Market Dynamics

Prepared For

Baton Rouge, Louisiana ALL

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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05/17/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Apr-11 vs. Apr-12: The median sold price is down 2%

Apr-11 vs. Apr-12

Apr-11 164,000
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price:

Apr-12 160,000
All Construction Type:

Change -4,000
All Bedrooms: All

% -2%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Apr-11 vs. Apr-12: The median sold price is down 2%

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

Median Price 160,000 158,200 161,200 159,950 164,800 150,000 170,000 165,000 168,000 170,000 179,900 171,000 164,000

# Units 289 307 220 182 227 225 239 254 343 286 324 268 230

Average DOM 98 102 107 105 92 98 112 95 106 94 103 119 127

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Apr-11 vs. Apr-12: The median price of for sale properties is down 2% and the median price of sold properties is down 2%

Apr-11 vs. Apr-12

Apr-11 169,000
MLS: GBRAR Property Types: City:

Apr-11 vs. Apr-12

% -2%
All Construction Type: All Bedrooms:

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

Change -4,000
Price:

Apr-11 164,000
All

Apr-12 160,000
Bathrooms: All

Change -4,000
Lot Size: All Sq Ft: All

% -2%

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

Clarus MarketMetrics

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05/17/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Apr-11 vs. Apr-12: The median price of for sale properties is down 2% and the median price of sold properties is down 2%
For Sale Median 165,000 162,900 161,995 160,000 159,900 160,000 161,995 161,995 161,995 165,000 168,950 169,500 169,000 # Properties For Sale 2,640 2,625 2,508 2,517 2,496 2,595 2,713 2,753 2,849 2,894 2,944 2,960 2,879 Sold Median 160,000 158,200 161,200 159,950 164,800 150,000 170,000 165,000 168,000 170,000 179,900 171,000 164,000 # Properties Sold 289 307 220 182 227 225 239 254 343 286 324 268 230 Price Difference -5,000 -4,700 -795 -50 4,900 -10,000 8,005 3,005 6,005 5,000 10,950 1,500 -5,000

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Apr-11 vs. Apr-12: The number of Sold properties is up 26%

Apr-11 vs. Apr-12

Apr-11 230
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 289
Construction Type:

Change 59
All Bedrooms: All

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

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

Clarus MarketMetrics

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05/17/2012

6 of 21

William Cobb

Accurate Valuations Group

Sold Properties by Month

Apr-11 vs. Apr-12: The number of Sold properties is up 26%

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

# Properties 289 307 220 182 227 225 239 254 343 286 324 268 230

Median Price 160,000 158,200 161,200 159,950 164,800 150,000 170,000 165,000 168,000 170,000 179,900 171,000 164,000

Average DOM 98 102 107 105 92 98 112 95 106 94 103 119 127

Clarus MarketMetrics

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05/17/2012

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Apr-11 vs. Apr-12: The number of Under Contract properties is up 42%

Apr-11 vs. Apr-12

Apr-11 281
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 399
Construction Type:

Change 118
All Bedrooms: All

% +42%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

1 of 2
Information not guaranteed. 2012 - 2013 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

05/17/2012

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Apr-11 vs. Apr-12: The number of Under Contract properties is up 42%

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

# Properties 399 366 307 244 198 211 249 239 291 297 295 317 281

Median Price 164,900 168,250 169,000 160,000 165,000 169,900 174,900 169,900 174,900 175,000 174,900 185,000 179,900

Average DOM 102 96 110 110 102 95 93 106 116 121 106 92 116

Clarus MarketMetrics

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05/17/2012

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William Cobb

Accurate Valuations Group

New Properties by Month

Apr-11 vs. Apr-12: The number of New properties is up 2%

Apr-11 vs. Apr-12

Apr-11 548
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 557
Construction Type:

Change 9
All Bedrooms: All

% +2%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

1 of 2
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05/17/2012

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William Cobb

Accurate Valuations Group

New Properties by Month

Apr-11 vs. Apr-12: The number of New properties is up 2%

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

# Properties 557 572 423 476 298 372 459 454 499 476 511 532 548

Median Price 174,900 166,000 159,900 164,800 150,000 165,000 155,000 168,750 153,900 158,000 174,800 169,900 177,700

