Property Intelligence Report

December 2013

Summary Notes

Home price growth remained high, but slowed in nearly all markets in December.
Sales decreased in most markets.
Foreclosures activity continues to decrease.

November Housing Performance

Home price growth turned negative in a few markets and slowed in nearly all markets in December.

Home price growth was positive in 36 of the 42 reported counties over the last month.
Home price growth was positive in 34 of the 42 reported counties over the last quarter.
Home price growth was positive in 39 of the 42 reported counties over the last year.
Sales increased in 11 of the 42 reported counties over the last month.
Sales increased in 3 of the 42 reported counties over the last quarter.
Sales increased in 17 of the 42 reported counties over the last year.
Foreclosures decreased in 26 of the 42 reported counties over the last month.
Foreclosures decreased in 28 of the 42 reported counties over the last quarter and year.

Housing Outlook
We noted last month that the pace of home price growth was not sustainable, given the fairly weak
underlying economic drivers. This month, home price growth decreased substantially. This is
encouraging as it shows that home prices are starting to respond to fundamentals, rather than proceed
along a speculative bubble-like track. However, even with this slowing pace, home prices remain above
the rate that can be sustained by the currently-weak economic drivers as average annualized home price
growth across all 42 reported markets was 9.9%.

Property Intelligence Report

December 2013

Factor

Comment

Current Situation

Demand for Housing

The level of economic activity

Supply of Housing

The supply of housing for sale

on the market

Uncertainty

Housing investors face

heightened uncertainty from

national and international
sources. In the presence of
uncertainty, individuals have a

difficult time valuing real estate,

dampening the activity of both

buyers and sellers.

Employment rose by 74,000

in December.
Strict mortgage credit
requirements continue
Sales of existing homes
remain at reduced levels
Several factors lead to
uncertainty about the
persistence of housing
market improvements.
The rate of job creation has
been unsteady.
Uncertainty about the
resolution of domestic fiscal
issues continues.
Euro Zone fiscal issues
continue unresolved.

Property Intelligence Report

December2013
Monthly Detail Report
Selected Counties
Single-Family
State
AZ
AZ
CA
CA
CA
CA
CA
CA
CA
CA
CA
CO
CT
FL
FL
FL
FL
FL
FL
FL
FL
GA
IL
IL
MA
MD
MI
MO
MO
NC
NV
NY
NY
OH
OH
OR
TN
TX
TX
UT
VA
WA

County
MARICOPA
PIMA
ALAMEDA
CONTRA COSTA
LOS ANGELES
ORANGE
RIVERSIDE
SACRAMENTO
SAN BERNARDINO
SAN DIEGO
SANTA CLARA
DENVER
FAIRFIELD
BROWARD
DUVAL
HILLSBOROUGH
LEE
MIAMI-DADE
ORANGE
PALM BEACH
PINELLAS
FULTON
COOK
DUPAGE
MIDDLESEX
MONTGOMERY
OAKLAND
JACKSON
ST. LOUIS
MECKLENBURG
CLARK
QUEENS
SUFFOLK
CUYAHOGA
FRANKLIN
MULTNOMAH
SHELBY
DALLAS
HARRIS
SALT LAKE
FAIRFAX
KING

Metro
Phoenix
Tuscon
Oakland
Richmond
Los Angeles
Orange
Riverside
Sacramento
San Bernardino
San Diego
San Jose
Denver
New York
Ft. Lauderdale
Jacksonville
Tampa
Ft. Myers
Miami
Orlando
Palm Beach
Clearwater
Atlanta
Chicago
Chicago
Boston
Washington, DC
Detroit
Kansas City
St. Louis
Charlotte
Las Vegas
New York
Long Island
Cleveland
Columbus
Portland
Memphis
Dallas
Houston
Salt Lake
Washington, DC
Seattle

Notes:
1. Source: DataQuick
2. Reported sales data do not include new construction.

Current Month
139.8
119.4
141.7
139.3
179.5
170.8
147.2
129.0
165.3
150.1
157.8
133.7
118.2
143.7
119.3
131.5
122.4
152.1
130.7
137.3
133.6
132.6
107.9
120.9
133.5
153.3
96.7
100.6
100.6
115.2
113.1
127.2
122.3
90.0
96.2
151.5
95.4
126.4
126.4
119.8
166.5
162.1

Home Price Indices (Feb 2002 = 100)

Previous Month
Prior Quarter
138.1
135.8
118.9
118.1
139.7
136.8
137.9
136.0
177.2
174.0
169.1
165.4
144.7
139.8
126.6
123.1
162.0
157.3
148.4
145.5
157.0
155.9
133.0
134.2
118.7
120.2
141.8
138.7
118.2
117.6
130.1
129.5
120.8
119.1
150.5
147.7
128.6
125.8
135.7
133.9
132.1
130.6
132.0
130.9
107.1
106.0
120.0
119.7
132.4
130.1
153.3
153.6
95.4
92.7
99.9
99.2
99.9
99.2
114.9
115.4
111.2
108.3
127.8
131.4
123.6
128.0
90.2
91.4
95.9
95.9
150.5
151.3
95.1
95.7
125.9
126.2
125.9
126.2
119.2
118.5
165.5
163.9
160.3
157.2

