Economic and Market Watch Report

Economic and Watch Report 4th Quarter, 2010 *Click on a County to view economic and real estate information at the county and zip code level 2011 MRIS, Inc. and NATIONAL ASSOCIATION OF REALTORS

MRIS, Inc. Economic and Watch Report MRIS, owned by 25 REALTOR Shareholder Boards/Associations, is the largest multiple listing service in the nation, with nearly 50,000 licensed brokers, agents, and appraisers. Customers have access to nearly 50,000 active listings, an archive of over 1.86 million "comparable" and sold properties, and more than 5.5 million public records containing tax information about properties in the MRIS coverage area. Daily sales volume averaged over $96,872 million in 2009. Index Trends... Chief Economist's Commentary*... Economic Monitor*... District of Columbia District of Columbia... Maryland Allegany County... Anne Arundel County... Baltimore County... Calvert County... Caroline County... Carroll County... Cecil County... Charles County... Dorchester County... Frederick County... Garrett County... Harford County... Howard County... Kent County... Montgomery County... Prince George's County... Queen Anne's County... St. Mary's County... Talbot County... Washington County... Baltimore City... 1 2 4 5 7 8 10 12 14 15 17 19 21 22 24 25 27 29 30 32 34 35 37 39 41

Pennsylvania Franklin County... Fulton County... Virginia Arlington County... Caroline County... Clarke County... Culpeper County... Fairfax County... Fauquier County... Frederick County... King George County... Loudoun County... Madison County... Orange County... Page County... Prince William County... Rappahannock County... Shenandoah County... Spotsylvania County... Stafford County... Warren County... Westmoreland County... Alexandria City... Fairfax City... Falls Church City... Fredericksburg City... Manassas City... Manassas Park City... Winchester City... West Virginia Berkeley County... Grant County... Hampshire County... Hardy County... Jefferson County... Mineral County... 43 45 46 47 48 49 50 52 54 56 57 59 60 61 62 64 65 67 68 69 70 71 72 73 74 75 76 77 78 80 81 83 84 85 *Reprinted from Real Estate Outlook: Trends and Insights 2011 NATIONAL ASSOCIATION OF REALTORS. Used with permission. Reproduction, reprinting, or retransmission of this article in any form (electronic media included) is prohibited without permission. For subscription information please call 1-800-874-6500.

Robo Signing and You By Ken Fears Manager, Regional Economics TRENDS The dust had not settled in the wake of the Federal home buyer tax credit before the housing market was hit by another distortion. This time the shock came from the supply side by way of the foreclosure process and the revelation that documentation submitted by some banks was flawed. Several banks imposed a moratorium on foreclosure sales as a result. The question is how did this change impact home sales? Nationally, the share of foreclosures that sold fell to 22% in November before jumping to 24% in December. Short sales held steady at 11% before climbing to 12%. These patterns suggest that the moratorium imposed by Bank of America, JP Morgan Chase, GMAC, and Ally Financial may have had a slight impact on sales off foreclosures at the national level. However, the scandal did not hold back general consumer demand for housing. Nationally, home sales rose 6.1% in November and surged 12.3% in December as fence sitters moved to get ahead of rising mortgage rates. The inventory of homes slipped by 3.8% and 4. 2% over this same time frame. The drop in supply and rise in demand helped drive the months supply down from 10. 5 in October to 8.1 in December, its lowest level since March and a trend that helps to ease downward pressure on home prices. Not all areas of the country were exposed to the problems brought on by flawed foreclosure filings. Only statess where foreclosures are part of the judicial process are impacted by the issues surrounding the mass signing of documents. In areas where the process falls under the judiciall system, a bank must prove in court that itt owns the property before it can proceed with the foreclosure sale. In non judicial areas, the process is based on the deed of trust, whichh has a clause explicitly allowing a trustee to sell the property after the trustee makes pre determined efforts to notify the home owner. While some non sales in judicial areas may be spared this potential log jam, both GMAC and Bankk of America chose to suspend foreclosuress both judicial and non judicial areas. Consequently, given the size of these two lenders the impacts are likely widespread. BofA did re startt limited foreclosure sales in late October, which might explain the increased share of foreclosures in the December sales report. According to research done by RealtyTrac, Inc, the foreclosure process inn Maryland is governed by the judicial process, while trustee sales are more common in Virginia and trustee sales are the onlyy process in West Virginia. Consequently, the area covered by MRIS may be negatively impacted by problems with the foreclosure process. The impact on the market is hard to quantify. Intuitively, one would expect a decline in foreclosures to reduce supply and help prices, but it might push the supply issue into the spring market once the documentation and signature issues are resolved. Furthermore, the scandal could scare away buyers who are worried about the health of the market and their legal right to buy a foreclosed home. One clear upside is that banks are more likely to be receptive to short sale offers, particularly if a coalition of state attorneys general move forward with prosed law suits that would extend the moratorium. It is difficult to say exactly how the robo signing scandal will impact the local housing market. s with relatively tight inventories and stable employment may not be impacted, while marketss with high inventory levels may experiencee a roller coaster. What s fact is that the true nature of market may not be revealed until later in 2011.

Chief Economist s Commentary Cheers for the New Year? by Lawrence Yun, NAR Chief Economist The total number of home-owning households rises about one million each year. These additional homeowners are the result of powerful yet simple forces of an increasing population. The latest decennial Census count confirms the continuing solid gains in the U.S. population. From 2000 to 2010, our nation s population grew by 27 million -- there are now 308 million people living in the country representing 112 million households. Because of population increases, one can expect a rising number of homeowners over time. Of course, there will naturally be fluctuations from one year to the next due to changing economic circumstances. One notable past example of this occurred in 1982 when there was no net new addition to the homeowner population despite the ongoing general population Year Homeowners 1960 31 million (estimate) 1970 41 million 1980 52 million 1990 60 million 2000 70 million 2010 75 million increase. If you recall, in 1982 mortgage rates rose to 18 percent certainly an interest rate not conducive to buying a home. In the past five years, from 2005 to 2010, even a larger anomaly occurred: there was no net new growth in the home-owning population. The main reason for this was the huge housing bubble and the subsequent and painful bust which halted homeownership growth. There are currently 75 million home-owning households. That is slightly lower than the 76 million homeowners in 2005. Indeed, according to the U.S. Census Bureau (which tracks homeownership rates), the homeownership rate fell from 69 percent to 66 percent over the past 5 years. We should remember something important. Those bubble years are artificial; consequently, that 69 percent homeownership rate in 2005 was likely also to have been artificial. A return to a 66 percent homeownership rate could be sustainable and frankly still very impressive as it means that two-thirds of U.S. households own their own homes. The very low default rates on recently originated mortgage loans (those originated in 2009 and 2010) point back towards solid sustainable homeownership levels for the future. A back-to-the-long term trend line would mean adding one million net new home-owning households each year. This powerful supporting demographic force will be present as the overall population is expected to rise to about 340 million by the next Census period in 2020, and then to increase to 420 million by 2050. In terms of homeowning households, that means an increase anywhere from the current 75 million homeowners to 115 million by 2050. Such a demographic force has a major impact regarding the longer term future. But the shortterm dynamics are dominated by economic forces. Fortunately, the economy is showing more definitive signs of improvement. Manufacturing output has been rising. The stock market has recovered nicely. Companies are flush with cash. Consumer confidence has rebounded off very low levels (albeit with more improvement needed). And more importantly, jobs are being created. According to the latest company payroll data released in early January, there were 1.1 million additional jobs in December of 2010 compared to one year before. The household employment 2