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

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

Apr-11 vs. Apr-12

Apr-11 2,879
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 2,640
Construction Type:

Change -239
All Bedrooms: All

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

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

Clarus MarketMetrics

1 of 2
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05/17/2012

12 of 21

William Cobb

Accurate Valuations Group

For Sale Properties by Month

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

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

# Properties 2,640 2,625 2,508 2,517 2,496 2,595 2,713 2,753 2,849 2,894 2,944 2,960 2,879

Median Price 165,000 162,900 161,995 160,000 159,900 160,000 161,995 161,995 161,995 165,000 168,950 169,500 169,000

Average DOM 162 166 171 172 183 171 164 160 159 159 155 151 150

Clarus MarketMetrics

2 of 2
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05/17/2012

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Apr-11 vs. Apr-12: The number of Expired properties is down 8%

Apr-11 vs. Apr-12

Apr-11 171
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 157
Construction Type:

Change -14
All Bedrooms: All

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

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

Clarus MarketMetrics

1 of 2
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05/17/2012

14 of 21

William Cobb

Accurate Valuations Group

Expired Properties by Month

Apr-11 vs. Apr-12: The number of Expired properties is down 8%

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

# Properties 157 177 148 187 258 186 241 260 259 247 231 210 171

Median Price 139,900 145,000 144,950 149,900 149,400 158,500 165,000 149,700 155,000 156,500 167,000 169,450 150,000

Average DOM 200 195 174 196 264 189 189 163 184 183 181 173 188

Clarus MarketMetrics

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05/17/2012

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Apr-11 vs. Apr-12: The number of for sale properties is down 8% and the number of sold properties is up 26%

Apr-11 vs. Apr-12

Apr-11 2,879
MLS: GBRAR Property Types: City:

Apr-11 vs. Apr-12

% -8%
All Construction Type: All Bedrooms:

Apr-12 2,640
Period: 1 year (monthly)

Change -239
Price:

Apr-11 230
All

Apr-12 289
Bathrooms: All

Change 59
Lot Size: All Sq Ft: All

% +26%

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

Clarus MarketMetrics

1 of 2
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05/17/2012

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Apr-11 vs. Apr-12: The number of for sale properties is down 8% and the number of sold properties is up 26%
# Properties For Sale 2,640 2,625 2,508 2,517 2,496 2,595 2,713 2,753 2,849 2,894 2,944 2,960 2,879 Average DOM For Sale 162 166 171 172 183 171 164 160 159 159 155 151 150 # Properties Sold 289 307 220 182 227 225 239 254 343 286 324 268 230 Average DOM Sold 98 102 107 105 92 98 112 95 106 94 103 119 127

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

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

Apr-11 vs. Apr-12

Apr-11 116
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 102
Construction Type:

Change -14
All Bedrooms: All

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

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

Clarus MarketMetrics

1 of 2
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05/17/2012

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

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

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

Average DOM 102 96 110 110 102 95 93 106 116 121 106 92 116

# UC Units 399 366 307 244 198 211 249 239 291 297 295 317 281

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Apr-11 vs. Apr-12: The average months supply of inventory is down 40%

Apr-11 vs. Apr-12

Apr-11 8.6
MLS: GBRAR Property Types: City: Period: 1 year (monthly) Price: All

Apr-12 5.2
Construction Type:

Change -3.4
All Bedrooms: All

% -40%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

1 of 2
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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Apr-11 vs. Apr-12: The average months supply of inventory is down 40%
# Units For Sale Last Day of Month 2,085 2,083 2,053 2,086 2,041 2,198 2,223 2,254 2,299 2,350 2,418 2,433 2,428 # UC Units During Month 399 366 307 244 198 211 249 239 291 297 295 317 281 UC Average DOM 102 96 110 110 102 95 93 106 116 121 106 92 116

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

MSI 5.2 5.7 6.7 8.5 10.3 10.4 8.9 9.4 7.9 7.9 8.2 7.7 8.6

Clarus MarketMetrics

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