Leslie Appleton Young 2012 Forecast

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Real Estate Market Update/ 2012 FORECASTIntegrated Real Estate Services - San diego January 31, 2012Leslie Appleton-Young, Chief Economist

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OverviewUS and California EconomiesCalifornia Housing MarketRegional & Local Markets2011 Annual Market Survey2012 Housing Market ForecastCA Buyers & Sellers in Todays Housing Market

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U.S. Economic Outlook

Economy Slowly Gaining Post-Stimulus Momentum

GDP 2010: 2.8% 2011:1.8% 2012: 2.6%

ANNUALQTRLY2009 Largest Annual Drop since 1938 (-3.4%)

4Notes:E expected, F forecast, P- preliminary

1929 though first quarter 2009 annual GDP figures were revised in July 2009 using 2005 benchmark.

Performance Targets for National Economy

SOURCE: California Association of REALTORS

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QUARTERLY PERCENT CHANGE Consumer Spending ReboundingHoliday and Auto Sales

Consumer Spending 2011 Q3: 2.4%SOURCE: US Dept of Commerce, Bureau of Economic Analysis

61929 through first quarter 2009 annual GDP figures were revised in July 2009 using 2005 benchmark.

INDEX, 100=1985Consumer Confidence: Nov/Dec ReboundIncome Concerns Trump Job Gains

January 2012: 61.1

7The index is now at its lowest level in more than two years (April 2009, 40.8).

CA Underwater Mortgages:Reverse Wealth Effect SOURCE: CoreLogic

88Note: Data is for CA Properties with a MortgageNear Negative Equity is defined as properties in negative equity or within 5% of being in a negative equity position

Unemployment: Heading Lower U.S. at 3 year low December 2011 SOURCE: CA Employment Development Division

California (11.1%) vs. United States (8.5%)

9CA: 08/11 12.1%07/11 12.0% 06/11 11.8%05/11 12.0%04/11 12.1% 03/11 12.0% 02/11 12.1%01/11 12.4%12/10 12.5% 11/10 12.4%10/10 12.4% 9/10 12.4% 8/10 12.4% 7/10 12.3% 6/10 12.3% 5/10 12.4% 4/10 12.5% 2/10 9 12.5% 1/10 12.5% 12/09 12.3% 11/09 12.3%10/09 12.5%9/09 12.38/09 12.3% 7/09 11.9%6/09 11.6% 5/09 11.6%4/09 11.1%3/09 11.2%2/09 10.6%1/09 10.1%12/08 8.7%

US: 08/11 9.1%07/11 9.1%06/11 9.2% 05/11 9.1%04/11 9.0%03/11 8.8% 02/11 8.9% 01/11 9.0%12/10 9.4%11/10 9.8%10/10 9.6% 9/10 9.6% 8/10 9.6% 7/10 9.5% 6/10 9.5% 5/10 9.7% 4/10 9.9% 3/10 9.7% 2/10 9.7% 1/10 9.7% 12/09 10.0% 11/09 10.0%11/09 10.0%10/09 10.2% 9/09 9.8%8/09 9.7%7/09 9.4% 6/09 9.5% 5/09 9.4%4/09 8.9%3/09 8.5%2/09 8.1%1/09 7.6%12/08 7.2%Based on revised figures during EDDs early-2009 rebenchmarking, CA job market has been on a par with US market over past several months.

SOURCE: http://www.labormarketinfo.edd.ca.gov/?pageid=164

U.S. Non-farm Job Growth: Gaining!SOURCE: US Dept of Labor, Bureau of Labor Statistics

Month-to-Month ChangesRecession Job Losses: 8.8 millionSince Jan 2010: +2.4 millionCreated 1.6 million jobs in 2011

10http://data.bls.gov/pdq/querytool.jsp?survey=ce; in more formatting options : 1 month net change

Also in US Nonfarm Employment.xls, column I.

California Non-farm Job GrowthSOURCE: CA Employment Development Division

Month-to-Month ChangesRecession Job Losses: 1.3 millionSince Jan10: +282,000

1111http://www.labormarketinfo.edd.ca.gov/?pageid=130; Total nonfarm, seasonally adjusted; subtracted current month with previous month.

