are excited about how low interest rates are and how positive the media has been on housing lately.” “We’ve seen the release of some pent up demand recently.” “It is as if there is a buyer panic underway. They are worried they’ll lose out if they don’t buy now. They’ll do anything to make sure they get the keys to a house before they miss out.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

11%
80%

How Do the Recent 30 Days Compare to the Prior 30 Days... 71%

33%

61%
60% 40% 33% 6% Home Prices 14% 14% 0% Incentives 44%

56%

20%

56%
More than expected Meets expectations Less than expected

0% Time to Sell Decreased Increased Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 27

Phoenix, AZ – Buyers Return to the Market, Willing to Compete for Homes
(11,859 single-family building permits in 2012, 3rd largest market in the country)
90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Traffic improved and exceeded expectations in April, as our traffic index increased to 58 from 50 in March. Agents credited the better traffic to increased confidence and affordability. Home prices increased further in April, as our home price index improved to 93 from 87 in March. Inventories continued to decline in April, as did the time needed to sell (a indication of strong urgency). Given declines in both these metrics we would expect pricing to continue to improve.
Buyer Traffic Index 48.0 39.6 42.6 53.9 50.0 58.3 8.3 Home Price Index 82.0 78.3 75.9 87.8 87.1 93.2 6.1 Incentive Index 45.7 41.7 50.0 56.1 48.3 60.0 11.7 Home Listings Index 48.0 39.6 46.3 47.3 67.7 71.7 4.0 Time to Sell Index 58.0 39.6 55.6 58.3 72.6 78.3 5.7

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13

Home Price Index

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Snow birds are still out in full force. The threat of higher prices and interest rates also has other buyers looking to sign contracts.” “As long as interest rates are this low, we will continue to see strong demand in the market.” “I think people feel more secure about their financial security. This is helping releasing some pent up demand.” “People are more and more optimistic about the direction of the housing market.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• • •

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 86% 70% 57% 43% 25% 14%

17% 33%
80%

60%
40% 20%

0%
Home Prices

5%
Incentives

0%
Time to Sell

50%
More than expected Meets expectations Less than expected

0%

Increased

Remained the same

Decreased

April ‘13 Slide 28

Portland, OR – Buyers Continue to Feel Pressure to Purchase before Missing out on Opportunities
(4,489 single-family building permits in 2012, 24th largest market in the country)
80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic remained above agents’ expectations, as our traffic index came in at 68 from 75 in March. Agents voiced buyers concerns over low inventories and potentially losing out on deals, which helped keep traffic at healthy levels in April. Home prices continued to improve in April, as our home price index came in at 86, unchanged from our index in March. Inventories and the time to sell both exhibited declines in April. These are both positive indicators for future pricing, and as a result, we would expect prices to continue to improve from current levels.
Buyer Traffic Index 50.0 54.2 57.5 63.2 75.0 68.2 (6.8) Home Price Index 67.9 75.0 82.5 81.6 85.7 86.4 0.6 Incentive Index 46.4 45.8 47.5 50.0 57.1 50.0 (7.1) Home Listings Index 85.7 83.3 82.5 63.2 71.4 81.8 10.4 Time to Sell Index 75.0 83.3 82.5 78.9 89.3 77.3 (12.0)

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0

• •

Home Price Index

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Buyers are reacting positively to the low inventories, especially since the assumption is that interest rates may be rising soon.” “Buyers have a sense that it is now or never. Solid sales and low inventory have created this sentiment.” “Buyers are more than aware of how low inventories are and see that investors are still active in the market. They are serious about buying before it is too late.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• •

9%
120% 100% 80% 60% 40% 20% 0%

How Do the Recent 30 Days Compare to the Prior 30 Days...

100%
73% 27% 0% Home Prices 0% 0% 9% Time to Sell Decreased 27% 64%

46% 45%

Incentives

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 29

Raleigh, NC – Low Inventories Continue to Drive Urgency, Demand, and Prices Higher
(6,423 single-family building permits in 2012, 11th largest market in the country)
70
Buyer Traffic Index
60 50 40 30

Our Take:
• Traffic came in above agents’ expectations in April, as our buyer traffic index came in at 56, a bit lower than 57 in March. Agents noted that buyers remain motivated by lower inventories and are exhibiting greater confidence. Prices continued to increase in April, as our home price index improved to 81 from 79 in March. Inventories continued to decline in April, as did the time needed to sell. A lower time needed to sell is a good indication of urgency, and with lower inventories, we would expect prices to show additional improvement.
Buyer Traffic Index 35.7 40.0 42.9 50.0 57.1 56.3 (0.9) Home Price Index 57.1 60.0 50.0 60.0 78.6 81.3 2.7 Incentive Index 50.0 37.5 58.3 50.0 50.0 57.1 7.1 Home Listings Index 71.4 60.0 71.4 50.0 64.3 68.8 4.5 Time to Sell Index 71.4 60.0 57.1 80.0 71.4 87.5 16.1

20
10 0

May-11

May-12

Mar-12

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Inventory is dropping dramatically.” “Low inventories have actually worked to reduce traffic as well. There aren’t as many homes for people to look at. However, we are seeing multiple offers on homes that are priced appropriately.” “We’re seeing prices continue to increase. This has helped spark confidence, as buyers feel better about looking into the market.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

13%

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 63% 38% 25% 86%

25%

75%

60%
40% 20% 0%

14% 0%
Home Prices

0%
Incentives

0%
Time to Sell

62%
More than expected Meets expectations Less than expected

Increased

Remained the same

Decreased

Source: Credit Suisse; Census Bureau
April ‘13 Slide 30

Richmond, VA – Affordability, Lower Inventories Keep Traffic Above Expectations
(2,827 single-family building permits in 2012, 41st largest market in the country)
100 90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Traffic remained above agents’ expectations in April, as our traffic index came in at 75, unchanged from our index in March. Agents noted that affordability, low inventories and rising prices worked together to drive demand in April. Prices continued to improve in April, as our home price index came in at 83, unchanged from our index in March. Inventories and the time to sell both indicated broad declines in each metric in April. As a result, we expect prices to continue to improve in the coming months.
Buyer Traffic Index 57.1 50.0 87.5 87.5 75.0 75.0 0.0 Home Price Index 57.1 33.3 75.0 62.5 83.3 83.3 0.0 Incentive Index 25.0 50.0 62.5 50.0 66.7 50.0 (16.7) Home Listings Index 78.6 50.0 87.5 62.5 75.0 75.0 0.0 Time to Sell Index 71.4 66.7 87.5 87.5 83.3 100.0 16.7

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
90 80 70 60 50 40 30 20 10 0

• •

Home Price Index

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “The low interest rates, shortage of listings, and good weather have sparked a near frenzy in the market in all price ranges and all neighborhoods. We are on pace to have a better year than in 2005!” “The lack of inventory is leading to much higher pricing.” “Low interest rates and pent up demand have created an environment where homes get multiple bids on their first day on the market. “Traffic remains strong, though appraisals have some catching up to do.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

0%
100%
80%

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 67% 33% 67%

• •

50%

50%

60% 40% 20%

17%
0% Home Prices

17%
0% 0%

0%
Incentives Time to Sell Decreased Increased Remained the same

More than expected

Meets expectations

Less than expected

April ‘13 Slide 31

Sacramento, CA – Traditional buyers Fueling Demand, as Low Inventories Ignite Urgency
(2,860 single-family building permits in 2012, 40th largest market in the country)
100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Buyer Traffic Index

Our Take:
• Buyer traffic continued to exceed expectations in April, as our traffic index came in at 81 from 79 in March. Agents stressed the positive effects that low inventories have had on motivation, demand, and pricing, even while investor demand seemed to have slowed. Pricing showed additional improvement in April, as our home price index came in at 89 (from 100 in March). We expect prices to continue to improve, as inventories and the time needed to sell both declined in April. These are positive indicators for future pricing.
Buyer Traffic Index 77.3 73.3 64.3 76.9 78.6 80.8 2.2 Home Price Index 100.0 100.0 92.3 100.0 100.0 88.5 (11.5) Incentive Index 61.1 50.0 54.5 77.3 66.7 54.2 (12.5) Home Listings Index 86.4 70.0 84.6 84.6 85.7 76.9 (8.8) Time to Sell Index 72.7 86.7 69.2 88.5 85.7 80.8 (4.9)

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13

Jan-13

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “There is a severe lack of inventory.” “Interest rates are low, as are inventories. Affordability is great and rapidly increasing home prices continue to feed the demand frenzy from traditional owner occupants. However, we haven’t seen as much activity from investors. Our last 2 listings received 13 offers, but not one of them was from an investor.” “The fever is building. Low inventories are driving prices up and word is getting out that the market is recovering. Buyers feel confident.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

8%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days...
85%

23%

80% 60%

62% 42% 33% 25% 8% 8% Home Prices Incentives 0% Time to Sell Decreased
38%

40%

69%

20% 0%

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 32

San Antonio, TX – Local Economy, Confidence in Housing Support Traffic in April
(5,125 single-family building permits in 2012, 20th largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic slipped slightly in April, but levels still came in to meet expectations. Our buyer traffic index came in at 55 from 75 in March. Agents noted the buyers remain drawn to the strength of the local job market, while low inventories work to drive increased urgency. Home prices increased again in April, as our home price index came in at 80 from 83 in March. Inventories were flat in April (vs. typical seasonality for rising inventories), while the time to sell decreased further. We view the lower time to sell as a positive for future pricing.
Buyer Traffic Index 33.3 43.8 81.8 72.2 75.0 55.0 (20.0) Home Price Index 58.3 62.5 77.3 94.4 83.3 80.0 (3.3) Incentive Index 41.7 62.5 40.9 43.8 33.3 40.0 6.7 Home Listings Index 66.7 75.0 68.2 50.0 58.3 50.0 (8.3) Time to Sell Index 50.0 68.8 72.7 61.1 79.2 70.0 (9.2)

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Inventory is shrinking and making buyers anxious they might miss out.” “Eagle Ford is doing a great job to bring people into the area. San Antonio is very popular right now. Buyers also find it easer to look with interest rates this low.” “Inventory is small, but we have a good selection of new homes that people are looking at.” “The demand is out there, but credit scores and strict lending are still holding sales back.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 80% 60%

30% 40%

80%
60% 40% 20%

• •

40%
20% 0% Home Prices 0% Incentives

40%
10%

50%

0%

30%
More than expected Meets expectations Less than expected

Time to Sell Decreased

Increased

Remained the same

April ‘13 Slide 33

San Diego, CA – Pricing and Demand Remain Strong; Lower Inventories Motivating Buyers
(2,198 single-family building permits in 2012, 54th largest market in the country)
90 80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Buyer traffic remained above agents’ expectations in April, as our buyer traffic index came in at 72 from 82 in March. Agents highlighted that the market remains driven by lower supply. This has worked to motivate buyers, driving additional demand and higher pricing. Home prices continued to improve in April, as our home price index came in at 94 from 98 in March. We expect home prices to show additional improvement, as our home listings and time to sell indexes pointed to declines in both metrics. We view this as positives for future pricing.
Buyer Traffic Index 65.0 60.0 68.2 71.1 81.8 72.2 (9.6) Home Price Index 75.0 76.7 90.9 94.7 97.6 94.4 (3.2) Incentive Index 56.3 60.7 60.0 64.7 65.0 59.4 (5.6) Home Listings Index 90.0 83.3 81.8 89.5 84.1 69.4 (14.6) Time to Sell Index 80.0 73.3 86.4 92.1 93.2 86.1 (7.1)

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Inventory is extremely low. It’s less than 30 days right now.” “Many buyers are starting to feel that the market is moving away from them and are rushing to snap up perceived bargains before they’re all gone.” “Motivation and urgency are running high. Multiple offers are common.” “Increasing prices with still decreasing inventories are waking up buyers that have been sitting on the fence to act now.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

