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

Market Area (City, State):Albany, NY MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q :2011 Provided by (Company / Companies):Coldwell Banker Prime Properties What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) * REAL ESTATE MARKET DATA Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family (detached) **Sales Price (current) Choose one: Average Median $200,900 $200,293 **Sales Price (same time prior year) Choose one: Average Median $205,000 $227,632 Average Days on Market list to contract (current) #90 Increase Decreasing Stable Absorption Months of Inventory (last 6 months) Number of active listings divided by the average # of sales per month (for the last 6 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) Active Listings Closed ( total last 6 months) #12 #12 #10.5 #8.1 #7014 #592 #3148 #335 Expired Listings ( total last 6 months) #1775 #193 Changes in Home Values %-1 %+1.6 Condominiums / Townhome (attached) #96 Increase Decreasing Stabl Increase in past 6months Increase in past6months Stable Decreasing in past months Stable Decreasing in past Active LP/SP Ratio % 96 %96 **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 months 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/Townhome) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate:% %12.7Average 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.) * RENTAL INFORMATION Housing Availability: Shortage Oversupply Balanced Average Rent 1500 Apartment Availability: Shortage Oversupply Balanced Average Rent 1000

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Albany County + / + / 335 301-10.1% 3,274 3,090-5.6% 128 175 + 36.7% 1,514 1,420-6.2% Median Sales Price* $232,000 $194,999-15.9% $201,390 $195,000-3.2% Percent of Original List Price Received* 93.4% 92.5% - 1.0% 93.7% 93.0% - 0.7% Days on Market Until Sale 62 85 + 37.4% 72 80 + 11.0% Inventory of Homes for Sale 1,749 1,694-3.1% -- -- -- Months Supply of Inventory 10.2 10.6 + 4.3% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 10.1% + 36.7% - 15.9% Median Sales Price 335 301 3,274 3,090 128 175 1,514 1,420-10.1% + 36.7% -5.6% -6.2% Median Sales Price from Prior (6-Month Average)** + 10% + 8% All MLS Albany County b a + 6% + 4% + 2% 0% -2% -4% -6% -8% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS City of Saratoga Springs + / + / 37 54 + 45.9% 587 573-2.4% 19 18-5.3% 233 206-11.6% Median Sales Price* $334,212 $344,713 + 3.1% $310,000 $331,500 + 6.9% Percent of Original List Price Received* 94.3% 95.3% + 1.1% 94.0% 92.0% - 2.1% Days on Market Until Sale 103 91-12.3% 101 124 + 22.4% Inventory of Homes for Sale 405 385-4.9% -- -- -- Months Supply of Inventory 15.6 16.4 + 5.5% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. + 45.9% - 5.3% + 3.1% Median Sales Price 54 587 573 37 19 18 233 206 + 45.9% -5.3% -2.4% - 11.6% Median Sales Price from Prior (6-Month Average)** + 25% All MLS City of Saratoga Springs b a + 20% + 15% + 10% + 5% 0% -5% - 10% - 15% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS City of Schenectady + / + / 80 49-38.8% 648 594-8.3% 17 23 + 35.3% 230 196-14.8% Median Sales Price* $108,000 $106,000-1.9% $115,000 $100,000-13.0% Percent of Original List Price Received* 90.9% 84.7% - 6.8% 91.4% 87.4% - 4.4% Days on Market Until Sale 57 135 + 135.3% 81 104 + 28.4% Inventory of Homes for Sale 379 378-0.3% -- -- -- Months Supply of Inventory 13.3 16.7 + 25.0% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 38.8% + 35.3% - 1.9% Median Sales Price 80 648 594 49 17 23 230 196-38.8% + 35.3% -8.3% - 14.8% Median Sales Price from Prior (6-Month Average)** + 20% + 15% All MLS City of Schenectady b a + 10% + 5% 0% -5% - 10% - 15% - 20% - 25% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Housing Supply Overview A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Q3 2011 Quick Facts It's no secret that certain market segments tend to outperform others based on a number of factors. For the 12-month period spanning October 2010 through 2011, Pending Sales in the capital region were down 6.7 percent from the same period a year prior. However, the price range with the largest gain in sales was the $120,000 and under range, where they increased 42.0 percent. - 0.6% - 1.8% - 6.7% Price Range With the Strongest Sales: Property Type With Strongest Sales: $400,001 and Above Townhomes Construction Status With Strongest Sales: Previously Owned The overall Median Sales Price was up 1.6 percent to $188,000. But the property type with the largest price gain was the Single-Family segment, where prices increased 2.2 percent to $189,000. The price range that tended to sell the quickest was the $225,001 to $400,000 range at 92 days; the price range that tended to sell the slowest was the $400,001 and Above range at 119 days. Market-wide, inventory levels were down 2.1 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 4.1 percent. That amounts to 14.9 months supply for Single- Family homes and 13.1 months supply for Townhouse-Condos. Pending Sales 2 Days on Market Until Sale 3 Median Sales Price 4 Percent of Original List Price Received 5 Inventory of Homes for Sale 6 Months Supply of Inventory 7 Click on desired metric to jump to that page. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing. 1

