Market Dynamics

Prepared For

Greater Baton Rouge Area, Baton Rouge, LA ALL

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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01/10/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Dec-10 vs. Dec-11: The median sold price is down 1%

Dec-10 vs. Dec-11

Dec-10 175,000
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 174,082
$60,000-$2,500,000 Construction Type:

Change -918
All Bedrooms: All

% -1%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

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01/10/2012

2 of 21

William Cobb

Accurate Valuations Group

Median Sold Price by Month

Dec-10 vs. Dec-11: The median sold price is down 1%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Median Price 174,082 169,000 179,900 175,000 176,450 177,250 179,900 173,000 172,250 176,000 169,900 174,000 175,000

# Units 422 427 466 556 642 548 631 541 460 509 378 335 423

Average DOM 102 104 102 93 101 91 104 115 119 106 105 106 101

Clarus MarketMetrics

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01/10/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Dec-10 vs. Dec-11: The median price of for sale properties is down 2% and the median price of sold properties is down 1%

Dec-10 vs. Dec-11

Dec-10 179,500
MLS: GBRAR Property Types: All MLS:

Dec-10 vs. Dec-11

% -2%
$60,000-$2,500,000 Construction Type: All Bedrooms:

Dec-11 176,000
Period: GBRAR 1 year (monthly)

Change -3,500
Price:

Dec-10 175,000
All

Dec-11 174,082
Bathrooms: All

Change -918
Lot Size: All Sq Ft: All

% -1%

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

Clarus MarketMetrics

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01/10/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Dec-10 vs. Dec-11: The median price of for sale properties is down 2% and the median price of sold properties is down 1%
For Sale Median 176,000 175,800 175,000 176,000 175,000 178,900 179,275 179,900 179,625 179,000 179,900 179,900 179,500 # Properties For Sale 4,826 5,091 5,306 5,322 5,561 5,642 5,691 5,681 5,614 5,499 5,230 5,277 5,150 Sold Median 174,082 169,000 179,900 175,000 176,450 177,250 179,900 173,000 172,250 176,000 169,900 174,000 175,000 # Properties Sold 422 427 466 556 642 548 631 541 460 509 378 335 423 Price Difference -1,918 -6,800 4,900 -1,000 1,450 -1,650 625 -6,900 -7,375 -3,000 -10,000 -5,900 -4,500

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Clarus MarketMetrics

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01/10/2012

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Dec-10 vs. Dec-11: The number of Sold properties is down 0%

Dec-10 vs. Dec-11

Dec-10 423
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 422
$60,000-$2,500,000 Construction Type:

Change -1
All Bedrooms: All

% -0%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

1 of 2
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01/10/2012

6 of 21

William Cobb

Accurate Valuations Group

Sold Properties by Month

Dec-10 vs. Dec-11: The number of Sold properties is down 0%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 422 427 466 556 642 548 631 541 460 509 378 335 423

Median Price 174,082 169,000 179,900 175,000 176,450 177,250 179,900 173,000 172,250 176,000 169,900 174,000 175,000

Average DOM 102 104 102 93 101 91 104 115 119 106 105 106 101

Clarus MarketMetrics

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01/10/2012

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Dec-10 vs. Dec-11: The number of Under Contract properties is up 42%

Dec-10 vs. Dec-11

Dec-10 306
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 433
$60,000-$2,500,000 Construction Type:

Change 127
All Bedrooms: All

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

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

Clarus MarketMetrics

1 of 2
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01/10/2012

8 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Dec-10 vs. Dec-11: The number of Under Contract properties is up 42%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 433 463 488 505 629 582 609 608 560 554 455 429 306

Median Price 167,900 169,900 178,750 176,900 179,000 177,750 179,900 178,950 180,950 179,900 178,000 169,900 179,950

Average DOM 117 103 100 103 106 109 103 96 119 109 109 111 103

Clarus MarketMetrics

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01/10/2012

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William Cobb

Accurate Valuations Group

New Properties by Month

Dec-10 vs. Dec-11: The number of New properties is down 11%

Dec-10 vs. Dec-11

Dec-10 638
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 570
$60,000-$2,500,000 Construction Type:

Change -68
All Bedrooms: All

% -11%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

1 of 2
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01/10/2012

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William Cobb

Accurate Valuations Group

New Properties by Month

Dec-10 vs. Dec-11: The number of New properties is down 11%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 570 699 951 889 967 1,014 1,014 1,026 1,052 1,097 852 1,067 638

Median Price 172,500 179,900 169,000 179,000 169,200 170,000 175,900 179,900 179,900 175,000 177,650 179,500 160,650

