Altos Research: September 2010: REAL-TIME HOUSING MARKET UPDATE

Real-Time Housing
Market Update
September 7, 2010

Where there had been blips of increased activity and asking price during the 2nd quarter of
2010, those have been replaced by measurable decreases in price, as well as a steady
increase in inventory. Nationally, week-over-week drops in price are gathering speed, making
it clear that the small gains seen earlier in the year were generated by momentary external
forces rather than an overall increase in consumer confidence.

Inventory is increasing, albeit more slowly than in recent

months. More striking is that the Altos 10-City Composite
showed price decreases in each of the 26 markets it
tracks. This month, the Altos 10-City Composite price
decreased 1.06%.

September 2010 Highlights

•The Altos 10-City Composite is now at $469,000 below the previous bottom of the
market, recorded in January 2009, when the Federal Government's stimulus bill was put
into effect.

•In August 2010, the data show that in each and every one of the 26 major markets in
which Altos Research tracks data, asking prices for homes fell.

•The National Composite continues its declining trend, with a decrease of more than a full
percentage point (1.06%).

•Inventory, while still on the increase, seems to be slowing. Just 10 of 26 major markets
showed increases last month. Inventory was down most significantly in Austin (8.01%), with
the largest increase in Houston (up 4.87%).

•The sharpest declines in asking prices for homes were seen in Phoenix (5.06%), Miami
(3.11%), and Dallas (2.40%).

TRENDS: August Home Prices

Continuing its downward trend, the Altos 10-City Composite fell again in August 2010.
Having fallen consistently from its peak in 2009, the index dipped 1.06% from July's mark to
$469,910. Since early Spring, we've seen gradual declines in asking prices on homes listed
for sale, but those declines appear to be picking up steam.

Real-Time National Housing Update ©Copyright Altos Research, LLC September 2010
Price decreases were most evident in Phoenix (down 5.06%) and Miami (down 3.11%), with
notable decreases showing in Dallas (2.40%), Boston (2.21%), and Tampa-St. Petersburg
(2.20%). Historically, decreases have often been felt in the Fall and Winter months. As weak
markets have reared their heads nationwide this Summer, expect deepening increases as
we head into Autumn.

Recently, there have been areas in which small increases in asking price have been noted.
These reflected, for the most part, external forces that were artificially inflating markets. This
was not the case in August 2010, however, as each and every market in which Altos
Research tracks data showed marked decreases in price.

Altos Research Price Composite

MSA June 2010 July 2010 August 2010 % Change % Change
Last Month Over 3 Months

10-City $477,937 $474,946 $469,910 -1.06% -1.68%

Composite*
Phoenix $262,769 $249,254 $236,632 -5.06% -9.95%
Miami $463,140 $447,513 $433,617 -3.11% -6.37%
Dallas $238,328 $236,571 $230,891 -2.40% -3.12%
Boston $479,371 $472,470 $462,029 -2.21% -3.62%
Tampa $203,276 $199,927 $195,533 -2.20% -3.81%
San Francisco $753,131 $753,348 $737,348 -2.12% -2.10%
Denver $344,942 $341,993 $335,573 -1.88% -2.72%
Atlanta $218,270 $215,932 $212,480 -1.60% -2.65%
Charlotte $235,270 $232,406 $228,686 -1.60% -2.80%
San Jose $756,878 $758,892 $747,382 -1.52% -1.25%
New York City $590,150 $585,402 $577,690 -1.32% -2.11%
Minneapolis $276,296 $276,094 $272,508 -1.30% -1.37%
Philadelphia $334,112 $334,649 $330,959 -1.10% -0.94%
Chicago $312,775 $312,617 $309,389 -1.06% -1.08%
Detroit $142,824 $142,629 $141,119 -1.06% -1.19%
Las Vegas $160,421 $158,271 $157,677 -1.01% -1.71%
Houston $226,933 $226,646 $224,514 -0.94% -1.07%
Salt Lake City $333,717 $327,368 $324,548 -0.86% -2.75%
Los Angeles $663,572 $665,885 $661,094 -0.72% 0.35%
Portland $309,862 $309,491 $307,252 -0.72% -0.84%
Indianapolis $168,000 $168,023 $166,875 -0.68% -0.67%
Seattle $378,690 $378,181 $375,639 -0.67% -0.81%
Cleveland $170,012 170,249 $169,140 -0.65% -0.51%
Austin $287,996 $289,608 $288,391 -0.42% 0.14%

