DISTRESSEDSALESPRESS RELEASE

April 23, 2015

SHARE OF EQUITY SALES HAS REMAINED NEAR 90%SINCE THE MID OF 2014

91.0%

3.8%4.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Equity Sales Short Sale REO

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

NINE OF TEN SALES WERE EQUITY SALES

REOs, 4.8%

Short Sales,3.8%

OtherDistressed Sales(Not Specified),

0.4%

Equity Sales,91.0%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

California: Mar 2015

SHARE OF EQUITY SALES HAS REMAINED NEAR 90%SINCE THE MID OF 2014

5% 4%

91%

6% 5%

89%

5% 7%

88%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

REOs Short Sales Equity Sales

Mar-15 Feb-15 Mar-14

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

Type of Sale Mar-15 Feb-15 Mar-14

Equity Sales 91.0% 89.1% 87.5%

Total Distressed Sales 9.0% 10.9% 12.5%

REOs 4.8% 6.0% 5.4%

Short Sales 3.8% 4.5% 6.6%

Other Distressed Sales (Not Specified) 0.4% 0.5% 0.5%

All Sales 100.0% 100.0% 100.0%

SHARE OF SHORT SALES DIPPED TOTHE LOWEST LEVEL SINCE EARLY 2008

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES

Percent of Total Sales, Bay Area: March 2015

4%5%

2%

5%

2%1%

2%

11%

5%

0%

2%

4%

6%

8%

10%

12%

Alameda ContraCosta

Marin Napa SanFrancisco

San Mateo SantaClara

Solano Sonoma

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES

Percent of Total Sales, Southern California: March 2015

8%

4%

12%

14%

5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Los Angeles Orange Riverside San Bernardino San Diego

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES

Percent of Total Sales, Central Valley: March 2015

14%

21%

11% 12%

7%8%

13%15% 14%

18%

0%

5%

10%

15%

20%

25%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES

Percent of Total Sales, Rest of California: March 2015

9%

13%

6%

10%

14%12%

9%

0%

7%6%

4%

14%

24%

3%

15%

11%

7%

15%

0%

5%

10%

15%

20%

25%

30%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

County Mar-15 Feb-15 Mar-14

Alameda 4% 6% 6%

Amador 9% 0% 30%

Butte 13% 15% 19%

Calaveras 6% 13% 18%

Contra Costa 5% 7% 9%

El Dorado 10% 13% 15%

Fresno 14% 16% 22%

Glenn 14% 36% 38%

Humboldt 12% 14% 17%

Kern NA 13% 17%

Kings 21% 22% 28%

Lake 9% 18% 27%

Los Angeles 8% 10% 13%

Madera 11% 14% 14%

SHARE OF DISTRESSED SALES BY COUNTY

Percent of Total Sales: 1 of 3

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SHARE OF DISTRESSED SALES BY COUNTY

Percent of Total Sales: 2 of 3County Mar-15 Feb-15 Mar-14

Marin 2% 3% 6%Mariposa 0% 0% 27%

Mendocino 15% 17% 14%Merced 12% 17% 17%

Monterey 7% 9% 10%Napa 5% 8% 13%

Orange 4% 6% 7%Placer 7% 8% 11%

Plumas 27% 16% 40%Riverside 12% 13% 14%

Sacramento 13% 15% 17%San Benito 8% 7% 9%

San Bernardino 14% 15% 21%San Diego 5% 7% 4%

San Francisco 2% 4% 5%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SHARE OF DISTRESSED SALES BY COUNTY

Percent of Total Sales: 3 of 3County Mar-15 Feb-15 Mar-14

San Joaquin 15% 16% 20%San Luis Obispo 6% 6% 7%

San Mateo 1% 1% 4%Santa Clara 2% 2% 5%Santa Cruz 4% 5% 9%

Shasta 14% 23% 20%Siskiyou 24% 29% 28%Solano 11% 15% 19%

Sonoma 5% 11% 9%Stanislaus 14% 14% 15%

Sutter 11% 17% 23%Tulare 18% 21% 21%Yolo 7% 14% 14%Yuba 15% 23% 23%

California 9% 11% 13%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO & SHORT SALES