DO NOT USE THE INSTRUCTIONS BELOW.http://data.bls.gov/cgi-bin/srgate

State and Area Employment, Hours, and Earnings1-Month Net ChangeSeries Id:SMS06000000000000001Seasonally AdjustedState:CaliforniaArea:StatewideIndustry:Total Nonfarm

Nonfarm EmploymentSan Diego County, December 2011: Up 2.2% YTY

SOURCE: CA Employment Development DivisionY-T-Y PERCENT CHANGE

12Sectoral Strengths:Professional and Business ServicesState and Local GovernmentRetail TradeLeisure and Hospitality

SOURCE: http://www.labormarketinfo.edd.ca.gov/?PAGEID=166

Unemployment RateSan Diego County, December 2011: 8.9%

SOURCE: CA Employment Development Division

13California not seasonally adjusted: 11.1% December 2011. Based on revised figures during EDDs 2010 rebenchmarking.

SOURCE: http://www.labormarketinfo.edd.ca.gov/?pageid=164

Where are Californias Jobs? Employment Trends: Construction & Financial Sectors Biggest LosersSOURCE: California Association of REALTORS

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CA New Housing Permits2011: 47,015 units, Up 5.0% from 2010

SOURCE: CBIA

Household Growth: 220,000-250,000/yr

15Red line represents approximate number of new households per year (estimated range: 220 to 250 thousand per year)

SOURCE: Federal Home Loan Mortgage CorporationClassic Liquidity Trap: Consumers DeleveragingLow Rates and Tight CreditFed easing through 2014

16Rate declines reflect continuing uncertainty and concerns about the US economy and political/economic concerns around the globe.SOURCE:Fed funds - Haver AnalyticsFRM: http://www.freddiemac.com/pmms/pmms30.htmARM: http://www.freddiemac.com/pmms/pmmsarm.htm

US Deficit Highest in Decades2010: 11% of GDP (Revenues Expenses)Source: US Treasury, BEA, compiled by C.A.R.Note: Positive = Surplus

Source for Deficit: http://www.treasurydirect.gov/govt/reports/pd/mspd/2010/2010_sep.htm17

Federal Issues Critical Concerns for the REALTOR PartyFuture of Fannie and Freddie? FHA?Tax Reform on the horizon Mortgage Interest Deduction?QRM (Qualified Residential Mortgage) 20% Down requirement -- Is the future of the 30 year mortgage in doubt?

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U.S. Economic Outlook

SOURCE: California Association of REALTORSForecast Date: January 2012

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California Economic Outlook

SOURCE: California Association of REALTORSForecast Date: January 2012

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California Housing Market

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Sales Hit Bottom 4 Years Ago Median Price 2011 = 2002 Lost Decade UNITS/MEDIAN PRICE $SOURCE: California Association of REALTORS

-61%-25%-44%

22 Peak to trough1980s: -61%1990s: -25%2000s: -47%

Sales of Existing Detached Homes and Pacific West Consumer ConfidenceCalifornia, December 2011 Sales: 520,940 Units, Up 1.1% YTD, Up 0.1% YTY

INDEXUNITSSOURCE: California Association of REALTORS; The Conference Board

*Sales are seasonally adjusted and annualized

2323 Raw sales have averaged a 7.5% mtm drop in Sept since 1982, this month raw sales volume decreased 4.9%

Sales numbers revised from April 2008 to May 2009Peak:624,957 units in 2005Valley:189,345 units in 1982

INDEX, 100 = 03/16/90Mortgage Loan Applications for PurchaseJanuary 20, 2012: 184.8

Source: Mortgage Bankers Association

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Source: Mortgage Bankers AssociationMortgage Applications/ Total Purchase Loans (Weekly % Chg.)

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Statewide Median Price Stalled

California, December 2011: $285,920, Down 6.2% YTYSOURCE: California Association of REALTORS

2626The yty% decline was the 11th in a rowNow up 17% from trough in Feb-09

Median Prices Bottomed Almost 3 Years AgoTrough vs. Current Price December 2011Southern California


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Housing Affordability: Historic HighsCalifornia Vs. U.S.