Pending Sales A count of properties on which offers have been accepted. Based on a rolling 12-month total. By Price Range By Property Type By Construction Status 2,566 2,486 7,100 6,674 7,070 6,593 1,392 1,211 1,713 1,573 1,558 1,407 631 627 434 426 315 223 718 661-13.0% $125,000 and Below - 8.2% - 9.7% - 3.1% - 0.6% - 6.0% - 1.8% - 29.2% - 6.7% - 7.9% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 1,392 1,211-13.0% 1,382 1,205-12.8% 9 6-33.3% $125,001 - $175,000 1,713 1,573-8.2% 1,672 1,532-8.4% 40 30-25.0% $175,001 - $225,000 1,558 1,407-9.7% 1,463 1,336-8.7% 87 63-27.6% $225,001 - $400,000 2,566 2,486-3.1% 2,123 2,042-3.8% 397 402 + 1.3% $400,001 and Above 631 627-0.6% 430 450 + 4.7% 185 159-14.1% All Price Ranges 7,860 7,333-6.7% 7,070 6,593-6.7% 718 661-7.9% By Property Type Change Change Change Single-Family Detached 7,100 6,674-6.0% 6,488 6,105-5.9% 563 519-7.8% Townhomes 434 426-1.8% 378 347-8.2% 42 69 + 64.3% Condominiums and Other 315 223-29.2% 196 131-33.2% 111 73-34.2% All Property Types 7,860 7,333-6.7% 7,070 6,593-6.7% 718 661-7.9% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 2

Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted. Based on a rolling 12-month average. By Price Range By Property Type By Construction Status 102 113 98 92 92 85 86 85 105 119 90 99 87 96 109 113 90 99 80 94 + 10.7% $125,000 and Below + 15.5% + 7.4% + 7.7% + 12.7% + 10.9% + 11.5% + 3.8% + 9.7% + 17.3% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 102 113 + 10.7% 102 112 + 9.6% 80 206 + 158.2% $125,001 - $175,000 85 98 + 15.5% 83 95 + 14.8% 141 208 + 47.1% $175,001 - $225,000 86 92 + 7.4% 80 90 + 11.9% 175 133-23.6% $225,001 - $400,000 85 92 + 7.7% 88 92 + 3.9% 63 81 + 27.2% $400,001 and Above 105 119 + 12.7% 132 138 + 4.5% 58 76 + 31.4% All Price Ranges 90 100 + 10.7% 90 99 + 9.7% 80 94 + 17.3% By Property Type Change Change Change Single-Family Detached 90 99 + 10.9% 91 100 + 10.1% 71 80 + 14.0% Townhomes 87 96 + 11.5% 82 90 + 10.5% 94 119 + 26.1% Condominiums and Other 109 113 + 3.8% 96 84-13.0% 129 167 + 29.3% All Property Types 90 100 + 10.7% 90 99 + 9.7% 80 94 + 17.3% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 3