6%
100% 80% 60%

How Do the Recent 30 Days Compare to the Prior 30 Days... 89% 81%

• •

72%

44%

50%

40%
20% 0% 11%

19%

28% 0% Time to Sell Decreased

0%

0% Incentives

Home Prices

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 34

San Francisco, CA – Low Inventories Continue to Drive Urgency, Demand, and Pricing
(3,105 single-family building permits in 2012, 35th largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic came in at another high level in April, as our traffic index increased to 83 from 81 in March. Agents stressed that low inventories remain the primary driver behind demand and pricing, as the declines motivate buyers to act. Home prices continued to see strong, broad improvement in April. Our price index came in at 100 (highest reading possible), unchanged from our reading in March. Inventories fell further (though at a slower rate than in March), as did the time to sell. As a result, we expect prices to continue to improve.
Buyer Traffic Index 67.9 70.0 80.4 80.4 81.3 82.6 1.4 Home Price Index 89.3 89.5 96.3 98.2 100.0 100.0 0.0 Incentive Index 58.3 65.6 58.3 64.6 62.5 67.6 5.1 Home Listings Index 82.1 97.2 78.8 81.5 72.9 63.0 (9.9) Time to Sell Index 64.3 78.9 77.8 89.3 89.6 78.3 (11.3)

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “We’re still experiencing very low inventory across all price ranges with multiple offers and bidding wars driving pricing up substantially.” “Low interest rates are very much helping to support the demand that’s out there.” “Low inventories are pushing buyers beyond their maximum price. This is causing a bit of a buyer frenzy.” “We’re still seeing inventory fall, but we’re also seeing some sellers take advantage of the rise in prices by placing their homes on the market.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• • •

4% 26%
120% 100% 80% 60% 40% 20% 0%

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 53% 41% 0% 0% Home Prices 6% Incentives 4% Time to Sell Decreased

61% 35%

70%

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 35

Sarasota, FL – Traffic and Prices Improve Further; Market Releasing Pent-Up Demand
(2,668 single-family building permits in 2012, 48th largest market in the country)
90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Traffic improved in April and exceeded expectations, as our traffic index increased to 70 from 50 in March. Agents noted that late season snowbirds and pent up demand from retirees helped increase demand in April. Prices continued to increase, with our home price index coming in at 80 (from 89 in March). Inventories fell further in April, as did the time to sell. With agents indicating decreases in each of these categories, we expect prices to continue to improve in the coming months.
Buyer Traffic Index 43.8 62.5 50.0 50.0 55.0 70.0 15.0 Home Price Index 64.3 85.7 92.9 92.9 88.9 80.0 (8.9) Incentive Index 41.7 57.1 42.9 50.0 50.0 60.0 10.0 Home Listings Index 71.4 78.6 92.9 64.3 83.3 80.0 (3.3) Time to Sell Index 71.4 57.1 78.6 64.3 83.3 80.0 (3.3)

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 100 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13

• •

Home Price Index

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Snowbirds have stayed back this year because of colder weather up north. There has also been the release of some pent up demand.” “Pent up demand from baby boomers has done a good job of driving traffic in April.” “Loans are still a problem that buyers are running into. I’ve seen buyers with excellent credit and more than 20% down get their application rejected.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• •

0%
100%

How Do the Recent 30 Days Compare to the Prior 30 Days... 80% 60%
40% 20% 0% 0% 0% 40%

40% 60%

80% 60%

60%

40%
20% 0%

Home Prices

Incentives

Time to Sell
Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 36

Seattle, WA – Declining Inventories and Favorable Affordability Drive Traffic in April
(8,092 single-family building permits in 2012, 6th largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Traffic came in above agents’ expectations, although our index fell slightly to 61 from 65 in March. Agents voiced buyers’ concerns that they will soon get priced out. Agents noted this has worked well to entice buyers to look sooner rather than later. Home prices increased again in April, as our home price index came in at 88 from 90 in March. We expect pricing to continue to improve, as our home listings and time to sell indexes pointed to declines in each metric. These are positive indicators for future pricing trends.
Buyer Traffic Index 52.3 73.5 69.4 66.7 65.0 61.1 (3.9) Home Price Index 69.0 86.7 83.3 88.1 90.0 87.5 (2.5) Incentive Index 55.3 63.3 55.9 65.8 65.8 59.4 (6.4) Home Listings Index 85.0 93.3 73.5 85.7 85.0 78.1 (6.9) Time to Sell Index 71.1 83.3 83.3 83.3 87.5 84.4 (3.1)

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Feb-12

May-11

May-12

Feb-13

Apr-11

Mar-12

Mar-13

Jul-11

Apr-12

Jul-12

Nov-11

Dec-11

Nov-12

Aug-12

Aug-11

Sep-11

Sep-12

Dec-12

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Inventory keeps on falling, plus interest rates are still very attractive. The local economy has been good lately and buyers have been responding well.” “There is a lot of positive media out there on the improving economy, low rates, better demand, and a real lack of inventory.” “There is a good level of urgency in the market. Buyers are worried that interest rates will increase, same with prices. They are worried they won’t be able to buy if they keep on waiting.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 81% 69%

28% 50%

80%
60% 40% 20%

75%

25%
0% Home Prices 0%

31% 19%
0% Time to Sell Decreased

22%
More than expected Meets expectations Less than expected

0%
Incentives Increased Remained the same

April ‘13 Slide 37

St. Louis, MO – Confidence in Job Market, Low Inventories Motivate Buyers
(4,238 single-family building permits in 2012, 25th largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Buyer traffic slipped slightly in April, as our buyer traffic index came in at 50 from 64 in March. However, this indicates that levels still met agents’ expectations. Agents noted that low inventories and a better outlook on the economy continue to motivate buyers. Home prices were higher in April, as our home price index came in at 71 from 79 in March. In April, agents pointed to lower inventories and a decreased time to sell. Inventory has been volatile, but we see the lower time to sell as a steady positive indicator for higher prices.
Buyer Traffic Index 27.8 43.8 50.0 75.0 64.3 50.0 (14.3) Home Price Index 38.9 56.3 60.0 66.7 78.6 71.4 (7.1) Incentive Index 25.0 43.8 75.0 50.0 28.6 41.7 13.1 Home Listings Index 66.7 62.5 50.0 41.7 28.6 71.4 42.9 Time to Sell Index 16.7 62.5 62.5 60.0 78.6 64.3 (14.3)

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

• •

90 80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12

Home Price Index

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • “People are starting to feel better and better about the economy.” “I’ve seen buyers continuing to exhibit greater confidence.” “There is a real shortage of good inventory. Buyers don’t want to wait and miss out when a good property eventually does come to market.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days...
100%

83%
57% 29% 14% 17% 0% 29% 14% 57%

43%

43%

80% 60%

40%
20% 0%

14%
More than expected Meets expectations Less than expected

Home Prices
Increased

Incentives

Time to Sell
Decreased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 38

Tampa, FL – Inventories Fall Further and Draw Buyers into Market, Investors Still Active
(5,885 single-family building permits in 2012, 13th largest market in the country)
80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic increased in April, coming in above agents’ expectations after decreasing slightly in March; our traffic index improved to 64 from 52 in March. Buyers were said to be drawn to the market by the positive media, lower inventories and improving pricing. Investors were also more active in April. Prices increased further in April, as our home price index came in at 88, unchanged vs. our index in March. Agents pointed to much broader decline in inventories, as well as a much lower time to sell in April. We think these are both indications for higher pricing in the coming months.
Buyer Traffic Index 40.0 39.5 53.3 66.7 52.4 63.9 11.5 Home Price Index 67.5 73.5 83.3 75.0 88.1 88.2 0.1 Incentive Index 44.7 46.7 53.3 50.0 50.0 52.9 2.9 Home Listings Index 72.5 87.5 63.3 77.8 71.4 88.2 16.8 Time to Sell Index 75.0 70.6 66.7 61.1 71.4 83.3 11.9

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
100 90 80 70 60 50 40 30 20 10 0

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

• •

Home Price Index

Jul-11

Apr-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Jun-11

Jan-12

Jun-12

Jan-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “People are reading that housing is back. They do not want to miss the bottom.” “We’ve seen more demand from investors. Low interest rates are definitely making it easier for them to enter the market.” “Two buyers tell the story of my client base. One buyer wanted for-sale as soon as his lease expired. The other buyer has seen inventories falling and prices strengthening and wants to get in on the improving market.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 82% 59% 18% 24% 0% Incentives Time to Sell Decreased 33%

17%
80% 67%

44%

60% 40% 20% 0% Home Prices Increased 12% 6%

39%

More than expected

Meets expectations

Less than expected

Remained the same

April ‘13 Slide 39

Tucson, AZ – Demand Improves Further in April, Buyers Fear Rising Interest Rates
(2,162 single-family building permits in 2012, 55th largest market in the country)
80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12 Buyer Traffic Index

Our Take:
• Our buyer traffic index improved to 70 from 65 in March, indicating that traffic exceeded agents’ expectations. Agents attributed the better traffic levels to affordability and buyers’ concerns that they might miss the boat. Home prices were said to have increased in April, as our home price index came in at 80 from 85 in March. Agents indicated that inventories and the time to sell both declined in April. We see these both as positive indicators of future pricing. We would also expect lower inventories to add to urgency in the coming months.
Buyer Traffic Index 50.0 55.0 50.0 36.4 65.0 70.0 5.0 Home Price Index 65.0 75.0 71.4 81.8 85.0 80.0 (5.0) Incentive Index 65.0 50.0 46.4 31.8 38.9 44.4 5.6 Home Listings Index 65.0 55.0 53.6 54.5 65.0 70.0 5.0 Time to Sell Index 65.0 65.0 71.4 54.5 75.0 77.8 2.8

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0
Feb-12 May-11 May-12 Feb-13 Mar-12 Mar-13 Jul-11 Apr-11 Apr-12 Jul-12

• •

Home Price Index

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • “Buyers like how low interest rates are right now. Loans are cheap and they want to take advantage of this.” “My buyers have a fear of being left behind. They don’t want to be the only ones left in dust while their peers all find bargains.” “Buyers are becoming aware of the potential for rising interest rates. They are also noticing that inventories are declining. They do not want to wait until it is too late.” “Worse weather up north has helped keep people down in Tucson a little bit longer than usual.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

0%
70% 60% 50% 40% 30% 20% 10% 0%

How Do the Recent 30 Days Compare to the Prior 30 Days... 60% 40% 67% 67%

40% 60%

22%
11% 0% Home Prices Incentives

22% 11%
Time to Sell Decreased

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 40

Virginia Beach, VA – Low Inventories Driving Solid Demand in April
(3,544 single-family building permits in 2012, 31st largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Our traffic index came in at 64 in April from 79 in March, a bit lower but still indicating that traffic exceeded expectations. Agents pointed to low interest rates, higher rental rates, and solid demand from investors in our April survey. Agents highlighted that prices increased in April, as our home price index came in at 79 from 86 in March. We think prices have additional room for improvement, as our home listings index pointed to lower inventories and our time to sell index pointed to less time to sell. Lower supply and high urgency are both positive catalysts for increased pricing.
Buyer Traffic Index 57.1 37.5 70.0 63.6 78.6 64.3 (14.3) Home Price Index 57.1 50.0 40.0 54.5 85.7 78.6 (7.1) Incentive Index 50.0 50.0 40.0 45.5 57.1 64.3 7.1 Home Listings Index 71.4 75.0 80.0 68.2 64.3 71.4 7.1 Time to Sell Index 57.1 87.5 70.0 68.2 78.6 64.3 (14.3)

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations 90 80 70 60 50 40 30 20 10 0

• •

Home Price Index

Feb-12

May-11

May-12

Feb-13

Mar-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Dec-12

Nov-11

Dec-11

Nov-12

Aug-11

Sep-11

Aug-12

Sep-12

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• • • “Low interest rates are keeping buyers interested in the market.” “We have been seeing more interest from investors as well as traditional buyers.” “Inventory remains very low. Rents are also going higher. Buyers realize renting is becoming too expensive, and they are motivated further by the prospect of a decreasing supply of homes to buy.” “Traffic is still strong, but lending remains a hurdle for a lot of potential buyers.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

14%
100% 80%

How Do the Recent 30 Days Compare to the Prior 30 Days...