SOURCE: CALIFORNIA ASSOCIATION OF REALTORS% OF HOUSEHOLDS THAT CAN BUY

QTRLYMonthly

28Beginning in 2006 the housing affordability index will be reported on a quarterly basis rather than monthly The next quarterly index figure will be available in Aug. CAQ3/2011: 52%Q2/2011: 51%Q1/2011: 53%Q4/2010: 50%Q3/2010: 46%Q2/2010: 49%Q1/2010: 46%Q4/2009: 47%Q3/2009: 48%Q2/2009: 53% Q1/2009: 55%Q4/2008: 43%Q3/2008: 34%Q2/2008: 30%

USQ3/2011: 67%Q2/2011: 67%Q1/2011: 69% Q4/2010: 67%Q3/2010: 64%Q2/2010: 63%Q1/2010: 64%Q4/2009: 64%Q3/2009 62%Q2/2009: 64% Q1/2009: 64%Q4/2008: 58%Q3/2008: 51%Q2/2008: 51%

Low: Q2 and Q3 of 2007: 11%High: 2009.1: 55%

Unsold Inventory IndexCalifornia, December 2011: 4.2 Months

SOURCE: CALIFORNIA ASSOCIATION OF REALTORSMONTHS

29Please note that UII from 1990-1994 have been revised following an audit of our data. Range since 1988:Low: 1.3 months in April 2004High: 18.8 months in Feb 1991Long-run average: 7.2 months

Tight Supply of Inventory for REO Sales


Higher Price = Higher Inventory Unsold Inventory Index (Months of Supply)SOURCE: CALIFORNIA ASSOCIATION OF REALTORS

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Californias Million-Dollar Home Sales

Source: DataQuick Information SystemsYearNumber of Homes

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Market Breakdown: Equity v. Distressed Sales

Share of Distressed Sales to Total SalesSOURCE: California Association of REALTORS

SOURCE: California Association of REALTORSShare of Distressed Sales Climbed in December 2012 Following Seasonal Trend

3535

SOURCE: California Association of REALTORSREO & Short Sales: Southern California(Percent of Total Sales)

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Mortgage Foreclosure & Delinquency RatesCalifornia: Q3-2011

SOURCE: Mortgage Bankers Association

Delinquencies: Long Run Average: 4.4%Foreclosure Rate: Long Run Average: 1.2%

38 Foreclosure rate rising since the second half of 2005

Delinquency Rate, Low: 1.82% in Q1 2005, High: 11.34% in Q4 2009Foreclosure Rate, Low: 0.12% in Q4 1979, High: 5.77% in Q2 2009

ForeclosuresSan Diego County

SOURCE: Real Estate Research Council

39Foreclosures down 12.7% in 2010 from 2009.

CarlsbadPreforeclosure: 199 Auction: 212 Bank Owned: 66

Source: ForeclosureRadar.com as of 01/30/2012.

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Del MarPreforeclosure: 13 Auction: 20 Bank Owned: 7


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Rancho BernardoPreforeclosure: 87 Auction: 85 Bank Owned: 29


43Zip code - 92128

SacramentoPreforeclosure: 2,216 Auction: 1,905 Bank Owned: 1,560

Source: ForeclosureRadar.com as of 08/19/11

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Local Market Conditions

Carlsbad

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Sales of Residential HomesCarlsbad, December 2011: 112 Units Up 6.7% MTM, Down 3.4% YTY

SOURCE: Clarus Market Metrics

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Median Price of Residential HomesCarlsbad, December 2011: $502,500, Down 3.4% MTM, Down 15.2% YTYSOURCE: Clarus Market Metrics

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For Sale PropertiesCarlsbad, December 2011: 829 Units, Down 11.8% MTM, Down 9.1% YTYSOURCE: Clarus Market Metrics

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Months Supply of Inventory Carlsbad, December 2011: 5.7 MonthsSOURCE: Clarus Market Metrics

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Del Mar

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Sales of Residential HomesDel Mar, December 2011: 13 Units Up 18.2% MTM, Even 0% YTYSOURCE: Clarus Market Metrics

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Median Price of Residential HomesDel Mar, December 2011: $962,500 Up 23.4% MTM, Down 3.7% YTYSOURCE: Clarus Market Metrics

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For Sale PropertiesDel Mar, Dec. 2011: 182 Units Down 9.5% MTM, Down 29.2% YTYSOURCE: Clarus Market Metrics