Median Sales Price Median price point for all closed sales, not accounting for seller concessions. Based on a rolling 12-month median. By Property Type By Construction Status $320,320 $330,310 $185,000 $189,000 $187,500 $186,250 $179,000 $185,000 $188,000 $175,000 $180,000 $172,000 + 2.2% - 0.7% - 3.9% + 1.6% + 2.9% + 3.1% Single-Family Detached Townhomes Condominiums and Other All Properties Previously Owned New Construction All Properties Previously Owned New Construction By Property Type Change Change Change Single-Family Detached $185,000 $189,000 + 2.2% $175,000 $180,000 + 2.9% $343,923 $355,025 + 3.2% Townhomes $187,500 $186,250-0.7% $180,000 $179,000-0.6% $259,900 $294,000 + 13.1% Condominiums and Other $179,000 $172,000-3.9% $149,125 $153,000 + 2.6% $228,825 $229,817 + 0.4% All Property Types $185,000 $188,000 + 1.6% $175,000 $180,000 + 2.9% $320,320 $330,310 + 3.1% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 4

Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold, not accounting for seller concessions. Based on a rolling 12-month average. By Price Range By Property Type By Construction Status 93.5% 93.9% 92.4% 93.0% 95.1% 95.9% 94.5% 94.5% 94.8% 94.0% 96.8% 96.3% 101.4% 100.8% 87.7% 85.0% 92.7% 91.5% 92.1% 90.9% - 3.1% $125,000 and Below - 1.3% - 0.9% - 0.6% - 1.5% - 1.4% - 0.8% - 0.5% - 1.3% - 0.6% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 87.7% 85.0% - 3.1% 87.7% 85.0% - 3.1% 84.5% 82.7% - 2.1% $125,001 - $175,000 93.5% 92.4% - 1.3% 93.5% 92.3% - 1.3% 95.0% 94.7% - 0.3% $175,001 - $225,000 93.9% 93.0% - 0.9% 93.6% 92.8% - 0.8% 98.1% 97.3% - 0.9% $225,001 - $400,000 95.1% 94.5% - 0.6% 93.5% 93.3% - 0.2% 101.7% 101.0% - 0.7% $400,001 and Above 95.9% 94.5% - 1.5% 90.5% 89.4% - 1.2% 104.4% 104.2% - 0.1% All Price Ranges 93.0% 91.8% - 1.3% 92.1% 90.9% - 1.3% 101.4% 100.8% - 0.6% By Property Type Change Change Change Single-Family Detached 92.7% 91.5% - 1.4% 91.9% 90.7% - 1.3% 101.5% 101.0% - 0.5% Townhomes 94.8% 94.0% - 0.8% 93.9% 93.0% - 0.9% 100.7% 100.2% - 0.4% Condominiums and Other 96.8% 96.3% - 0.5% 94.2% 93.9% - 0.3% 100.7% 99.7% - 1.0% All Property Types 93.0% 91.8% - 1.3% 92.1% 90.9% - 1.3% 101.4% 100.8% - 0.6% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 5