Chief Economist s Commentary data (based on asking people if they have a job) was even more encouraging: there were 1.3 million more jobs. The official unemployment rate figure of 9.4 percent is based on the household survey not the payroll survey. Job gains are expected to accelerate in 2011 to something close to 2 million net new jobs. That good news is tempered somewhat by the fact that the unemployment rate will remain stubbornly high at near 9 percent as more discouraged unemployed people those who are not officially counted as unemployed since they are not looking for work start looking for a job. Some release of pent-up demographic demand supported by the improving economy will bump up home sales this year. In addition to new homeowners, there are always a certain percentage of existing homeowners who move that is, they sell their home and purchase another one. The latest NAR survey of home sellers indicates that recent sellers have been in their current residence for 10 years. That implies one out of 10 homeowners will be moving in a given year. Census data suggests a much longer holding period than 10 years, which is due to many homeowners who remain in their homes until death and thus do not get captured in the NAR survey of recent home sellers. Generally, younger homeowners have shorter tenures in their homes before making the next move. At the same time though, older homeowners are more likely to purchase a second home be it an investment or vacation home. Putting all important factors together, exiting-home sales are projected to rise 8 percent to 5.2 million units nationwide this year and possibly to 5.5 million in 2012. There will be a bigger percentage increase of 24 percent for new home sales in 2011, but that is due to a very low base figure of only 310,000 new home sale posted in 2010. Our forecast figures will be updated each month depending on how the economy plays out. And let s be a bit more realistic for this new year: going forward we are unlikely to see the 7 million existing-home sales and 1 million new homes sales we saw during the bubble years. We now know that those figures were in part artificial. The housing market is just trying to settle down and it will do so at a long-run and sustainable pace. So, here sot the new year: Cheers! 3

Economic Monitor This table reflects data available through January 7, 2011. Likely Direction Recent Over the Next Forecast Monthly Indicator Forecast Six Months Existing-home sales rose 5.6% in November to a seasonally adjusted annual rate of 4.68 million units. The national median existing-home price was $170,600 in November. Going forward, the positive impact of ongoing economic growth and steady job creation should more than offset the modest rise in mortgage interest rates. New home sales also increased in November, rising 5.5% to a seasonally adjusted annual rate of 290,000 units. The West experienced a 37.3% increase in new home sales. Still, sales were 21.2% below their pace in November of 2009. New home inventory at the end of November was 197,000 units an 8.2 month supply at the current sales pace. Housing starts rose 3.9% from October to November, posting a seasonally adjusted annual rate of 555,000 units. Single-family starts increased 6.9%. However, building permits generally a reliable indicator of future starts declined slightly to 4.0% from October to 14.7% from November of 2009. There is still significant new construction that needs to be completed as well as sold. Housing affordability continued its march upward. NAR s HAI Index for November registered 184.5 up from 183.6 in October. The relationship recently between mortgage rates, home prices and income has been the most favorable on record. Mortgage rates Average 30-year fixed mortgage rates rose 31 basis points in December 2010 to 4.71%. Despite the increase, mortgage rates were still lower than they were in December of 2009. Modest rate increases are not yet a threat to the housing market as long as the job market holds up as anticipated in 2011. Employment The U.S. economy created 103,000 new jobs in December, virtually all of which were private-sector payrolls. October s and November s job creation figures were revised upward. Still the December figure was less than what most analysts anticipated. During 2010, the nation added 1.1 million jobs. The unemployment rate did decline in December to 9.4% -- although that was in part Due to people who stopped looking for work. Economic Growth continued to improve. Real GDP growth that is, the output of all goods and services produced in the U.S. increased 2.6% from the 2 nd quarter of 2010 to the 3 rd quarter, marking a 5 th consecutive quarter of positive GDP growth. This is the 3 rd and final estimate of GDP growth based on more complete data. The increase in GDP reflects growth in consumer spending, private investment, export and government spending. Nov 2010 4,680 Oct 2010 4,430 Nov 2009 6,490 Nov 2010 290 Oct 2010 275 Nov 2009 368 Nov 2010 555 Oct 2010 534 Nov 2009 589 Nov 2010 184.5 Oct 2010 183.4 Nov 2009 173.3 Dec 2010 4.71% Nov 2010 4.30% Dec 2009 4.88% Dec 2010-103 Nov 2010-71 12-month total: +1,100 2010:III +2.6% 2010:II +1.7% 2009:III +1.6% Job creation is adding to the buyer pool Finally, some recovery from a dismal state Construction loans should steadily appear Slow wage gain not enough to offset higher rates High budget deficit raises borrowing costs Two million new jobs possible in 2011 Business spending momentum strengthening Notes: All rates are seasonally adjusted. Existing home sales, new home sales and housing starts are shown in thousands. Employment growth is shown as month-to-month change in thousands. Sources: NAR, Bureau of the Census, Bureau of Labor Statistics and Freddie Mac. 4

District of Columbia, DC Labor : A decline in employment of 2,612 jobs was offset by a decrease in the number of persons looking for work during the first two months of the fourth quarter. The net effect was no change in the 9.9% average monthly unemployment rate from the third quarter. Job losses are cutting into confidence and demand, but near record-low mortgage rates have created a great buying opportunity for those with a job and good credit. Housing : Average Price $507,100 $540,900 # Homes on the * 3,339 2,942 # ** 1,655 1,521 # New Homes Built 32 52 Avg # of Days on 55 59 on (Quarter) 20015 $841,500-2.29% 47-6.00% 36 97.4% 20004 $525,700 12.93% 12-40.00% 30 93.9% 20032 $144,500 2.56% 37-22.92% 106 93.5% 20020 $189,000-0.84% 54-22.86% 98 93.8% 20017 $281,800 1.59% 33-13.16% 79 95.9% 20037 $657,900-12.47% 51 50.00% 76 95.1% 20019 $124,400-18.69% 89-19.82% 74 90.2% 20024 $277,000-11.67% 36 63.64% 69 95.0% 20007 $1,283,300 46.45% 97-9.35% 66 92.0% 20016 $874,300 2.28% 91-22.22% 59 95.1% % Change of current quarter compared to the same quarter to year ago. 5