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Months Supply of Inventory Del Mar, December 2011: 9.9 MonthsSOURCE: Clarus Market Metrics

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Rancho Bernardo

Zip code - 9212859

Sales of Residential HomesRancho Bernardo, December 2011: 64 Units Up 3.2% MTM, Even 0% YTY

SOURCE: Clarus Market Metrics

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Median Price of Residential HomesRancho Bernardo, Dec. 2011: $277,500 Down 21.3% MTM, Down 25.5% YTYSOURCE: Clarus Market Metrics

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For Sale PropertiesRancho Bernardo, Dec. 2011: 413 Units Down 7.01% MTM, Down 13.8% YTYSOURCE: Clarus Market Metrics

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Months Supply of Inventory Rancho Bernardo, December 2011: 7.0 MonthsSOURCE: Clarus Market Metrics

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2011 Annual Housing Market Survey

Equity vs. REO vs. Short SalesEquity SalesREO SalesShort SalesShare of Total Sales58.7%19.7%20.2%Median Home Price$431,000$240,000$287,000Square Footage1,7831,5001,600Price / SF$250$112$175Sales-to-List Price Ratio95.9%98.0%95.9%% of Sales With Multiple Offers35.2%58.3%57.5%Avg. Number of Offers3.03.03.6% of All Cash Sales25.5%34.0%23.3%Days on MLS6750141Days in Escrow353545

Proportion of Sellers Planning to RepurchaseQ. Is the seller planning on purchasing another home?

Reasons Sellers Not Planning to Buy Another HomeQ. Why is the seller not planning to purchase another home?

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Reasons For SellingAll Home Sellers

Q. What was the single most important reason for selling/buying the property?

68.

Investments & Second/Vacation Homes

Foreign Buyers

Q. Was the buyer a foreign buyer?

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California Housing Market Forecast

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Forecast Progress Report

Source: CALIFORNIA ASSOCIATION OF REALTORSForecast Date: September 2011 vs October 2010

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California Housing Market Outlook

Source: CALIFORNIA ASSOCIATION OF REALTORSForecast Date: September 2011

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Buyers in Todays Market: 2011 Survey of California Home Buyers

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Age

Q. What is your age?Median Age: 35

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Buyers Are Getting Younger

Buyers Are Highly Educated

Q. What is the highest level of education you have completed?

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Percentage of First-time Buyers Remains HighQ. Was this your first home purchase?

78First-time buyers remained at high levels, but decreased slightly from last year when many were persuaded by the first-time buyer tax credit.

The Buying ExperienceConsidered buying for over 4 months & investigated homes/neighborhoods for 2.5 months, on average, before contacting an agentViewed 12 homes in 8 weeks with agent76% didnt close escrow on time49% owned previous homeMotivated by price decreases & mortgage interest and property tax deductions80% found home through agent

Living Arrangement Before Purchase

Q. What was your living arrangement immediately before your recent home purchase?

51% of buyers did not own their previous home, they rented or lived with parents.80

Buyers Spend More Time Considering Purchases Before Contacting Agent

Q. How many weeks did you consider buying a home before contacting a real estate agent?

Buyers are doing more research before contacting an agent.81

Time Spent Less Time Investigating Options Before Contacting Agent

Q. How many weeks did you spend investigating homes and neighborhoods before contacting a real estate agent?

Buyers Viewed Fewer Homes With Agent

Q. About how many different homes did you preview and visit with him/her [agent] prior to your purchase?* Reflects only buyers who used an agent

What Got Buyers Off the Fence?

Q. What got you off the fence and motivated you to buy your home when you did?

84

How Buyers Found Home: 80% Agent- 2011 -

Q. How did you find the home your purcahsed?

The majority of buyers found the home they bought through an agent.85

How Buyers Found Home: 90% Agent- 2007 -

Q. How did you find the home your purcahsed?

The percentage of buyers who found their home on the internet nearly doubled in 4 years.86

Top 10 Websites Used

Real estate company websiteReal estate agent website

Q. Which websites did you use as part of your home buying process?

Realtor.com is still the leader in this field, with 93% of buyers using it. Zillow and Google are also widely used by 82% and 73%, respectively.87