71%

71% 43%43%
29%

43%

60%
40% 20% 0% Home Prices Incentives 14%14% 0%

14% Time to Sell Decreased

43%

More than expected

Meets expectations

Less than expected

Increased

Remained the same

April ‘13 Slide 41

Washington, D.C. – Traffic Improves as Higher Rents and Affordability Drive Demand
(10,970 single-family building permits in 2012, 4th largest market in the country)
80 70 60 50 40 30 20 10 0
May-11 May-12 Mar-12 Buyer Traffic Index

Our Take:
• Our buyer traffic index came in at 65 in April from 63 in March, suggesting traffic was above agents’ expectations. Agents indicated that buyers were drawn to the for-sale market because of higher rental rates and very favorable affordability. Agents pointed to higher prices in April, as our home price index improved to 96 from 84 in March. Prices are likely to continue to improve, as our home listings index pointed to lower inventories, while our time to sell index indicated that buyer urgency levels remain strong, as the time needed to sell a home declined.
Buyer Traffic Index 50.0 48.2 63.8 69.0 63.0 64.6 1.5 Home Price Index 66.7 70.7 78.9 92.9 84.1 95.8 11.7 Incentive Index 42.6 50.0 45.8 55.0 57.1 54.3 (2.8) Home Listings Index 73.3 79.3 73.1 72.7 65.9 82.0 16.1 Time to Sell Index 53.3 60.7 73.1 83.3 81.8 88.0 6.2

Jan-13

Jun-11

Jan-12

Jun-12

Mar-13

Jul-11

Apr-11

Apr-12

Jul-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations

• •

100 90 80 70 60 50 40 30 20 10 0

Home Price Index

Apr-11

Jun-11

Jan-12

Jun-12

May-11

May-12

Mar-12

Jan-13

Mar-13

Jul-11

Apr-12

Jul-12

Feb-12

Aug-12

Aug-11

Sep-11

Nov-11

Dec-11

Sep-12

Nov-12

Dec-12

Feb-13

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “I believe there is a combination of factors driving better traffic. Most importantly, I think it’s affordability and more expensive rental rates.” “Interest rates are still low, but buyers sense that they will be going higher. They don’t want to miss out.” “Low inventories are helping spark urgency and are creating incremental demand.” “I think buyers feel a bit better about the local job market. They don’t feel as nervous about looking for homes.”
Source: Credit Suisse; Census Bureau

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

• • •

How Do the Recent 30 Days Compare to the Prior 30 Days...

17%
100%
80% 92% 83% 76%

46%

60% 40% 20% 8% 13% 0% Time to Sell Decreased 24%

37%

0%

4%

0%
Home Prices Incentives Increased Remained the same

More than expected

Meets expectations

Less than expected

April ‘13 Slide 42

Wilmington, NC – Affordability and Investors Driving Higher Traffic in April
(2,033 single-family building permits in 2012, 58th largest market in the country)
90 80 70 60 50 40 30 20 10 0

Buyer Traffic Index

Our Take:
• Buyer traffic improved in April and exceeded expectations once again, as our buyer traffic index came in at 83 from 58 in March. Agents noted that investor activity remained strong, with affordability keeping traditional buyers interested as well. Agents indicated that prices were higher in April, as our price index increased to 67 from 50 in March. Inventory levels were flat in April, which we view as a positive for pricing as demand levels were higher. The time to sell also decreased, suggesting urgency in the marketplace.
Buyer Traffic Index 50.0 75.0 75.0 70.0 58.3 83.3 25.0 Home Price Index 42.9 25.0 66.7 60.0 50.0 66.7 16.7 Incentive Index 50.0 62.5 50.0 50.0 40.0 50.0 10.0 Home Listings Index 35.7 75.0 50.0 62.5 25.0 50.0 25.0 Time to Sell Index 21.4 25.0 50.0 40.0 50.0 75.0 25.0

Jul-11

May-11

May-12

Mar-12

Jul-12

Mar-13

Apr-11

Apr-12

Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Below Expectations; =50 - Meets Expectations; >50 - Exceeds Expectations
70

• •

Home Price Index

60
50 40 30 20

10 0
Jul-11 May-11 May-12 Mar-12 Jul-12 Mar-13 Apr-11 Apr-12 Feb-12

Dec-12

Aug-11

Sep-11

Nov-11

Dec-11

Aug-12

Sep-12

Nov-12

Feb-13

Jan-13

Jun-11

Jan-12

Jun-12

Apr-13

Oct-11

Oct-12

<50 - Lower than Prior Month; =50 - Flat vs Prior Month; >50 - Higher than Prior Month

Comments from Real Estate Agents:
• “Affordability has people in the market shopping for homes. It isn’t just that prices are still low, which itself brings people out to open houses, but people realize the opportunity they have with interest rates this low. They know levels like this won’t last and they’re out wanting to capitalize on these terms.” “I work primarily with investors and distress inventory. Investors are still very much active in the market and looking for deals.”

Month Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 Point Change

Traffic Levels Versus Expectations

0% 33%
120% 100% 80% 60% 40% 20% 0%

How Do the Recent 30 Days Compare to the Prior 30 Days... 100% 67% 50%50% 33% 0% Home Prices 0% 0% 0% Time to Sell Decreased

67%

Incentives

More than expected

Meets expectations

Less than expected

Increased

Remained the same

Source: Credit Suisse; Census Bureau
April ‘13 Slide 43

Appendix:

April ‘13 Slide 44

Historical Trends: Buyer Traffic Index
BUYER TRAFFIC INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Apr-11 May-11 Jun-11 21.2 25.9 33.3 46.4 41.3 27.3 20.8 20.0 5.6 50.0 28.6 46.9 16.7 10.0 30.0 31.8 34.4 23.1 27.4 32.9 20.8 26.7 25.0 11.5 16.7 28.6 33.3 42.5 39.5 21.9 43.8 31.0 28.6 56.3 38.6 38.9 53.3 52.8 52.8 31.0 27.8 23.1 31.3 27.8 29.4 53.8 61.1 36.7 50.0 31.3 42.5 28.4 25.7 19.4 48.8 52.5 42.4 38.5 30.7 35.5 43.8 15.0 26.9 23.5 18.3 11.1 44.1 39.6 13.9 11.4 7.7 7.5 54.8 54.2 45.7 23.8 23.9 24.0 16.7 16.7 30.0 25.0 18.8 33.3 25.0 27.8 39.5 40.9 27.8 40.9 30.0 21.7 15.4 41.3 33.3 25.0 75.0 64.7 43.8 26.3 41.3 33.3 20.0 25.0 8.3 61.8 37.5 21.7 40.9 43.8 34.4 50.0 29.2 16.7 32.0 37.0 28.0 50.0 25.0 50.0 36.8 31.8 28.8 Jul-11 33.3 25.0 45.0 34.6 30.0 19.2 24.2 20.0 25.0 45.0 26.9 40.0 42.9 36.5 33.3 41.7 32.7 28.1 37.5 33.3 8.3 15.3 27.8 17.6 50.0 26.2 22.2 66.7 28.1 16.7 11.5 42.0 33.3 25.0 30.0 30.4 45.5 50.0 35.4 37.5 31.9 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 26.5 16.1 24.1 38.5 41.3 59.5 23.9 44.7 15.0 33.3 35.0 58.7 37.5 0.0 33.3 28.6 62.5 50.0 18.8 35.0 32.1 23.1 50.0 34.6 16.7 0.0 12.5 0.0 0.0 37.5 21.9 6.7 25.0 46.4 45.8 60.0 21.1 26.3 27.4 17.6 41.2 58.6 14.3 0.0 16.7 11.1 25.0 46.7 25.0 27.8 20.0 22.7 50.0 55.0 23.1 22.2 27.8 19.4 30.0 45.2 22.2 37.0 38.5 41.7 46.3 50.0 35.7 33.3 19.4 21.4 38.2 36.7 40.0 36.1 46.2 46.9 45.8 43.3 19.0 50.0 32.4 41.3 36.1 50.0 21.4 25.0 50.0 29.2 33.3 38.5 38.5 22.7 25.0 37.5 16.7 45.8 33.3 47.9 44.1 42.9 52.5 50.0 33.3 12.5 25.0 23.4 35.2 50.0 37.1 28.4 38.5 44.2 40.0 60.8 23.6 29.7 26.6 21.1 31.4 50.0 16.7 28.6 25.0 37.5 31.8 62.5 17.4 12.5 8.8 19.4 24.4 38.1 23.5 32.1 34.6 18.4 41.7 29.2 21.4 25.0 21.1 15.2 30.6 42.5 39.2 37.9 40.0 27.9 50.0 53.4 21.1 14.3 25.0 36.8 36.8 50.0 13.6 0.0 31.3 60.0 50.0 62.5 75.0 33.3 25.0 66.7 50.0 75.0 25.0 5.0 35.0 39.3 38.9 64.3 12.5 18.8 14.3 38.9 37.5 62.5 18.8 10.7 15.0 14.3 29.5 30.8 38.6 25.0 37.5 39.7 26.5 54.3 27.8 18.2 22.2 50.0 46.2 70.0 22.2 36.8 33.3 16.7 35.3 38.2 42.9 33.3 25.0 0.0 0.0 37.5 22.0 32.6 25.0 31.0 53.1 43.5 26.9 32.1 43.3 30.8 35.0 27.3 50.0 40.0 30.0 80.0 50.0 61.1 27.3 24.0 25.9 29.2 31.7 48.2 0.0 30.0 62.5 60.0 30.0 60.0 26.9 24.8 29.0 32.5 37.1 49.8 Feb-12 Mar-12 Apr-12 May-12 Jun-12 72.5 54.5 55.6 54.5 51.9 77.5 71.9 67.9 76.2 73.7 58.3 70.0 45.0 35.7 62.5 70.0 85.7 80.8 60.0 67.6 42.9 50.0 66.7 25.0 50.0 82.1 55.0 61.5 46.4 39.3 57.9 75.7 60.7 59.4 45.5 45.0 88.9 81.3 64.3 78.6 50.0 50.0 60.0 61.1 64.3 50.0 63.3 66.7 56.3 42.9 50.0 69.2 69.6 73.9 63.0 50.0 46.2 56.3 69.2 57.7 76.3 52.9 37.5 46.2 40.9 67.5 61.8 62.5 52.5 61.5 37.5 57.7 53.8 72.7 52.6 50.0 55.0 66.7 54.5 69.2 57.9 63.2 80.0 65.4 70.5 53.7 60.0 61.5 60.3 75.0 56.8 60.2 61.1 56.9 67.2 62.5 72.2 68.2 64.5 66.7 66.7 72.7 75.0 62.5 61.5 54.2 62.0 40.2 40.8 41.3 63.3 45.5 53.1 53.1 58.3 58.3 59.1 40.9 44.8 34.6 73.6 84.4 78.1 73.6 68.8 75.0 61.1 55.9 60.0 65.0 57.1 33.3 50.0 42.9 60.0 83.3 66.7 100.0 50.0 60.0 100.0 68.2 72.7 88.9 62.5 62.5 72.2 65.0 64.3 65.0 56.3 50.0 66.7 63.9 65.2 73.9 84.8 84.1 68.0 67.7 72.2 77.3 70.8 66.7 47.4 69.0 80.0 61.1 80.0 57.5 40.0 25.0 40.0 33.3 21.4 60.0 75.0 57.9 67.5 60.3 61.1 33.3 60.0 71.4 62.5 71.4 60.0 61.1 50.0 75.0 66.7 75.0 68.3 68.0 55.6 60.0 70.0 75.0 62.5 58.3 62.3 63.0 63.5 59.2 58.7 Jul-12 47.4 66.7 58.3 46.9 8.3 44.4 40.5 35.7 45.8 44.4 56.3 63.2 25.0 53.3 57.5 37.5 60.7 55.4 53.8 57.1 31.3 40.7 52.3 52.1 54.4 65.8 50.0 60.0 64.3 45.0 68.4 67.4 58.3 53.8 50.0 38.9 57.1 40.0 51.8 80.0 51.0 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 65.4 53.6 60.9 50.0 53.3 45.5 67.6 68.8 61.1 42.3 53.1 57.1 75.0 12.5 28.6 28.6 38.9 33.3 60.7 53.6 42.3 53.3 50.0 61.1 50.0 50.0 50.0 50.0 50.0 25.0 38.9 36.4 26.9 59.1 50.0 75.0 51.7 44.9 42.4 41.1 46.4 60.6 33.3 35.7 25.0 66.7 59.1 71.4 29.2 55.6 61.1 45.5 50.0 50.0 50.0 54.2 63.6 59.1 58.3 56.3 60.0 56.8 53.3 63.5 56.8 69.6 46.2 50.0 35.3 32.1 37.5 40.0 40.9 25.0 46.4 62.5 28.6 47.4 47.2 56.3 42.1 40.0 50.0 61.9 62.5 61.5 55.6 58.8 66.7 70.8 25.0 59.1 50.0 64.3 56.3 75.0 47.5 43.8 55.9 36.7 63.3 61.9 59.6 65.4 64.7 62.5 68.0 66.7 46.6 60.8 48.7 50.0 55.3 60.3 73.8 61.3 59.1 46.9 39.5 57.4 25.0 35.7 18.8 50.0 61.1 61.1 29.1 26.7 34.3 15.1 32.6 45.8 46.4 47.5 36.8 42.3 35.7 34.6 40.9 50.0 38.0 33.3 54.5 63.9 63.0 53.2 43.2 48.0 39.6 42.6 62.5 53.8 55.3 50.0 54.2 57.5 58.3 37.5 33.3 35.7 40.0 42.9 33.3 42.9 57.1 57.1 50.0 87.5 58.3 67.9 67.9 77.3 73.3 64.3 85.7 35.0 37.5 33.3 43.8 81.8 57.9 50.0 53.6 65.0 60.0 68.2 75.0 73.8 76.1 67.9 70.0 80.4 60.0 41.7 41.7 43.8 62.5 50.0 65.4 65.6 68.2 52.3 73.5 69.4 50.0 50.0 41.7 27.8 43.8 50.0 50.0 51.8 42.5 40.0 39.5 53.3 40.9 61.1 50.0 50.0 55.0 50.0 42.9 58.3 60.0 57.1 37.5 70.0 50.0 46.7 52.2 50.0 48.2 63.8 66.7 50.0 25.0 50.0 75.0 75.0 52.3 50.1 47.7 49.0 52.0 59.0 Feb-13 Mar-13 Apr-13 73.1 63.6 53.6 76.7 76.7 81.8 66.7 61.1 25.0 73.3 80.8 75.0 25.0 57.1 33.3 86.4 90.9 65.4 68.3 63.5 59.6 70.0 66.7 50.0 57.1 40.0 68.8 70.8 91.7 80.0 73.9 70.8 75.0 58.3 67.5 57.1 50.0 37.5 53.3 77.8 62.5 91.7 63.6 71.1 65.0 68.8 66.7 68.8 60.9 65.2 75.0 59.3 66.7 66.7 57.6 69.7 66.7 64.3 52.9 60.0 83.3 75.0 80.8 57.5 62.3 51.0 47.1 52.9 34.4 63.0 57.1 61.1 53.9 50.0 58.3 63.2 75.0 68.2 50.0 57.1 56.3 87.5 75.0 75.0 76.9 78.6 80.8 72.2 75.0 55.0 71.1 81.8 72.2 80.4 81.3 82.6 50.0 55.0 70.0 66.7 65.0 61.1 75.0 64.3 50.0 66.7 52.4 63.9 36.4 65.0 70.0 63.6 78.6 64.3 69.0 63.0 64.6 70.0 58.3 83.3 65.1 66.1 64.4