District of Columbia, DC on (Quarter) 20018 $285,100 5.13% 39-29.09% 51 95.4% 20005 $567,000 25.08% 33-52.17% 42 95.4% 20036 $330,100-8.69% 16-46.67% 38 95.9% 20012 $432,500-10.31% 19-42.42% 68 94.3% 20009 $558,000 5.20% 189-2.07% 45 97.1% 20010 $505,100 31.19% 86-15.69% 58 96.3% 20001 $438,300 9.68% 111-28.85% 54 95.7% 20002 $394,700 10.90% 188-16.81% 55 96.7% 20008 $1,024,500 27.28% 78-11.36% 56 91.6% 20003 $593,800 14.15% 84-22.94% 57 97.6% 20011 $370,600 16.69% 131-29.57% 59 94.7% % Change of current quarter compared to the same quarter to year ago. 6

Allegany County, MD Labor : In the first two months of the fourth quarter, 165 jobs were added to the payrolls of Allegany County. As a result of these new jobs, the average monthly unemployment rate fell from 9% during the third quarter to 8.6% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $127,600 $107,700 # Homes on the * 547 520 # ** 99 101 # New Homes Built 2 0 Avg # of Days on 120 105 on (Quarter) 21545 $116,300 28.79% 5 66.67% 54 92.1% 21532 $110,200-7.39% 22 100.00% 90 87.9% 21543 $64,000 N/A 1 N/A 0 100.0% 21529 $114,000 192.31% 1-50.00% 40 87.0% 21502 $99,400-8.13% 67-12.99% 116 88.8% 21562 $122,000 22.00% 1-50.00% 147 97.7% 21555 $598,000 488.00% 1-66.67% 205 82.0% 21557 $130,000 35.42% 1-50.00% 1 94.3% 21530 $92,500-43.94% 2 0.00% 94 67.3% % Change of current quarter compared to the same quarter to year ago. 7

Anne Arundel County, MD Labor : In the first two months of the fourth quarter, 790 jobs were added to the payrolls of Anne Arundel County. As a result of these new jobs, the average monthly unemployment rate fell from 6.9% during the third quarter to 6.5% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $367,500 $345,500 # Homes on the * 3,969 3,466 # ** 1,280 1,107 # New Homes Built 204 179 Avg # of Days on 92 103 on (Quarter) 20778 $338,500-54.84% 4-20.00% 111 86.8% 20733 $306,400 16.77% 5 0.00% 89 93.7% 20711 $328,800 26.61% 8-20.00% 406 89.8% 21032 $520,800 6.18% 17-10.53% 192 89.2% 20776 $324,000-6.90% 2-60.00% 188 91.8% 20751 $294,300-19.13% 3-57.14% 175 96.5% 20764 $251,400-18.56% 17 41.67% 138 93.1% 21403 $374,500-8.26% 87-7.45% 111 92.3% 21140 $447,400-8.69% 7-36.36% 79 94.4% 21146 $525,500 15.65% 57-16.18% 110 93.3% OTHER $163,300-13.92% 34-44.26% 110 89.8% % Change of current quarter compared to the same quarter to year ago. 8

Anne Arundel County, MD on (Quarter) 21226 $224,100-9.34% 12-7.69% 107 90.7% 21108 $408,500-5.02% 28-9.68% 104 95.6% 21122 $308,200 4.79% 131-9.66% 104 93.4% 21012 $328,900-9.67% 44-20.00% 101 90.8% 21076 $331,900-1.63% 20-31.03% 116 96.6% 21077 $250,000-20.63% 1 0.00% 20 100.0% 21144 $320,500 6.30% 58-27.50% 99 95.4% 21090 $290,000 0.52% 18-28.00% 97 92.9% 21409 $423,600 3.22% 46-2.13% 96 90.2% 20779 $1,175,000 62.81% 2-33.33% 94 65.5% 20724 $269,600 1.47% 35-44.44% 89 95.7% 21060 $241,100 4.15% 76-14.61% 83 96.7% 21114 $326,200 0.00% 52-36.59% 100 94.4% 21061 $200,200-11.73% 68-35.85% 81 93.1% 21401 $437,900 2.48% 123-7.52% 112 89.9% 21113 $274,300-7.83% 76-27.62% 72 94.6% 21056 $1,935,000 N/A 1 N/A 50 97.0% 20758 $445,000 41.14% 1 0.00% 49 92.7% 21037 $420,500-13.39% 46-36.11% 100 88.6% 21054 $423,700 18.65% 17-46.88% 91 94.5% 21405 $1,370,000 N/A 1 N/A 69 86.2% 21035 $623,100 0.05% 10-23.08% 83 94.0% % Change of current quarter compared to the same quarter to year ago. 9

Baltimore County, MD Labor : In the first two months of the fourth quarter, 1,192 jobs were added to the payrolls of Baltimore County. As a result of these new jobs, the average monthly unemployment rate fell from 8% during the third quarter to 7.9% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $276,500 $247,700 # Homes on the * 5,068 4,428 # ** 1,463 1,303 # New Homes Built 128 153 Avg # of Days on 82 86 on (Quarter) 21013 $535,000 49.48% 5-28.57% 120 99.8% 21236 $215,400-9.04% 71-24.47% 90 94.4% 21117 $280,600 3.58% 89-34.07% 92 91.3% 21057 $418,000-10.30% 3-70.00% 177 82.3% 21082 $1,300,000 164.39% 1-66.67% 170 72.2% 21053 $410,600-13.28% 7 40.00% 139 93.4% 21071 $352,000-7.12% 2 100.00% 129 90.4% 21204 $433,500-3.88% 24-25.00% 96 90.8% 21244 $183,600-10.31% 35-37.50% 123 93.7% 21221 $171,200-12.21% 55-32.10% 89 92.6% 21128 $298,000-1.97% 32-5.88% 108 93.8% % Change of current quarter compared to the same quarter to year ago. 10

Baltimore County, MD on (Quarter) 21220 $179,300-14.70% 71-22.83% 108 92.3% 21208 $241,800-7.99% 55-17.91% 107 88.4% 21105 $216,000 N/A 1 N/A 104 90.4% 21207 $148,300-15.59% 46-28.13% 102 92.0% 21155 $282,300-30.64% 4-20.00% 118 89.3% 21136 $306,700-0.52% 53-23.19% 92 93.2% 21051 $662,500 N/A 2 N/A 124 95.4% 21219 $264,000 19.46% 14-6.67% 75 92.7% 21052 $77,500 19.23% 1 0.00% 76 81.6% OTHER $247,200-9.78% 123-28.49% 76 93.6% 21234 $190,500-7.97% 100-25.37% 77 93.9% 21222 $115,200-21.95% 88-24.79% 84 90.5% 21133 $194,100-4.10% 46-26.98% 75 94.2% 21120 $383,100-24.71% 8-38.46% 93 91.4% 21227 $168,900-11.34% 60-40.00% 71 92.8% 21131 $487,100-1.79% 9-30.77% 172 91.3% 21152 $326,200-2.66% 10 0.00% 84 92.2% 21030 $399,800 14.33% 28-34.88% 74 93.4% 21228 $273,800 3.32% 83-7.78% 74 94.2% 21087 $428,800 79.94% 4 0.00% 72 94.2% 21093 $365,700-6.66% 85-24.78% 69 92.9% 21162 $316,500-19.55% 8 14.29% 68 91.7% 21286 $329,900 7.53% 42-27.59% 61 93.0% 21153 $575,000-65.24% 1 0.00% 29 92.0% 21237 $202,200-6.69% 36-32.08% 84 94.5% 21111 $2,000,000 265.23% 1-85.71% 0 67.8% % Change of current quarter compared to the same quarter to year ago. 11