Percent of Total Sales, Bay Area: March 2015

2%4%

1%

4%

1% 1% 1%

6%

2%

2%

1%

0%

2%

1%0%

1%

5%

3%

0%

2%

4%

6%

8%

10%

12%

Alameda ContraCosta

Marin Napa SanFrancisco

San Mateo SantaClara

Solano Sonoma

REO Sales Short Sales

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO & SHORT SALES

Percent of Total Sales, Southern California: March 2015

3%1%

7%

9%

2%

5%

2%

5%

4%

2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Los Angeles Orange Riverside San Bernardino San Diego

REO Sales Short Sales

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO & SHORT SALES

Percent of Total Sales, Central Valley: March 2015

9%

14%

9% 7%4%

7%

2%

8% 8%

13%

5%

6%

2% 4%

3%

6%

6%

6%6%

6%

0%

5%

10%

15%

20%

25% REO Sales Short Sales

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO & SHORT SALES

Percent of Total Sales, Rest of California: March 2015

9% 9%4%

6% 7%9% 9%

0%

15%

4%

20%

3% 3%

13%

24%

9%

3%

13%0%

3%

1%

4%7% 3% 0%

0%

0%

4%

7%

3% 1%

1%

0%

2%

4%

1%

0%

5%

10%

15%

20%

25%

30% REO Sales Short Sales

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO SALES BY COUNTY

Percent of Total Sales: 1 of 3County Mar-15 Feb-15 Mar-14

Alameda 2% 2% 3%

Amador 9% 0% 20%

Butte 9% 11% 16%

Calaveras 4% 11% 13%

Contra Costa 4% 3% 5%

El Dorado 6% 6% 6%

Fresno 9% 11% 13%

Glenn 7% 7% 25%

Humboldt 9% 8% 11%

Kern NA 6% 9%

Kings 14% 15% 15%

Lake 9% 13% 15%

Los Angeles 3% 3% 3%

Madera 9% 10% 8%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO SALES BY COUNTY

Percent of Total Sales: 2 of 3County Mar-15 Feb-15 Mar-14

Marin 1% 3% 2%Mariposa 0% 0% 9%

Mendocino 15% 14% 12%Merced 7% 11% 6%

Monterey 4% 6% 4%Napa 4% 6% 6%

Orange 1% 1% 1%Placer 4% 4% 4%

Plumas 20% 16% 35%Riverside 7% 8% 5%

Sacramento 7% 8% 8%San Benito 2% 5% 0%

San Bernardino 9% 10% 12%San Diego 2% 3% 3%

San Francisco 1% 3% 2%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

REO SALES BY COUNTY

Percent of Total Sales: 3 of 3County Mar-15 Feb-15 Mar-14

San Joaquin 8% 10% 10%San Luis Obispo 3% 2% 3%

San Mateo 1% 0% 1%Santa Clara 1% 1% 1%Santa Cruz 3% 5% 3%

Shasta 13% 20% 17%Siskiyou 24% 29% 28%Solano 6% 9% 9%

Sonoma 2% 5% 2%Stanislaus 8% 9% 7%

Sutter 9% 12% 8%Tulare 13% 14% 13%Yolo 3% 7% 9%Yuba 13% 18% 20%

California 5% 6% 5%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SHORT SALES BY COUNTY

Percent of Total Sales: 1 of 3County Mar-15 Feb-15 Mar-14

Alameda 2% 4% 4%

Amador 0% 0% 10%

Butte 3% 3% 3%

Calaveras 1% 2% 5%

Contra Costa 1% 3% 4%

El Dorado 4% 6% 8%

Fresno 5% 5% 9%

Glenn 7% 21% 13%

Humboldt 3% 6% 7%

Kern NA 6% 8%

Kings 6% 7% 13%

Lake 0% 4% 12%

Los Angeles 5% 6% 8%

Madera 2% 3% 6%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SHORT SALES BY COUNTY

