WrightReport1qtr2010

8/8/2019 WrightReport1qtr2010

1/26

At the end of the first quarter(March) 1,617 SFR (Single FamilyResidences) sold, down 6.5%from March 2009. The market ismoving very quickly and the me-

dian time on the market beforean offer is accepted - 25 days.19% of homes of all sales occur inthe first week on the market,with 18% more the second week.That is 37% of homes selling the

first 14 days they are marketed.

There were only 3,791 homes for sale at the beginning of March, 2010. During March1,617 homes sold 42.7% of the inventory of homes available. At that pace (if no ad-ditional homes were put up for sale) the inventory would sell out in 2.3 months.Such a low inventory of homes would typically be considered a strong Sellers Mar-

ket; it however is not. Due to the large number of short sales and foreclosures(REOs) available, the market price is driven down and will remain low until distressed

sales no longer make up the majority of home sales.

The median price for a home in Sacramento County has dropped 53.7% since Augustof 2005 when the market turned downward. That is an average Loss of Equity of

$210,750 per home. Here are some examples:

Zip Code % Drop Zip Code % Drop

95816 10.9% 95815 72.3%

95819 14.5% 95817 72.7%

(See the table on page 9 for the average price drop by zip code.)

Affordability in Sacramento is near its all time high point at 66% (according to CAR California Association of Realtors). This is the ability of the average person to afford

the median priced home, and it is way up from 2005 when it was 19%.

The Sacramento real estate market appears to have hit its lowest average pricepoint at the end of 1st quarter 2009: $187,795 7.6% lower than March 2010s$203,289. This, however, has not stopped the fall in prices of equity and short sale

properties. (See graph on page 3 for shifts by property type.)

Sacramentos Residential Market Trends

First Quarter 2010

The Wright Report:Sacramentos Residential Investment Analysis

Special points of

interest:

Sacramento Real

Estate Market

Trends

SFR Attached &

Detached Analysis

Cash Flow Analy-

sis for SFR & 2-4

Units

Inside this issue:

DistressedReal Estate

2

A ChangingMarket

3

AdditionalConsiderations

4

SFR & 2-4 Unit

Analysis

6

Price DropTable

9

County & ZipCode Graphs

10

Resources &Methodology

24


2/26

As many as 7 million home owners have difficulty paying their monthly mortgage payments in

the U.S. (A natural result of the 8 million jobs lost in the U.S. over the last 3 years.)

Included is a graph of the number of loans set to reset and when the reset will occur. Unlikethe Alt A loans the Option Arm Loans will dramatically change the borrowers monthly pay-ment and probably will cause serious hardship for many homeowners. This will result in addi-

tional bankruptcies, short sales, and foreclosures which will prolong the recovery.

In an attempt to stem the rising tide of foreclosures the U.S. Government pressed banks tomodify loans. The governments modification program, HAMP the Making Home AffordableProgram has unfortunately not been a resounding success (with a less than 10% success rateof qualified mortgages completing). This year they have instituted another program dealing withShort Sales (HAFA) which is designed to make short sales easier to perform and pay everyone

involved, including the seller of the home. We will shortly see how well it will work in the mar-ket. Banks are gradually becoming more streamlined in the processing of short sales, and it is

more common for short sales to be completed in less 4 months.

In March of 2010 24.6% of all homes sold were short sales; double the 12.3% from March2009. The number of REO (foreclosure) sales declined during that same period from 1,213 inMarch 2009 (70.1% of all SFR transactions closed) to 637 in March 2010 (39.4% of all SFR sales).This shift from a foreclosure dominated market to a more balanced seller type is a trend many

professionals expect to continue.

Distressed Property... Anyone?

Page 2 The Wright Report: Sacramentos Residential Investment Analysis

The next big boom of Mortgage Rate Resets starts right nowand will continue until May of 2012 or they get sold off auction.


3/26

Page 3First Quarter 2010

The Market is Changing!

Even though the Sacramento County Market Average price hit its lowest point in Spring of2009 the numbers tell that was not the bottom of the price declines. This graph clearly showsthat while Sacramento Countys Market Average sales price appears to have rebounded over the

last 4 Quarters the average sales price for Equity and Short Sale properties have de-creased. The Markets Average price stayed flat because the number of REO Sales decreaseddramatically, though the price climbed. At the same time the number of Equity & Short Sale salesincreased in volume, while at the same time their average price dropped. In fact, the average Short

Sale price for short sales has dropped to within 4% of the REO sale price.

The downward price trend would also have occurred for REOs if the banks had not dramaticallylimited the number of properties they took back at auction. Here is how it happened. The end of2008 saw just over 2,000 REO properties listed for sale on the MLS (Multiple Listing Service). InDecember 2008 the large banks followed the governments lead to place a moratorium on TrusteeSales (foreclosure auctions). This essentially stopped the flow of foreclosures back to the banks,

and accomplished one of the banking industries primary goalsto stop the price declines of REOsin the market place. Not only did banks and servicing companies postpone taking properties back atauction, but they began waiting longer to file NODs (Notice of Defaults), and NOTs (Notice ofTrustee Sales). By June 2009 the number of REOs listed for sale in Sacramento County was lessthan 600, where it stayed for the rest of the year. Come November 2009 Trustee Sales began oc-curring again, but in limited numbers, and by January 2010 listed REOs rose to 740+ where they

have remained.