Calvert County, MD Labor : In the first two months of the fourth quarter, 33 jobs were added to the payrolls of Calvert County. As a result of these new jobs, the average monthly unemployment rate fell from 6.2% during the third quarter to 5.6% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $321,600 $301,500 # Homes on the * 958 844 # ** 216 210 # New Homes Built 52 33 Avg # of Days on 119 110 on (Quarter) 20639 $372,400-28.02% 26-13.33% 97 94.5% 20678 $309,100-9.25% 22-42.11% 84 97.6% 20629 $407,200-2.70% 3-25.00% 21 98.4% 20732 $345,900-2.65% 29-19.44% 69 96.0% 20714 $229,300-17.19% 22 15.79% 83 99.5% 20615 $225,000-33.43% 1-75.00% 8 90.0% 20657 $205,100-11.21% 52-36.59% 131 92.6% 20676 $295,700-14.27% 5-44.44% 132 93.7% 20685 $287,000-13.19% 20 66.67% 132 94.6% 20688 $189,500-47.51% 2-77.78% 242 88.4% 20689 $509,300 11.32% 7 40.00% 304 94.8% % Change of current quarter compared to the same quarter to year ago. 12

Calvert County, MD on (Quarter) 20754 $391,600-4.25% 7-30.00% 72 93.7% 20736 $410,200-7.01% 14 7.69% 128 96.2% % Change of current quarter compared to the same quarter to year ago. 13

Caroline County, MD Labor : A decline in employment of 119 jobs was offset by a decrease in the number of persons looking for work during the first two months of the fourth quarter. The net effect was no change in the 8.9% average monthly unemployment rate from the third quarter. Job losses are cutting into confidence and demand, but near record-low mortgage rates have created a great buying opportunity for those with a job and good credit. Housing : Average Price $164,400 $170,800 # Homes on the * 376 351 # ** 54 56 # New Homes Built 0 0 Avg # of Days on 118 139 on (Quarter) 21640 $197,400 23.45% 1 0.00% 154 96.3% 21649 $58,300-56.81% 1 0.00% 7 97.3% 21639 $127,900-12.58% 7 0.00% 81 93.0% 21655 $162,900-16.97% 7 0.00% 120 87.2% 21629 $193,000-0.67% 22-18.52% 154 92.9% 21636 $190,000 233.33% 1 0.00% 168 90.5% 21660 $219,200-78.45% 9 80.00% 169 89.2% 21632 $107,900-18.99% 8 14.29% 148 84.7% % Change of current quarter compared to the same quarter to year ago. 14

Carroll County, MD Labor : In the first two months of the fourth quarter, 265 jobs were added to the payrolls of Carroll County. As a result of these new jobs, the average monthly unemployment rate fell from 6.6% during the third quarter to 6.1% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $298,200 $286,700 # Homes on the * 1,292 1,059 # ** 320 289 # New Homes Built 61 28 Avg # of Days on 87 96 on (Quarter) 21787 $257,200 28.99% 19-36.67% 102 88.5% 21048 $355,100 3.08% 18-37.93% 90 92.3% OTHER $366,500 3.71% 27 8.00% 76 93.0% 21074 $251,100 0.76% 26-48.00% 80 93.5% 21784 $312,400-1.14% 70-11.39% 82 93.9% 21104 $369,300-7.09% 6 200.00% 94 89.0% 21791 $290,000 63.75% 6-33.33% 181 87.5% 21157 $246,300-18.79% 66-9.59% 113 94.2% 21158 $262,800 6.35% 35-20.45% 102 93.4% 21757 $205,000 9.10% 1 0.00% 121 89.5% 21776 $206,800-49.21% 5 25.00% 158 90.9% % Change of current quarter compared to the same quarter to year ago. 15

Carroll County, MD on (Quarter) 21102 $262,900-1.90% 10-58.33% 80 94.8% % Change of current quarter compared to the same quarter to year ago. 16

Cecil County, MD Labor : In the first two months of the fourth quarter, 73 jobs were added to the payrolls of Cecil County. As a result of these new jobs, the average monthly unemployment rate fell from 9.6% during the third quarter to 9% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $225,200 $235,600 # Homes on the * 997 884 # ** 200 178 # New Homes Built 57 34 Avg # of Days on 109 145 on (Quarter) 21904 $257,700 1.74% 12-25.00% 192 93.1% 21901 $211,200-8.21% 33-13.16% 143 92.4% 21911 $214,400-9.31% 16 0.00% 95 96.9% 21903 $185,800-8.47% 13-35.00% 101 91.2% 21913 $151,700-29.44% 3 50.00% 116 87.0% 21921 $250,000 7.20% 73-26.26% 121 91.3% 21920 $25,000-91.66% 1 0.00% 58 62.7% 21919 $307,000 25.56% 6-25.00% 157 82.3% 21917 $243,300-0.21% 3-50.00% 225 94.3% 21914 $279,300-12.45% 5 400.00% 267 96.5% 21915 $267,100-56.23% 8 60.00% 377 84.3% % Change of current quarter compared to the same quarter to year ago. 17

Cecil County, MD on (Quarter) 21918 $239,100 24.53% 5-28.57% 156 96.5% % Change of current quarter compared to the same quarter to year ago. 18

Charles County, MD Labor : In the first two months of the fourth quarter, 53 jobs were added to the payrolls of Charles County. As a result of these new jobs, the average monthly unemployment rate fell from 6.2% during the third quarter to 5.8% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $257,900 $247,400 # Homes on the * 1,286 1,180 # ** 378 376 # New Homes Built 153 53 Avg # of Days on 83 95 on (Quarter) 20646 $326,900 6.48% 40-27.27% 118 93.6% 20693 $237,500-31.16% 4 300.00% 146 94.6% 20664 $199,300-10.67% 6-33.33% 148 90.7% 20645 $252,000-5.79% 2 0.00% 169 77.0% 20677 $325,000-22.38% 3-66.67% 242 83.7% 20637 $409,100 0.99% 13 8.33% 215 100.1% 20662 $169,300-28.02% 3 50.00% 128 90.7% 20616 $176,500-22.89% 15-31.82% 144 92.8% 20658 $44,900-84.05% 1 0.00% 184 100.0% 20675 $274,400-47.66% 5 150.00% 81 96.2% OTHER $332,700-9.17% 7 0.00% 115 98.7% % Change of current quarter compared to the same quarter to year ago. 19

