Market Dynamics

Prepared For

Shenandoah Est Aug 11vs12, Baker Louisiana 70817

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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09/16/2012

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Aug-11 vs. Aug-12: The median sold price is up 3%

Aug-11 vs. Aug-12

Aug-11 230,000
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 238,000
All Construction Type:

Change 8,000
All Bedrooms: All

% +3%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Aug-11 vs. Aug-12: The median sold price is up 3%

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

Median Price 238,000 196,750 189,900 205,100 174,800 140,000 222,000 163,000 158,000 197,750 209,500 205,250 230,000

# Units 3 12 9 9 4 3 5 3 1 2 6 4 2

Average DOM 13 66 48 45 72 103 102 158 14 62 44 60 206

Clarus MarketMetrics

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09/16/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Aug-11 vs. Aug-12: The median price of for sale properties is down 2% and the median price of sold properties is up 3%

Aug-11 vs. Aug-12

Aug-11 202,450
MLS: GBRAR Property Types: Subdivision:

Aug-11 vs. Aug-12

% -2%
All Construction Type: All Bedrooms:

Aug-12 198,500
Period: 1 year (monthly)

Change -3,950
Price:

Aug-11 230,000
All

Aug-12 238,000
Bathrooms: All

Change 8,000
Lot Size: All Sq Ft: All

% +3%

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

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09/16/2012

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Aug-11 vs. Aug-12: The median price of for sale properties is down 2% and the median price of sold properties is up 3%
For Sale Median 198,500 204,900 200,000 195,500 199,900 198,750 190,000 198,500 194,200 198,500 194,200 199,500 202,450 # Properties For Sale 35 41 44 43 39 28 23 19 22 23 28 32 34 Sold Median 238,000 196,750 189,900 205,100 174,800 140,000 222,000 163,000 158,000 197,750 209,500 205,250 230,000 # Properties Sold 3 12 9 9 4 3 5 3 1 2 6 4 2 Price Difference 39,500 -8,150 -10,100 9,600 -25,100 -58,750 32,000 -35,500 -36,200 -750 15,300 5,750 27,550

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Aug-11 vs. Aug-12: The number of Sold properties is up 50%

Aug-11 vs. Aug-12

Aug-11 2
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 3
All Construction Type:

Change 1
All Bedrooms: All

% +50%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

6 of 21

William Cobb

Accurate Valuations Group

Sold Properties by Month

Aug-11 vs. Aug-12: The number of Sold properties is up 50%

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

# Properties 3 12 9 9 4 3 5 3 1 2 6 4 2

Median Price 238,000 196,750 189,900 205,100 174,800 140,000 222,000 163,000 158,000 197,750 209,500 205,250 230,000

Average DOM 13 66 48 45 72 103 102 158 14 62 44 60 206

Clarus MarketMetrics

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09/16/2012

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William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Aug-11 vs. Aug-12: The number of Under Contract properties is down 40%

Aug-11 vs. Aug-12

Aug-11 5
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 3
All Construction Type:

Change -2
All Bedrooms: All

% -40%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

8 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Aug-11 vs. Aug-12: The number of Under Contract properties is down 40%

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

# Properties 3 6 9 12 5 6 3 4 4 0 3 5 5

Median Price 204,900 239,400 198,500 194,450 235,000 173,500 180,000 202,006 171,450 185,900 209,900 189,000

Average DOM 56 15 59 57 26 64 118 122 147 28 42 64

Clarus MarketMetrics

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09/16/2012

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William Cobb

Accurate Valuations Group

New Properties by Month

Aug-11 vs. Aug-12: The number of New properties is down 75%

Aug-11 vs. Aug-12

Aug-11 12
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 3
All Construction Type:

Change -9
All Bedrooms: All

% -75%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

10 of 21

William Cobb

Accurate Valuations Group

New Properties by Month

Aug-11 vs. Aug-12: The number of New properties is down 75%

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

# Properties 3 9 13 11 17 10 8 4 2 2 4 7 12

Median Price 169,500 218,500 212,000 219,900 174,900 199,950 179,400 212,450 148,700 207,000 194,900 175,000 199,500

