Market Dynamics

Prepared For

East Baton Rouge, Louisiana ALL AREAS

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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04/12/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Mar-11 vs. Mar-12: The median sold price is down 7%

Mar-11 vs. Mar-12

Mar-11 177,250
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price:

Mar-12 164,000
All Construction Type:

Change -13,250
All Bedrooms: All

% -7%
Bathrooms: All Lot Size: All Sq Ft: All

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Mar-11 vs. Mar-12: The median sold price is down 7%

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

Median Price 164,000 165,000 159,000 160,900 158,731 169,000 170,000 169,740 171,000 179,900 175,000 168,000 177,250

# Units 362 259 214 271 273 289 306 397 329 377 329 281 294

Average DOM 108 108 100 94 104 107 100 103 92 99 118 120 98

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Mar-11 vs. Mar-12: The median price of for sale properties is down 1% and the median price of sold properties is down 7%

Mar-11 vs. Mar-12

Mar-11 169,500
MLS: GBRAR Property Types: MLS Area:

Mar-11 vs. Mar-12

% -1%
All Construction Type: All Bedrooms:

Mar-12 167,500
Period: 1 year (monthly)

Change -2,000
Price:

Mar-11 177,250
All

Mar-12 164,000
Bathrooms: All

Change -13,250
Lot Size: All Sq Ft: All

% -7%

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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04/12/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Mar-11 vs. Mar-12: The median price of for sale properties is down 1% and the median price of sold properties is down 7%
For Sale Median 167,500 165,000 164,900 161,995 164,900 164,900 165,000 165,000 168,900 169,900 169,900 169,900 169,500 # Properties For Sale 3,111 3,011 2,996 2,984 3,105 3,256 3,301 3,405 3,445 3,517 3,532 3,414 3,315 Sold Median 164,000 165,000 159,000 160,900 158,731 169,000 170,000 169,740 171,000 179,900 175,000 168,000 177,250 # Properties Sold 362 259 214 271 273 289 306 397 329 377 329 281 294 Price Difference -3,500 0 -5,900 -1,095 -6,169 4,100 5,000 4,740 2,100 10,000 5,100 -1,900 7,750

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Mar-11 vs. Mar-12: The number of Sold properties is up 23%

Mar-11 vs. Mar-12

Mar-11 294
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 362
Construction Type:

Change 68
All Bedrooms: All

% +23%
Bathrooms: All Lot Size: All Sq Ft: All

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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04/12/2012

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Mar-11 vs. Mar-12: The number of Sold properties is up 23%

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

# Properties 362 259 214 271 273 289 306 397 329 377 329 281 294

Median Price 164,000 165,000 159,000 160,900 158,731 169,000 170,000 169,740 171,000 179,900 175,000 168,000 177,250

Average DOM 108 108 100 94 104 107 100 103 92 99 118 120 98

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Mar-11 vs. Mar-12: The number of Under Contract properties is up 37%

Mar-11 vs. Mar-12

Mar-11 340
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 467
Construction Type:

Change 127
All Bedrooms: All

% +37%
Bathrooms: All Lot Size: All Sq Ft: All

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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04/12/2012

8 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Mar-11 vs. Mar-12: The number of Under Contract properties is up 37%

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

# Properties 467 380 294 235 256 295 295 349 350 340 374 334 340

Median Price 169,900 169,900 160,700 164,900 169,900 174,999 169,900 179,000 174,950 174,900 184,750 181,450 172,000

Average DOM 104 103 115 101 95 98 105 115 116 100 94 115 105

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

New Properties by Month

Mar-11 vs. Mar-12: The number of New properties is down 1%

Mar-11 vs. Mar-12

Mar-11 672
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 665
Construction Type:

Change -7
All Bedrooms: All

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

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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04/12/2012

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William Cobb

Accurate Valuations Group

New Properties by Month

Mar-11 vs. Mar-12: The number of New properties is down 1%

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

# Properties 665 532 561 358 434 556 552 592 553 607 658 644 672

Median Price 169,900 163,074 169,000 155,000 165,500 155,000 167,950 155,000 159,900 174,900 170,000 175,000 167,700