Charles County, MD on (Quarter) 20625 $205,000 29.09% 2 0.00% 110 77.8% 20640 $200,600 2.77% 38 58.33% 97 90.0% 20601 $238,600-15.39% 54-8.47% 89 96.7% 20603 $268,100-3.84% 77-17.20% 83 94.5% 20612 $215,000 N/A 1 N/A 75 87.8% 20602 $192,200-0.26% 81 2.53% 64 95.3% 20695 $281,200-0.04% 24-7.69% 66 98.2% % Change of current quarter compared to the same quarter to year ago. 20

Dorchester County, MD Labor : Dorchester County saw 32 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 10.1% during the third quarter to 10% in the first two months of the fourth quarter. Continued layoffs are hurting confidence and demand, but sub- 5% mortgage rates have kept affordability strong. Housing : Average Price $172,200 $195,500 # Homes on the * 546 467 # ** 51 66 # New Homes Built NA NA Avg # of Days on 165 176 on (Quarter) 21643 $106,800-15.51% 9-18.18% 203 86.9% 21648 $169,000 N/A 1 N/A 1 100.0% OTHER $160,000 14.45% 1-50.00% 2 89.4% 21631 $259,500 N/A 2 N/A 114 85.1% 21677 $315,000-71.36% 1 0.00% 138 94.0% 21613 $215,900 7.47% 46-6.12% 150 85.3% 21659 $129,000-14.00% 1-66.67% 378 89.6% 21626 $250,000 400.00% 1-50.00% 1,420 71.4% 21869 $117,400-19.42% 4 100.00% 191 72.7% % Change of current quarter compared to the same quarter to year ago. 21

Frederick County, MD Labor : In the first two months of the fourth quarter, 382 jobs were added to the payrolls of Frederick County. As a result of these new jobs, the average monthly unemployment rate fell from 6.3% during the third quarter to 6.2% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $267,200 $266,400 # Homes on the * 1,709 1,480 # ** 652 552 # New Homes Built 217 121 Avg # of Days on 73 81 on (Quarter) 21702 $226,400 1.16% 99-14.66% 70 95.0% 21701 $261,300 12.48% 116-4.92% 80 93.2% 21755 $338,400 23.77% 8-11.11% 89 95.3% 21771 $322,300-8.23% 29 3.57% 93 95.2% 21769 $311,800-8.10% 17-46.88% 102 94.4% 21754 $426,300-9.99% 17 88.89% 104 94.3% 21703 $179,700-8.55% 67-55.63% 79 95.6% OTHER $270,000 8.61% 3 50.00% 150 92.6% 21788 $188,900-21.55% 20-23.08% 98 93.9% 21778 $435,000-15.53% 1 0.00% 589 87.0% 21798 $349,100 17.54% 3-40.00% 185 94.8% % Change of current quarter compared to the same quarter to year ago. 22

Frederick County, MD on (Quarter) 21774 $322,700 5.08% 29-6.45% 75 95.9% 21793 $226,800-8.55% 25 0.00% 103 96.1% 21716 $217,600 23.71% 12 33.33% 69 99.0% 21780 $215,500-60.33% 4 33.33% 13 97.4% 21704 $348,900-8.06% 49 32.43% 69 97.0% 21710 $374,100 1.96% 14 133.33% 66 95.8% 21727 $192,500-22.78% 4-75.00% 54 92.4% 21770 $268,200-10.57% 4 0.00% 38 95.0% 21714 $375,000 N/A 1 N/A 37 100.0% 21758 $218,000-2.68% 8 60.00% 26 95.7% 21777 $338,200-9.09% 10 66.67% 76 100.2% 21773 $286,800-8.31% 12 33.33% 127 92.2% % Change of current quarter compared to the same quarter to year ago. 23

Garrett County, MD Labor : Garrett County saw 417 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 7.4% during the third quarter to 7.2% in the first two months of the fourth quarter. Continued layoffs are hurting confidence and demand, but sub- 5% mortgage rates have kept affordability strong. Housing : Average Price $354,100 $372,300 # Homes on the * 699 627 # ** 97 80 # New Homes Built 21 21 Avg # of Days on 166 186 on (Quarter) 21541 $421,700-1.08% 24 50.00% 180 85.6% 21550 $335,400-10.85% 39-7.14% 177 87.7% 21536 $123,000-4.43% 3-40.00% 187 86.9% 21520 $211,600 52.23% 3 50.00% 206 87.2% 21561 $605,100-13.11% 9 28.57% 256 85.0% 21531 $66,100-61.25% 2-60.00% 104 78.2% % Change of current quarter compared to the same quarter to year ago. 24

Harford County, MD Labor : In the first two months of the fourth quarter, 370 jobs were added to the payrolls of Harford County. As a result of these new jobs, the average monthly unemployment rate fell from 7.4% during the third quarter to 7% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $283,600 $260,100 # Homes on the * 1,983 1,811 # ** 648 590 # New Homes Built 229 56 Avg # of Days on 81 97 on (Quarter) 21132 $170,000-46.84% 2-33.33% 87 90.3% 21034 $321,600 9.99% 3-62.50% 126 96.3% 21001 $168,500-12.42% 49 2.08% 135 92.7% 21078 $265,600 1.65% 51-10.53% 116 93.3% 21050 $257,600-22.29% 37-32.73% 115 93.6% 21015 $322,400 3.43% 82-10.87% 101 95.4% 21014 $280,100 5.98% 91-11.65% 99 95.2% 21154 $415,100-2.99% 9 12.50% 94 94.5% 21161 $320,000-1.02% 4 33.33% 225 88.8% 21028 $422,100 11.64% 5-50.00% 85 93.7% 21084 $405,500 8.71% 16 23.08% 70 94.5% % Change of current quarter compared to the same quarter to year ago. 25

Harford County, MD on (Quarter) 21017 $172,900-11.65% 19-50.00% 57 92.7% 21047 $410,700-1.42% 29-14.71% 71 92.9% 21009 $239,000 1.83% 95-25.20% 80 95.3% OTHER $334,500 0.60% 4 100.00% 80 96.3% 21085 $218,500-18.10% 43 38.71% 85 92.7% 21040 $130,500-6.59% 51-27.14% 99 91.9% % Change of current quarter compared to the same quarter to year ago. 26

Howard County, MD Labor : In the first two months of the fourth quarter, 453 jobs were added to the payrolls of Howard County. As a result of these new jobs, the average monthly unemployment rate fell from 5.6% during the third quarter to 5.3% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $417,300 $397,800 # Homes on the * 1,690 1,416 # ** 712 627 # New Homes Built 247 133 Avg # of Days on 64 72 on (Quarter) 21163 $380,900-13.27% 18-14.29% 62 95.4% 21046 $308,500 2.66% 34-29.17% 68 95.3% OTHER $474,800 15.27% 17 30.77% 132 93.2% 21029 $559,300-11.22% 26 13.04% 96 91.8% 20723 $355,200 10.00% 65-22.62% 93 94.4% 21044 $326,100-4.62% 98-15.52% 79 95.0% 20777 $653,600 23.93% 5 25.00% 74 94.2% 20794 $266,300-8.77% 14-36.36% 73 93.8% 21738 $698,700-8.49% 4 0.00% 157 93.6% 21723 $627,800 30.11% 3 50.00% 343 104.1% 21043 $414,400 6.15% 80-29.82% 67 96.1% % Change of current quarter compared to the same quarter to year ago. 27