Average Pricing Graph showing the price fluctuations by Seller Type.


4/26

There are several core issues affecting the health of our real estate market that are expected

to take a while to work through.

Unemployment, currently at 12.2% is one of the strongest deterrents to the return of thehousing market. New homes have sold at an increasingly low numbers. Less than 3,000 soldin 2009 across a 6 county region. Sacramento, being the state capital, normally provides a sta-ble economic blanket because government jobs are the largest employer in town. Unfortu-nately with cutbacks, layoffs looming, and state, county and city budgets in crises, it may take

years to recover job stability.

Commercial real estate is also in a difficult situation. As unemployment rises, spending isreduced, businesses fail, and vacancy rises dramatically. Secondly, rents fall and tenantsrenegotiate their leases for lower monthly payments. Numerous foreclosures are on the

horizon with the glut of non-performing properties, but so far few have gone to auction.

Spendingby the U.S. government offering bonuses and gimmicks to spur forward thehousing market only postpones the inevitable. These programs cannot continue indefinitely

and ultimately will result in decreased economic activity as the bills come due.

Bank lending for residential housing, despite having artificially historically low interest rates,has not improved dramatically, and the Billions in TARP funds have not made it to MainStreet. Requirements have multiplied, criteria changes daily, and regulation of the Real EstateIndustry proceeds unabated. It is the pendulum swingfrom giving away refinances to anyone

aliveto highly regulated, qualified and screened client need only apply.

Let us not forget various other circumstances in our economy that can be volatile and yet not

easily predicted: e.g. increased governmental regulation, tax hikes, healthcare reform, reducedSBA and small business lending, savings trends, stock market bounces, interest rate hikes(inevitable), inflation (also inevitable), Wall Street bailouts, law suites of Fortune 500 compa-nies, and general apathy and anger on Main Street. There is no crystal ball and the cur-rent market offers too much volatility from too many different sides to allow clear predictionsof the future based on history. What we do know is real estate moves in cycles, and it willreturn to where it once was, and go even higher! The question is not when will the market

come back? but rather how much will you own when it does?

Other Considerations


Humm, what would

it be like to have an

extra 10 Billion to

help my business

through the

downturn?


5/26


Single Family Investment: SFR, Condo, Half-Plex

Opportunities abound to invest in Sacramento Real Estate right now. Homes are at critically lowprices, interest rates also at historic lows, you can get equity positions of 10+% at purchase, with a fu-ture appreciation of more than $200,000 per property. All of the difficulty created by the economy ac-tually works favorably for the investorthey keep competition out of the market, thus providinggreater inventory of properties to purchase, not to mention a list of capable renters. Currently thereare 5 zip codes with an median price under $100,000 and 10 more under $150,000... and 45% of prop-

erties sold during the first quarter of 2010 could rent with positive cash flow.

Be wise! Leverage the advantages this market holds to generate huge wealth tomorrow!

Single Family Residence

3,991 detached SFR homes sold in the 1st quarter 2010. These homes through a *pro-forma analysiswere found that 31% could provide positive cash flow when rented. (See our methodology on page 8.)The average price was $99,421. The average age was 1964, and average days on market was 47. These

homes also had an average of 1,208 square feet and cost $86 per square foot.

REOs have maintained their dominance in the minds of buyers and account for 42% of the homes sold1st quarter of 2010. They are still not out in force with only roughly 720-760 available for sale at anyone time. The banks have been holding off foreclosing at trustee sales, and sometimes holding them off

the market generally (aka. Shadow Inventory).

Short Sales take longer to close and are more difficult to purchase, therefore there is less demand

from buyers which allows astute investors to get better prices. Short Sales also typically sell in better

condition than REO properties because the homes frequently stay occupied until closing. Best of all

they sell as distressed properties at prices comparable to REO homes. Short Sales sold 3.2%

higher than REOs, and 18.7% less than homes with Equity in the same zip code.

Condos & Half-Plexes

Condo sales have been dominated by bank foreclosures (REOs) which account for 53% of salesin the 1st quarter. REOs also sold 44% lower than those sold by sellers with equity, with an averagesales price of $85,800. Short Sales sold for 35% less than equity sales, accounted for 18.3% of sales,and averaged $99,250 sale price. Upon analysis of condos sold during the first quarter of 2010, 45%

could provide positive cash flow if rented.

Half-Plexes: Analysis of the first quarter half-plex sales shows that 65% could cash flow whenrented. 49% of 1st quarter sales are REOs and their average price is 36% below equity sales at$97,460. Short Sales, accounted for 25% of total sales, averaged $112,053 purchase price, 26% belowthe average equity sale of $151,377. One example of the time variance between Short Sales, and REOand Equity sales is the days on the market before a sale occurs. REOs averaged 27 days on the market,

Equity Sales took 30 days, and Short Sales averaged 130 days before the bank accepted for sale.