Clarus MarketMetrics

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04/12/2012

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Mar-11 vs. Mar-12: The number of For Sale properties is down 6%

Mar-11 vs. Mar-12

Mar-11 3,315
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 3,111
Construction Type:

Change -204
All Bedrooms: All

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

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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04/12/2012

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Mar-11 vs. Mar-12: The number of For Sale properties is down 6%

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

# Properties 3,111 3,011 2,996 2,984 3,105 3,256 3,301 3,405 3,445 3,517 3,532 3,414 3,315

Median Price 167,500 165,000 164,900 161,995 164,900 164,900 165,000 165,000 168,900 169,900 169,900 169,900 169,500

Average DOM 163 167 169 179 168 160 158 157 156 151 147 148 149

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Mar-11 vs. Mar-12: The number of Expired properties is up 1%

Mar-11 vs. Mar-12

Mar-11 205
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 208
Construction Type:

Change 3
All Bedrooms: All

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

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Mar-11 vs. Mar-12: The number of Expired properties is up 1%

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

# Properties 208 185 223 314 223 290 306 307 282 285 248 206 205

Median Price 148,200 144,900 150,000 154,950 164,900 165,000 155,250 158,603 157,750 167,000 170,000 150,000 160,000

Average DOM 194 184 192 261 187 183 169 184 186 182 174 188 201

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Mar-11 vs. Mar-12: The number of for sale properties is down 6% and the number of sold properties is up 23%

Mar-11 vs. Mar-12

Mar-11 3,315
MLS: GBRAR Property Types: MLS Area:

Mar-11 vs. Mar-12

% -6%
All Construction Type: All Bedrooms:

Mar-12 3,111
Period: 1 year (monthly)

Change -204
Price:

Mar-11 294
All

Mar-12 362
Bathrooms: All

Change 68
Lot Size: All Sq Ft: All

% +23%

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Mar-11 vs. Mar-12: The number of for sale properties is down 6% and the number of sold properties is up 23%
# Properties For Sale 3,111 3,011 2,996 2,984 3,105 3,256 3,301 3,405 3,445 3,517 3,532 3,414 3,315 Average DOM For Sale 163 167 169 179 168 160 158 157 156 151 147 148 149 # Properties Sold 362 259 214 271 273 289 306 397 329 377 329 281 294 Average DOM Sold 108 108 100 94 104 107 100 103 92 99 118 120 98

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Mar-11 vs. Mar-12: The average days on market is down 1%

Mar-11 vs. Mar-12

Mar-11 105
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 104
Construction Type:

Change -1
All Bedrooms: All

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

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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04/12/2012

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Mar-11 vs. Mar-12: The average days on market is down 1%

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

Average DOM 104 103 115 101 95 98 105 115 116 100 94 115 105

# UC Units 467 380 294 235 256 295 295 349 350 340 374 334 340

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Mar-11 vs. Mar-12: The average months supply of inventory is down 36%

Mar-11 vs. Mar-12

Mar-11 8.1
MLS: GBRAR Property Types: MLS Area: Period: 1 year (monthly) Price: All

Mar-12 5.2
Construction Type:

Change -2.9
All Bedrooms: All

% -36%
Bathrooms: All Lot Size: All Sq Ft: All

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

EBR MLS AREA 11, EBR MLS AREA 12, EBR MLS AREA 13, EBR MLS AREA 21, EBR MLS AREA 22, EBR MLS AREA 31, EBR MLS AREA 41, EBR MLS AREA 42, EBR MLS AREA 43, EBR MLS AREA

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Mar-11 vs. Mar-12: The average months supply of inventory is down 36%
# Units For Sale Last Day of Month 2,436 2,446 2,479 2,435 2,626 2,671 2,700 2,749 2,813 2,892 2,910 2,874 2,770 # UC Units During Month 467 380 294 235 256 295 295 349 350 340 374 334 340 UC Average DOM 104 103 115 101 95 98 105 115 116 100 94 115 105

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

MSI 5.2 6.4 8.4 10.4 10.3 9.1 9.2 7.9 8.0 8.5 7.8 8.6 8.1

Clarus MarketMetrics

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