Inventory of Homes for Sale The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity. By Price Range By Property Type By Construction Status 3,419 3,272 8,532 8,300 7,342 7,273 1,225 1,309 1,471 1,578 1,507 1,379 1,619 1,475 1,824 1,680 417 435 268 278 + 6.9% $125,000 and Below + 7.3% - 8.5% - 4.3% - 8.9% - 2.7% + 4.3% + 3.7% - 0.9% - 7.9% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 1,225 1,309 + 6.9% 1,213 1,290 + 6.3% 12 16 + 33.3% $125,001 - $175,000 1,471 1,578 + 7.3% 1,419 1,539 + 8.5% 49 36-26.5% $175,001 - $225,000 1,507 1,379-8.5% 1,346 1,245-7.5% 150 116-22.7% $225,001 - $400,000 3,419 3,272-4.3% 2,327 2,221-4.6% 1,046 995-4.9% $400,001 and Above 1,619 1,475-8.9% 1,036 945-8.8% 567 512-9.7% All Price Ranges 9,242 9,051-2.1% 7,342 7,273-0.9% 1,824 1,680-7.9% By Property Type Change Change Change Single-Family Detached 8,532 8,300-2.7% 6,873 6,778-1.4% 1,608 1,465-8.9% Townhomes 417 435 + 4.3% 291 295 + 1.4% 112 124 + 10.7% Condominiums and Other 268 278 + 3.7% 157 174 + 10.8% 100 80-20.0% All Property Types 9,242 9,051-2.1% 7,342 7,273-0.9% 1,824 1,680-7.9% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 6

Months Supply of Inventory The inventory of homes for sale at the end of the most recent month, based on one month of activity, divided by the average monthly pending sales from the last 12 months. By Price Range By Property Type By Construction Status 30.9 27.8 14.0 14.9 11.2 12.3 10.1 14.5 29.3 30.9 12.5 12.2 10.4 11.2 11.7 9.9 15.6 15.9 12.1 13.2 + 20.4% $125,000 and Below + 22.5% + 4.6% + 1.8% - 10.0% + 6.0% + 9.2% + 44.3% + 8.4% + 5.4% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 10.4 12.5 + 20.4% 10.3 12.4 + 19.8% 10.3 11.4 + 11.1% $125,001 - $175,000 9.9 12.2 + 22.5% 9.8 12.2 + 23.9% 12.0 11.6-3.0% $175,001 - $225,000 11.2 11.7 + 4.6% 10.7 11.1 + 3.7% 18.4 22.8 + 24.2% $225,001 - $400,000 15.6 15.9 + 1.8% 12.8 13.1 + 2.1% 30.5 30.5 + 0.2% $400,001 and Above 30.9 27.8-10.0% 29.1 24.7-15.1% 36.8 37.9 + 3.1% All Price Ranges 13.7 14.8 + 7.4% 12.1 13.2 + 8.4% 29.3 30.9 + 5.4% By Property Type Change Change Change Single-Family Detached 14.0 14.9 + 6.0% 12.4 13.3 + 7.1% 33.2 34.5 + 4.2% Townhomes 11.2 12.3 + 9.2% 9.0 10.3 + 15.0% 30.5 21.3-30.4% Condominiums and Other 10.1 14.5 + 44.3% 9.8 14.9 + 52.8% 10.1 13.0 + 28.6% All Property Types 13.7 14.8 + 7.4% 12.1 13.2 + 8.4% 29.3 30.9 + 5.4% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 7

Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS 2011 Quick Facts People talk about the national housing market like it s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast. That doesn't mean national averages don't have their place, but you don t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011, let s take a look at our local forecast. + 7.2% - 4.7% Median Sales Price - 2.1% Inventory in the Albany region decreased 9.2 percent to 1,269. Pending Sales were down 4.9 percent to 563. Inventory levels shrank 2.1 percent to 9,051 units, a positive supply-side trend that should bring additional stability. Prices were still soft. The Median Sales Price decreased 4.7 percent to $190,000. Days on Market increased 7.7 percent to 93 days. Absorption rates slowed as Months Supply of Inventory was up 7.4 percent to 14.8 months. A dash of uplifting economic news was overshadowed by debt clouds from the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed's recent "Operation Twist" helped push mortgage rates to record lows under 4.0 percent for the first time ever. Despite the cheap money, "Jobs, Jobs, Jobs!" should still be the battle cry. Market Overview 2 3 Pending Sales 4 5 Days On Market Until Sale 6 Median Sales Price 7 Average Sales Price 8 Percent of List Price Received 9 Housing Affordability Index 10 Inventory of Homes for Sale 11 Months Supply of Inventory 12 Click on desired metric to jump to that page. Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing. 1