Half-Plexes provide higher cash flow than condos because there is no monthly HOA (Home OwnerAssociation) fee. Condos, however, appeal to many investors because they believe the association has

a vested interest in watching out for the property.


6/26


Multi-Unit Investment: Duplex, Triplex, Four-Plex

Of the 152 properties that sold in the first quarter, 47% were REOs, 30% were equity sales, and 23%

were short sales. Of these sales 75% were Duplexes, 7% Triplexes, and 18% Four-plexes. Ouranalysis showed that 75.6% of these 2-4 unit properties could produce positive monthly cash

flow when rented for market rents.

There is a huge amount of investment potential sitting on the ground in our market place, right now!More than we have seen in decades, waiting for the astute investor to pick it up, hold it shape it,

and wait until it grows into a pot of gold.

As mentioned previously, equity values in Sacramento County have dropped more than 50%($200,000 and upwards per property) dropping the median price significantly. This has also resulted

among 2-4 unit properties. It just took longer to drop.

Interestingly, during 2007 as REOs and Short Sales began to hit the market and drive the price down,it was predominately the owner occupied sector of real estate that was affected; much less for the 2-4 unit properties. All that has shifted as the economy has taken more and more hits, investment

property owners are gradually taking more and more losses.

A slew of difficulties have pounded property owners over the last 3 years. Many lost jobs, or sawtheir income drop considerably (as many investor are self employed). For those investors in the realestate industry the economy has taken a heavy toll, especially on developers and constructiontrades. Tenants have lost their jobs. Some invested too heavily and could not keep up the debt.Many had loans whose rates reset and were not able to refinance. Unfortunately, when an investor

has several real estate investments to have one large one sink, can bring all the rest down.

Banks have found this to be true, as one investor could leave them holding multiple properties asREO. They naturally became much less willing to work with distressed investors, provide refinances,or workouts where the residential investor could get back on their feet. Most of the banks investedin residential are national, and as such have no sense for the local situation of the market, and there-fore unwilling to work out individually with owners. As such they are very hesitant to short sale.Most of their energy has been focused on SFR owner occupied, because that has been the avalanche

that inundated them since 2007.

Federal government intrusion with the banks has also left investment property owners out of theloop, and no concessions or assistance have been forthcoming. They do not seem to be a class of

much voting interest.

Financial institutions from the large banks to Fannie Mae have almost categorically heaped restric-tions upon investment loans, by reducing their number, raising reserve requirements, tighteningguidelines, to name a few. In fact, the only turn in guideline I have seen on a positive nature for thelast year has been Fannie Maes recent change to allow exception to the FHA 90 rule for flippedproperties, allowing for exceptions. (Unfortunately, few banks have gotten on board and are offering

the financing to date.)


7/26


Duplexes currently on the market are listed at an average price of $213,000. During the first quar-ter of 2010 the average sales price is $165,905, or $82,952 per unit. That is a 16% increase inthe average price from the first quarter 2009 ($143,186). It is however, a 36.3% drop from the

$260,357 average price in 2008 (first quarter).

An evaluation of first quarter sales projects that 75.6% of Duplexes sold have positive cash flow ifrented at market rents. This evaluation projects a 25% expense factor in addition to taxes, insuranceand debt service. (See page 26: methodology.) It is probable that the vast majority of duplexes cur-rently selling are quality investments. Those not selling are priced too high for their condition in the

marketplace. It should be noted that these criteria do not factor any repairs on the property to pre-pare it for the renter after purchase.

Though the vast majority of active properties (55%) are Equity Sales, they only account for 32% ofthose sold during the first quarter. REOs on the other hand account for 13% of the inventory, but45% of sales, and Short Sales represent 37% of inventory and 23% of sales. This shows that banks

are still pricing their inventory for sale lower than owners with equity.

Duplex

Price of Duplexes over time. Prices have fallen roughly 50% in the last 3 years.


8/26


Triplex

Triplexes are to a large extent are forgotten as an investment. There are far fewer

of them on the market, and fewer sell. They inhabit mostly older areas and fre-quently they are priced comparable with the 4-plexes that surround them so theydo not appear too pricey an investment. Because they are frequently overlooked,

occasionally a good rental property will become available at a great price.

The average sale price stayed the same in 1st quarter 2010 ($242,000) from theprevious year, though it saw a sharp decline from 2008: $377,000 average price.What did changed from 2009 to 2010 was the speed of the market. In 09 the aver-

age time on the market before sale was 75 days. In 2010 it was 19.

In the first quarter of 2010 only 11 triplexes sold: the cheapest for $80,000, themost expensive for $492,000. This variation in price is dependant predominately

upon the area, and the majority of these sold in Midtown or in North Sacramento.

34% of residential

property (1-4 Units)

that sold 1st Quarter

2010 could Cash Flow

at Market Rents!

