MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

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1 Market Area (City, State): Mid-Atlantic Region MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2010 Provided by (Company / Companies): Long & Foster Real Estate What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) * Seller activity was well below its three month average while buyer activity was well above it. This strong demand trend has helped to preserve balance in the regional market. Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: Mid-Atlantic Region: DC-MD-PA-VA-WV Single Family (detached) Condominiums / Townhomes (attached) **Sales Price (current) Choose one: Average Median $ 297, $ 224, **Sales Price (same time prior year) Choose one: Average Median $ 300, $ 220, Average Days on Market list to contract (current) Absorption Months of Inventory (last 6 months) Number of active listings divided by the average # of sales per month (for the last 6 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) Active Listings Closed ( total last 6 months) Expired Listings ( total last 6 months) # 105 Increase Decreasing Stable # 7.3 months # 6.1 # 7.3 months # 5.8 # 35,379 # 20,195 # 27,470 # 18,709 # n/a # n/a s in Home Values % -7 % 1.94 Active LP/SP Ratio REAL ESTATE MARKET DATA Increase in past months Stable Decreasing in past 12months % 91% % 92% **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values GENERAL ECONOMY # 77 Increase Decreasing Stable Increase in past 12months Stable Decreasing in past months How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 8.38 Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) * The lowest jobless rate among the large areas was recorded in Washington-Arlington-Alexandria, D.C.- Va.-Md.-W.Va., 6.0 percent. A healthy job market, particularly for high-salaried workers, buoyed demand and prices for housing in the D.C. area, local economists said. Home values climbed 3.7 percent in Washington in October from a year earlier, making it one of only four regions nationally to avoid a dip in prices, the Standard & Poor's Case-Shiller homeprice index said.

2 Inventory of Homes for Sale 60,829 60, % 52,802 52, % 8,027 7, % Single-Family Detached 38,023 37, % 32,067 31, % 5,956 5, % Townhomes 9,811 10, % 8,864 9, % % Condominiums/Other 12,995 12, % 11,871 11, % 1, % 60,829 60,025 38,023 37,160 9,811 10,077 December ,995 12, % -2.3% +2.7% -1.6% Months Supply of Inventory % % % Single-Family Detached % % % Townhomes % % % Condominiums/Other % % % December % +0.3% +16.0% -0.2% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 2

3 Pending Home Sales Last Twelve Months , , % 103, , % 8,002 6, % Single-Family Detached 62,385 61, % 57,693 57, % 4,692 3, % Townhomes 27,372 24, % 25,744 23, % 1,628 1, % Condominiums/Other 21,691 21, % 20,009 20, % 1,682 1, % 111, ,691 January 2009 December 2009 January ,385 61,413 27,372 24,793 21,691 21, % -1.6% -9.4% -0.9% Percent Of Original List Price Received Last Twelve Months % 91.9% -2.1% 93.6% 91.5% -2.2% 97.1% 96.9% -0.2% Single-Family Detached 93.2% 91.4% -1.9% 92.8% 90.9% -2.0% 96.7% 96.8% +0.1% Townhomes 96.7% 94.1% -2.7% 96.5% 93.8% -2.8% 99.1% 97.7% -1.4% Condominiums/Other 92.7% 91.0% -1.9% 92.3% 90.7% -1.8% 96.7% 95.9% -0.7% 93.9% 91.9% 93.2% 91.4% 96.7% 94.1% January 2009 December 2009 January % -2.1% -1.9% -2.7% -1.9% 91.0% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 3

4 Median Sales Price Last Twelve Months $260,000 $260, % $250,000 $250, % $386,970 $374, % Single-Family Detached $300,000 $299, % $287,500 $286, % $425,000 $412, % Townhomes $230,000 $242, % $225,000 $234, % $294,150 $322, % Condominiums/Other $206,000 $199, % $190,000 $190, % $370,000 $374, % $300,000 $299,900 January 2009 December 2009 January 2010 $260,000 $260,838 $230,000 $242,725 $206,000 $199, % -0.0% +5.5% -3.1% Days on Market Until Sale Last Twelve Months % % % Single-Family Detached % % % Townhomes % % % Condominiums/Other % % % Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members January 2009 December 2009 January % +4.2% +19.0% +2.4% 82 84