Most Useful Websites

Real estate company websiteReal estate agent website

Q. What was the most useful website that you visited during your home buying process?

Quick Facts92% of buyers obtained financing, but 72% found it difficult

42% of buyers put 20% down

Over 84% obtained a 30-year, fixed rate loan

Q. For which of the following did you use the internet as a part of your home buying process?

Buyers Continue to HaveDifficulties Obtaining Financing

Q. Please rate how easy of difficult it was to obtain financing on a scale of 1 to 10, with 1 being very easy and 10 being very difficult. 2009: Mean = 8.1 Median = 92010: Mean = 8.5, Median = 92011: Mean = 8.0, Median = 9

Home buyers continued to experience considerable difficulty in obtaining financing for the homes they bought. On a scale of 1 to 10, with 1 being very easy to obtain financing and 10 being very difficult, home buyers reported an average level of difficulty of 8.5, compared to 8.1 in 2009. 90

Quick Facts About Homebuyers94% of buyers used an agent58% of buyers found their agent online56% of buyers interviewed at least 2 agents51% Googled their agent93% are receptive to receiving information via social media54% would work with same agent again80% would find agent ratings beneficial

Again, we see the importance of the internet, especially social media tools.91

# of Agents Interviewed

Q. How many agents did you interview prior to selecting the agent you used in your recent home purchase?

The majority of buyers interviewed more than 1 agent, demonstrating the importance of making yourself stand out among the competition.92

Why Buyers Chose their AgentMost responsive (28%)Worked with agent before (18%)First to respond (17%)Most aggressive (16%)Most knowledgeable (6%)Q. What was the single most important reason for selecting the agent that you used in your recent home purchase?

These are the qualities agents should market in their value propositions because it is what buyers are seeking.93

Agent Response Time Is Very Important- Rating on 1 to 5 Scale -

Q. Please rate the importance of the agents response time in the decision on your final selection on a scale of one to five, with five being extremely important and one being not at all important.

Agent response time is important to all buyers.94

Agents Need to Improve Response Time- Rating on 1 to 5 Scale -

Q. Did your real estate agent meet your expectations on response time? Please rate your agents response time on a scale of one to five, with five being agent exceedingly surpassed expectations and one being agent fell way below expectations.

Only about half of buyers surveyed felt that agents met their expectations on response time.95

Q. What was the typical response time you expected from your agent to return any form of communication to you?Over 1/3 of Buyers ExpectInstant Response from Agent- Up 50% in Recent Years -

96As market conditions worsened, buyers became more demanding of their agents, with 36% expecting an instant response time, compared to only about 10% in 2007.

Closing Thoughts

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Direction of Home Prices: Sellers Skeptical; Buyers Hopeful Q: Do you think home prices in your neighborhood will go up, down or stay flat in one year, five years and 10 years?

Real Estate: Its Time To Buy AgainSOURCE: Real estate: Its time to buy again Fortune Magazines 3/28/11 article written by Shawn TullyForget stocks. Don't bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.

8 in 10 Americans Agree Buying a Home is the Best Investment One Can Make

SOURCE: Pew Research Centers Home Sweet Home. Still. Five Years After the Bubble Burst

8 in 10 Renters Would Like to Buy in the Future

renters are hardly immune to the allure of homeownership, even in the face of the five-year decline in prices. Asked if they rent out of choice or because they cannot afford to buy a home, just 24% say they rent out of choice. SOURCE: Pew Research Centers Home Sweet Home. Still. Five Years After the Bubble Burst

2011 Books

102

2012 Books

103After starting off the year with a book that focused on Associations (Race for Relevance) and the state of the US in the rapidly evolving global economy (That Used to Be Us), we will next be looking closely at two industries, old (autos: Once Upon a Car) and new (high tech Biography of Steve Jobs) to see what we might learn abut our industry form their experiences.