Source: Credit Suisse
April ‘13 Slide 45

Historical Trends: Hom e Price Index
HOME PRICE INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Apr-11 May-11 Jun-11 21.2 22.4 31.7 40.0 45.7 43.5 25.0 20.0 22.2 32.4 17.9 43.3 25.0 0.0 20.0 33.3 28.1 11.5 18.6 15.8 12.5 32.1 20.0 23.1 25.0 35.7 22.2 47.5 34.2 36.7 39.1 32.3 28.6 46.7 43.2 38.2 60.0 47.2 71.9 45.2 41.7 32.7 31.3 26.3 35.3 38.5 25.0 42.9 30.6 21.2 32.5 27.0 27.0 22.2 38.5 37.2 32.6 20.0 16.3 22.6 25.0 35.0 26.9 32.8 22.6 18.3 38.2 35.4 18.4 20.5 23.1 19.0 40.5 37.5 38.6 15.9 21.7 18.0 27.8 20.0 30.0 8.3 31.3 10.0 25.0 19.4 23.7 40.9 35.0 27.3 36.0 29.2 26.9 36.0 29.6 22.9 37.5 26.5 62.5 31.6 26.0 27.1 35.0 0.0 20.0 47.1 36.8 34.8 13.6 31.3 26.7 33.3 25.0 41.7 44.2 43.5 56.0 37.5 8.3 12.5 32.6 27.4 29.7 Jul-11 28.8 32.5 22.2 26.9 35.0 20.8 15.6 20.0 22.2 50.0 36.5 39.3 46.4 36.0 29.2 25.0 28.0 30.6 40.6 23.6 25.0 25.0 41.7 17.6 51.4 21.4 16.7 16.7 21.9 33.3 33.3 32.0 37.5 29.4 40.0 45.5 27.3 8.3 42.0 0.0 29.4 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 26.5 31.7 25.9 23.1 19.6 22.7 30.4 42.5 30.0 26.3 47.4 56.5 25.0 31.3 33.3 28.6 12.5 41.7 25.0 20.0 31.3 26.9 28.6 20.8 16.7 25.0 25.0 0.0 0.0 25.0 16.7 18.8 25.0 21.4 33.3 33.3 9.5 15.8 12.9 19.7 20.6 23.5 14.3 0.0 16.7 22.2 35.7 30.0 25.0 27.8 20.0 29.2 33.3 30.0 34.6 22.2 38.9 33.3 27.3 33.3 42.3 33.3 34.0 36.4 41.7 48.1 34.6 27.8 39.5 42.9 44.1 31.3 60.7 55.9 46.4 62.5 66.7 80.0 42.5 36.8 41.2 37.0 47.2 46.2 32.1 35.7 19.2 25.0 37.5 37.5 23.1 31.8 22.2 25.0 31.3 37.5 19.4 18.8 23.5 26.2 35.0 34.2 27.9 25.0 21.2 28.1 37.5 30.0 50.0 44.6 47.6 53.4 54.3 53.9 22.9 22.4 15.6 16.2 19.4 25.6 20.8 42.9 25.0 25.0 36.4 50.0 16.7 21.9 15.0 18.5 14.0 27.0 37.5 46.2 42.3 47.2 47.1 45.8 21.4 23.7 18.4 21.7 18.2 35.7 40.5 40.0 50.0 48.5 56.3 64.8 17.5 19.0 19.4 26.3 34.2 34.1 22.7 35.7 31.3 40.0 33.3 37.5 0.0 0.0 33.3 33.3 0.0 25.0 23.1 20.0 25.0 32.1 33.3 46.4 37.5 37.5 35.7 38.9 25.0 50.0 14.3 25.0 25.0 21.4 25.0 28.8 29.5 23.5 23.7 40.7 29.4 45.8 50.0 40.9 50.0 50.0 53.8 60.0 20.7 26.3 34.8 13.2 14.7 14.7 28.6 33.3 25.0 40.0 0.0 37.5 26.0 35.7 28.8 32.8 44.1 45.7 23.1 15.4 23.3 33.3 35.0 22.7 25.0 0.0 10.0 30.0 10.0 27.8 35.7 38.9 36.2 39.6 32.8 33.9 0.0 20.0 25.0 10.0 10.0 30.0 26.7 27.8 28.7 30.7 30.6 37.6 Feb-12 Mar-12 Apr-12 May-12 Jun-12 40.5 34.1 47.4 50.0 48.1 60.0 43.8 63.3 75.0 81.6 33.3 37.5 45.0 42.9 66.7 42.9 50.0 58.3 63.3 64.7 7.1 16.7 62.5 25.0 50.0 38.5 30.0 42.3 46.4 60.7 34.6 36.1 32.8 34.4 39.7 35.0 50.0 50.0 58.3 57.1 35.7 42.9 50.0 62.5 57.1 46.4 53.6 72.2 66.7 64.3 47.8 67.3 76.1 78.3 73.2 41.7 46.4 65.6 80.8 84.6 78.9 88.2 86.7 83.3 77.3 47.7 50.0 68.8 50.0 71.4 38.2 45.8 46.2 77.3 83.3 16.7 45.5 33.3 68.2 50.0 23.7 60.5 78.6 82.7 81.8 38.8 51.4 57.7 64.7 66.0 59.2 68.2 72.4 74.3 84.8 35.7 44.6 57.6 64.7 73.5 33.3 54.5 58.3 56.3 57.7 30.2 39.6 34.1 30.0 40.2 53.3 60.0 68.8 76.7 72.2 38.9 40.9 36.4 32.1 25.0 71.4 83.9 96.9 95.7 88.5 39.3 47.2 52.8 67.9 76.3 42.9 83.3 66.7 50.0 20.0 16.7 16.7 50.0 33.3 50.0 50.0 45.5 68.2 90.0 95.5 31.3 27.8 55.0 64.3 50.0 47.8 41.7 57.1 76.5 75.0 63.0 65.2 73.9 88.5 83.9 61.1 81.8 75.0 81.8 77.8 38.6 52.5 57.9 70.0 77.5 37.5 62.5 30.0 33.3 35.7 47.5 55.6 47.2 71.4 55.2 50.0 62.5 60.0 67.9 73.1 14.3 20.0 33.3 50.0 50.0 61.4 65.2 73.3 75.0 63.9 10.0 40.0 12.5 37.5 25.0 41.0 50.2 56.9 62.4 63.2 Jul-12 55.3 79.4 41.7 56.3 33.3 50.0 42.1 35.7 50.0 66.7 86.4 84.2 63.9 73.3 75.0 50.0 92.3 80.3 85.5 62.1 62.5 35.0 83.3 35.4 81.8 81.6 55.6 40.0 96.7 60.0 81.6 91.3 54.2 67.9 60.0 55.9 71.4 60.0 59.3 25.0 63.0 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 65.4 65.4 58.3 52.9 55.6 36.4 76.5 81.3 75.0 70.8 78.1 82.1 50.0 50.0 50.0 64.3 50.0 55.6 70.0 67.9 50.0 56.3 70.0 80.6 70.0 70.0 66.7 60.0 70.0 75.0 55.6 63.6 73.1 72.7 72.2 85.0 39.7 37.8 46.9 42.6 44.6 62.0 33.3 57.1 60.0 66.7 54.5 57.1 58.3 55.6 62.5 63.6 54.5 75.0 73.1 66.7 65.4 63.6 54.2 81.3 80.0 78.3 82.8 68.5 65.9 82.1 88.5 75.0 72.2 64.3 79.2 66.7 75.0 75.0 75.0 87.5 85.7 85.0 80.6 71.9 69.4 76.7 79.4 83.3 87.5 82.1 88.9 84.4 78.1 83.3 50.0 63.6 65.0 64.3 75.0 75.0 84.2 93.8 91.7 83.3 93.3 97.6 83.3 92.0 86.8 88.9 88.0 83.9 73.3 88.9 85.0 86.2 88.2 92.6 76.2 72.6 77.9 63.2 78.6 83.3 56.3 71.4 50.0 64.3 50.0 77.8 40.2 40.9 37.0 39.8 41.5 47.9 82.1 85.0 73.7 75.0 80.0 73.1 43.2 37.5 46.0 38.1 47.7 47.2 87.0 85.5 86.4 82.0 78.3 75.9 71.9 61.5 77.8 67.9 75.0 82.5 100.0 56.3 66.7 57.1 60.0 50.0 33.3 50.0 50.0 57.1 33.3 75.0 86.4 92.9 96.4 100.0 100.0 92.3 57.1 60.0 68.8 58.3 62.5 77.3 65.8 62.5 85.7 75.0 76.7 90.9 95.2 95.2 91.3 89.3 89.5 96.3 55.6 83.3 72.7 64.3 85.7 92.9 80.8 72.2 86.4 69.0 86.7 83.3 57.1 58.3 50.0 38.9 56.3 60.0 77.1 76.8 80.0 67.5 73.5 83.3 66.7 83.3 65.0 65.0 75.0 71.4 64.3 58.3 30.0 57.1 50.0 40.0 58.6 68.3 65.2 66.7 70.7 78.9 60.0 41.7 50.0 42.9 25.0 66.7 67.7 68.7 68.3 66.4 68.3 74.6 Feb-13 Mar-13 Apr-13 84.6 83.3 82.1 93.3 96.7 95.8 58.3 80.0 100.0 86.7 88.5 91.7 66.7 85.7 66.7 81.8 100.0 83.3 60.9 76.4 70.0 60.0 58.3 81.3 68.8 60.0 78.6 79.2 83.3 96.7 87.5 89.6 93.8 86.1 85.0 89.3 75.0 77.3 78.6 81.6 79.2 86.8 81.8 89.5 90.0 87.5 91.7 87.5 97.8 97.9 100.0 94.4 98.0 96.6 88.2 92.1 92.4 87.9 80.6 92.9 83.3 70.8 73.1 59.6 68.6 66.3 73.5 82.4 81.3 54.3 67.9 63.9 87.8 87.1 93.2 81.6 85.7 86.4 60.0 78.6 81.3 62.5 83.3 83.3 100.0 100.0 88.5 94.4 83.3 80.0 94.7 97.6 94.4 98.2 100.0 100.0 92.9 88.9 80.0 88.1 90.0 87.5 66.7 78.6 71.4 75.0 88.1 88.2 81.8 85.0 80.0 54.5 85.7 78.6 92.9 84.1 95.8 60.0 50.0 66.7 79.3 83.7 84.8

