Looking Back Looking Ahead

2105 - 2016

How’s The Market - ‘15?• Homes Available for Sale - Historically Low

How’s The Market - ‘15?

0

7,500

15,000

22,500

30,000

'05 '06 '07 '08 '09 '10 '11 '12 '13 ‘14 ‘15 '16

How’s The Market - ‘15?• Homes Available for Sale - Historically Low

• Interest Rates Rose but Remained Low

How’s The Market - ‘15?

3.4%

3.575%

3.75%

3.925%

4.1%

Feb. 5, 2015 April 23, 2015 July 9, 2015 Sept. 24, 2015 Dec. 10, 2015

How’s The Market - ‘15?• Homes Available for Sale - Historically Low

• Interest Rates Rose but Remained Low

• Avg Sale Price - Up 11%

How’s The Market - ‘15?

$320,000

$335,000

$350,000

$365,000

$380,000

2015 Avg Sale Price

HOW’S THE MARKET - ‘16?• More of the same • Homes for Sale to Remain Low • Interest Rates to Rise but Remain Low

Quarter Fannie Mae

Freddie Mac MBA NAR Average

of all four

2016 1Q 4.0% 4.1% 4.2% 4.1% 4.10%

2016 2Q 4.0% 4.3% 4.4% 4.3% 4.25%

2016 3Q 4.1% 4.5% 4.6% 4.6% 4.45%

2016 4Q 4.1% 4.7% 4.8% 4.9% 4.63%

Mortgage Rate Projections

1/2016

HOW’S THE MARKET - ‘16?• More of the same • Homes for Sale to Remain Low • Interest Rates to Rise but Remain Low • Prices to Rise but not as Fast as ’15

CoreLogic 12/2015

Forecasted Year-Over-Year % Change in Price by State

HOW’S THE MARKET - ‘16?• More of the same • Homes for Sale to Remain Low • Interest Rates to Rise but Remain Low • Prices to Rise but not as Fast as ’15 • Wild Cards: Election, World Economies • Transactions will Take Longer