Howard County, MD on (Quarter) 20759 $576,800-11.04% 9 12.50% 61 97.9% 21042 $516,600 0.16% 92 9.52% 60 93.5% 21794 $671,900 N/A 3 N/A 59 99.3% 21036 $539,400-19.70% 5 66.67% 59 96.0% 21045 $309,600 4.88% 84-26.96% 58 94.4% 21075 $307,200-0.87% 57-14.93% 57 96.2% 20763 $307,500 12.84% 2 0.00% 51 94.6% 21737 $928,200 8.50% 6 20.00% 40 95.8% 21797 $495,700-24.61% 5-54.55% 68 96.3% % Change of current quarter compared to the same quarter to year ago. 28

Kent County, MD Labor : Kent County saw 208 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 7.8% during the third quarter to 7.6% in the first two months of the fourth quarter. Continued layoffs are hurting confidence and demand, but sub-5% mortgage rates have kept affordability strong. Housing : Average Price $290,100 $238,200 # Homes on the * 361 320 # ** 39 36 # New Homes Built 4 2 Avg # of Days on 157 135 on (Quarter) 21645 $210,000-23.55% 3 0.00% 132 80.8% 21651 $169,000 16.71% 1-66.67% 43 100.0% 21678 $88,300-36.88% 3 200.00% 68 89.9% 21620 $253,700-39.41% 16-23.81% 173 86.1% 21635 $264,400-7.81% 5 150.00% 200 83.8% 21667 $200,000 N/A 1 N/A 0 100.0% 21661 $275,900 4.47% 7-12.50% 67 90.8% % Change of current quarter compared to the same quarter to year ago. 29

Montgomery County, MD Labor : In the first two months of the fourth quarter, 1,603 jobs were added to the payrolls of Montgomery County. As a result of these new jobs, the average monthly unemployment rate fell from 5.6% during the third quarter to 5.4% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $464,000 $456,000 # Homes on the * 4,787 4,011 # ** 2,596 2,239 # New Homes Built 267 111 Avg # of Days on 60 66 on (Quarter) 20851 $307,000 9.17% 30-23.08% 75 94.2% OTHER $1,324,200 296.47% 1-50.00% 390 74.8% 20842 $885,000 84.76% 3 0.00% 113 80.1% 20853 $366,500-0.38% 74-12.94% 95 95.1% 20906 $239,400-3.23% 182-18.02% 89 94.5% 20872 $342,700 3.16% 27-15.63% 88 98.0% 20903 $245,500-20.32% 20-9.09% 87 91.9% 20896 $675,300 41.69% 4 33.33% 53 90.2% 20854 $986,400-1.10% 129 16.22% 77 91.2% 20912 $367,900 13.51% 41-38.81% 81 96.0% 20817 $926,500 1.35% 92-2.13% 46 93.9% % Change of current quarter compared to the same quarter to year ago. 30

Montgomery County, MD on (Quarter) 20904 $324,000-2.38% 76-23.23% 73 93.2% 20866 $284,200 8.97% 21-34.38% 71 96.5% 20910 $409,100 6.54% 56-27.27% 71 96.2% 20880 $560,000 60.97% 1-75.00% 69 97.4% 20852 $458,200 13.30% 87-29.84% 66 95.9% 20886 $191,600-7.66% 94-30.88% 69 95.3% 20815 $888,800 11.10% 104 1.96% 69 93.8% 20812 $542,500-23.59% 2 100.00% 149 89.1% 20837 $428,100 0.80% 10-16.67% 82 94.1% 20818 $753,000 15.24% 3-57.14% 54 90.1% 20905 $435,900 6.52% 39 39.29% 58 95.4% 20814 $658,300 7.21% 74-28.85% 58 96.1% 20876 $274,600 6.97% 62-17.33% 58 97.0% 20862 $556,000 N/A 1 N/A 58 97.6% 20874 $263,700-2.91% 178-23.93% 62 95.5% 20877 $221,900 0.73% 66-30.53% 60 96.7% 20895 $560,600 7.56% 49-2.00% 56 94.5% 20861 $330,000-59.76% 1 0.00% 0 89.2% 20832 $411,200-6.12% 54-3.57% 64 96.1% 20850 $521,400 10.21% 101 4.12% 55 96.0% 20882 $465,200-7.42% 24-7.69% 101 92.4% 20901 $378,100 6.06% 79-13.19% 53 94.9% 20841 $504,000 1.63% 20-9.09% 52 95.2% 20833 $457,000-15.87% 5-64.29% 52 93.7% 20816 $810,300-5.45% 43-37.68% 51 93.4% 20855 $431,600-5.37% 24-33.33% 43 94.7% 20878 $451,700 0.62% 160-15.34% 53 96.7% 20902 $299,100-3.83% 102-27.66% 63 94.4% 20879 $251,300 6.39% 60-47.37% 57 95.6% 20871 $418,500 3.56% 40-23.08% 60 95.8% % Change of current quarter compared to the same quarter to year ago. 31

Prince George's County, MD Labor : In the first two months of the fourth quarter, 308 jobs were added to the payrolls of Prince George's County. As a result of these new jobs, the average monthly unemployment rate fell from 7.5% during the third quarter to 7.3% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $203,300 $200,600 # Homes on the * 6,211 6,035 # ** 1,932 1,842 # New Homes Built 160 107 Avg # of Days on 79 80 on (Quarter) 20706 $174,700-11.63% 71-26.04% 82 92.9% 20735 $205,600-18.09% 63-34.38% 105 95.7% 20745 $130,700-12.69% 46 6.98% 77 92.9% 20708 $231,700-16.71% 33 0.00% 106 95.6% 20710 $107,300-7.98% 14 55.56% 106 87.7% 20712 $149,300-5.21% 15-11.76% 100 91.1% 20782 $193,900-15.25% 74 17.46% 98 93.7% 20707 $244,500 0.74% 68-33.33% 98 94.6% 20613 $327,800 34.73% 25-7.41% 95 94.5% 20715 $265,400-3.60% 42-33.33% 57 95.8% 20772 $282,300 1.29% 111-27.45% 88 96.8% % Change of current quarter compared to the same quarter to year ago. 32