Source: Credit Suisse
April ‘13 Slide 46

Historical Trends: Incentive Index
INCENTIVE INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Apr-11 May-11 Jun-11 34.0 28.8 32.8 43.3 39.1 34.1 40.0 20.0 27.8 53.3 53.8 50.0 50.0 40.0 40.0 54.5 43.3 45.8 54.2 45.6 47.0 43.3 50.0 29.2 50.0 50.0 50.0 42.1 38.9 50.0 50.0 38.9 30.8 53.6 50.0 43.3 46.7 28.1 43.3 38.9 34.4 32.0 53.3 38.9 44.1 42.3 35.3 30.8 36.1 31.3 28.9 50.0 37.1 38.3 43.4 47.2 40.2 46.2 39.3 35.5 56.3 40.0 38.5 50.9 47.2 44.4 26.5 26.1 47.2 39.5 32.6 27.8 42.1 29.4 31.3 47.7 45.7 46.0 30.0 25.0 30.0 41.7 35.7 35.0 40.6 44.1 36.8 31.8 35.0 27.3 50.0 40.0 36.4 40.9 35.0 35.7 35.7 37.5 21.4 36.1 37.0 40.5 40.0 25.0 62.5 32.4 32.5 28.3 40.9 34.4 46.7 40.0 30.0 50.0 40.0 34.2 38.6 50.0 66.7 50.0 43.5 38.1 38.7 Jul-11 32.7 31.6 37.5 53.8 38.9 45.8 45.0 30.0 35.0 66.7 44.0 37.5 50.0 34.0 50.0 27.3 34.0 29.6 46.3 38.2 41.7 35.9 50.0 43.8 34.3 38.1 33.3 33.3 31.3 37.5 45.0 50.0 33.3 36.7 37.5 32.6 40.9 25.0 43.2 37.5 39.2 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 38.2 26.8 31.0 41.7 37.0 33.3 37.0 25.0 45.0 20.0 30.6 40.9 25.0 37.5 33.3 41.7 12.5 40.0 36.7 50.0 46.4 45.5 42.9 50.0 50.0 37.5 37.5 50.0 50.0 50.0 50.0 37.5 50.0 42.9 37.5 26.7 43.8 51.6 40.4 41.2 43.5 50.0 14.3 16.7 33.3 38.9 35.7 40.0 31.3 25.0 12.5 27.3 25.0 40.0 37.5 35.3 37.5 34.4 50.0 23.8 42.0 37.5 37.5 50.0 43.5 48.0 36.4 50.0 50.0 44.7 43.3 42.9 42.9 33.3 37.5 40.6 37.5 46.7 33.3 38.2 37.5 34.1 27.8 35.4 50.0 50.0 29.2 37.5 33.3 45.0 30.8 36.4 16.7 40.9 43.8 25.0 35.3 32.6 28.1 31.0 39.5 36.8 37.5 40.6 40.0 50.0 46.0 40.6 41.2 48.5 41.0 41.3 45.6 50.0 47.0 38.9 39.1 30.6 30.0 39.0 50.0 41.7 45.8 37.5 45.5 37.5 40.0 40.4 40.5 41.5 40.2 46.4 43.8 38.5 26.9 30.6 25.0 41.7 52.9 34.4 43.8 38.1 39.5 35.3 42.4 44.8 43.8 46.9 43.1 44.0 47.5 47.6 44.4 50.0 50.0 45.5 27.3 35.7 50.0 30.0 16.7 50.0 0.0 50.0 50.0 33.3 50.0 50.0 54.2 37.5 45.0 30.8 43.8 45.8 31.3 43.8 28.6 44.4 41.7 56.3 40.9 34.6 44.4 41.2 36.4 30.4 44.1 41.7 40.0 38.1 46.4 50.0 25.0 40.9 38.9 40.9 45.5 44.4 47.9 38.9 36.1 33.3 32.1 34.4 25.0 0.0 25.0 50.0 25.0 37.5 36.5 25.0 42.0 42.9 50.0 47.8 34.6 37.5 43.3 37.5 50.0 45.5 37.5 30.0 30.0 20.0 30.0 38.9 37.5 39.6 32.7 28.3 32.7 35.7 25.0 60.0 62.5 60.0 50.0 40.0 37.6 37.8 38.4 39.0 38.7 41.5 Feb-12 Mar-12 Apr-12 May-12 Jun-12 42.5 38.1 39.5 40.5 30.4 45.0 43.3 56.7 47.5 52.6 33.3 30.0 40.0 35.7 16.7 54.2 42.9 55.0 67.9 60.7 33.3 66.7 50.0 50.0 25.0 42.9 40.0 41.7 50.0 50.0 37.1 53.6 40.4 38.7 43.5 50.0 61.1 50.0 50.0 58.3 42.9 35.7 40.0 25.0 41.7 30.8 42.3 43.8 44.4 64.3 54.5 51.9 52.3 43.2 39.6 50.0 57.7 67.9 54.2 58.3 42.1 50.0 50.0 41.7 45.0 38.1 50.0 43.8 47.4 50.0 43.8 27.3 33.3 45.0 39.5 27.8 35.0 50.0 40.9 46.2 36.1 44.7 52.4 44.2 59.1 47.0 33.9 45.8 43.1 52.4 47.1 50.0 44.1 52.8 54.7 39.1 40.0 53.1 51.6 43.3 27.3 50.0 45.8 50.0 53.8 48.0 45.9 42.1 48.9 51.2 33.3 40.9 43.8 40.6 50.0 46.7 47.2 41.7 52.3 47.7 48.5 53.7 53.2 54.7 50.0 50.0 40.0 53.1 50.0 52.8 50.0 83.3 100.0 50.0 40.0 50.0 33.3 33.3 33.3 50.0 35.7 33.3 35.0 56.3 65.0 35.7 37.5 40.0 42.9 40.0 40.9 46.9 44.4 43.8 52.6 50.0 47.6 47.2 52.5 53.7 43.8 50.0 40.9 44.4 56.7 45.5 37.5 55.9 55.6 58.8 50.0 33.3 20.0 66.7 33.3 52.5 40.6 33.3 42.1 46.3 44.4 37.5 33.3 57.1 54.2 50.0 30.0 38.9 50.0 25.0 38.1 47.5 37.9 43.2 44.1 60.0 30.0 37.5 50.0 50.0 43.4 44.0 45.7 47.4 47.7 Jul-12 50.0 52.9 50.0 63.3 40.0 55.6 50.0 57.1 58.3 44.4 42.5 55.9 32.4 50.0 61.1 43.8 46.2 56.5 56.9 46.6 50.0 44.0 45.5 50.0 47.7 42.1 62.5 60.0 54.2 38.9 53.6 58.8 50.0 55.0 40.0 50.0 64.3 40.0 48.1 50.0 50.4 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 34.6 34.6 28.3 41.2 43.8 45.5 44.1 53.1 38.2 34.6 53.1 57.1 50.0 28.6 33.3 41.7 33.3 62.5 54.2 53.6 53.8 57.7 60.5 52.8 50.0 50.0 50.0 50.0 40.0 50.0 33.3 40.9 53.8 40.9 44.4 54.5 47.9 44.6 39.7 47.9 50.0 50.0 50.0 58.3 50.0 50.0 55.0 42.9 45.8 33.3 43.8 36.4 35.0 50.0 41.7 45.8 53.8 40.0 45.0 50.0 55.3 50.0 52.0 43.5 50.0 51.9 58.3 57.1 55.9 54.2 40.9 60.7 36.4 40.0 53.8 45.8 50.0 40.0 52.8 43.3 50.0 42.3 44.1 45.2 31.3 42.9 50.0 46.7 60.0 45.5 33.3 36.4 50.0 35.7 31.3 35.7 63.2 50.0 52.9 46.7 56.7 57.1 52.0 50.0 44.8 56.3 57.1 59.5 51.2 56.9 50.0 50.0 45.9 50.0 55.3 48.3 37.9 46.9 55.3 48.6 62.5 42.9 56.3 42.9 55.6 68.8 51.0 53.8 45.7 52.6 54.9 53.8 57.7 44.7 42.1 57.1 40.0 53.8 47.6 46.0 52.3 47.5 57.9 70.0 60.0 48.3 52.5 45.7 41.7 50.0 50.0 41.7 47.2 46.4 45.8 47.5 50.0 35.7 66.7 50.0 37.5 58.3 33.3 40.0 25.0 25.0 50.0 62.5 56.3 54.2 50.0 61.1 50.0 54.5 50.0 37.5 42.9 41.7 62.5 40.9 47.1 54.5 53.8 56.3 60.7 60.0 58.3 61.5 57.5 58.3 65.6 58.3 50.0 41.7 40.9 41.7 57.1 42.9 45.5 53.1 47.4 55.3 63.3 55.9 30.0 33.3 33.3 25.0 43.8 75.0 55.3 41.3 44.1 44.7 46.7 53.3 59.1 61.1 70.0 65.0 50.0 46.4 57.1 41.7 50.0 50.0 50.0 40.0 46.0 50.0 43.2 42.6 50.0 45.8 50.0 50.0 66.7 50.0 62.5 50.0 48.9 46.3 48.2 46.7 49.9 52.4 Feb-13 Mar-13 Apr-13 42.9 50.0 46.4 66.7 63.3 69.2 50.0 55.6 50.0 53.6 65.4 60.0 50.0 50.0 50.0 45.5 63.6 46.2 57.4 51.6 41.7 50.0 58.3 50.0 42.9 40.0 50.0 50.0 54.5 67.9 52.2 54.5 65.0 55.6 55.3 57.7 38.9 45.5 42.9 50.0 45.8 47.4 59.1 41.7 50.0 43.8 58.3 37.5 65.9 66.7 57.5 48.0 52.3 63.5 48.5 54.5 40.0 42.3 47.2 42.9 50.0 70.8 65.4 45.5 48.9 51.1 47.1 38.2 50.0 50.0 50.0 50.0 56.1 48.3 60.0 50.0 57.1 50.0 50.0 50.0 57.1 50.0 66.7 50.0 77.3 66.7 54.2 43.8 33.3 40.0 64.7 65.0 59.4 64.6 62.5 67.6 50.0 50.0 60.0 65.8 65.8 59.4 50.0 28.6 41.7 50.0 50.0 52.9 31.8 38.9 44.4 45.5 57.1 64.3 55.0 57.1 54.3 50.0 40.0 50.0 51.5 53.0 52.9

