ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Real-Time Housing Market Update
Published by Altos Research & Real IQ April 6, 2010

Highlights

The Altos 10-City Composite presents the most current perspective on housing market conditions across the country. The Composite median price fell by 0.5% in March 2010.

 The Altos Research 10-City Composite Price Index was down by 0.5% in March

and 1.8% during the first quarter of 2010.
 The Index has now shown sequential monthly declines for the past eight months but

the rate of decline has moderated. Readings of weekly price changes have shown modest expected seasonal increases in the past 7 weeks, indicating that the headline price number will tick up in the coming months.  Asking prices fell in 22 of 26 major markets. The largest monthly decline occurred in San Diego with prices falling 2.9% during March and 7.0% during the first quarter. Washington, D.C. experienced the largest increase with prices rising by 1.5% during March.  Listed property inventory jumped in 22 of 26 markets tracked. The inventory increases were largest in Houston, Boston and Los Angeles. The big inventory rise is seasonally expected after the low point at the first of the year. Nationally inventory is 10% lower than last year at this time, though climbing rapidly going into the spring.  All markets except San Francisco, San Jose and San Diego had a median days-onmarket of 100 or more in March. The Chicago and Miami markets experienced the slowest turnover with a median of 219 days-on-market or more than 7 months.

March Home Price Trends
The 10-City Composite Index was down 0.5% during March and 1.8% during the first quarter of 2010. The Composite Index effectively bottomed out in January 2009 at $470,017, climbed throughout the first half of 2009 to $509,030 in July before returning to a gradual downward trend. The Index stood at $477,596 as of March 2010 reflecting a decline of 6.2% from its 2009 summer high. Early indicators of pricing indicate that monthly price declines will be somewhat abated by the normal spring selling season beginning in April. The market has been heavily influenced by the Federal Reserve’s mortgage-backed securities purchase program which has kept mortgage rates historically low and by the federal government’s home buyer tax credit. The Federal Reserve program officially ended on March 31 and the tax credit will only apply to home purchased through the end of April. During March listing prices fell in 22 of 26 major markets; were flat in one – Chicago; and increased in three markets: Cleveland, Boston and Washington, D.C. The largest monthly decline occurred in San Diego with prices falling 2.9% during March and 7.0% during the first quarter. Prices fell by two percent or more during the month in 4 other markets: Phoenix, Denver, Salt Lake City and Tampa. Washington, D.C. experienced the largest increase with prices rising by 1.5% during March.

© 2009 Altos Research LLC and Real IQ

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ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Altos Research Price Composite
January 2010 February 2010 March 2010 % Change Last Month % Change Over 3 Months

MSA

10 City Composite

$

486,259

$ 479,781

$

477,596

-0.5%

-1.8%

San Diego Phoenix Denver Salt Lake City Tampa Los Angeles Minneapolis San Francisco Detroit Seattle Houston San Jose Miami Philadelphia Portland New York Charlotte Austin Las Vegas Dallas Indianapolis Atlanta Chicago Cleveland Boston Washington, DC

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

758,462 295,465 366,238 351,884 216,296 707,355 287,057 744,505 150,342 390,003 229,622 758,610 501,523 341,991 315,362 620,268 241,277 287,977 164,513 236,574 167,331 218,873 310,508 167,027 479,726 436,260

$ 726,408 $ 288,184 $ 355,361 $ 344,798 $ 210,973 $ 702,274 $ 281,775 $ 712,048 $ 147,456 $ 382,374 $ 227,730 $ 740,304 $ 500,436 $ 337,360 $ 309,898 $ 605,947 $ 237,368 $ 284,017 $ 163,315 $ 232,147 $ 165,306 $ 216,042 $ 306,972 $ 166,084 $ 475,711 $ 431,423

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

705,339 281,049 347,431 337,574 206,846 691,386 278,077 703,279 145,741 378,230 225,483 733,139 495,829 334,336 307,266 601,249 235,741 282,351 162,466 231,152 164,892 215,571 307,049 166,286 477,079 437,847

-2.9% -2.5% -2.2% -2.1% -2.0% -1.6% -1.3% -1.2% -1.2% -1.1% -1.0% -1.0% -0.9% -0.9% -0.8% -0.8% -0.7% -0.6% -0.5% -0.4% -0.3% -0.2% 0.0% 0.1% 0.3% 1.5%

-7.0% -4.9% -5.1% -4.1% -4.4% -2.3% -3.1% -5.5% -3.1% -3.0% -1.8% -3.4% -1.1% -2.2% -2.6% -3.1% -2.3% -2.0% -1.2% -2.3% -1.5% -1.5% -1.1% -0.4% -0.6% 0.4%

© 2009 Altos Research LLC and Real IQ

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ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

March Housing Supply Trends
During March, the inventory of properties listed for sale rose by 4.2% across the 10-City Composite Index markets. Inventory increased in 22 of 26 markets and declined in just four markets: Phoenix, Tampa, Miami and Washington, D.C. Nationally inventory is 10% lower than this time in 2009, though growing rapidly into the spring. Inventory increased at the fastest rate in Houston and Boston, up 18.8% and 15.8% respectively. Inventory rose by more than 10% for the month in Los Angeles, Austin, San Francisco, Minneapolis and San Jose. The sharp drop in the Washington, D.C. listed inventory of 17.3% bodes well for prices in that market as the spring selling season begins.