Four-plexes, on the other hand, are far more common and 27 sold in quarter 1 of2010. Like triplexes the average price did not change from 1st quarter 2009 to2010$215,000, though the market saw a 31% drop from 1st quarter 2008s

$311,000 average sale price.

Though REOs represent about 20% of active listings, they accounted for 66% of 1stquarter sales. The average marketing time was much longer than triplexes: 67 days

on the market.

Although the average sale price is 215k, the average list price was $364,000 sothere are a few properties on the market that will not sell until they drop their

price substantially.

Still, the average sold price is within 2% of the MLS listed price, and the averageprice drop before a sale occurs was 4.48%: meaning a large percentage of 4-plexes

currently for sale 4-plexes that are equity sellers (75%) will probably not sell.

Four-Plex


9/26


ZipCode

$ Drop fromAug. 05

% dropfrom Aug.

05

1 Month %

Change

Quarter %

Change

1 Year %

Change

95605 $165,000 54.55% 31.6% 23.6% -3.1%

95608 $170,500 37.89% 19.1% 5.2% 20.2%

95610 $175,000 46.67% 10.0% 6.0% 12.0%95621 $175,500 50.14% -6.0% -3.2% 3.4%

95624 $215,000 47.78% 0.1% -2.1% -6.4%

95626 $181,500 59.02% 28.6% -3.2% -9.1%

95628 $243,500 49.59% -29.3% 0.0% -39.0%95630 $162,550 29.42% 19.3% 4.6% 3.8%

95632 $220,000 55.70% 5.7% 11.9% -4.6%

95655 $179,100 46.64% 2.4% 2.5% -12.2%95660 $189,000 63.21% -0.9% 0.0% 15.0%

95662 $170,000 45.33% 5.6% -4.9% 2.4%

95670 $239,000 57.38% 7.9% -6.5% 3.1%

95673 $226,850 61.48% -3.8% 5.4% 11.5%95683 $341,700 54.85% -13.0% -33.3% -45.8%

95691 $188,250 42.78% 6.7% 4.1% 11.0%

95693 $531,951 58.48% 17.0% -11.8% -8.3%

95758 $302,000 58.98% 2.4% 2.1% 2.4%95815 $191,500 72.26% -22.4% 22.4% 32.0%

95816 $44,500 10.96% 24.5% -18.7% 3.9%

95817 $200,000 72.73% -19.9% -25.3% 35.9%

95818 $100,000 21.51% 9.6% -16.4% 8.2%

95819 $64,500 14.53% 10.7% 16.0% 2.4%

95820 $200,900 67.89% 12.7% -4.2% 41.6%

95821 $193,750 55.36% -2.4% -26.7% -2.4%

95822 $189,000 60.00% 0.0% 4.8% 36.5%

95823 $200,000 60.61% 0.0% 1.5% 17.8%

95824 $173,400 64.25% 9.8% 5.7% 25.4%

95825 $214,000 59.36% -22.9% -12.6% 31.7%95826 $188,500 51.64% 3.7% -4.8% -17.8%

95827 $175,500 51.54% -2.1% -3.0% 17.9%

95828 $213,250 60.93% -4.2% -2.4% 4.9%

95829 $209,400 49.87% 5.0% 3.8% -6.9%

95831 $155,000 31.96% 24.2% 10.3% 7.3%

95832 $183,750 60.74% -24.2% 7.4% 36.8%

95833 $217,000 57.87% -7.6% 14.6% 5.3%

95834 $235,500 55.61% -26.3% -11.7% -13.6%

95835 $241,000 49.69% 7.8% 5.3% -2.5%95838 $215,000 69.35% 6.6% -5.3% 13.2%

95841 $183,750 52.58% -17.0% 0.5% -5.6%95842 $192,500 57.46% -7.0% 5.3% 5.3%

95843 $205,400 51.30% 0.0% 0.0% -4.6%

95864 $259,500 50.44% 16.3% -90.2% -72.4%

Zip Code Price Dropbetween August 2005

and March 2010.

This chart shows the

percentage and amount

of median price dropsince the Sacramento

market peak in August

of 2005.


