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Existing Home Sales

12,521 HomesSell Every Day

and 8,715 BuyersReceive a Mortgage

NAR 2/2012

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Pending Home Sales

70.0

80.0

90.0

100.0

110.0

Apr May Jun Ju l Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Ju l Aug Sep Oct Nov Dec Jan

NAR 2/2012

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Months Inventory of Homes for Sale

NAR 2/2012

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

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Return on Investment

MSN Money.com, Case Shiller

18.4

-1

-24.4

36.7

-50

-30

-10

10

30

50

Dow S&P NASDAQ Real Estate

January 1, 2000

March 1, 2012

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IHS Global Insights 2/13/2012

Projections for 2012

For 2012, we are expecting betterhousing numbers than in 2011, anda better second half than first.

IHS Global Insights

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7/21Housing Wire 2/27/2012

Projections for 2012

A lot of housing andmacroeconomic data came inhigher than expected so far in

2012while jobless claims

have fallen steadily this yearand indications on consumersentiment show Americans

may be ready to begin buyingproperties again.

Jason Philyaw, Editor, Housing Wire

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Freddie Mac 2/22/2012

Projections for 2012

The US economy continues to build on the momentum

from the end of last year. Our outlook anticipates gradual,but steady, improvement in the economy and the housingmarket, supported by low interest rates and brightening

job market prospects.

Frank Nothaft. Freddie Mac VP and chief economist

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Moodys Analytics 2/27/2012

Projections for 2012

The improved tone of housing databuoys hopes that the market may be onthe verge of its long-awaited recovery...Increases in new- and existing-home

sales over the last three months followstronger job creation and improvedaffordability, including the overall droplast month in conventional mortgage

rates to below 4%.

Moodys Analytics

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CNBC 2/13/2012

Warren Buffett Speaks Out

Is it time to buy real estate?

IfI had a way of buying a couple hundred thousand single-family homes Iwould load up on them.

Why invest in real estate now?

Its a way, in effect, to short the dollar because you can take a 30-yearmortgage and if it turns out your interest rates too high, next week you

refinance lower. And if it turns out its too low, the other guys stuck with it for30 years. So its a very attractive asset class now.

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Source: CNBC 2/13/2012

Warren Buffett Speaks Out

Is buying your own home better than investing instocks right now?

If I knew where I was going to want to live the next five or 10 years I wouldbuy a home and Id finance it with a 30-year mortgage Its a terrific deal.

Should we buy multiple houses?

If I was an investor that was a handy type and I could buy a couple of them

at distressed prices and find renters, I think its a leveraged way of owning avery cheap asset now and I think thats probably as an attractive an

investment as you can make now.

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3.75

4

4.25

4.5

4.75

5

5.25

Mortgage Rates 30 Year Fixed

Federal Reserve

1/01/2011 Today

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Comparison 5 Years Later Current Home Move-up Home

Current Price $400,000 $600,000

Future Price (+20%) $480,000 $720,000Future Gain $80,000 $120,000

Future difference $40,000

Current Gain $50,000

Total Gain $90,000

The Move-Up Buyer

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The Move-Up Buyer

Price Rate P&ITODAY 600,000 4.40 3,044.57

2016 720,000 6.00 4,316.76

Monthly Savings 1,272.19

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MSNBC.com 2/6/2012

Home Rents Will Keep Rising

Paying rent is gettingmore painful for rentersacross the country in theface of rising demandand tight supply $1,000

$1,025

$1,050

$1,075

$1,100

$1,125

$1,150

$1,175

$1,200

2009 2010 2011 2012* 2013* 2014*

Its bad timing for people who have been spooked

by, or pushed out of, the residential housing marketand have decided to rent instead of buy. Homeownership in the United States is at historic lows,but at the same time rental prices are on the rise.

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Forbes.com 10/13/2011

$400K

$0Owners Renters

Retirement FundCreated from

Homeowner EquityAfter 30 Years*

RentBuy

* Assuming $300,000 current value with a 1% annual appreciation

rate for residential property.