Thank You

www.car.org.marketdata

[email protected]

Sheet120002001200220032004Current TargetThis Year - ProjectedUnemployment4.0%4.7%5.8%6.0%5.5%6%9.0%US GDP4.1%1.1%1.8%2.5%3.6%3% or higher1.8%Nonfarm Job Growth2.2%0.0%-1.1%-0.3%1.1%3%+ or 400K+/mo1.0%CPI3.4%2.8%1.6%2.3%2.7%2.5%3.2%

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Sheet1Industry2005Jul-11Year to DateMining and Logging23,60027,6004,000Construction905,300567,300-338,000Manufacturing1,502,6001,257,600-245,000Trade, Transportation & Utilities2,822,1002,641,500-180,600Information473,600455,400-18,200Financial Activities920,300755,800-164,500Professional & Business Services2,160,7002,136,200-24,500Educational & Health Services1,593,4001,837,000243,600Leisure & Hospitality1,475,2001,531,60056,400Other Services505,500484,500-21,000Government2,420,2002,380,200-40,000TOTAL14,802,50014,074,700-727,800

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Sheet1200020012002200320042005200620072008200920102011f2012fUS GDP4.1%1.1%1.8%2.5%3.6%3.1%2.7%2.0%0.0%-2.6%2.9%1.8%2.6%Nonfarm Job Growth2.2%0.0%-1.1%-0.3%1.1%1.7%1.8%1.1%-0.6%-4.4%-0.7%1.0%0.9%Unemployment4.0%4.7%5.8%6.0%5.5%5.1%4.6%4.6%5.8%9.3%9.6%9.0%8.9%CPI3.4%2.8%1.6%2.3%2.7%3.4%3.2%2.8%3.8%-0.4%1.6%3.2%2.3%Real Disposable Income, % Change5.1%2.4%3.3%2.5%3.4%1.3%4.0%2.2%0.5%0.9%1.4%1.7%1.5%

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Sheet12005200620072008200920102011f2012fNonfarm Job Growth1.8%1.7%0.8%-1.3%-6.0%-1.4%1.5%2.1%Unemployment Rate5.4%4.9%5.4%7.2%11.4%12.4%12.0%11.2%Population Growth1.2%1.1%1.1%1.2%1.1%0.9%0.9%0.9%Real Disposable Income, % Change1.3%3.4%1.5%0.1%-2.2%1.6%1.5%2.0%





Sheet1RegionTrough MonthTrough PriceDec-11 Median% Chg From TroughSan Bernardino CountyMay-09$120,410$128,4506.7%Ventura CoutyFeb-09$359,630$391,0608.7%Orange CountyJan-09$442,170$484,6309.6%San Diego CountyMar-09$326,830$359,93010.1%Palm Springs/Lower DesertApr-09$150,140$165,96010.5%Inland EmpireApr-09$150,860$172,43014.3%CALIFORNIAFeb-09$245,230$285,92016.6%Southern CaliforniaApr-09$246,063$286,95016.6%Los Angeles MetroApr-09$227,370$265,83016.9%Riverside CountyApr-09$171,480$203,65018.8%Los Angeles CountyMay-09$248,850$306,95023.3%

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Chart16.72.78.9

Unsold Inventory Index (Months)2011

Sheet12011Equity Sales6.7REO Sales2.7Short Sales8.9To resize chart data range, drag lower right corner of range.

Sheet1Price Range (Thousand)Dec-10Nov-11Dec-11$1,000K+8.29.68.3$750-1000K5.77.05.9$500-750K4.76.04.5$300-500K4.95.34.4$0-300K4.94.73.9

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Sheet3

Chart10.24613466330.22161263510.00540315880.5268495428

Dec-12Dec-11

Sheet1Dec-12REOs24.6%Short Sales22.2%Other Distressed Sales (Not Specified)0.5%Equity Sales52.7%To resize chart data range, drag lower right corner of range.

Sheet12010 Projected October 20102010 Actual2011 Forecast October 20102011 ProjectedSFH Resales (000s)492.0491.5502.0491.1% Change-10.0%-10.1%2.0%-0.1%Median Price ($000s)$306.5$303.1$312.5$291.0% Change11.5%10.2%2.0%-4.0%