10/26


Sacramento County and Zip Code Comparison Graphs

Market

Median95608 95628 95662

2010 Qtr. 1 $182,000 $279,500 $247,500 $205,000

2009 Qtr. 4 $187,500 $265,000 $247,500 $215,000

2009 Qtr. 3 $183,000 $289,000 $235,000 $205,000

2009 Qtr. 2 $180,000 $255,000 $241,000 $250,000

2009 Qtr. 1 $167,500 $223,000 $343,950 $200,000

2008 Qtr. 4 $180,000 $299,000 $320,000 $202,000

2008 Qtr. 3 $194,950 $299,000 $310,000 $238,000

2008 Qtr. 2 $220,000 $289,950 $360,000 $279,000

2008 Qtr. 1 $254,896 $321,900 $315,000 $235,000

2007 Qtr. 4 $280,000 $350,000 $359,950 $255,000

2007 Qtr. 3 $320,000 $390,000 $520,000 $320,000

2007 Qtr. 2 $339,950 $381,000 $389,500 $327,950

2007 Qtr. 1 $350,000 $380,000 $435,000 $350,000

2006 Qtr. 4 $355,000 $365,000 $478,000 $330,000

2006 Qtr. 3 $363,000 $455,000 $430,000 $362,500

2006 Qtr. 2 $380,000 $440,000 $378,250 $427,000

2006 Qtr. 1 $374,500 $418,500 $390,000 $360,000

2005 Qtr. 4 $375,000 $420,000 $426,500 $410,000

2005 Qtr. 3 $385,000 $457,500 $472,000 $376,500

2005 Qtr. 2 $380,000 $404,000 $450,000 $383,000

2005 Qtr. 1 $350,000 $390,000 $462,000 $352,000

2004 Qtr. 4 $330,000 $399,500 $417,000 $333,000

2004 Qtr. 3 $323,000 $340,000 $399,950 $337,000

2004 Qtr. 2 $310,000 $368,750 $382,500 $322,250

2004 Qtr. 1 $276,500 $280,000 $271,500 $255,000

2003 Qtr. 4 $260,000 $315,500 $328,000 $285,000

2003 Qtr. 3 $249,900 $257,500 $345,000 $269,5002003 Qtr. 2 $246,250 $323,500 $310,000 $246,500

2003 Qtr. 1 $229,000 $263,500 $271,000 $254,500

2002 Qtr. 4 $219,950 $263,000 $272,500 $223,000

2002 Qtr. 3 $218,000 $257,500 $284,500 $265,000

2002 Qtr. 2 $204,975 $255,000 $260,000 $239,000

2002 Qtr. 1 $186,000 $240,000 $225,000 $202,000

2001 Qtr. 4 $175,000 $205,000 $221,000 $188,925

2001 Qtr. 3 $170,000 $222,200 $245,000 $206,000

2001 Qtr. 2 $175,700 $204,000 $265,000 $196,500


11/26


Market

Median95816 95818 95819

2010 Qtr. 1 $182,000 $361,500 $365,000 $379,500

2009 Qtr. 4 $187,500 $429,000 $425,000 $318,625

2009 Qtr. 3 $183,000 $335,000 $310,000 $383,750

2009 Qtr. 2 $180,000 $376,950 $367,500 $389,000

2009 Qtr. 1 $167,500 $347,500 $335,000 $370,375

2008 Qtr. 4 $180,000 $295,000 $367,500 $372,000

2008 Qtr. 3 $194,950 $435,000 $371,750 $370,000

2008 Qtr. 2 $220,000 $394,450 $350,000 $425,000

2008 Qtr. 1 $254,896 $416,000 $474,900 $412,500

2007 Qtr. 4 $280,000 $321,750 $490,000 $427,500

2007 Qtr. 3 $320,000 $375,000 $442,000 $417,500

2007 Qtr. 2 $339,950 $420,475 $476,000 $435,500

2007 Qtr. 1 $350,000 $399,505 $494,000 $426,000

2006 Qtr. 4 $355,000 $414,500 $415,000 $499,500

2006 Qtr. 3 $363,000 $409,000 $355,000 $435,000

2006 Qtr. 2 $380,000 $450,000 $520,000 $472,500

2006 Qtr. 1 $374,500 $525,000 $458,500 $413,250

2005 Qtr. 4 $375,000 $435,000 $424,500 $444,500

2005 Qtr. 3 $385,000 $459,500 $507,250 $526,500

2005 Qtr. 2 $380,000 $435,000 $462,500 $474,000

2005 Qtr. 1 $350,000 $432,500 $457,000 $455,000

2004 Qtr. 4 $330,000 $442,000 $425,000 $421,000

2004 Qtr. 3 $323,000 $407,500 $400,000 $413,750

2004 Qtr. 2 $310,000 $364,000 $425,000 $409,000

2004 Qtr. 1 $276,500 $277,000 $313,000 $317,500

2003 Qtr. 4 $260,000 $362,250 $334,500 $362,750

2003 Qtr. 3 $249,900 $348,500 $325,000 $347,5002003 Qtr. 2 $246,250 $291,500 $319,000 $333,250

2003 Qtr. 1 $229,000 $340,500 $280,000 $315,000

2002 Qtr. 4 $219,950 $350,000 $305,600 $296,500