Market Overview Key market metrics for the current month and year-to-date figures. Key Metrics Historical Sparklines +/- YTD 2010 YTD 2011 +/- 1,397 1,269-9.2% 14,307 13,577-5.1% 9-2008 9-2009 Pending Sales 592 563-4.9% 6,110 5,818-4.8% 9-2008 9-2009 572 613 + 7.2% 5,808 5,198-10.5% 9-2008 9-2009 Days on Market Until Sale 87 93 + 7.7% 90 100 + 11.0% 9-2008 9-2009 Median Sales Price $199,450 $190,000-4.7% $187,900 $187,500-0.2% 9-2008 9-2009 Average Sales Price $226,174 $221,224-2.2% $215,532 $217,496 + 0.9% 9-2008 9-2009 Percent of Original List Price Received 9-2008 9-2009 92.1% 91.9% - 0.2% 92.9% 91.9% - 1.2% Housing Affordability Index 165 181 + 10.1% 173 183 + 5.9% 9-2008 9-2009 Inventory of Homes for Sale 9,242 9,051-2.1% -- -- -- 9-2008 9-2009 Months Supply of Homes for Sale 9-2008 9-2009 13.7 14.8 + 7.4% -- -- -- All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 2

A count of the properties that have been newly listed on the market in a given month. To Date 1,459 1,397 14,307 13,344 1,269 13,577-4.2% -9.2% +7.2% -5.1% 2009 2009 Month Prior Current +/ October 1,258 1,323 +5.2% November 921 1,022 +11.0% December 838 815-2.7% January 1,418 1,130-20.3% February 1,311 991-24.4% March 1,831 1,436-21.6% April 1,901 1,756-7.6% May 1,587 1,998 +25.9% June 1,729 1,845 +6.7% July 1,559 1,740 +11.6% August 1,574 1,412-10.3% 1,397 1,269-9.2% 12-Month Avg 1,444 1,395-3.4% Historical New Listing Activity 2,250 2,000 1,750 1,500 1,250 1,000 750 500 250 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 3

Pending Sales A count of the properties on which contracts have been accepted in a given month. To Date 6,599 803 6,110 5,818 592 563-26.3% -4.9% -7.4% -4.8% 2009 2009 Month Prior Current +/ October 772 590-23.6% November 524 489-6.7% December 454 436-4.0% January 541 434-19.8% February 618 460-25.6% March 845 639-24.4% April 1,094 700-36.0% May 573 751 +31.1% June 646 769 +19.0% July 572 761 +33.0% August 629 741 +17.8% 592 563-4.9% 12-Month Avg 655 611-6.7% Historical Pending Sales Activity 1,200 1,000 800 600 400 200 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 4

A count of the actual sales that have closed in a given month. To Date 764 5,720 5,808 5,198 572 613-25.1% +7.2% +1.5% -10.5% 2009 2009 Month Prior Current +/ October 870 603-30.7% November 857 607-29.2% December 693 595-14.1% January 416 391-6.0% February 436 373-14.4% March 577 524-9.2% April 689 471-31.6% May 762 627-17.7% June 1,169 760-35.0% July 602 679 +12.8% August 585 760 +29.9% 572 613 +7.2% 12-Month Avg 686 584-11.5% Historical Activity 1,200 1,000 800 600 400 200 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 5

Days on Market Until Sale Average number of days between when a property is first listed and when an offer is accepted in a given month. To Date 93 87 87 100 92 90-0.3% +7.7% -2.0% +11.0% 2009 2009 Month Prior Current +/ October 92 95 +3.5% November 85 96 +12.4% December 94 105 +12.5% January 93 115 +24.0% February 102 108 +6.1% March 97 115 +18.8% April 92 109 +17.4% May 91 105 +15.3% June 84 91 +8.8% July 89 89-0.3% August 86 94 +8.4% 87 93 +7.7% 12-Month Avg 90 100 +10.6% Historical Days on Market Until Sale 120 110 100 90 80 70 60 50 40 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 6

Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.does not account for seller concessions. To Date $185,500 $187,900 $187,500 $185,000 $199,450 $190,000 +7.8% -4.7% +1.3% -0.2% 2009 2009 Month Prior Current +/ October $175,000 $195,700 +11.8% November $178,001 $185,000 +3.9% December $182,000 $187,250 +2.9% January $174,000 $178,000 +2.3% February $185,000 $183,500-0.8% March $175,000 $174,468-0.3% April $187,000 $180,000-3.7% May $182,500 $187,350 +2.7% June $191,000 $190,333-0.3% July $199,001 $195,000-2.0% August $192,000 $199,000 +3.6% $199,450 $190,000-4.7% 12-Month Med $186,000 $187,000 +0.5% Historical Median Sales Price $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 7

Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. To Date $226,174 $206,531 $221,224 $211,535 $215,532 $217,496 + 9.5% - 2.2% + 1.9% + 0.9% 2009 2009 Month Prior Current +/ October $208,254 $217,890 +4.6% November $201,000 $218,189 +8.6% December $206,409 $224,325 +8.7% January $205,148 $209,768 +2.3% February $210,154 $210,491 +0.2% March $200,977 $205,182 +2.1% April $205,477 $206,226 +0.4% May $209,545 $207,406-1.0% June $224,641 $224,861 +0.1% July $227,883 $224,214-1.6% August $219,577 $232,237 +5.8% $226,174 $221,224-2.2% 12-Month Avg $213,354 $218,090 +2.2% Historical Average Sales Price $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 8

Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. To Date 92.9% 92.1% 91.9% 92.7% 92.9% 91.9% -0.9% -0.2% +0.3% -1.2% 2009 2009 Month Prior Current +/ October 93.3% 92.4% -1.1% November 93.1% 91.1% -2.1% December 92.9% 90.9% -2.1% January 92.4% 90.1% -2.5% February 91.0% 90.4% -0.6% March 92.2% 90.7% -1.6% April 93.2% 91.7% -1.6% May 93.8% 91.8% -2.2% June 94.1% 92.6% -1.6% July 93.2% 93.1% -0.1% August 92.3% 92.5% +0.3% 92.1% 91.9% -0.2% 12-Month Avg 92.9% 91.7% -1.3% Historical Percent of Original List Price Received 100% 98% 96% 94% 92% 90% 88% 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 9

Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. To Date 181 183 173 166 165 165-0.6% +10.1% +4.8% +5.9% 2009 2009 Month Prior Current +/ October 173 168-3.0% November 174 178 +2.1% December 165 173 +5.1% January 174 178 +1.8% February 166 172 +4.1% March 174 181 +4.3% April 164 178 +8.4% May 168 175 +4.4% June 165 174 +5.6% July 163 170 +4.8% August 170 172 +1.4% 165 181 +10.1% 12-Month Avg 168 175 +4.1% Historical Housing Affordability Index 190 180 170 160 150 140 130 120 110 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 10

Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 9,242 9,051 8,258 +11.9% -2.1% 2009 Month Prior Current +/ October 7,941 8,993 +13.2% November 7,650 8,631 +12.8% December 7,112 7,908 +11.2% January 7,301 7,840 +7.4% February 7,456 7,747 +3.9% March 7,829 7,910 +1.0% April 8,053 8,293 +3.0% May 8,524 8,920 +4.6% June 8,898 9,206 +3.5% July 9,250 9,452 +2.2% August 9,488 9,328-1.7% 9,242 9,051-2.1% 12-Month Avg 8,229 8,607 +4.9% Historical Inventory of Homes for Sale 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 11

Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 14.8 13.7 12.6 +9.4% +7.4% 2009 Month Prior Current +/ October 11.9 13.7 +15.5% November 11.2 13.5 +20.7% December 10.3 12.4 +20.0% January 10.5 12.3 +17.6% February 10.6 12.4 +16.6% March 11.0 12.9 +17.3% April 11.1 13.9 +25.2% May 11.3 15.8 +39.9% June 12.1 15.9 +31.1% July 13.0 16.1 +23.3% August 13.7 15.4 +12.6% 13.7 14.8 +7.4% 12-Month Avg 11.9 14.2 +19.5% Historical Months Supply of Inventory 18 16 14 12 10 8 6 4 2 0 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 12

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Niskayuna + / + / 51 45-11.8% 429 449 + 4.7% 15 24 + 60.0% 185 177-4.3% Median Sales Price* $223,000 $250,000 + 12.1% $237,500 $248,950 + 4.8% Percent of Original List Price Received* 95.0% 95.3% + 0.3% 95.7% 93.7% - 2.1% Days on Market Until Sale 115 48-58.4% 73 82 + 11.3% Inventory of Homes for Sale 225 236 + 4.9% -- -- -- Months Supply of Inventory 9.7 10.6 + 9.2% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 11.8% + 60.0% + 12.1% Median Sales Price 51 45 429 449 15 24 185 177-11.8% + 60.0% + 4.7% -4.3% Median Sales Price from Prior (6-Month Average)** + 25% All MLS Niskayuna b a + 20% + 15% + 10% + 5% 0% -5% - 10% - 15% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Rensselaer County + / + / 236 190-19.5% 1,917 1,936 + 1.0% 76 73-3.9% 731 658-10.0% Median Sales Price* $173,100 $184,500 + 6.6% $168,000 $168,000 0.0% Percent of Original List Price Received* 92.1% 92.9% + 0.8% 92.5% 91.7% - 0.8% Days on Market Until Sale 99 79-19.5% 95 102 + 7.8% Inventory of Homes for Sale 1,211 1,175-3.0% -- -- -- Months Supply of Inventory 13.9 15.6 + 11.8% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 19.5% - 3.9% + 6.6% Median Sales Price 236 190 1,917 1,936 76 73 731 658-19.5% -3.9% + 1.0% - 10.0% Median Sales Price from Prior (6-Month Average)** + 6% All MLS Rensselaer County b a + 4% + 2% 0% -2% -4% -6% -8% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of Bethlehem + / + / 46 36-21.7% 506 435-14.0% 21 22 + 4.8% 241 218-9.5% Median Sales Price* $275,000 $315,000 + 14.5% $242,000 $250,000 + 3.3% Percent of Original List Price Received* 95.0% 90.5% - 4.8% 94.1% 93.7% - 0.5% Days on Market Until Sale 59 84 + 42.9% 61 74 + 21.1% Inventory of Homes for Sale 249 217-12.9% -- -- -- Months Supply of Inventory 9.6 8.6-11.1% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 21.7% + 4.8% + 14.5% Median Sales Price 46 36 506 435 21 22 241 218-21.7% + 4.8% - 14.0% -9.5% Median Sales Price from Prior (6-Month Average)** + 10% + 8% + 6% + 4% + 2% 0% -2% -4% -6% -8% All MLS Town of Bethlehem b a - 10% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Saratoga County + / + / 290 328 + 13.1% 3,643 3,520-3.4% 159 167 + 5.0% 1,596 1,440-9.8% Median Sales Price* $257,000 $250,000-2.7% $254,900 $252,500-0.9% Percent of Original List Price Received* 94.2% 94.1% - 0.2% 94.9% 93.8% - 1.2% Days on Market Until Sale 85 80-5.8% 82 92 + 11.5% Inventory of Homes for Sale 2,379 2,290-3.7% -- -- -- Months Supply of Inventory 13.1 13.5 + 2.8% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. + 13.1% + 5.0% - 2.7% Median Sales Price 290 328 3,643 