Clarus MarketMetrics

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01/10/2012

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Dec-10 vs. Dec-11: The number of For Sale properties is down 6%

Dec-10 vs. Dec-11

Dec-10 5,150
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 4,826
$60,000-$2,500,000 Construction Type:

Change -324
All Bedrooms: All

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

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

Clarus MarketMetrics

1 of 2
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01/10/2012

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Dec-10 vs. Dec-11: The number of For Sale properties is down 6%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 4,826 5,091 5,306 5,322 5,561 5,642 5,691 5,681 5,614 5,499 5,230 5,277 5,150

Median Price 176,000 175,800 175,000 176,000 175,000 178,900 179,275 179,900 179,625 179,000 179,900 179,900 179,500

Average DOM 173 161 154 152 150 149 147 145 146 148 150 151 159

Clarus MarketMetrics

2 of 2
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01/10/2012

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Dec-10 vs. Dec-11: The number of Expired properties is down 24%

Dec-10 vs. Dec-11

Dec-10 634
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 485
$60,000-$2,500,000 Construction Type:

Change -149
All Bedrooms: All

% -24%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

1 of 2
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01/10/2012

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Dec-10 vs. Dec-11: The number of Expired properties is down 24%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

# Properties 485 372 426 462 499 466 454 396 399 383 373 470 634

Median Price 169,500 174,000 172,950 169,700 170,000 176,450 168,800 180,000 171,000 169,900 183,100 179,950 174,900

Average DOM 232 181 182 165 190 184 186 178 184 200 177 191 201

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Dec-10 vs. Dec-11: The number of for sale properties is down 6% and the number of sold properties is down 0%

Dec-10 vs. Dec-11

Dec-10 5,150
MLS: GBRAR Property Types: All MLS:

Dec-10 vs. Dec-11

% -6%
$60,000-$2,500,000 Construction Type: All Bedrooms:

Dec-11 4,826
Period: GBRAR 1 year (monthly)

Change -324
Price:

Dec-10 423
All

Dec-11 422
Bathrooms: All

Change -1
Lot Size: All Sq Ft: All

% -0%

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

Clarus MarketMetrics

1 of 2
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01/10/2012

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Dec-10 vs. Dec-11: The number of for sale properties is down 6% and the number of sold properties is down 0%
# Properties For Sale 4,826 5,091 5,306 5,322 5,561 5,642 5,691 5,681 5,614 5,499 5,230 5,277 5,150 Average DOM For Sale 173 161 154 152 150 149 147 145 146 148 150 151 159 # Properties Sold 422 427 466 556 642 548 631 541 460 509 378 335 423 Average DOM Sold 102 104 102 93 101 91 104 115 119 106 105 106 101

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Dec-10 vs. Dec-11: The average days on market is up 13%

Dec-10 vs. Dec-11

Dec-10 103
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 117
$60,000-$2,500,000 Construction Type:

Change 13
All Bedrooms: All

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

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

Clarus MarketMetrics

1 of 2
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01/10/2012

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Dec-10 vs. Dec-11: The average days on market is up 13%

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

Average DOM 117 103 100 103 106 109 103 96 119 109 109 111 103

# UC Units 433 463 488 505 629 582 609 608 560 554 455 429 306

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Dec-10 vs. Dec-11: The average months supply of inventory is down 34%

Dec-10 vs. Dec-11

Dec-10 13.8
MLS: GBRAR Property Types: All MLS: Period: GBRAR 1 year (monthly) Price:

Dec-11 9.0
$60,000-$2,500,000 Construction Type:

Change -4.7
All Bedrooms: All

% -34%
Bathrooms: All Lot Size: All Sq Ft: All

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Dec-10 vs. Dec-11: The average months supply of inventory is down 34%
# Units For Sale Last Day of Month 3,908 4,256 4,392 4,355 4,433 4,594 4,628 4,677 4,655 4,562 4,402 4,378 4,210 # UC Units During Month 433 463 488 505 629 582 609 608 560 554 455 429 306 UC Average DOM 117 103 100 103 106 109 103 96 119 109 109 111 103

Time Period Dec-11 Nov-11 Oct-11 Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 Dec-10

MSI 9.0 9.2 9.0 8.6 7.0 7.9 7.6 7.7 8.3 8.2 9.7 10.2 13.8

Clarus MarketMetrics

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NOTE: Based on information from the Greater Baton Rouge Association of REALTORS\MLS for the period of 01/09/2011 to 01/09/2012. This information was extracted on 01/10/2012. The reason 01/09 in the month

was chosen is because it takes time for home closings just before 12/31/2011 to be recorded at the Courthouses and reported by GBRMLS.