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Resources

KEEPINGCURRENTMATTERS.COM

Slide Slide Title Link

2,3,4

Existing Home Sales, Pending Home

Sales, Monthly Inventory of Homes forSaleshttp://www.realtor.org

5 Return on Investment www.msnmoney.com

6 Projections for 2012 http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304

7 Projections for 2012 http://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-tap

8 Projections for 2012 http://freddiemac.mediaroom.com/index.php?s=12329&item=122345

9 Projections for 2012 http://www.economy.com

10 Warren Buffet Speaks Out http://www.cnbc.com/id/46541258

11 Warren Buffet Speaks Out http://www.cnbc.com/id/46541258

12 Mortgage Rates http://www.freddiemac.com/pmms

16 House Rents Will Keep Risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-

keep-rising-and-rising

17, 18Housing Cost Over Next 30 Years,Retirement Fund Created fromHomeowner Equity After 30 Years

http://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-

prices-fall-further

19 S&P Case-Shiller Home Price Indices http://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdf

http://www.realtor.org/http://www.msnmoney.com/http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://freddiemac.mediaroom.com/index.php?s=12329&item=122345http://www.economy.com/http://www.cnbc.com/id/46541258http://www.cnbc.com/id/46541258http://www.freddiemac.com/pmmshttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdfhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://www.forbes.com/sites/investor/2011/10/12/buy-that-dream-house-now-or-wait-until-prices-fall-furtherhttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://bottomline.msnbc.msn.com/_news/2012/02/06/10332224-office-and-home-rent-will-keep-rising-and-risinghttp://www.freddiemac.com/pmmshttp://www.cnbc.com/id/46541258http://www.cnbc.com/id/46541258http://www.economy.com/http://freddiemac.mediaroom.com/index.php?s=12329&item=122345http://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.housingwire.com/article/monday-morning-cup-coffee-more-good-housing-news-taphttp://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.ihs.com/products/Global-Insight/industry-economic-report.aspx?ID=1065932304http://www.msnmoney.com/http://www.realtor.org/

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Resources

KEEPINGCURRENTMATTERS.COM

Slide Slide Title Link

21 Months Supply of Shadow Inventory http://ftalphaville.ft.com/blog/2012/02/17/881581/the-decline-of-us-housing-inventory

22 Months Supply of Shadow Inventoryhttp://www.realtor.org/wps/wcm/connect/0556a600491cbf9b813bcd2e39654e23/Shadow_Inventory_Annual_2011_for_website.pdf?MOD=AJPERES&CACHEID=0556a600491cbf9b813bcd

2e39654e23

21 S&P Case-Shiller Home Price Indices www.housingviews.com/wp-content/uploads/2012/01/CSHomePrice_Release1.pdf

25 Impact of Settlementhttp://www.realtytrac.com/content/foreclosure-market-report/january-2012-us-foreclosure-

market-report-7022

26 Impact of Settlementhttp://www.washingtonpost.com/business/source-holdout-states-to-sign-mortgage-

settlement-with-banks-over-foreclosure-abuses/2012/02/08/gIQA7uIvzQ_story.html

27 Impact of Settlementhttp://www.businessweek.com/news/2012-02-14/foreclosure-deal-to-spur-u-s-home-seizures-

help-heal-market.html

28 Price Depreciation http://www.economy.com/dismal

30 Foreclosures in Process by State http://www.corelogic.com/about-us/researchtrends/asset_upload_file693_14120.pdf

33 Percentage of Distressed Property Sales http://www.realtor.org

34 Short Sale Surging http://www.calculatedriskblog.com/2012/02/lawler-short-sales-increased.html

35 Short Sale Surginghttp://www.realtytrac.com/content/foreclosure-market-report/q4-and-year-end-2011-us-

foreclosure-sales-report-7060

37 Mortgage Forgiveness Debt Relief Acthttp://www.dsnews.com/articles/obama-proposes-extending-tax-waiver-on-mortgage-debt-

forgiveness-2012-02-15

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