Prior Year
120.6
112.0
118.4
118.7
154.0
146.9
118.3
102.7
132.3
128.1
139.4
126.5
117.3
123.2
112.0
116.3
112.2
132.1
111.3
119.5
117.9
127.5
97.8
111.6
121.8
148.1
81.8
95.6
95.6
112.9
90.6
132.9
133.1
90.4
94.7
144.2
92.3
122.4
122.4
111.7
157.0
136.9

Current Month
625
175
66
76
441
92
294
186
289
153
31
53
52
434
963
478
382
611
361
521
416
298
899
127
38
24
188
181
229
370
451
21
66
308
329
38
258
365
599
109
22
175

Foreclosures
Previous Month
775
195
64
93
412
106
297
219
387
151
35
83
50
596
1104
511
324
516
236
394
430
297
845
181
15
35
219
225
252
311
732
16
63
376
322
74
305
432
654
126
20
232

Prior Quarter
815
214
80
71
509
100
294
193
325
155
35
94
52
536
783
463
478
798
433
493
438
248
881
226
23
18
197
232
266
285
585
11
38
403
244
52
317
437
620
121
37
242

Prior Year
1611
354
170
222
1116
227
788
490
691
342
74
253
33
507
719
256
265
473
335
420
333
284
965
177
25
26
345
285
372
232
610
15
47
388
374
53
275
510
885
101
26
207

Current Month
4399
830
1072
903
5090
1731
2197
1402
1836
1887
848
841
607
1733
1343
1215
1225
1825
1346
1766
1272
1057
3983
753
682
407
1493
418
1326
1304
2549
408
1297
1104
1381
723
855
1782
3183
558
494
1592

Sales
Previous Month
5448
1008
905
1022
4555
1857
2510
1738
2345
2215
1055
794
888
2191
1145
1551
1207
1669
1331
1547
1286
1170
2854
1012
971
669
1656
555
1525
1262
3105
469
1033
1375
1496
943
1054
1863
3478
760
556
2037

Prior Quarter
6157
1152
1224
1195
5502
2221
2876
2032
2508
2528
1168
1085
782
2367
1306
1712
1423
1913
1618
1951
1485
1376
3814
1349
1504
771
1777
617
1586
1588
3316
434
786
1504
1537
1023
1339
2288
4195
832
852
2480

Prior Year
6443
892
1291
1218
5711
2029
2834
2057
2303
2363
1093
936
543
1786
1140
1250
1330
1573
1338
1462
1257
1087
2616
796
921
545
1212
483
1139
1167
3184
311
950
1046
1145
747
827
1749
3153
711
623
1836

Property Intelligence Report

December2013
Monthly Detail Report
Selected Counties
Single-Family
State
AZ
AZ
CA
CA
CA
CA
CA
CA
CA
CA
CA
CO
CT
FL
FL
FL
FL
FL
FL
FL
FL
GA
IL
IL
MA
MD
MI
MO
MO
NC
NV
NY
NY
OH
OH
OR
TN
TX
TX
UT
VA
WA

County
MARICOPA
PIMA
ALAMEDA
CONTRA COSTA
LOS ANGELES
ORANGE
RIVERSIDE
SACRAMENTO
SAN BERNARDINO
SAN DIEGO
SANTA CLARA
DENVER
FAIRFIELD
BROWARD
DUVAL
HILLSBOROUGH
LEE
MIAMI-DADE
ORANGE
PALM BEACH
PINELLAS
FULTON
COOK
DUPAGE
MIDDLESEX
MONTGOMERY
OAKLAND
JACKSON
ST. LOUIS
MECKLENBURG
CLARK
QUEENS
SUFFOLK
CUYAHOGA
FRANKLIN
MULTNOMAH
SHELBY
DALLAS
HARRIS
SALT LAKE
FAIRFAX
KING

Metro
Phoenix
Tuscon
Oakland
Richmond
Los Angeles
Orange
Riverside
Sacramento
San Bernardino
San Diego
San Jose
Denver
New York
Ft. Lauderdale
Jacksonville
Tampa
Ft. Myers
Miami
Orlando
Palm Beach
Clearwater
Atlanta
Chicago
Chicago
Boston
Washington, DC
Detroit
Kansas City
St. Louis
Charlotte
Las Vegas
New York
Long Island
Cleveland
Columbus
Portland
Memphis
Dallas
Houston
Salt Lake
Washington, DC
Seattle

Notes:
1. Source: DataQuick
2. Reported sales data do not include new construction.