Source: Credit Suisse
April ‘13 Slide 47

Historical Trends: Hom e Listings Index
HOME LISTINGS INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Apr-11 May-11 Jun-11 34.6 31.5 38.3 36.7 41.3 37.0 20.8 40.0 44.4 20.6 25.0 16.7 25.0 20.0 50.0 45.8 43.8 42.3 26.2 25.0 23.6 10.0 50.0 29.2 33.3 35.7 33.3 30.0 21.1 40.0 34.8 37.1 42.6 46.7 65.9 56.3 70.0 63.9 86.7 31.0 26.5 20.0 40.6 34.2 47.1 38.5 58.3 53.8 30.6 34.8 50.0 37.8 31.1 39.7 70.5 64.1 68.5 48.1 51.1 56.5 31.3 20.0 31.8 21.9 15.9 21.7 67.6 71.7 78.9 25.0 25.0 21.4 67.9 76.4 75.7 52.3 45.7 60.0 30.0 41.7 30.0 16.7 37.5 30.0 61.1 36.1 63.2 31.8 45.0 36.4 38.0 31.8 33.3 54.0 27.8 34.8 75.0 79.4 100.0 21.1 27.1 41.3 25.0 12.5 30.0 67.6 57.5 58.7 27.3 59.4 65.6 25.0 27.3 50.0 38.5 37.0 44.0 25.0 25.0 50.0 38.3 40.0 45.8 Jul-11 34.6 47.5 66.7 30.8 61.1 45.8 28.8 20.0 44.4 40.0 63.5 50.0 78.6 42.0 54.2 58.3 50.0 41.7 75.8 62.9 33.3 25.5 83.3 20.6 81.6 73.8 55.6 16.7 50.0 27.8 33.3 54.0 95.8 55.9 50.0 67.4 81.8 58.3 52.0 25.0 51.0 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 58.8 60.7 63.8 61.5 67.4 70.5 47.8 55.0 60.0 70.0 81.6 61.4 62.5 68.8 66.7 57.1 87.5 66.7 25.0 35.0 56.3 57.7 71.4 38.5 50.0 37.5 37.5 50.0 50.0 62.5 50.0 59.4 90.0 67.9 91.7 50.0 35.1 42.9 53.2 47.2 59.1 77.3 42.9 41.7 50.0 44.4 64.3 53.3 81.3 50.0 60.0 58.3 66.7 50.0 38.5 44.4 61.1 63.9 65.0 47.6 78.8 70.4 81.3 81.3 83.3 81.5 57.7 63.9 57.9 71.4 64.7 56.3 67.9 75.0 61.5 59.4 70.8 76.7 50.0 57.9 52.9 67.4 63.9 61.5 53.6 57.1 65.4 50.0 54.2 53.8 50.0 50.0 55.0 62.5 56.3 70.8 55.6 54.2 58.8 71.4 60.0 80.0 45.6 50.0 59.3 46.8 51.8 55.7 66.2 63.5 73.2 72.0 70.0 65.8 72.9 85.5 84.8 82.9 86.1 88.4 33.3 50.0 50.0 54.2 59.1 31.3 31.8 33.3 23.8 35.6 52.4 50.0 84.4 73.1 84.6 66.7 61.8 75.0 40.5 33.3 50.0 70.5 59.1 60.0 78.4 76.7 75.7 73.5 76.6 79.5 65.0 73.8 72.2 76.3 73.7 63.6 50.0 50.0 62.5 60.0 66.7 93.8 25.0 16.7 50.0 50.0 66.7 87.5 75.0 70.0 60.0 67.9 66.7 64.3 43.8 25.0 14.3 38.9 50.0 43.8 42.9 39.3 50.0 50.0 65.9 48.0 50.0 38.2 63.2 79.6 79.4 62.5 94.4 81.8 88.9 63.6 61.5 50.0 46.6 60.5 64.6 63.2 71.9 55.9 42.9 50.0 50.0 70.0 75.0 25.0 65.4 65.0 71.2 70.7 79.4 80.4 73.1 53.8 66.7 36.4 80.0 63.6 25.0 50.0 60.0 60.0 70.0 62.5 54.5 53.8 51.8 66.7 75.9 63.0 0.0 30.0 37.5 50.0 62.5 80.0 52.8 53.7 59.9 61.2 68.0 62.7 Feb-12 Mar-12 Apr-12 May-12 Jun-12 69.0 63.6 68.4 84.1 63.5 67.5 46.9 60.7 57.1 76.3 50.0 30.0 80.0 78.6 83.3 42.3 35.7 37.5 43.3 61.8 57.1 66.7 50.0 25.0 62.5 71.4 70.0 50.0 69.2 67.9 40.8 31.9 56.9 51.6 52.9 70.0 55.6 75.0 57.1 57.1 71.4 57.1 40.0 50.0 57.1 64.3 57.1 66.7 50.0 64.3 83.3 75.0 67.4 56.5 60.7 63.9 64.3 71.9 69.2 80.8 75.0 82.4 78.1 88.5 86.4 56.8 53.1 65.6 50.0 67.9 79.4 76.9 80.8 90.9 78.9 77.8 54.5 83.3 72.7 73.1 84.2 86.8 88.1 88.5 90.5 50.0 52.9 55.8 67.6 74.0 72.4 81.0 85.1 81.1 79.7 85.7 79.7 80.3 84.8 85.3 50.0 50.0 45.8 50.0 65.4 43.0 34.3 30.5 37.0 48.9 80.0 63.6 87.5 84.4 88.9 39.5 42.1 36.4 50.0 52.0 78.6 83.9 93.8 87.5 80.8 46.4 94.4 88.9 85.7 71.1 42.9 66.7 33.3 50.0 40.0 75.0 83.3 50.0 50.0 50.0 81.3 95.8 90.9 95.0 100.0 56.3 38.9 45.0 42.9 45.0 52.1 66.7 88.1 75.0 79.5 88.6 80.4 91.3 74.0 69.4 83.3 95.5 91.7 81.8 94.4 70.5 78.9 92.1 87.5 67.5 25.0 37.5 50.0 33.3 50.0 75.0 70.6 81.6 73.8 74.1 77.8 70.8 76.7 92.9 91.7 64.3 70.0 72.2 75.0 50.0 43.2 32.6 50.0 60.0 66.7 40.0 40.0 50.0 62.5 33.3 63.6 62.9 67.2 66.6 68.6 Jul-12 68.4 66.7 83.3 71.9 66.7 72.2 67.1 78.6 62.5 44.4 76.1 76.3 72.2 86.7 92.1 68.8 84.6 84.2 82.9 77.6 56.3 43.3 88.6 52.2 76.7 78.9 55.6 70.0 83.3 50.0 77.8 71.7 69.2 88.5 70.0 67.6 78.6 70.0 63.5 87.5 72.1 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 88.5 73.1 77.1 73.5 75.0 90.9 67.6 68.8 83.3 76.9 71.9 64.3 87.5 87.5 85.7 92.9 83.3 87.5 70.0 60.7 50.0 75.0 84.2 76.3 50.0 50.0 66.7 60.0 41.7 25.0 81.3 81.8 92.3 81.8 83.3 86.4 72.4 69.5 62.5 78.6 81.5 78.0 61.1 71.4 75.0 75.0 81.8 92.9 75.0 88.9 75.0 90.9 72.7 66.7 53.8 62.5 88.5 50.0 72.7 75.0 68.4 63.0 77.6 70.4 93.2 76.8 73.1 80.0 77.8 82.1 79.2 86.7 72.7 68.2 60.7 70.8 71.4 72.5 73.5 68.8 80.0 75.0 82.4 76.2 87.5 78.6 83.3 86.7 90.6 95.8 72.2 72.7 80.0 85.7 62.5 75.0 77.5 76.7 66.7 60.0 66.7 78.6 74.1 85.4 88.7 76.8 93.5 86.2 81.8 87.5 82.1 85.0 85.9 80.0 90.5 79.0 88.2 86.4 88.1 84.7 81.3 50.0 56.3 64.3 66.7 66.7 48.2 57.0 57.4 69.8 70.2 69.8 89.3 70.0 81.6 75.0 86.7 73.1 76.2 61.1 64.0 68.4 77.3 86.1 67.4 53.2 33.3 48.0 39.6 46.3 75.0 84.6 72.2 85.7 83.3 82.5 100.0 50.0 83.3 71.4 60.0 71.4 66.7 71.4 64.3 78.6 50.0 87.5 81.8 85.7 92.9 86.4 70.0 84.6 71.4 70.0 87.5 66.7 75.0 68.2 94.7 84.6 92.3 90.0 83.3 81.8 76.3 67.5 82.6 82.1 97.2 78.8 94.4 91.7 68.2 71.4 78.6 92.9 76.9 82.4 81.8 85.0 93.3 73.5 35.7 33.3 41.7 66.7 62.5 50.0 97.9 78.6 82.5 72.5 87.5 63.3 81.8 83.3 85.0 65.0 55.0 53.6 71.4 83.3 70.0 71.4 75.0 80.0 75.9 71.7 58.7 73.3 79.3 73.1 60.0 50.0 50.0 35.7 75.0 50.0 75.0 71.3 73.7 74.0 75.7 74.7 Feb-13 Mar-13 Apr-13 92.9 75.0 57.1 85.7 63.3 76.9 91.7 75.0 100.0 73.3 60.7 79.2 50.0 57.1 66.7 72.7 72.7 46.2 64.1 77.8 61.5 60.0 83.3 81.3 68.8 80.0 78.6 75.0 70.8 78.6 84.8 69.6 77.1 75.0 72.5 78.6 83.3 72.7 82.1 78.9 92.3 78.9 85.0 76.3 90.0 87.5 83.3 81.3 75.0 77.1 92.5 75.0 80.0 70.7 89.7 87.8 87.9 89.3 69.4 78.6 70.8 91.7 53.8 64.4 68.9 64.4 82.4 67.6 84.4 77.3 73.1 52.9 47.3 67.7 71.7 63.2 71.4 81.8 50.0 64.3 68.8 62.5 75.0 75.0 84.6 85.7 76.9 50.0 58.3 50.0 89.5 84.1 69.4 81.5 72.9 63.0 64.3 83.3 80.0 85.7 85.0 78.1 41.7 28.6 71.4 77.8 71.4 88.2 54.5 65.0 70.0 68.2 64.3 71.4 72.7 65.9 82.0 62.5 25.0 50.0 72.7 71.7 73.7