2002 Qtr. 3 $218,000 $335,000 $320,000 $286,000

2002 Qtr. 2 $204,975 $270,000 $309,750 $315,000

2002 Qtr. 1 $186,000 $217,500 $260,000 $244,500

2001 Qtr. 4 $175,000 $259,000 $242,000 $244,000

2001 Qtr. 3 $170,000 $203,000 $249,000 $255,000

2001 Qtr. 2 $175,700 $207,500 $242,500 $246,000


12/26


Market

Median95610 95621 95841

2010 Qtr. 1 $182,000 $200,000 $174,500 $165,750

2009 Qtr. 4 $187,500 $188,050 $180,000 $165,000

2009 Qtr. 3 $183,000 $189,250 $162,500 $178,500

2009 Qtr. 2 $180,000 $200,000 $168,000 $152,000

2009 Qtr. 1 $167,500 $176,000 $168,500 $175,000

2008 Qtr. 4 $180,000 $200,000 $169,900 $186,000

2008 Qtr. 3 $194,950 $212,000 $177,000 $180,000

2008 Qtr. 2 $220,000 $245,500 $190,000 $180,000

2008 Qtr. 1 $254,896 $253,000 $243,725 $178,750

2007 Qtr. 4 $280,000 $264,000 $242,000 $205,000

2007 Qtr. 3 $320,000 $286,500 $272,425 $416,000

2007 Qtr. 2 $339,950 $319,000 $298,950 $292,500

2007 Qtr. 1 $350,000 $337,000 $295,000 $300,000

2006 Qtr. 4 $355,000 $345,000 $298,500 $311,700

2006 Qtr. 3 $363,000 $325,000 $320,000 $329,500

2006 Qtr. 2 $380,000 $360,000 $332,500 $357,000

2006 Qtr. 1 $374,500 $377,500 $325,000 $375,000

2005 Qtr. 4 $375,000 $355,000 $330,000 $337,000

2005 Qtr. 3 $385,000 $385,000 $348,950 $345,000

2005 Qtr. 2 $380,000 $391,000 $345,000 $401,000

2005 Qtr. 1 $350,000 $345,000 $318,750 $329,000

2004 Qtr. 4 $330,000 $330,000 $297,500 $302,500

2004 Qtr. 3 $323,000 $325,000 $289,000 $288,500

2004 Qtr. 2 $310,000 $303,200 $283,000 $270,000

2004 Qtr. 1 $276,500 $239,500 $207,500 $210,500

2003 Qtr. 4 $260,000 $252,000 $239,900 $165,000

2003 Qtr. 3 $249,900 $250,000 $221,500 $187,4502003 Qtr. 2 $246,250 $255,000 $215,000 $207,500

2003 Qtr. 1 $229,000 $239,900 $205,000 $206,000

2002 Qtr. 4 $219,950 $229,000 $189,000 $193,000

2002 Qtr. 3 $218,000 $219,000 $195,950 $187,250

2002 Qtr. 2 $204,975 $215,000 $189,000 $148,500

2002 Qtr. 1 $186,000 $195,000 $170,500 $168,600

2001 Qtr. 4 $175,000 $186,500 $161,000 $148,000

2001 Qtr. 3 $170,000 $172,500 $158,500 $143,900

2001 Qtr. 2 $175,700 $179,475 $163,965 $150,000


13/26


Market

Median95821 95825 95864

2010 Qtr. 1 $182,000 $156,250 $146,500 $255,000

2009 Qtr. 4 $187,500 $198,000 $165,000 $485,000

2009 Qtr. 3 $183,000 $196,000 $135,000 $444,950

2009 Qtr. 2 $180,000 $217,500 $188,000 $337,500

2009 Qtr. 1 $167,500 $160,000 $100,000 $439,500

2008 Qtr. 4 $180,000 $195,500 $178,000 $399,000

2008 Qtr. 3 $194,950 $190,000 $165,000 $275,000

2008 Qtr. 2 $220,000 $240,000 $175,000 $457,500

2008 Qtr. 1 $254,896 $307,500 $174,900 $390,000

2007 Qtr. 4 $280,000 $262,674 $208,000 $384,750

2007 Qtr. 3 $320,000 $334,750 $345,000 $520,000

2007 Qtr. 2 $339,950 $345,500 $283,446 $430,000

2007 Qtr. 1 $350,000 $325,000 $324,000 $325,000

2006 Qtr. 4 $355,000 $365,000 $344,500 $425,000

2006 Qtr. 3 $363,000 $320,000 $335,000 $506,500

2006 Qtr. 2 $380,000 $354,000 $272,000 $455,000

2006 Qtr. 1 $374,500 $345,000 $349,500 $429,000

2005 Qtr. 4 $375,000 $343,950 $379,000 $559,500

2005 Qtr. 3 $385,000 $370,000 $308,000 $449,000

2005 Qtr. 2 $380,000 $375,000 $355,000 $527,500

2005 Qtr. 1 $350,000 $305,000 $310,950 $385,000

2004 Qtr. 4 $330,000 $320,000 $275,000 $347,500

2004 Qtr. 3 $323,000 $345,000 $250,950 $480,150

2004 Qtr. 2 $310,000 $317,500 $264,500 $383,350

2004 Qtr. 1 $276,500 $230,000 $173,750 $285,000