5 Inventory of Homes for Sale Price Range Under $200,000 22,494 23, % 21,385 22, % 1,109 1, % $200,001 - $300,000 14,449 13, % 12,727 12, % 1,722 1, % $300,001 - $400,000 8,423 8, % 6,773 6, % 1,650 1, % $400,001 - $500,000 4,728 4, % 3,586 3, % 1,142 1, % $500,001 - $1,000,000 7,677 7, % 5,966 6, % 1,711 1, % $1,000,001 and above 3,058 2, % 2,365 2, % % Price Ranges 60,829 60, % 52,802 52, % 8,027 7, % 22,494 23,332 December ,449 13,595 8,423 8,077 7,677 7,604 4,728 4,594 3,058 2, % -5.9% -4.1% -2.8% -1.0% -7.7% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 5

6 Months Supply of Inventory Price Range Under $200, % % % $200,001 - $300, % % % $300,001 - $400, % % % $400,001 - $500, % % % $500,001 - $1,000, % % % $1,000,001 and above % % % Price Ranges % % % December % +7.3% +4.2% -0.7% -4.4% -17.8% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 6

7 Pending Home Sales Last Twelve Months Price Range Under $200,000 37,109 37, % 36,148 36, % % $200,001 - $300,000 28,875 25, % 27,181 24, % 1,694 1, % $300,001 - $400,000 18,441 17, % 16,600 15, % 1,841 1, % $400,001 - $500,000 10,160 9, % 8,767 8, % 1,393 1, % $500,001 - $1,000,000 14,543 15, % 12,912 13, % 1,631 1, % $1,000,001 and above 2,320 2, % 1,838 2, % % Price Ranges 111, , % 103, , % 8,002 6, % 37,109 37,359 January 2010 December 2009 January ,875 25,632 18,441 17,085 14,543 15,076 10,160 9,940 2,320 2, % -11.2% -7.4% -2.2% +3.7% +12.0% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 7

8 Percent of Original List Price Received Last Twelve Months Price Range Under $200, % 89.0% -4.0% 92.7% 88.9% -4.0% 96.2% 93.6% -2.7% $200,001 - $300, % 92.8% -2.1% 94.6% 92.6% -2.1% 97.5% 96.2% -1.4% $300,001 - $400, % 94.1% -1.0% 94.7% 93.6% -1.2% 98.3% 98.3% +0.0% $400,001 - $500, % 94.1% -0.7% 94.1% 93.6% -0.6% 97.7% 98.0% +0.3% $500,001 - $1,000, % 94.3% +0.1% 93.6% 93.9% +0.3% 97.4% 97.6% +0.2% $1,000,001 and above 89.3% 88.9% -0.4% 88.6% 88.1% -0.6% 91.7% 93.8% +2.3% Price Ranges 93.9% 91.9% -2.1% 93.6% 91.5% -2.2% 97.1% 96.9% -0.2% January 2010 December 2009 January % 95.1% 92.8% 92.8% 94.8% 94.1% 94.1% 94.2% 94.3% 89.0% 89.3% 88.9% -4.0% -2.1% -1.0% -0.7% +0.1% -0.4% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 8

9 Days on Market Until Sale Last Twelve Months Price Range Under $200, % % % $200,001 - $300, % % % $300,001 - $400, % % % $400,001 - $500, % % % $500,001 - $1,000, % % % $1,000,001 and above % % % Price Ranges % % % January 2010 December 2009 January % +13.6% +8.9% -4.5% -2.6% -3.8% Reports are created and maintained by 10K Research and Marketing. Data current as of 1/7/2011. This report may be reproduced by MRIS members. 9