Listing Inventory
MSA January 2010 233,920 February 2010 253,265 March 2010 263,896 % Change Last Month 4.2% % Change Over 3 Months 12.8%

10 City Composite

Houston Boston Los Angeles Austin San Francisco Minneapolis San Jose San Diego Denver Charlotte Cleveland Dallas New York Indianapolis Salt Lake City Portland Seattle Atlanta Detroit Chicago Las Vegas

30,317 12,077 26,921 9,040 6,331 13,843 3,342 7,364 11,448 14,025 12,080 29,309 54,867 12,131 7,341 12,161 19,924 34,676 27,026 49,491 19,258

31,433 13,377 29,854 10,134 7,333 15,253 3,962 8,251 12,769 14,460 12,743 31,042 58,255 12,794 7,184 13,040 21,575 36,687 27,023 54,798 20,003

37,327 15,486 34,316 11,435 8,236 17,029 4,414 8,956 13,795 15,509 13,666 33,236 62,070 13,554 7,591 13,724 22,473 38,051 27,963 55,629 20,116

18.8% 15.8% 14.9% 12.8% 12.3% 11.6% 11.4% 8.5% 8.0% 7.3% 7.2% 7.1% 6.5% 5.9% 5.7% 5.2% 4.2% 3.7% 3.5% 1.5% 0.6%

23.1% 28.2% 27.5% 26.5% 30.1% 23.0% 32.1% 21.6% 20.5% 10.6% 13.1% 13.4% 13.1% 11.7% 3.4% 12.9% 12.8% 9.7% 3.5% 12.4% 4.5%

© 2009 Altos Research LLC and Real IQ

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ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Philadelphia Phoenix Tampa Miami Washington, DC

22,276 28,627 18,893 28,371 17,028

23,066 30,753 20,328 30,246 17,561

23,143 30,679 20,169 29,940 14,515

0.3% -0.2% -0.8% -1.0% -17.3%

3.9% 7.2% 6.8% 5.5% -14.8%

March Housing Market Demand Trends
During March every market except San Jose, San Francisco and San Diego had a median days-on-market of 100 or more. The Chicago and Miami markets experienced the slowest turnover with a median of 219 days-on-market or more than 7 months. San Francisco experienced the fastest rate of inventory turnover at a median of 71 days-on-market.

Average Days on Market
January 2010 February 2010 March 2010 % Change Last Month % Change Over 3 Months

MSA

10 City Composite

172

166

160

-3.1%

-6.7%

Chicago Miami Charlotte Cleveland Atlanta Detroit Washington, DC Philadelphia Seattle Minneapolis Tampa New York Denver Las Vegas Portland Phoenix Salt Lake City

220 244 206 185 222 189 181 175 158 162 154 152 164 134 142 145 132

220 219 203 188 191 187 182 179 155 156 147 145 155 136 145 138 134

219 219 201 190 184 176 171 169 150 149 143 142 141 136 136 135 130

-0.1% -0.1% -1.3% 1.1% -3.7% -6.1% -6.1% -5.4% -2.7% -4.8% -2.6% -1.8% -9.4% 0.0% -6.1% -2.5% -3.0%

-0.4% -10.2% -2.4% 2.6% -17.1% -7.2% -5.7% -3.7% -4.6% -8.2% -7.0% -6.3% -14.1% 1.7% -4.1% -7.2% -1.5%

© 2009 Altos Research LLC and Real IQ

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ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

Dallas Austin Boston Houston Los Angeles San Diego San Jose San Francisco Indianapolis*

169 142 135 137 126 110 102 94 161

137 138 130 131 119 108 99 86 162

129 127 123 122 121 93 81 71 -

-6.1% -7.9% -5.6% -7.2% 1.0% -14.4% -17.9% -17.3% -

-23.7% -10.3% -9.0% -10.9% -4.0% -15.6% -20.4% -24.4% -

* Change in methodology makes data inconsistent with prior months

Methodology
The Altos Research—Real IQ Real-Time Housing Report provides data on current housing market conditions in major markets around the country. Unlike other data sources that lag several months behind the market, this report summarizes metrics associated with active residential property listings to present the only real-time view of the housing market. Each ―market‖ measured in this report is equivalent to the Census Bureau's Metropolitan Statistical Area (MSA) dominated by the city listed. Properties analyzed in this data included repeat sales of single-family homes. Condominiums and town homes are not included in the data set. New construction is not included in the data set. The Altos Research Price Index is a statistical compilation of property prices highly correlated with the S&P/Case Shiller® Index. The Altos 10-City Composite is based on single family homes in Boston, Chicago, New York, Los Angeles, San Diego, San Francisco, Miami, Las Vegas , Washington D.C, Denver. For more information visit AltosResearch.com.

© 2009 Altos Research LLC and Real IQ

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ALTOS RESEARCH | REALIQ: April 2010: REAL-TIME HOUSING MARKET UPDATE

About Real IQ
Real IQ provides housing market analysis and consulting services to leading mortgage and real estate companies including: Bank of America, Realogy, Weichert, Long & Foster, LendingTree and others. More information about Real IQ is located at www.realiq.com.

About Altos Research
Altos Research LLC pioneered real-time real estate market research. Founded in 2005, the company's information products serve investors, derivatives traders, and thousands of real estate professionals. The company publishes analytical reports and data feeds each week for thousands of zip codes including all 20 S&P/Case Shiller markets summarized in this report. The Altos Research—Real IQ Housing Market Update is jointly produced by Real IQ™ and Altos Research. If you have any questions regarding this report, please contact Michael Simonsen. Michael Simonsen CEO & Co-Founder Altos Research LLC Tel: 888-819-7775 Web: www.altosresearch.com Email: mike@altosresearch.com

© 2009 Altos Research LLC and Real IQ

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