Sheet1200020012002200320042005200620072008200920102011f2012fSFH Resales (000s)535.5504.0572.6601.8624.7625.0477.5346.9441.8546.9491.5491.1496.2% Change-0.4%-5.9%13.6%5.1%3.8%0.03%-23.6%-27.3%27.3%23.8%-10.1%-0.1%1.0%Median Price ($000s)$241.4$262.4$316.1$371.5$450.8$522.7$556.4$560.3$348.5$275.0$303.1$291.0$296.0% Change7.4%8.7%20.5%17.5%21.3%16.0%6.5%0.7%-37.8%-21.1%10.2%-4.0%1.7%30-Yr FRM8.10%7.0%6.5%5.8%5.8%5.9%6.4%6.3%6.0%5.1%4.7%4.5%4.7%1-Yr ARM7.00%5.8%4.6%3.8%3.9%4.5%5.5%5.6%5.2%4.7%3.5%3.0%3.1%





Chart10.430.390.130.05

Age Range

Sheet1Age Range25-3443%35-4439%45-5413%55-645%To resize chart data range, drag lower right corner of range.

Chart141394039383737363635

Average AgeMedian AgeAge

Sheet1Average AgeMedian Age2007413920084039200938372010373620113635To resize chart data range, drag lower right corner of range.

Chart10.070.20.140.470.12

Education

Sheet1EducationHigh school7%Some college20%Vocation/technical school14%College graduate47%Post graduate12%To resize chart data range, drag lower right corner of range.

Chart1200220020.08200320030.07200420040.15200520050.25200620060.25200720070.19200820080.19200920090.38201020100.46201120110.43

Internet BuyersTraditional BuyersAll Buyers43%

Sheet12002200320042005200620072008200920102011Internet Buyers11%10%23%32%41%0.310.220.420.490.45Traditional Buyers6%4%7%18%9%0.060.070.180.210.27All Buyers8%7%15%25%25%0.190.190.380.460.43

Chart10.490.480.03

Situation

Sheet1SituationOwned49%Rented48%Lived with parents3%To resize chart data range, drag lower right corner of range.

Chart15.67.158.48.616.6

Series 1Average Weeks

Sheet1Series 120075.620087.220098.420108.6201116.6

Chart15.416.156.66.86.16

Series 1Average Weeks

Sheet1Series 120075.420086.220096.620106.820116.2

Chart11514141512

MedianMedian Number of Homes

Sheet1Median200715200814200914201015201112

Chart10.190.250.320.430.82

Believed interest rates can't get any lowerCould afford not to rentCould afford desired home typeCould afford desired locationBelieve prices can't get any lower

Sheet1Believed interest rates can't get any lowerCould afford not to rentCould afford desired home typeCould afford desired locationBelieve prices can't get any lowerCategory 119%25%32%43%82%To resize chart data range, drag lower right corner of range.

Chart10.80.130.040.03

Source

Sheet1SourceAgent80%Website13%For sale sign4%Open house3%To resize chart data range, drag lower right corner of range.

Chart10.890.0760.0080.018

Source

Sheet1SourceAgent89%Website8%For sale sign1%Open house2%To resize chart data range, drag lower right corner of range.

Chart10.01000.01000.03000.030.030.050.070.060.080.070.070.090.070.050.090.110.120.10.330.370.310.260.30.27

201120102009

Sheet120112010200911%0%0%21%0%0%33%0%0%43%3%5%57%6%8%67%7%9%77%5%9%811%12%10%933%37%31%1026%30%27%

Chart10.450.360.120.08

Agents819%

Sheet1Agents145%236%312%48%

Chart10.040.390.57

Rating

Sheet1Rating3 - Somewhat important4%4 - Important39%5 - Extremely important57%To resize chart data range, drag lower right corner of range.

Chart10.090.390.380.090.05

Rating

Sheet1Rating1 - Fell way below expectations9%2 - Didnt meet expectations39%3 - Somewhat met expectations38%4 - Met expectations9%5 - Exceedingly surpassed expectations5%

Chart1200320030.17200420040.132200520050.11200620060.104200720070.102200820080.238200920090.347201020100.375201120110.37

Internet BuyersTraditional BuyersAll Buyers36%

Sheet1200320042005200620072008200920102011Internet Buyers31.70%24.70%21.00%22.70%22.40%31.00%36.40%38.50%0.36Traditional Buyers2.30%1.70%2.00%0.00%0.00%0.00%26.10%31.10%0.44All Buyers17.00%13.20%11.00%10.40%10.20%23.80%34.70%37.50%0.37

Leslie Appleton Young 2012 Forecast

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Transcript of Leslie Appleton Young 2012 Forecast