Source: Credit Suisse
April ‘13 Slide 48

Historical Trends: Tim e to Sell Index
TIME TO SELL INDEX Atlanta, GA Austin, TX Baltimore, MD Boston, MA Charleston, SC Charlotte, NC Chicago, IL Cincinnati, OH Columbus, OH Dallas, TX Denver, CO Detroit, MI Fort Myers, FL Houston, TX Inland Empire, CA Jacksonville, FL Las Vegas, NV Los Angeles, CA Miami, FL Minneapolis, MN Nashville, TN New York-Northern NJ Orlando, FL Phila.-Southern NJ Phoenix, AZ Portland, OR Raleigh, NC Richmond, VA Sacramento, CA San Antonio, TX San Diego, CA San Francisco, CA Sarasota, FL Seattle, WA St. Louis, MO Tampa, FL Tucson, AZ Virginia Beach, VA Washington, DC Wilmington, NC Total Apr-11 May-11 Jun-11 25.0 18.5 33.3 43.3 41.3 34.8 37.5 30.0 16.7 64.7 32.1 30.0 25.0 20.0 30.0 33.3 25.0 23.1 25.0 23.0 25.0 26.7 40.0 19.2 41.7 35.7 27.8 47.5 31.6 34.4 39.1 41.9 32.7 63.3 52.3 52.9 70.0 58.3 73.3 28.6 26.5 14.0 34.4 28.9 29.4 50.0 41.7 35.7 44.4 37.9 40.0 29.2 24.3 26.5 53.9 50.0 54.5 21.2 26.2 21.7 43.8 30.0 29.2 34.1 16.4 17.5 44.1 39.1 34.2 26.2 19.2 19.0 59.5 57.1 67.1 31.8 40.9 32.0 10.0 8.3 20.0 58.3 31.3 35.0 44.4 33.3 52.6 36.4 27.8 31.8 37.5 28.3 33.3 40.0 17.3 26.1 75.0 58.8 68.8 42.1 45.8 39.1 30.0 0.0 40.0 46.9 42.5 41.3 36.4 37.5 37.5 33.3 18.2 30.0 44.2 28.3 44.0 25.0 0.0 25.0 40.1 31.6 34.5 Jul-11 32.0 32.5 27.8 15.4 33.3 23.1 22.7 0.0 16.7 30.0 40.0 53.6 64.3 32.0 33.3 20.8 47.9 23.3 51.6 31.9 33.3 18.1 55.9 17.6 65.8 42.9 11.1 50.0 28.1 11.1 25.0 38.0 66.7 47.1 50.0 47.8 50.0 50.0 26.0 12.5 34.5 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 32.4 30.4 25.0 42.3 43.5 45.5 30.4 34.2 25.0 40.0 50.0 58.7 25.0 18.8 33.3 21.4 37.5 25.0 21.9 50.0 28.1 23.1 25.0 19.2 16.7 25.0 12.5 0.0 0.0 28.6 26.7 18.8 30.0 28.6 37.5 43.3 20.3 23.0 22.6 23.0 33.8 47.0 14.3 8.3 50.0 11.1 35.7 40.0 25.0 27.8 40.0 27.3 33.3 30.0 15.4 16.7 33.3 19.4 36.4 26.2 40.4 35.2 42.0 43.5 58.3 61.1 50.0 44.4 36.8 40.0 44.1 43.8 57.1 63.9 46.2 62.5 62.5 76.7 26.2 44.7 38.2 43.5 41.7 58.0 42.9 35.7 42.3 25.0 50.0 50.0 23.1 13.6 25.0 50.0 31.3 41.7 38.9 47.9 41.2 50.0 52.5 60.5 32.4 15.0 33.3 18.8 28.6 39.7 54.2 39.2 55.0 57.0 48.6 65.8 28.6 35.5 29.7 31.1 36.8 52.4 20.8 14.3 20.8 12.5 36.4 37.5 12.5 14.5 16.7 14.2 15.1 28.7 53.1 42.3 61.5 47.2 50.0 50.0 26.2 20.6 28.9 20.5 27.3 35.7 63.5 58.3 57.1 55.9 64.5 75.6 42.5 40.5 41.7 36.8 50.0 52.4 18.2 21.4 50.0 40.0 50.0 56.3 25.0 33.3 33.3 66.7 16.7 50.0 26.9 38.9 30.0 38.5 44.4 57.1 12.5 31.3 16.7 27.8 16.7 25.0 17.9 17.9 22.2 19.0 34.1 40.0 29.5 27.8 34.2 38.9 17.6 52.1 83.3 40.9 55.6 54.5 61.5 75.0 41.4 55.3 41.7 47.4 38.2 41.2 28.6 33.3 25.0 20.0 0.0 0.0 38.5 45.0 36.5 43.1 56.3 63.0 46.2 46.2 36.7 37.5 50.0 68.2 25.0 40.0 20.0 50.0 40.0 33.3 22.7 22.2 17.9 29.2 26.8 33.9 0.0 30.0 37.5 30.0 25.0 30.0 31.4 32.5 34.3 34.7 37.7 45.5 Feb-12 Mar-12 Apr-12 May-12 Jun-12 64.3 50.0 63.2 64.3 53.8 65.0 65.6 80.0 76.2 89.5 30.0 50.0 55.0 64.3 83.3 50.0 60.7 75.0 60.0 70.6 21.4 66.7 75.0 50.0 62.5 53.6 60.0 61.5 60.7 50.0 30.8 54.2 63.8 54.7 59.1 70.0 66.7 93.8 71.4 78.6 42.9 64.3 60.0 66.7 64.3 39.3 53.6 72.2 72.2 71.4 77.1 80.8 87.0 80.4 75.0 55.6 53.8 68.8 88.5 80.8 78.9 76.5 81.3 70.8 72.7 57.1 64.7 65.6 67.5 82.1 52.9 62.5 69.2 81.8 75.0 27.8 50.0 60.0 50.0 73.1 57.9 77.8 88.1 82.7 84.1 47.5 54.3 59.6 67.6 76.0 65.8 71.6 71.1 77.0 79.7 65.7 71.6 75.8 86.8 73.5 58.3 59.1 75.0 62.5 73.1 42.1 51.9 45.2 43.0 42.4 56.7 63.6 71.9 81.3 80.6 50.0 45.0 45.5 51.8 44.2 76.4 87.1 91.9 83.3 78.9 64.3 75.0 86.1 83.3 89.5 64.3 50.0 100.0 71.4 70.0 83.3 50.0 100.0 66.7 62.5 75.0 58.3 81.8 85.0 95.8 18.8 43.8 55.0 57.1 50.0 58.3 50.0 78.6 80.6 79.5 70.5 77.1 84.8 80.8 75.8 88.9 77.3 83.3 72.7 79.4 63.6 73.7 92.1 90.0 87.5 37.5 62.5 40.0 33.3 57.1 60.0 66.7 65.8 69.0 66.1 83.3 54.2 70.0 85.7 88.5 50.0 70.0 50.0 75.0 87.5 63.0 71.7 70.0 65.4 66.7 20.0 37.5 25.0 50.0 41.7 55.9 62.0 70.9 69.5 71.8 Jul-12 55.3 77.8 58.3 62.5 25.0 44.4 53.9 57.1 62.5 61.1 84.1 81.6 63.9 70.0 86.8 56.3 84.6 80.8 72.4 81.0 75.0 32.2 72.7 50.0 75.6 86.8 66.7 50.0 86.7 50.0 71.1 78.3 57.7 88.5 80.0 61.8 78.6 70.0 50.0 41.7 66.1 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 79.2 75.0 56.3 61.8 68.8 59.1 76.5 75.0 63.9 76.9 71.9 75.0 75.0 56.3 57.1 71.4 66.7 72.2 76.7 71.4 53.8 63.3 72.5 81.6 62.5 50.0 50.0 60.0 66.7 62.5 44.4 77.3 65.4 65.0 61.1 75.0 60.0 53.7 54.7 58.9 62.5 59.2 50.0 57.1 50.0 50.0 68.2 71.4 70.8 72.2 75.0 77.3 59.1 83.3 57.7 66.7 65.4 59.1 63.6 65.6 72.5 69.6 79.3 66.7 73.8 76.8 76.9 83.3 63.9 60.7 66.7 63.3 63.6 72.7 60.7 87.5 75.0 77.5 80.6 62.5 73.7 71.4 88.2 87.5 81.3 82.1 66.7 78.1 80.0 70.8 66.7 72.7 70.0 71.4 62.5 62.5 75.0 62.5 75.0 66.7 73.3 78.6 83.3 85.4 75.8 71.4 79.2 77.6 71.1 84.7 70.5 77.6 69.2 78.6 73.8 83.9 75.8 74.2 81.0 81.9 50.0 50.0 31.3 35.7 66.7 72.2 34.5 35.2 45.4 29.1 40.4 52.1 67.9 72.5 73.7 67.9 83.3 69.2 54.5 59.3 68.0 54.8 63.6 63.9 78.3 64.5 61.4 58.0 39.6 55.6 78.1 76.9 72.2 75.0 83.3 82.5 87.5 42.9 83.3 71.4 60.0 57.1 25.0 66.7 71.4 71.4 66.7 87.5 81.8 82.1 82.1 72.7 86.7 69.2 50.0 60.0 56.3 50.0 68.8 72.7 63.2 61.5 64.3 80.0 73.3 86.4 81.0 80.0 76.1 64.3 78.9 77.8 77.8 75.0 60.0 71.4 57.1 78.6 84.6 73.3 84.1 71.1 83.3 83.3 57.1 41.7 33.3 16.7 62.5 62.5 72.9 69.6 72.5 75.0 70.6 66.7 77.3 88.9 85.0 65.0 65.0 71.4 71.4 58.3 50.0 57.1 87.5 70.0 62.1 61.7 54.5 53.3 60.7 73.1 70.0 33.3 16.7 21.4 25.0 50.0 68.1 66.7 63.6 63.3 68.3 71.5 Feb-13 Mar-13 Apr-13 76.9 87.5 71.4 93.3 93.3 92.3 91.7 65.0 87.5 76.7 82.1 75.0 37.5 78.6 66.7 63.6 95.0 73.1 68.8 75.0 73.1 80.0 83.3 81.3 87.5 90.0 92.9 79.2 95.8 90.0 93.8 76.1 79.2 79.4 84.2 82.1 66.7 63.6 82.1 77.8 83.3 89.5 86.4 77.8 80.0 93.8 91.7 78.6 84.1 85.4 95.0 75.9 88.0 81.0 75.0 82.9 89.4 84.5 77.8 92.9 83.3 83.3 88.5 62.5 66.0 72.1 79.4 67.6 75.0 69.6 88.5 77.8 58.3 72.6 78.3 78.9 89.3 77.3 80.0 71.4 87.5 87.5 83.3 100.0 88.5 85.7 80.8 61.1 79.2 70.0 92.1 93.2 86.1 89.3 89.6 78.3 64.3 83.3 80.0 83.3 87.5 84.4 60.0 78.6 64.3 61.1 71.4 83.3 54.5 75.0 77.8 68.2 78.6 64.3 83.3 81.8 88.0 40.0 50.0 75.0 75.4 80.8 81.0

Source: Credit Suisse
April ‘13 Slide 49

Agent Recom m endations
Agents recom m end Toll, D.R. Horton and Standard Pacific. Toll Brothers received the highest percentage of recommendations by agents across the markets we survey. 29% of agents (net of positive responses less negative responses) responding said they would recommend Toll, while 25% said they would recommend Pulte, and 24% said they would recommend D.R. Horton. We believe this is important since 35-40% of new home sales involve an agent. This is a positive for those companies, in addition to others below that received strong recommendations.
Rank 1 2 3 4 5 6 7 8 9 10 11 12 Ticker TOL PHM DHI MTH SPF LEN RYL BZH HOV MDC NVR KBH Company Name Toll Brothers Pulte Group D.R. Horton Meritage Homes Standard Pacific Corp. Lennar Corp. Ryland Group Beazer Homes Hovnanian Enterprises MDC Holdings NVR, Inc. KB Home Net Recommendation 29% 25% 24% 20% 20% 16% 15% 6% 4% 4% (1%) (13%)

Source: Credit Suisse
April ‘13 Slide 50

Agent Recom m endations
Which of the following homebuilders would you most highly recommend to clients? Market BZH DHI HOV KBH LEN MDC MTH NVR PHM RYL Atlanta, GA 21% 29% ------57% 29% Austin, TX -92% -15% 54% -- 46% -62% -Baltimore, MD 0% 25% 0% 0% 0% 25% -0% -0% Charleston, SC 0% 0% -0% 0% --0% -0% Charlotte, NC 0% 31% 0% 8% 15% --8% -38% Chicago, IL -12% 4% -19% 0% --46% 27% Cincinnati, OH --0% ----- 13% 0% 25% Columbus, OH --0% ----0% 0% -Dallas, TX 13% 33% 40% 13% 7% 0% 0% -13% -Denver, CO -17% -17% 29% 29% 17% -25% 25% Detroit, MI --0% -----21% -Fort Myers, FL -53% 0% 0% 27% -0% -33% 13% Houston, TX 26% 42% 5% 0% 37% 0% 42% -32% -Jacksonville, FL 25% 50% -38% 50% 13% --38% -Las Vegas, NV 10% 48% -29% 43% 24% 5% -67% 29% Los Angeles, CA -17% 10% 17% 17% 0% 0% -10% -Miami, FL -18% --42% -----Minneapolis, MN -40% 20% -60% ---40% 40% Nashville, TN 15% ---------New York-Northern New Jersey, NY-NJ -4% 19% -9% --2% 11% -Orlando, FL 38% 44% 19% 19% 38% -- 19% -25% 25% Philadelphia-Southern NJ -17% 17% -17% 6% -- 22% 44% -Phoenix, AZ 13% 21% 8% 4% 21% 17% 38% -25% 17% Port St. Lucie, FL -0% -0% ------Portland, OR -36% --------Raleigh, NC 13% 25% 0% 13% 25% --0% 13% -Richmond, VA 0% ------0% --Riverside-San Bernardino, CA 10% 20% 30% 40% 40% 10% --30% 10% Sacramento, CA 8% 38% 15% 23% 31% 8% 31% -38% 0% San Antonio, TX 0% 50% -20% 20% -- 50% -40% -San Diego, CA 11% 22% 11% 28% 6% 0% --11% 6% San Francisco, CA -4% --4% -4% -22% -Sarasota, FL ---0% 0% ---17% -Seattle, WA -39% --11% 11% ----Tampa, FL 33% 28% 22% 11% 28% 0% --44% 39% Tucson, AZ -20% 10% 0% 10% 0% 40% -40% -Virginia Beach, VA -0% 0% ----0% --Washington, DC 28% 32% 12% -8% 12% -- 44% 48% 8% Wilmington, NC 0% ------0% --TOTAL 13% 28% 11% 13% 23% 9% 22% 7% 30% 19%
F ro m w h ic h o f th e fo llo w in g h o m e b u ild e rs w o u ld y o u m o s t s tro n g ly d is c o u ra g e c lie n ts fro m b u y in g ?