Prince George's County, MD on (Quarter) 20705 $217,300-10.54% 67-30.21% 88 94.4% 20746 $132,600-22.68% 39-18.75% 84 90.6% 20783 $147,300-6.42% 74-31.48% 83 94.3% 20769 $302,400-23.71% 11-64.52% 91 94.6% 20770 $140,600-22.49% 43-12.24% 82 92.6% 20720 $341,000 4.76% 70 12.90% 97 96.0% 20781 $142,700-21.38% 30 0.00% 61 95.3% 20743 $119,400 8.15% 113-6.61% 80 95.3% 20774 $263,500-1.90% 87-33.08% 72 97.4% 20747 $136,800-15.92% 79 0.00% 72 95.0% 20607 $272,000-19.55% 23-39.47% 68 96.0% 20748 $157,900-1.13% 73 2.82% 65 94.6% 20722 $106,500-10.28% 19-13.64% 62 94.7% 20744 $226,600 2.16% 136-8.72% 111 92.7% 20785 $134,800-2.18% 94 49.21% 62 93.5% 20737 $150,900 10.15% 53 43.24% 45 95.9% 20784 $131,500-14.55% 85-16.67% 54 97.6% 20623 $324,400 31.55% 7 40.00% 39 97.5% 20608 $359,800 71.33% 2 100.00% 32 94.7% OTHER $163,500 0.68% 5-44.44% 16 101.3% 20716 $230,500-7.84% 54 3.85% 81 94.2% 20721 $329,600 3.29% 66-12.00% 81 93.8% 20740 $184,000-21.64% 50 25.00% 62 94.3% % Change of current quarter compared to the same quarter to year ago. 33

Queen Anne's County, MD Labor : In the first two months of the fourth quarter, 74 jobs were added to the payrolls of Queen Anne's County. As a result of these new jobs, the average monthly unemployment rate fell from 6.6% during the third quarter to 6.2% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $345,800 $350,200 # Homes on the * 711 550 # ** 122 113 # New Homes Built 40 9 Avg # of Days on 156 103 on (Quarter) OTHER $229,200-8.25% 10 11.11% 87 92.8% 21666 $359,600-1.13% 34 13.33% 91 88.3% 21638 $520,400 21.65% 12-14.29% 99 87.0% 21617 $263,400-17.01% 25 13.64% 107 91.2% 21657 $270,000 43.62% 3 200.00% 119 86.5% 21623 $154,700-41.07% 5 25.00% 129 93.3% 21658 $606,100 58.83% 12 20.00% 158 85.0% 21668 $162,200 16.27% 4-33.33% 109 84.3% 21619 $339,700-2.92% 8-60.00% 70 88.6% % Change of current quarter compared to the same quarter to year ago. 34

St. Mary's County, MD Labor : In the first two months of the fourth quarter, 246 jobs were added to the payrolls of St Mary's County. As a result of these new jobs, the average monthly unemployment rate fell from 6.3% during the third quarter to 5.9% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $299,000 $291,100 # Homes on the * 784 699 # ** 242 241 # New Homes Built 56 69 Avg # of Days on 98 88 on (Quarter) 20690 $630,000 18.87% 1 0.00% 323 88.1% 20630 $730,000 107.09% 1-50.00% 35 91.3% 20622 $215,000 N/A 1 N/A 44 100.0% 20634 $282,700 15.91% 19-13.64% 64 96.8% 20619 $245,400-1.52% 36 5.88% 65 97.8% 20650 $358,100-11.08% 48 37.14% 74 97.5% 20653 $242,900-8.82% 62-17.33% 77 95.4% 20636 $385,500 5.41% 13-48.00% 102 94.6% 20667 $110,000-37.14% 2 0.00% 4 104.8% 20674 $345,000 102.11% 6 0.00% 88 98.8% 20684 $301,000 3.47% 4-20.00% 316 97.9% % Change of current quarter compared to the same quarter to year ago. 35

St. Mary's County, MD on (Quarter) 20660 $312,700 N/A 2 N/A 223 90.8% 20692 $405,000 76.09% 2 100.00% 191 76.4% 20687 $135,000 N/A 1 N/A 147 71.4% 20620 $237,500 17.05% 2-60.00% 123 86.0% 20621 $126,300-11.37% 3 50.00% 123 68.9% 20659 $291,000 2.18% 36-33.33% 110 92.9% 20686 $285,000 N/A 1 N/A 91 90.5% 20628 $430,000-33.59% 1-50.00% 204 79.8% % Change of current quarter compared to the same quarter to year ago. 36

Talbot County, MD Labor : Employment declined by 230 jobs in October and November. The job losses brought about an increase in the average monthly unemployment rate from 7.2% in the third quarter to 7.3% for the initial two months of the fourth quarter. Layoffs continued to rise, which will weigh on buyer confidence and demand in Talbot County. However, mortgage rates remain near record lows, maintaining a favorable buying environment for those with a job. Housing : Average Price $656,100 $569,500 # Homes on the * 752 562 # ** 90 96 # New Homes Built NA NA Avg # of Days on 162 171 on (Quarter) 21624 $475,000 N/A 1 N/A 95 96.0% OTHER $139,000 N/A 1 N/A 0 97.9% 21662 $1,487,500 N/A 2 N/A 19 95.2% 21647 $238,300 N/A 2 N/A 50 95.0% 21671 $225,500-37.98% 2-60.00% 278 87.1% 21625 $224,500 13.67% 3 200.00% 55 86.7% 21673 $90,000-83.56% 2-66.67% 118 85.7% 21601 $514,600 11.60% 55 1.85% 175 80.5% 21654 $1,318,900 7.34% 8 14.29% 208 90.0% 21652 $515,500 9.68% 2 0.00% 211 89.7% % Change of current quarter compared to the same quarter to year ago. 37

Talbot County, MD on (Quarter) 21663 $533,500 23.93% 15 15.38% 216 86.3% 21612 $668,800-3.49% 2 100.00% 147 74.3% 21676 $75,000 N/A 1 N/A 55 77.4% % Change of current quarter compared to the same quarter to year ago. 38

Washington County, MD Labor : Washington County saw 57 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 10.2% during the third quarter to 9.6% in the first two months of the fourth quarter. Continued layoffs are hurting confidence and demand, but sub- 5% mortgage rates have kept affordability strong. Housing : Average Price $180,600 $158,300 # Homes on the * 1,215 1,126 # ** 315 239 # New Homes Built 53 19 Avg # of Days on 97 96 on (Quarter) 21779 $113,000 N/A 1 N/A 48 100.0% 21740 $129,400-20.81% 120-22.58% 93 91.2% OTHER $180,700-17.15% 6-14.29% 39 96.9% 21783 $196,000-31.75% 8-50.00% 52 95.4% 21713 $213,900-7.08% 24 26.32% 68 89.6% 21795 $92,200-50.11% 6-70.00% 71 86.9% 21767 $99,000-41.11% 1-66.67% 79 76.2% 21722 $123,800-57.03% 8 60.00% 107 88.2% 21719 $59,500-44.03% 2-33.33% 118 76.3% 21742 $200,000-2.20% 49-46.74% 118 91.0% 21750 $113,000-9.96% 3-25.00% 182 78.8% % Change of current quarter compared to the same quarter to year ago. 39

Washington County, MD on (Quarter) 21733 $100,000-67.28% 1-75.00% 189 51.3% 21756 $463,300 76.70% 3-50.00% 224 86.4% 21782 $145,100-54.41% 7 133.33% 103 92.2% % Change of current quarter compared to the same quarter to year ago. 40