Percent of Total Sales: 2 of 3County Mar-15 Feb-15 Mar-14

Marin 0% 0% 4%Mariposa 0% 0% 18%

Mendocino 0% 3% 2%Merced 4% 6% 10%

Monterey 4% 3% 7%Napa 2% 2% 7%

Orange 2% 4% 5%Placer 3% 4% 7%

Plumas 7% 0% 5%Riverside 5% 5% 8%

Sacramento 6% 6% 8%San Benito 6% 2% 9%

San Bernardino 4% 4% 8%San Diego 2% 3% 1%

San Francisco 1% 1% 3%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SHORT SALES BY COUNTY

Percent of Total Sales: 3 of 3County Mar-15 Feb-15 Mar-14

San Joaquin 6% 6% 10%San Luis Obispo 3% 4% 3%

San Mateo 0% 1% 2%Santa Clara 1% 1% 4%Santa Cruz 1% 1% 5%

Shasta 1% 4% 3%Siskiyou 0% 0% 0%Solano 5% 6% 10%

Sonoma 3% 5% 7%Stanislaus 6% 5% 8%

Sutter 2% 5% 15%Tulare 6% 7% 8%Yolo 4% 7% 4%Yuba 1% 5% 3%

California 4% 5% 7%

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

MEDIAN PRICE OF EQUITY SALESIN MARCH NEAR RECENT HIGH

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000Ja

n-09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Equity Sales Short Sale REO

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

GROWTH IN HOME PRICES SLOWED DOWNSIGNIFICANTLY SINCE EARLY 2014

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Equity Sales Short Sale REO

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

yty% chg. in Price

UNSOLD INVENTORY INDEX

0

1

2

3

4

5

6

Equity Sales Short Sales REO Sales

3.7

5.9

2.4

SERIES: Distressed Unsold Inventory Index, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

UNSOLD INVENTORY INDEX (MONTHS)

California: Mar 2015

ACTIVE LISTINGS REMAINED AT LOW LEVELS

0

1

2

3

4

5

Equity Sales Short Sales REO Sales

2.52.2

1.4

SERIES: Distressed Unsold Inventory Index, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

UNSOLD INVENTORY INDEX (MONTHS)

California: Mar 2015

UNSOLD INVENTORY INDEX DECLINED SHARPLYFROM FEBRUARY AS SALES SURGED IN MARCH

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Aug

-11

Oct

-11

Dec

-11

Feb-

12

Apr

-12

Jun-

12

Aug

-12

Oct

-12

Dec

-12

Feb-

13

Apr

-13

Jun-

13

Aug

-13

Oct

-13

Dec

-13

Feb-

14

Apr

-14

Jun-

14

Aug

-14

Oct

-14

Dec

-14

Feb-

15

Equity Sales Short Sales REO

SERIES: Distressed Months Supply of Inventory, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

UNSOLD INVENTORY INDEX (MONTHS)

-40%

-30%

-20%

-10%

0%

10%

20%

Equity Sales Short Sales REO Sales

16%

-35%

-2%

DISTRESSED SALES CONTINUED TO DECLINE,ESPECIALLY FOR SHORT SALES

(% Change in Sales Year toYear)

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES CONTINUED TO DECLINE,ESPECIALLY FOR SHORT SALES

16.29%

-34.79%

-2.25%

-80%

-60%

-40%

-20%

0%

20%

40%

60% Equity Sales Short Sales REO Sales

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

yty% chg in sales

DISTRESSED SALES

Percent of Total Sales: Mar 2015

0%

20%

40%

60%

80%

100%

Mar-15 Jan-09

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES

Percent of Total Sales, Southern California: Mar 2015

0%

20%

40%

60%

80%

100%

CA Los Angeles Orange Riverside San Bernardino

9.0% 8.3%4.2%

11.8% 13.7%

69.5%62.4% 60.3%

79.4% 81.9%

Mar-15 Jan-09

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

DISTRESSED SALES

Percent of Total Sales, Central Valley: Mar 2015

0%

20%

40%

60%

80%

100%

9.0% 14.3% 6.7%12.8%

7.8%14.7% 14.5% 18.3%

69.5%

84.2%

68.1%

85.6% 89.5%93.0% 93.6%

45.8%

Mar-15 Jan-09

SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS