Price Range AnalysisJanuary 4, 2011Dwelling Type Single Family DetachedSingle Family DetachedSingle Family Detached REO Real Estate Owned = Lender Owned PropertyReal Estate Owned = Lender Owned PropertyReal Estate Owned = Lender Owned PropertyReal Estate Owned = Lender Owned PropertyReal Estate Owned = Lender Owned PropertyData Source ARMLS Pre-F/C Pre-foreclosure and Short SalesPre-foreclosure and Short SalesPre-foreclosure and Short SalesArea Covered Greater PhoenixGreater Phoenix $/SF Average Price per Square FootAverage Price per Square FootAverage Price per Square Foot

Sales Sales Days on Days on Active Pending Monthly Avg ListingJanuary 1, 2011 Active Pending per per Market Market Days Months Listings Listings Sales Sq Ft Success Contract

Listings Listings Month Year Actives Sales Inventory Supply $/SF $/SF $/SF Sales Rate RatioUnder $25K 171 96 93 740 91 53 84 1.8 $18.97 $18.90 $19.20 1,036 70.9% 86.7$25K-$50K 1,776 561 538 4,657 102 78 139 3.3 $31.71 $29.46 $28.56 1,294 76.5% 53.4$50K-$75K 3,749 1,008 840 7,453 120 96 184 4.5 $44.03 $42.74 $41.66 1,466 70.1% 51.3

$75K-$100K 5,494 1,354 1,135 11,435 126 105 175 4.8 $52.21 $50.45 $49.04 1,703 69.4% 46.1$100K-$125K 3,962 941 953 9,903 123 110 146 4.2 $61.58 $60.09 $58.44 1,843 68.8% 44.7$125K-$150K 3,480 872 845 9,620 136 108 132 4.1 $71.69 $67.72 $67.00 1,980 67.8% 49.4$150K-$175K 2,412 550 551 6,491 134 109 136 4.4 $79.37 $76.03 $73.84 2,132 65.6% 48.5$175K-$200K 2,252 426 409 5,100 145 107 161 5.5 $88.64 $82.22 $83.31 2,184 61.3% 38.2

$200K-$225K 1,255 237 230 3,059 142 127 150 5.5 $95.01 $87.19 $88.38 2,342 58.9% 38.1$225K-$250K 1,399 285 269 3,252 149 106 157 5.2 $100.77 $92.60 $91.14 2,522 55.8% 38.7$250K-$275K 830 201 169 2,079 151 120 146 4.9 $106.97 $94.13 $95.36 2,673 53.8% 41.0$275K-$300K 979 183 196 2,118 156 117 169 5.0 $112.68 $105.03 $101.52 2,734 51.2% 37.7

$300K-$350K 1,106 187 204 2,466 166 134 164 5.4 $121.21 $108.61 $109.82 2,861 50.1% 33.2$350K-$400K 988 172 167 1,935 175 135 186 5.9 $135.03 $117.97 $120.70 2,985 47.0% 30.5

$400K-$500K 1,055 180 149 1,937 173 128 199 7.1 $147.70 $137.02 $129.30 3,320 44.5% 28.0$500K-$600K 691 97 80 1,022 189 139 247 8.6 $167.05 $148.28 $142.92 3,705 40.9% 25.9$600K-$800K 879 80 83 963 235 180 333 10.6 $194.59 $171.89 $166.32 3,956 38.2% 18.1

$800K-$1M 540 42 34 441 244 227 447 15.9 $223.65 $195.90 $180.24 4,716 35.3% 13.2$1M-$1.5M 559 35 46 448 272 213 455 12.2 $274.96 $242.82 $214.21 5,261 34.3% 11.0$1.5M-$2M 337 19 10 189 316 258 651 33.7 $315.09 $289.78 $276.03 5,615 31.0% 9.2$2M-$3M 312 15 14 157 372 530 725 22.3 $399.50 $356.29 $308.98 7,214 27.2% 6.5Over $3M 224 6 11 76 382 409 1,076 20.4 $618.84 $506.17 $415.24 9,627 22.6% 4.1

Copyright 2011 Cromford Associates LLCCromford Associates LLCCromford Associates LLCActive Active Active Active Active Active Monthly Monthly Monthly Sales Sales Sales Sales Market

January 1, 2011 Listings Listings Listings $/SF $/SF $/SF Sales Sales Sales $/SF $/SF $/SF % DistressREO Pre-F/C Normal REO Pre-F/C Normal REO Pre-F/C Normal REO Pre-F/C Normal REO Index

Under $25K 84 61 26 $18.81 $18.58 $20.78 71 10 12 $18.91 $22.30 $18.59 76.3% 85.9$25K-$50K 650 903 223 $31.42 $31.16 $35.05 408 100 30 $28.39 $29.50 $27.84 75.8% 90.9$50K-$75K 1,254 2,042 453 $44.06 $42.94 $49.53 591 172 77 $41.21 $41.51 $45.72 70.4% 89.4

$75K-$100K 1,620 2,942 932 $51.52 $50.55 $59.65 704 231 200 $47.26 $50.18 $54.62 62.0% 82.7$100K-$125K 1,096 1,915 951 $59.85 $59.17 $69.45 526 198 229 $55.29 $59.63 $65.50 55.2% 76.0$125K-$150K 701 1,610 1,169 $67.29 $67.63 $81.53 390 183 272 $63.45 $66.20 $73.38 46.2% 67.1$150K-$175K 471 1,058 883 $76.41 $72.70 $91.16 233 119 199 $66.73 $74.59 $83.50 42.3% 63.6$175K-$200K 366 857 1,029 $80.97 $81.00 $99.78 149 101 159 $78.38 $79.52 $91.42 36.4% 57.7

$200K-$225K 198 457 600 $85.60 $85.84 $107.57 88 41 101 $80.17 $86.51 $98.05 38.3% 54.1$225K-$250K 176 433 790 $89.78 $88.21 $112.58 89 61 119 $83.39 $85.95 $101.48 33.1% 49.6$250K-$275K 88 253 489 $92.81 $95.45 $117.52 49 42 78 $87.58 $84.97 $108.84 29.0% 47.5$275K-$300K 94 287 598 $98.15 $99.30 $123.48 47 40 109 $94.50 $91.56 $109.50 24.0% 41.7

$300K-$350K 95 316 695 $104.90 $105.57 $132.88 45 66 93 $102.98 $98.36 $124.16 22.1% 45.8$350K-$400K 47 239 702 $108.96 $118.16 $144.26 25 37 105 $109.81 $109.51 $128.24 15.0% 33.0

$400K-$500K 72 226 757 $119.08 $132.33 $156.55 26 33 90 $113.02 $112.25 $143.11 17.4% 33.9$500K-$600K 43 139 509 $138.89 $143.10 $178.06 23 18 39 $137.46 $126.72 $155.62 28.8% 38.8$600K-$800K 30 165 684 $152.38 $170.64 $203.95 15 18 50 $146.19 $158.26 $177.14 18.1% 31.0

$800K-$1M 30 80 430 $180.09 $192.55 $234.59 6 7 21 $149.42 $158.60 $201.48 17.6% 29.3$1M-$1.5M 14 67 478 $207.73 $232.59 $284.69 7 11 28 $177.93 $202.98 $229.94 15.2% 26.8$1.5M-$2M 16 41 280 $248.77 $266.30 $328.57 3 2 5 $265.10 $225.26 $309.35 30.0% 33.5$2M-$3M 6 18 288 $287.61 $342.86 $406.87 5 2 7 $254.58 $349.41 $349.11 35.7% 28.8Over $3M 9 12 203 $397.15 $561.13 $634.29 4 1 6 $352.85 $335.14 $479.67 36.4% 27.4

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