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Aug-11 vs. Aug-12: The number of For Sale properties is up 3%

Aug-11 vs. Aug-12

Aug-11 34
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 35
All Construction Type:

Change 1
All Bedrooms: All

% +3%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

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William Cobb

Accurate Valuations Group

For Sale Properties by Month

Aug-11 vs. Aug-12: The number of For Sale properties is up 3%

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

# Properties 35 41 44 43 39 28 23 19 22 23 28 32 34

Median Price 198,500 204,900 200,000 195,500 199,900 198,750 190,000 198,500 194,200 198,500 194,200 199,500 202,450

Average DOM 112 90 87 84 75 90 108 133 129 114 89 85 83

Clarus MarketMetrics

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09/16/2012

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Aug-11 vs. Aug-12: The number of Expired properties has not changed

Aug-11 vs. Aug-12

Aug-11 4
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 4
All Construction Type:

Change 0
All Bedrooms: All

% 0%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

14 of 21

William Cobb

Accurate Valuations Group

Expired Properties by Month

Aug-11 vs. Aug-12: The number of Expired properties has not changed

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

# Properties 4 3 2 1 2 0 2 0 3 3 4 3 4

Median Price 161,450 235,000 211,950 185,000 227,400 194,250 215,500 200,000 195,000 269,900 225,900

Average DOM 184 214 302 48 106 120 71 124 106 301 126

Clarus MarketMetrics

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09/16/2012

15 of 21

William Cobb

Accurate Valuations Group

Supply & Demand by Month

Aug-11 vs. Aug-12: The number of for sale properties is up 3% and the number of sold properties is up 50%

Aug-11 vs. Aug-12

Aug-11 34
MLS: GBRAR Property Types: Subdivision:

Aug-11 vs. Aug-12

% +3%
All Construction Type: All Bedrooms:

Aug-12 35
Period: 1 year (monthly)

Change 1
Price:

Aug-11 2
All

Aug-12 3
Bathrooms: All

Change 1
Lot Size: All Sq Ft: All

% +50%

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

16 of 21

William Cobb

Accurate Valuations Group

Supply & Demand by Month

Aug-11 vs. Aug-12: The number of for sale properties is up 3% and the number of sold properties is up 50%
# Properties For Sale 35 41 44 43 39 28 23 19 22 23 28 32 34 Average DOM For Sale 112 90 87 84 75 90 108 133 129 114 89 85 83 # Properties Sold 3 12 9 9 4 3 5 3 1 2 6 4 2 Average DOM Sold 13 66 48 45 72 103 102 158 14 62 44 60 206

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

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Aug-11 vs. Aug-12: The average days on market is down 13%

Aug-11 vs. Aug-12

Aug-11 64
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 56
All Construction Type:

Change -8
All Bedrooms: All

% -13%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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09/16/2012

18 of 21

William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Aug-11 vs. Aug-12: The average days on market is down 13%

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

Average DOM 56 15 59 57 26 64 118 122 147 28 42 64

# UC Units 3 6 9 12 5 6 3 4 4 0 3 5 5

Clarus MarketMetrics

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Aug-11 vs. Aug-12: The average months supply of inventory is up 87%

Aug-11 vs. Aug-12

Aug-11 5.0
MLS: GBRAR Property Types: Subdivision: Period: 1 year (monthly) Price:

Aug-12 9.3
All Construction Type:

Change 4.3
All Bedrooms: All

% +87%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Preconstruction DSF) Shenandoah Estates

Clarus MarketMetrics

1 of 2
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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Aug-11 vs. Aug-12: The average months supply of inventory is up 87%
# Units For Sale Last Day of Month 28 32 33 31 32 22 18 15 15 20 21 24 25 # UC Units During Month 3 6 9 12 5 6 3 4 4 0 3 5 5 7.0 4.8 5.0 28 42 64 UC Average DOM 56 15 59 57 26 64 118 122 147

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

MSI 9.3 5.3 3.7 2.6 6.4 3.7 6.0 3.8 3.8

Clarus MarketMetrics

2 of 2
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