SPF -85% --31% ---20% 4% ---25% -24% 6% ---19% -21% --25% -40% 15% -17% 9% 0% -28% 0% ---22%

TOL -46% --8% 19% --33% 25% 71% --38% 67% 17% -13% -48% 44% 39% 58% --25% --15% 50% 11% 17% -11% -10% -52% -33%

M a rke t A tla nta , G A A ustin, TX B a ltim o re , M D C ha rle sto n, S C C ha rlo tte , N C C hica g o , IL C incinna ti, O H C o lum b us, O H D a lla s, TX D e nve r, C O D e tro it, M I F o rt M ye rs, F L H o usto n, TX Ja ckso nville , F L L a s V e g a s, N V L o s A ng e le s, C A M ia m i, F L M inne a p o lis, M N N a shville , TN N e w Yo rk-N o rthe rn N e w Je rse y, N Y-N J O rla nd o , F L P hila d e lp hia -S o uthe rn N J P ho e nix, A Z P o rt S t. L ucie , F L P o rtla nd , O R R a le ig h, N C R ichm o nd , V A R ive rsid e -S a n B e rna rd ino , C A S a cra m e nto , C A S a n A nto nio , TX S a n D ie g o , C A S a n F ra ncisco , C A S a ra so ta , F L S e a ttle , W A Ta m p a , F L Tucso n, A Z V irg inia B e a ch, V A W a shing to n, D C W ilm ing to n, N C T OT AL

B ZH 14% -0% 0% 54% ---7% ---0% 0% 19% ---0% -0% -8% --0% 0% 0% 15% 0% 0% ---11% --16% 0% 7%

D HI 14% 0% 0% 0% 15% 0% --0% 4% -7% 0% 0% 0% 0% 3% 0% -6% 25% 0% 4% 0% 0% 13% -20% 0% 10% 0% 9% -11% 0% 0% 0% 0% -4%

HOV --25% -0% 0% 0% 0% 0% -0% 13% 16% --0% -7% -15% 0% 11% 13% --13% -0% 8% -6% ---0% 10% 0% 8% -6%

KBH -69% 0% 0% 38% ---27% 33% -20% 32% 13% 38% 14% ----25% -46% 50% -38% -20% 0% 50% 6% -17% -33% 20% ---27%

LE N -8% 50% 0% 15% 4% --0% 0% -7% 5% 0% 0% 3% 9% 0% -2% 31% 6% 4% --0% -10% 8% 0% 11% 9% 0% 0% 17% 0% -8% -7%

M D C M TH N V R --25% --4% --0% 4% --0% 19% 0% -----0% 0% ----0% 8% -6% --6% 0% 0% -12% -5% -0% ------7% 4% -7% -0% 0% ----0% -0% -----0% 0% -0% ---0% ---2% --50% 0% 0% -0% 0% -----------6% -6% ---13% 17% ---------0% 4% 0% 8%

P HM 7% 15% ---4% 0% 0% 7% 13% 36% 0% 0% 0% 10% 0% -13% -7% 6% 6% 4% --0% -10% 8% 0% 6% 4% 0% -6% 0% -0% -6%

R YL 0% -25% 0% 8% 8% 0% --0% -0% --5% --13% --0% -8% ----0% 8% -0% ---0% --4% -5%

SPF -0% --15% ---0% 0% ---0% -3% 0% ---0% -8% --0% -0% 8% -0% 0% 0% -0% 0% ---2%

TO L -15% --8% 4% --0% 0% 0% --0% 5% 7% -13% -2% 0% 17% 0% --0% --8% 0% 0% 0% -0% -0% -4% -4%

11% 11%

Source: Credit Suisse
April ‘13 Slide 51

Survey Methodology
We survey real estate agents, as we believe agents provide an accurate assessment of local housing market trends in both the new and existing home markets. We view an understanding of the existing home market as crucial to homebuilders as it represents over 90% of total sales, and trends in the existing home market often dictate trends in the new home market.
Each month, we survey agents about trends in buyer traffic levels, home prices, incentives, inventory levels, and the length of time needed to sell a home. In February, we received responses from 850 real estate agents across the country. We review responses and calculate an index for each of the questions with levels above 50 indicating positive trends, levels below 50 indicating worsening trends, and a level of 50 indicating a neutral trend. 1) Are traffic levels in-line with, above, or below your expectations for this tim e of year? (Because of seasonality to traffic trends – generally more traffic in Spring and less in Fall/Winter – we ask about traffic relative to the expectations for this time of year rather than how traffic compared to the prior month). A traffic index above 50 means that traffic was above the expectations of agents, a traffic index of 50 means that traffic was in-line with expectations, and a traffic index below 50 means that traffic was below expectations. 2) Have prices rem ained the sam e, increased, or decreased over the past 30 days? A price index above 50 indicates that prices increased over the past 30 days, a price index of 50 indicates that prices were flat, and a price index below 50 indicates that prices decreased. 3) Have incentives rem ained the sam e, increased, or decreased over the past 30 days? An incentive index above 50 indicates that incentives decreased over the past 30 days, an incentive index of 50 indicates that incentives were unchanged, and an incentive index below 50 indicates that incentives increased. 4) Do you see the sam e, m ore, or fewer, listings as com pared with 30 days ago? An inventory (listings) index above 50 indicates that the inventory of homes for sale decreased over the past 30 days, an inventory index of 50 indicates that inventories were unchanged, and an inventory index below 50 indicates that inventories increased. 5) Does it take the sam e, m ore, or less tim e to sell a house? A time to sell index above 50 indicates that the time needed to sell a home decreased over the past 30 days, a time to sell index of 50 indicates that the time needed to sell a home was unchanged, and a time to sell index below 50 indicates that the time needed to sell a home increased.
Source: Credit Suisse
April ‘13 Slide 52

DISCLOSURES

DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. US Disclosure: Credit Suisse does

and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

CREDIT SUISSE SECURITIES (USA) LLC

Companies Mentioned (Price as of 13-May-2013)
Beazer Homes USA (BZH.N, $20.96) DR Horton (DHI.N, $27.35) Hovnanian Enterprises (HOV.N, $6.09) KB Home (KBH.N, $24.39) Lennar (LEN.N, $43.24) M.D.C. Holdings, Inc. (MDC.N, $38.2) Meritage Corp (MTH.N, $51.71) NVR Inc. (NVR.N, $996.0) Pulte (PHM.N, $23.39) Ryland Group (RYL.N, $49.56) Standard Pacific Corp. (SPF.N, $9.6) Toll Brothers (TOL.N, $36.43)

Please refer to the firm's disclosure website at www.credit-suisse.com/researchdisclosures for the definitions of abbreviations typically used in the target price method and risk sections.
See the Companies Mentioned section for full company names

The subject company (RYL.N, SPF.N, BZH.N, HOV.N, PHM.N, KBH.N, NVR.N) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse. Credit Suisse provided investment banking services to the subject company (SPF.N, BZH.N, HOV.N, PHM.N, KBH.N, NVR.N) within the past 12 months. Credit Suisse provided non-investment banking services to the subject company (RYL.N, SPF.N, PHM.N, KBH.N) within the past 12 months Credit Suisse has managed or co-managed a public offering of securities for the subject company (SPF.N, BZH.N, HOV.N, KBH.N, NVR.N) within the past 12 months. Credit Suisse has received investment banking related compensation from the subject company (SPF.N, BZH.N, HOV.N, PHM.N, KBH.N, NVR.N) within the past 12 months Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (DHI.N, RYL.N, SPF.N, BZH.N, HOV.N, PHM.N, KBH.N, MTH.N, NVR.N) within the next 3 months. Credit Suisse has received compensation for products and services other than investment banking services from the subject company (RYL.N, SPF.N, PHM.N, KBH.N) within the past 12 months As of the date of this report, Credit Suisse makes a market in the following subject companies (DHI.N, RYL.N, SPF.N, BZH.N, HOV.N, PHM.N, KBH.N, MTH.N). As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (BZH.N).

Disclosure Appendix
Important Global Disclosures
I, Daniel Oppenheim, CFA, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report. The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities

As of December 10, 2012 Analysts’ stock rating are defined as follows:
Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months. Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months. Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.
*Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and Underperforms the least attract ive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s to tal return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant s ector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to t he average total return of the relevant country or regional benchmark; Australia, New Zealand are, and prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the re lative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, 12 -month rolling yield is incorporated in the absolute total return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and 7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese rating s were based on a stock’s total return relative to the average total return of the relevant country or regional benchmark.

Important Regional Disclosures
Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report. An analyst involved in the preparation of this report has visited certain material operations of the subject company (DHI.N, RYL.N, SPF.N, BZH.N, HOV.N, PHM.N, KBH.N, MTH.N, NVR.N) within the past 12 months The travel expenses of the analyst in connection with such visits were not paid or reimbursed by the subject company, other than de minimus local travel expenses. Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS-Subordinate Voting Shares. Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report. For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit http://www.csfb.com/legal_terms/canada_research_policy.shtml. As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report. Principal is not guaranteed in the case of equities because equity prices are variable. Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that. CS may have issued a Trade Alert regarding this security. Trade Alerts are short term trading opportunities identified by an analyst on the basis of market events and catalysts, while stock ratings reflect an analyst's investment recommendations based on expected total return over a 12-month period relative to the relevant coverage universe. Because Trade Alerts and stock ratings reflect different assumptions and analytical methods, Trade Alerts may differ directionally from the analyst's stock rating. The author(s) of this report maintains a CS Model Portfolio that he/she regularly adjusts. The security or securities discussed in this report may be a component of the CS Model Portfolio and subject to such adjustments (which, given the composition of the CS Model Portfolio as a whole, may differ from the recommendation in this report, as well as opportunities or strategies identified in Trading Alerts concerning the same security). The CS Model Portfolio and important disclosures about it are available at www.credit-suisse.com/ti. For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at www.creditsuisse.com/researchdisclosures or call +1 (877) 291-2683.

Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances. Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward. Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation: Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months. Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months. Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months.
*An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cov er multiple sectors.

Credit Suisse's distribution of stock ratings (and banking clients) is:
Global Ratings Distribution

Rating

Versus universe (%)

Of which banking clients (%)

Outperform/Buy* 43% (53% banking clients) Neutral/Hold* 39% (47% banking clients) Underperform/Sell* 15% (39% banking clients) Restricted 3% *For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, an d Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other indivi dual factors.

Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein. Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research and analytics/disclaimer/managing_conflicts_disclaimer.html

Credit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.

April ‘13 Slide 54

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Investment principal on bonds can be eroded depending on sale price or market price. In addition, there are bonds on which investment principal can be eroded due to changes in redemption amounts. Care is required when investing in such instruments.

When you purchase non-listed Japanese fixed income securities (Japanese government bonds, Japanese municipal bonds, Japanese government guaranteed bonds, Japanese corporate bonds) from CS as a seller, you will be requested to pay the purchase price only

April ‘13 Slide 55