Latest Month
1.23%
0.42%
1.37%
0.97%
1.25%
1.04%
1.74%
1.91%
2.08%
1.13%
0.46%
0.55%
-0.41%
1.31%
0.99%
1.07%
1.28%
1.05%
1.62%
1.21%
1.08%
0.44%
0.82%
0.70%
0.83%
0.01%
1.36%
0.74%
0.74%
0.20%
1.73%
-0.46%
-1.12%
-0.28%
0.30%
0.64%
0.30%
0.37%
0.37%
0.46%
0.58%
1.10%

Home Price Growth Rate

Latest Quarter
2.99%
1.05%
3.56%
2.37%
3.15%
3.27%
5.31%
4.81%
5.12%
3.19%
1.19%
-0.38%
-1.69%
3.62%
1.50%
1.53%
2.74%
2.95%
3.89%
2.55%
2.30%
1.25%
1.83%
0.94%
2.61%
-0.17%
4.31%
1.38%
1.38%
-0.21%
4.38%
-3.15%
-4.51%
-1.55%
0.38%
0.08%
-0.31%
0.16%
0.16%
1.06%
1.58%
3.11%

Latest Year
15.93%
6.60%
19.63%
17.34%
16.57%
16.31%
24.45%
25.59%
24.99%
17.21%
13.21%
5.75%
0.73%
16.67%
6.53%
13.05%
9.12%
15.14%
17.40%
14.89%
13.30%
3.99%
10.31%
8.29%
9.63%
3.57%
18.27%
5.30%
5.30%
2.00%
24.75%
-4.25%
-8.15%
-0.48%
1.58%
5.00%
3.40%
3.26%
3.26%
7.18%
6.07%
18.43%

Latest Month
-19.35%
-10.26%
3.13%
-18.28%
7.04%
-13.21%
-1.01%
-15.07%
-25.32%
1.32%
-11.43%
-36.14%
4.00%
-27.18%
-12.77%
-6.46%
17.90%
18.41%
52.97%
32.23%
-3.26%
0.34%
6.39%
-29.83%
153.33%
-31.43%
-14.16%
-19.56%
-9.13%
18.97%
-38.39%
31.25%
4.76%
-18.09%
2.17%
-48.65%
-15.41%
-15.51%
-8.41%
-13.49%
10.00%
-24.57%

Foreclosure Growth Rate

Latest Quarter
-23.31%
-18.22%
-17.50%
7.04%
-13.36%
-8.00%
0.00%
-3.63%
-11.08%
-1.29%
-11.43%
-43.62%
0.00%
-19.03%
22.99%
3.24%
-20.08%
-23.43%
-16.63%
5.68%
-5.02%
20.16%
2.04%
-43.81%
65.22%
33.33%
-4.57%
-21.98%
-13.91%
29.82%
-22.91%
90.91%
73.68%
-23.57%
34.84%
-26.92%
-18.61%
-16.48%
-3.39%
-9.92%
-40.54%
-27.69%

Latest Year
-61.20%
-50.56%
-61.18%
-65.77%
-60.48%
-59.47%
-62.69%
-62.04%
-58.18%
-55.26%
-58.11%
-79.05%
57.58%
-14.40%
33.94%
86.72%
44.15%
29.18%
7.76%
24.05%
24.92%
4.93%
-6.84%
-28.25%
52.00%
-7.69%
-45.51%
-36.49%
-38.44%
59.48%
-26.07%
40.00%
40.43%
-20.62%
-12.03%
-28.30%
-6.18%
-28.43%
-32.32%
7.92%
-15.38%
-15.46%

Latest Month
-19.25%
-17.66%
18.45%
-11.64%
11.75%
-6.79%
-12.47%
-19.33%
-21.71%
-14.81%
-19.62%
5.92%
-31.64%
-20.90%
17.29%
-21.66%
1.49%
9.35%
1.13%
14.16%
-1.09%
-9.66%
39.56%
-25.59%
-29.76%
-39.16%
-9.84%
-24.68%
-13.05%
3.33%
-17.91%
-13.01%
25.56%
-19.71%
-7.69%
-23.33%
-18.88%
-4.35%
-8.48%
-26.58%
-11.15%
-21.85%

Sales Growth Rate

Latest Quarter
-28.55%
-27.95%
-12.42%
-24.44%
-7.49%
-22.06%
-23.61%
-31.00%
-26.79%
-25.36%
-27.40%
-22.49%
-22.38%
-26.78%
2.83%
-29.03%
-13.91%
-4.60%
-16.81%
-9.48%
-14.34%
-23.18%
4.43%
-44.18%
-54.65%
-47.21%
-15.98%
-32.25%
-16.39%
-17.88%
-23.13%
-5.99%
65.01%
-26.60%
-10.15%
-29.33%
-36.15%
-22.12%
-24.12%
-32.93%
-42.02%
-35.81%

Latest Year
-31.72%
-6.95%
-16.96%
-25.86%
-10.87%
-14.69%
-22.48%
-31.84%
-20.28%
-20.14%
-22.42%
-10.15%
11.79%
-2.97%
17.81%
-2.80%
-7.89%
16.02%
0.60%
20.79%
1.19%
-2.76%
52.26%
-5.40%
-25.95%
-25.32%
23.18%
-13.46%
16.42%
11.74%
-19.94%
31.19%
36.53%
5.54%
20.61%
-3.21%
3.39%
1.89%
0.95%
-21.52%
-20.71%
-13.29%