2003 Qtr. 4 $260,000 $275,000 $199,500 $380,000

2003 Qtr. 3 $249,900 $273,000 $186,000 $417,5002003 Qtr. 2 $246,250 $245,000 $194,500 $390,750

2003 Qtr. 1 $229,000 $226,000 $185,000 $366,000

2002 Qtr. 4 $219,950 $235,000 $151,500 $301,500

2002 Qtr. 3 $218,000 $225,000 $207,500 $307,000

2002 Qtr. 2 $204,975 $200,000 $175,000 $342,500

2002 Qtr. 1 $186,000 $176,000 $171,500 $296,000

2001 Qtr. 4 $175,000 $180,000 $150,000 $288,400

2001 Qtr. 3 $170,000 $179,900 $134,500 $220,000

2001 Qtr. 2 $175,700 $205,000 $145,500 $276,500


14/26


Market

Median95624 95757 95758

2010 Qtr. 1 $182,000 $235,000 $270,000 $210,000

2009 Qtr. 4 $187,500 $240,000 $270,000 $205,500

2009 Qtr. 3 $183,000 $238,000 $265,000 $224,500

2009 Qtr. 2 $180,000 $229,000 $254,000 $210,000

2009 Qtr. 1 $167,500 $250,000 $270,223 $205,000

2008 Qtr. 4 $180,000 $252,000 $300,000 $210,000

2008 Qtr. 3 $194,950 $250,000 $300,000 $225,000

2008 Qtr. 2 $220,000 $260,000 $324,750 $250,000

2008 Qtr. 1 $254,896 $305,000 $333,000 $269,000

2007 Qtr. 4 $280,000 $309,950 $374,890 $290,000

2007 Qtr. 3 $320,000 $352,000 $395,000 $320,000

2007 Qtr. 2 $339,950 $390,000 $350,000

2007 Qtr. 1 $350,000 $406,750 $362,000

2006 Qtr. 4 $355,000 $389,900 $349,900

2006 Qtr. 3 $363,000 $410,000 $397,000

2006 Qtr. 2 $380,000 $465,000 $405,000

2006 Qtr. 1 $374,500 $482,500 $477,500

2005 Qtr. 4 $375,000 $478,000 $500,000

2005 Qtr. 3 $385,000 $460,000 $510,000

2005 Qtr. 2 $380,000 $449,950 $499,500

2005 Qtr. 1 $350,000 $405,000 $429,000

2004 Qtr. 4 $330,000 $395,000 $430,000

2004 Qtr. 3 $323,000 $376,500 $375,000

2004 Qtr. 2 $310,000 $381,750 $355,000

2004 Qtr. 1 $276,500 $271,995 $265,100

2003 Qtr. 4 $260,000 $295,500 $290,000

2003 Qtr. 3 $249,900 $291,250 $280,0002003 Qtr. 2 $246,250 $284,250 $271,000

2003 Qtr. 1 $229,000 $255,750 $265,000

2002 Qtr. 4 $219,950 $257,975 $246,000

2002 Qtr. 3 $218,000 $250,750 $240,000

2002 Qtr. 2 $204,975 $262,500 $231,000

2002 Qtr. 1 $186,000 $211,975 $211,250

2001 Qtr. 4 $175,000 $228,500 $199,925

2001 Qtr. 3 $170,000 $215,000 $204,000

2001 Qtr. 2 $175,700 $225,450 $205,500


15/26


Market

Median95823 95828 95829

2010 Qtr. 1 $182,000 $130,000 $136,750 $210,500

2009 Qtr. 4 $187,500 $128,000 $140,000 $202,500

2009 Qtr. 3 $183,000 $120,000 $142,000 $190,000

2009 Qtr. 2 $180,000 $120,000 $135,250 $180,500

2009 Qtr. 1 $167,500 $106,850 $130,000 $225,000

2008 Qtr. 4 $180,000 $119,000 $140,000 $220,000

2008 Qtr. 3 $194,950 $135,000 $145,200 $238,000

2008 Qtr. 2 $220,000 $150,000 $168,000 $245,000

2008 Qtr. 1 $254,896 $165,000 $165,500 $275,000

2007 Qtr. 4 $280,000 $189,000 $205,000 $320,000

2007 Qtr. 3 $320,000 $226,500 $259,000 $350,000

2007 Qtr. 2 $339,950 $267,250 $271,500 $322,000

2007 Qtr. 1 $350,000 $287,450 $307,500 $325,000

2006 Qtr. 4 $355,000 $300,000 $310,000 $366,250

2006 Qtr. 3 $363,000 $320,000 $327,250 $450,000

2006 Qtr. 2 $380,000 $319,500 $347,500 $415,000

2006 Qtr. 1 $374,500 $321,300 $331,450 $400,000

2005 Qtr. 4 $375,000 $328,950 $340,000 $399,350

2005 Qtr. 3 $385,000 $332,000 $350,500 $400,000

2005 Qtr. 2 $380,000 $321,250 $340,000 $425,000

2005 Qtr. 1 $350,000 $303,000 $325,000 $369,000

2004 Qtr. 4 $330,000 $285,750 $301,000 $350,000

2004 Qtr. 3 $323,000 $279,000 $295,000 $333,250

2004 Qtr. 2 $310,000 $256,500 $269,950 $328,000