©Copyright Altos Research, LLC September 2010

 MSA June 2010 July 2010 August 2010 % Change % Change
Last Month Over 3 Months

10-City $477,937 $474,946 $469,910 -1.06% -1.68%

Composite*
Washington, $461,545 $442,424 $441,554 -0.20% -4.33%
DC*
San Diego $689,840 $691,128 $690,071 -0.15% 0.03%

* Washington, D.C. sample revised with data methodology change in August

TRENDS: Housing Supply

The data for August 2010 are curious. Sweeping decreases in asking price indicate appeals
to homebuyers aren't proving effective. Home buyers aren't buying. Over the past several
months, we'd seen a steady increase in housing inventory, but that has slowed somewhat.
This could be a sign that sellers are taking their homes off the market, or simply opting not
to list them in the first place. The market is showing clear signs of a lack in consumer
confidence.

In August, 10 of 26 markets showed increases in housing inventory. Inventory was up most

significantly in Houston (which posted the largest increase at 4.87%), Las Vegas, Los
Angeles, San Francisco, and Phoenix.

Listing Inventory
MSA June 2010 July 2010 August 2010 % Change % Change
Last Month Over 3 Months

10-City 304,831 311,742 296,074 0.33% 2.09%

Composite*
Houston 37,049 38,396 40,266 4.87% 8.68%
Las Vegas 21,357 21,593 22,400 3.74% 4.88%
Los Angeles 38,045 39,899 39,899 3.41% 8.45%
San Francisco 10,421 10,901 11,155 2.25% 7.04%
Phoenix 30,192 31,723 31,723 2.17% 5.07%
San Jose 5,164 5,357 5,357 2.17% 3.74%
San Diego 10,247 10,706 10,921 2.01% 6.58%
Portland 14,868 15,584 15,877 1.88% 6.79%
Philadelphia 27,838 28,284 28,678 1.39% 3.02%
Minneapolis 19,566 18,967 19,226 1.37% -1.74%
Denver 16,079 16,757 16,915 0.94% 5.20%
Tampa 20,120 20,698 20,834 0.66% 3.55%
Charlotte 16,634 16,082 16,154 0.45% -2.89%

Real-Time National Housing Update ©Copyright Altos Research, LLC September 2010
 MSA June 2010 July 2010 August 2010 % Change % Change
Last Month Over 3 Months

10-City 304,831 311,742 296,074 0.33% 2.09%

Composite*
Cleveland 15,014 15,471 15,539 0.44% 3.5%
Miami 29,290 29,908 29,948 0.13% 2.25%
Detroit 27,302 27,853 27,864 0.04% 2.06%
Indianapolis 14,541 14,945 14,946 0.01% 2.79%
Boston 18,948 18,802 18,717 -0.45% -1.22%
Dallas 37,101 38,777 38,777 -0.46% 4.52%
Atlanta 40,619 41,190 40,940 -0.61% 0.79%
New York City 70,675 71,118 70,470 -0.91% -0.29%
Chicago 59,220 59,781 59,332 -1.06% 0.19%
Salt Lake City 7,577 7,519 7,405 -1.52% -2.27%
Seattle 24,303 25,071 25,071 -1.81% 3.16%
Washington, N/A N/A 14,103 -3.74% N/A*
DC**
Austin 13,641 13,731 12,631 -8.01% -7.4

*Washington, D.C. sample revised with data methodology change in August

Methodology

The Altos Research Real-Time Housing Report gives you unfettered, up-to-
the-minute data relative to housing market conditions in major markets
around the nation. With Altos' report is comprised of data that can be used
now, not aging, months-old statistics that mean nothing in a market that's in
a constant state of flux. Altos Research uses metrics associated with active
residential property listings to give you real-time information. We give you the
market as it is, not as it was.

Each "market" measured is equivalent to the Census Bureau's Metropolitan

Statistical Area (MSA) dominated by the city listed. Properties analyzed in the
data include repeat sales of single-family homes, but not condominiums,
town homes, or new construction homes. 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, DC and Denver. For more
information, check out www.AltosResearch.com.

©Copyright Altos Research, LLC September 2010

About Altos Research

Altos Research, LLC is at the forefront of real-time real estate market

research. Founded in 2005, Altos' pioneering technologies and information
products serve investors, derivatives traders, as well as thousands of real
estate professionals. The company publishes statistical reports and data
analyses each week for over 15,000 zip codes in more than 150 metro
markets around the county, including the 20 S&P/Case-Shiller markets
summarized in this report.

Altos Research
888-819-7775
www.AltosResearch.com
Info@altosresearch.com

Real-Time National Housing Update ©Copyright Altos Research, LLC September 2010