MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

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1 Market Area (City, State): Charlotte, NC MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2011 Provided by (Company / Companies): CottinghamChalkHayes, Allen Tate, CB United, Dickens Mitchener, H & M Properties, Rawson Realty What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family (detached) Condominiums / Townhomes (attached) **Sales Price (current) Choose one: Average Median $ 156,000 $ 130,000 **Sales Price (same time prior year) Choose one: Average Median $ 159,075 $ 134,700 Average Days on Market list to contract (current) Absorption Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) Active Listings Closed ( total last 3 months) # 151 Increase Decreasing Stable # 162 Increase Decreasing Stable # 8.4 months # 8.9 months # n/a # n/a # 13,434 # 2040 # 4778 # 686 Expired Listings ( total last 3 months if available) # 2842 # 1910 in Home Values % -1.9 % -3.5 Sold LP/SP Ratio (last 3 months) REAL ESTATE MARKET DATA Increase in past 3 months Stable Decreasing in past 3 months % 90.0 % 89.8 Increase in past 3 months Stable Decreasing in past 3 months **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values GENERAL ECONOMY How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 9.9% Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) 2 HQ announcement - Electrolux in 2010 and Chiquita in 2012 creating several hundred job. RENTAL INFORMATION Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent est Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent est Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent est. 950

2 Annual Report on the FOR RESIDENTIAL REAL ESTATE ACTIVITY FROM THE CAROLINA MULTIPLE LISTING SERVICES, INC.

3 from 2010: % + 3.3% + 2.5% New Listings Pending Sales Closed Sales Annual Market Activity 72,362 67,786 57,147 56,365 45,582 38,667 40,276 26,913 28,032 22,854 22,469 23,212 22,852 22,393 22, % % - 1.4% % % % - 1.7% + 3.3% % % - 2.0% + 2.5% New Listings Pending Sales Closed Sales $152, % $200, % Median Sales Price in 2011 from 2010 Average Sales Price in 2011 from 2010 Median Sales Price Average Sales Price $171,192 $165,000 $155,000 $155,000 $152,500 $231,153 $220,692 $201,075 $207,709 $200, % - 6.1% 0.0% - 1.6% - 4.5% - 8.9% + 3.3% - 3.5% Current as of January 5, All data from Carolina Multiple Listing Services, Inc. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. 2

4 % 89.4% - 0.6% List to Close in 2011 from 2010 Pct. of Orig. Price Received in 2011 from 2010 List to Close Pct. of Orig. Price Received % 93.0% 90.3% 90.0% 89.4% % + 9.0% + 0.9% - 2.8% - 0.4% + 5.4% - 0.6% - 3.0% % 17, % Months Supply in 2011 from 2010 Homes for Sale in 2011 from 2010 Months Supply of Inventory At the end of each year. Inventory of Homes for Sale At the end of each year ,905 25,658 24,437 23, , % % - 3.0% % + 7.3% - 4.8% - 4.6% % Current as of January 5, All data from Carolina Multiple Listing Services, Inc. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. 3

5 Area Overviews New Listings Closed Sales Cabarrus County 4,116 3, % 1,715 1, % Gaston County 3,777 3, % 1,691 1, % Iredell County 3,861 3, % 1,523 1, % Lincoln County 1,638 1, % % Mecklenburg County 26,460 20, % 10,339 10, % Union County 5,389 4, % 2,090 2, % York County, SC* 4,231 3, % 1,694 1, % Uptown/Area % % Lake Wylie/Area 15 1, % % Lake Norman/Area 13 3,140 2, % 1,077 1, % Mecklenburg - (N) Area 01 4,457 3, % 1,846 1, % Mecklenburg - (E) Area 02 3,305 2, % 1,268 1, % Mecklenburg - (SE) Area 03 1,980 1, % % Mecklenburg - (SSE) Area 04 2,723 2, % 904 1, % Mecklenburg - (S) Area 05 4,744 3, % 1,920 1, % Mecklenburg - (SSW) Area 06 2,018 1, % % Mecklenburg - (SW) Area 07 1,758 1, % % Mecklenburg - (W) Area 08 1, % % Mecklenburg - (NW) Area 09 2,067 1, % % 10-county CMLS service area** 46,488 37, % 18,419 18, % Charlotte-Gastonia-Rock Hill, MSA*** 44,156 35, % 17,599 18, % Entire MLS 56,365 45, % 22,393 22, % Median Sales Price Homes for Sale Cabarrus County $150,000 $151, % 1,731 1, % Gaston County $111,000 $105, % 1,600 1, % Iredell County $161,448 $165, % 1,789 1, % Lincoln County $151,500 $140, % % Mecklenburg County $160,000 $156, % 9,839 6, % Union County $195,000 $185, % 2,148 1, % York County, SC* $180,000 $179, % 1,802 1, % Uptown/Area 99 $219,000 $200, % % Lake Wylie/Area 15 $308,731 $273, % % Lake Norman/Area 13 $325,000 $320, % 1,405 1, % Mecklenburg - (N) Area 01 $152,869 $146, % 1,672 1, % Mecklenburg - (E) Area 02 $110,000 $95, % 1, % Mecklenburg - (SE) Area 03 $120,000 $106, % % Mecklenburg - (SSE) Area 04 $240,000 $250, % % Mecklenburg - (S) Area 05 $275,866 $270, % 1,733 1, % Mecklenburg - (SSW) Area 06 $176,000 $180, % % Mecklenburg - (SW) Area 07 $140,000 $130, % % Mecklenburg - (W) Area 08 $75,000 $54, % % Mecklenburg - (NW) Area 09 $129,900 $128, % % 10-county CMLS service area** $155,000 $152, % 18,678 13, % Charlotte-Gastonia-Rock Hill, MSA*** $158,919 $155, % 17,254 12, % Entire MLS $155,000 $152, % 23,316 17, % * Data for York County, S.C. may be incomplete as this area is primarily part of the Piedmont Regional Association of REALTORS and not of the CMLS service area. ** The 10-county CMLS service area includes Alexander, Anson, Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Montgomery, Union and Stanly counties. *** The Charlotte-Gastonia-Rock Hill Metropolitan Statistical Area (MSA) includes the following counties: Anson, Cabarrus, Gaston, Mecklenburg, Union and York, S.C. Current as of January 5, All data from Carolina Multiple Listing Services, Inc. Report provided by the Charlotte Regional REALTOR Association. Powered by 10K Research and Marketing. 4