3,520 159 167 1,596 1,440 + 13.1% + 5.0% -3.4% -9.8% Median Sales Price from Prior (6-Month Average)** + 8% All MLS Saratoga County b a + 6% + 4% + 2% 0% -2% -4% -6% -8% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Schenctady County + / + / 223 184-17.5% 2,142 2,039-4.8% 81 93 + 14.8% 896 779-13.1% Median Sales Price* $165,000 $171,900 + 4.2% $159,000 $159,000 0.0% Percent of Original List Price Received* 91.7% 91.7% + 0.1% 93.3% 91.3% - 2.1% Days on Market Until Sale 77 95 + 23.0% 75 94 + 25.2% Inventory of Homes for Sale 1,166 1,198 + 2.7% -- -- -- Months Supply of Inventory 10.9 12.9 + 18.9% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 17.5% + 14.8% + 4.2% Median Sales Price 223 184 2,142 2,039 81 93 896 779-17.5% + 14.8% -4.8% - 13.1% Median Sales Price from Prior (6-Month Average)** + 8% All MLS Schenctady County b a + 6% + 4% + 2% 0% -2% -4% -6% -8% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of Clifton Park + / + / 55 65 + 18.2% 814 730-10.3% 42 52 + 23.8% 449 395-12.0% Median Sales Price* $293,000 $268,400-8.4% $270,000 $263,900-2.3% Percent of Original List Price Received* 95.4% 94.3% - 1.2% 95.2% 94.3% - 1.0% Days on Market Until Sale 65 76 + 16.9% 64 78 + 20.8% Inventory of Homes for Sale 428 365-14.7% -- -- -- Months Supply of Inventory 9.0 8.0-11.5% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. + 18.2% + 23.8% - 8.4% Median Sales Price 55 65 42 52 814 730 449 395 + 18.2% + 23.8% - 10.3% - 12.0% Median Sales Price from Prior (6-Month Average)** + 10% + 8% + 6% + 4% + 2% 0% -2% -4% -6% -8% All MLS Town of Clifton Park b a - 10% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of East Greenbush + / + / 24 32 + 33.3% 283 289 + 2.1% 7 7 0.0% 114 100-12.3% Median Sales Price* $182,500 $184,000 + 0.8% $186,500 $183,500-1.6% Percent of Original List Price Received* 94.1% 93.9% - 0.2% 94.2% 92.9% - 1.4% Days on Market Until Sale 64 81 + 26.1% 74 93 + 24.3% Inventory of Homes for Sale 160 167 + 4.4% -- -- -- Months Supply of Inventory 11.2 13.6 + 22.1% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. + 33.3% 0.0% + 0.8% Median Sales Price 24 32 283 289 7 7 114 100 + 33.3% 0.0% + 2.1% - 12.3% Median Sales Price from Prior (6-Month Average)** + 20% All MLS Town of East Greenbush b a + 15% + 10% + 5% 0% -5% - 10% - 15% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of Guilderland + / + / 55 36-34.5% 473 465-1.7% 23 19-17.4% 237 195-17.7% Median Sales Price* $248,500 $193,000-22.3% $238,699 $227,500-4.7% Percent of Original List Price Received* 95.2% 94.2% - 1.1% 95.0% 93.3% - 1.8% Days on Market Until Sale 53 58 + 9.4% 77 88 + 14.4% Inventory of Homes for Sale 282 295 + 4.6% -- -- -- Months Supply of Inventory 11.1 13.0 + 16.5% -- -- -- * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. - 34.5% - 17.4% - 22.3% Median Sales Price 55 473 465 36 23 19 237 195-34.5% - 17.4% -1.7% - 17.7% Median Sales Price from Prior (6-Month Average)** + 15% All MLS Town of Guilderland b a + 10% + 5% 0% -5% - 10% - 15% 1-2008 7-2008 1-2009 7-2009 1-2010 7-2010 1-2011 7-2011 ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, 2011. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.