Baltimore City, MD Labor : In the first two months of the fourth quarter, 755 jobs were added to the payrolls of Baltimore City. As a result of these new jobs, the average monthly unemployment rate fell from 11.2% during the third quarter to 10.7% for October and November. This steady job creation will help buyer confidence and fuel home purchases down the road. Mortgage rates near 5% should support this trend. Housing : Average Price $171,100 $163,300 # Homes on the * 5,819 5,492 # ** 1,038 928 # New Homes Built 25 15 Avg # of Days on 79 95 on (Quarter) 21209 $264,900 1.18% 8-38.46% 76 89.3% 21223 $77,200-1.53% 18-40.00% 106 87.9% 21210 $340,000-0.53% 27 3.85% 112 90.9% 21218 $161,800-10.06% 66-37.14% 114 87.1% 21212 $234,100 3.13% 46-2.13% 120 90.2% 21217 $122,200-11.32% 36-10.00% 128 89.6% 21225 $64,500-30.72% 9-65.38% 132 85.3% 21215 $116,500 16.04% 47-38.96% 141 84.8% 21213 $53,900-39.16% 31-49.18% 68 87.2% 21205 $50,000 9.89% 3-72.73% 220 71.5% 21202 $204,100-22.45% 20-20.00% 137 91.6% % Change of current quarter compared to the same quarter to year ago. 41

Baltimore City, MD on (Quarter) 21214 $121,400-18.41% 46-8.00% 96 91.6% 21229 $92,300-22.83% 38-44.93% 89 90.9% 21216 $78,900-24.21% 31-36.73% 89 87.6% 21239 $104,300-23.37% 18-56.10% 87 91.0% 21224 $199,200 5.34% 164-15.90% 84 94.6% OTHER $126,100-13.09% 40-18.37% 82 91.7% 21230 $213,000-5.16% 117-25.00% 80 90.2% 21206 $98,500-20.88% 79-21.78% 78 89.3% 21211 $143,400-14.13% 29-50.00% 64 92.6% 21201 $296,000 50.10% 12-25.00% 78 87.9% 21231 $220,200-7.17% 43-43.42% 96 92.5% % Change of current quarter compared to the same quarter to year ago. 42

Franklin County, PA Labor : Franklin County saw 665 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 8.2% during the third quarter to 7.8% in the first two months of the fourth quarter. Continued layoffs are hurting confidence and demand, but sub- 5% mortgage rates have kept affordability strong. Housing : Average Price $168,600 $168,500 # Homes on the * 1,363 1,158 # ** 294 279 # New Homes Built 129 64 Avg # of Days on 124 116 on (Quarter) 17224 $121,800-17.42% 2 0.00% 93 92.1% 17201 $134,000-6.94% 54-25.00% 110 89.0% 17225 $216,800 11.58% 46-2.13% 125 93.6% 17268 $165,500 3.83% 65 8.33% 130 89.5% 17244 $99,600-62.13% 4-20.00% 150 78.6% 17202 $190,700-2.85% 60-3.23% 97 94.1% 17262 $57,000-65.45% 1 0.00% 231 64.0% 17221 $89,900 N/A 1 N/A 109 94.7% OTHER $146,700-20.96% 16-11.11% 218 90.0% 17252 $124,400-11.40% 4-20.00% 80 91.4% 17231 $147,900 N/A 1 N/A 90 92.5% % Change of current quarter compared to the same quarter to year ago. 43

Franklin County, PA on (Quarter) 17222 $174,700-1.19% 12-60.00% 80 94.7% 17214 $116,000 N/A 1 N/A 61 105.6% 17236 $181,300-6.69% 6-50.00% 45 89.3% 17235 $53,400-67.73% 1-50.00% 19 82.2% 17263 $89,500 11.88% 2 100.00% 18 100.0% 17265 $155,000 N/A 1 N/A 0 100.0% 17237 $67,500-44.44% 2-33.33% 57 79.5% % Change of current quarter compared to the same quarter to year ago. 44

Fulton County, PA Labor : Employment declined by 112 jobs in October and November. The job losses brought about an increase in the average monthly unemployment rate from 11.8% in the third quarter to 12% for the initial two months of the fourth quarter. Layoffs continued to rise, which will weigh on buyer confidence and demand in Fulton County. However, mortgage rates remain near record lows, maintaining a favorable buying environment for those with a job. Housing : Average Price $105,400 $128,200 # Homes on the * 97 76 # ** 15 13 # New Homes Built NA NA Avg # of Days on 64 66 on (Quarter) 17267 $166,000 43.10% 2 0.00% 70 87.4% 17229 $49,900-42.97% 1-50.00% 7 100.0% 17228 $237,500 N/A 1 N/A 6 100.0% 17233 $98,600-38.95% 7 16.67% 91 95.7% 16689 $245,000 N/A 1 N/A 69 70.0% 17238 $112,000-40.74% 1 0.00% 14 81.2% % Change of current quarter compared to the same quarter to year ago. 45

Arlington County, VA Labor : Arlington County saw 998 layoffs occur during October and November. Despite the decline in employment, the average monthly unemployment rate fell from 4.1% during the third quarter to 3.9% in the first two months of the fourth quarter. Continued layoffs are hurting confidence and demand, but sub- 5% mortgage rates have kept affordability strong. Housing : Average Price $535,200 $573,100 # Homes on the * 830 675 # ** 620 567 # New Homes Built 30 18 Avg # of Days on 49 50 on (Quarter) 22209 $553,400-10.58% 44 7.32% 67 94.2% 22207 $848,400 3.27% 106-3.64% 54 95.7% 22202 $511,500-8.84% 31-34.04% 54 94.5% 22204 $390,000 14.34% 97-33.10% 53 95.5% 22201 $604,500 10.43% 97-18.49% 51 96.3% 22203 $486,300 6.71% 70-21.35% 48 96.7% 22205 $670,300-1.28% 39-17.02% 47 97.1% 22213 $700,000 5.96% 16 77.78% 42 96.0% 22206 $401,900 6.32% 67-19.28% 36 99.6% % Change of current quarter compared to the same quarter to year ago. 46

Caroline County, VA Labor : Employment declined by 108 jobs in October and November. The job losses brought about an increase in the average monthly unemployment rate from 8.6% in the third quarter to 9.1% for the initial two months of the fourth quarter. Layoffs continued to rise, which will weigh on buyer confidence and demand in Caroline County. However, mortgage rates remain near record lows, maintaining a favorable buying environment for those with a job. Housing : Average Price $162,100 $138,500 # Homes on the * 321 285 # ** 78 93 # New Homes Built 23 8 Avg # of Days on 86 72 on (Quarter) 22580 $124,300-16.86% 6-57.14% 75 82.6% OTHER $215,000-18.71% 4 300.00% 38 93.8% 22427 $136,200-32.07% 4-33.33% 64 95.1% 22546 $140,900-15.48% 73-2.67% 76 93.1% 22428 $32,000 N/A 1 N/A 84 64.1% 22514 $82,100-38.27% 5 25.00% 54 82.1% % Change of current quarter compared to the same quarter to year ago. 47