2004 Qtr. 1 $276,500 $193,000 $208,000 $259,000

2003 Qtr. 4 $260,000 $229,700 $233,950 $264,500

2003 Qtr. 3 $249,900 $210,000 $228,000 $273,0002003 Qtr. 2 $246,250 $197,638 $217,750 $281,500

2003 Qtr. 1 $229,000 $189,000 $215,000 $243,000

2002 Qtr. 4 $219,950 $183,000 $195,000 $244,500

2002 Qtr. 3 $218,000 $185,950 $185,000 $236,000

2002 Qtr. 2 $204,975 $170,000 $189,900 $226,250

2002 Qtr. 1 $186,000 $152,450 $169,250 $209,500

2001 Qtr. 4 $175,000 $146,000 $155,000 $205,000

2001 Qtr. 3 $170,000 $149,000 $159,925 $191,250

2001 Qtr. 2 $175,700 $149,950 $150,000 $186,750


16/26


Market

Median95822 95824

2010 Qtr. 1 $182,000 $126,000 $96,500

2009 Qtr. 4 $187,500 $120,000 $91,000

2009 Qtr. 3 $183,000 $106,500 $75,500

2009 Qtr. 2 $180,000 $90,000 $74,500

2009 Qtr. 1 $167,500 $80,000 $72,000

2008 Qtr. 4 $180,000 $108,000 $82,000

2008 Qtr. 3 $194,950 $117,450 $99,000

2008 Qtr. 2 $220,000 $136,000 $99,000

2008 Qtr. 1 $254,896 $150,000 $106,250

2007 Qtr. 4 $280,000 $199,000 $160,950

2007 Qtr. 3 $320,000 $265,000 $181,500

2007 Qtr. 2 $339,950 $276,000 $243,000

2007 Qtr. 1 $350,000 $328,750 $250,000

2006 Qtr. 4 $355,000 $292,300 $255,000

2006 Qtr. 3 $363,000 $300,000 $261,000

2006 Qtr. 2 $380,000 $332,500 $287,750

2006 Qtr. 1 $374,500 $319,000 $276,250

2005 Qtr. 4 $375,000 $317,000 $283,500

2005 Qtr. 3 $385,000 $311,500 $277,250

2005 Qtr. 2 $380,000 $302,500 $270,000

2005 Qtr. 1 $350,000 $277,500 $250,000

2004 Qtr. 4 $330,000 $259,500 $234,950

2004 Qtr. 3 $323,000 $250,000 $230,000

2004 Qtr. 2 $310,000 $260,000 $212,000

2004 Qtr. 1 $276,500 $192,000 $161,000

2003 Qtr. 4 $260,000 $201,000 $180,000

2003 Qtr. 3 $249,900 $196,475 $177,0002003 Qtr. 2 $246,250 $183,500 $165,000

2003 Qtr. 1 $229,000 $186,500 $155,500

2002 Qtr. 4 $219,950 $180,000 $155,000

2002 Qtr. 3 $218,000 $160,000 $138,000

2002 Qtr. 2 $204,975 $167,456 $129,000

2002 Qtr. 1 $186,000 $138,000 $114,000

2001 Qtr. 4 $175,000 $158,450 $118,000

2001 Qtr. 3 $170,000 $139,000 $108,950

2001 Qtr. 2 $175,700 $134,750 $108,250


17/26


Market

Median95833 95834 95835

2010 Qtr. 1 $182,000 $158,000 $188,000 $244,000

2009 Qtr. 4 $187,500 $135,000 $210,000 $231,000

2009 Qtr. 3 $183,000 $151,500 $209,990 $236,500

2009 Qtr. 2 $180,000 $160,450 $210,000 $220,000

2009 Qtr. 1 $167,500 $149,600 $213,500 $250,000

2008 Qtr. 4 $180,000 $157,500 $210,000 $247,250

2008 Qtr. 3 $194,950 $177,791 $235,000 $281,938

2008 Qtr. 2 $220,000 $194,500 $242,000 $290,000

2008 Qtr. 1 $254,896 $203,018 $259,000 $280,000

2007 Qtr. 4 $280,000 $233,000 $277,673 $320,000

2007 Qtr. 3 $320,000 $279,900 $303,635 $387,586

2007 Qtr. 2 $339,950 $305,000 $402,500 $378,944

2007 Qtr. 1 $350,000 $321,048 $333,000 $378,990

2006 Qtr. 4 $355,000 $328,233 $379,000 $407,194

2006 Qtr. 3 $363,000 $344,000 $409,900 $455,000

2006 Qtr. 2 $380,000 $355,000 $409,900 $455,950

2006 Qtr. 1 $374,500 $360,000 $395,775 $457,000

2005 Qtr. 4 $375,000 $374,430 $445,000 $490,000

2005 Qtr. 3 $385,000 $365,250 $425,000 $487,000

2005 Qtr. 2 $380,000 $369,000 $419,900 $485,000

2005 Qtr. 1 $350,000 $337,450 $396,000 $459,900

2004 Qtr. 4 $330,000 $306,500 $354,000 $449,500

2004 Qtr. 3 $323,000 $312,000 $336,250 $436,000

2004 Qtr. 2 $310,000 $289,000 $320,000 $415,000

2004 Qtr. 1 $276,500 $227,000 $307,500 $379,000

2003 Qtr. 4 $260,000 $249,999 $270,000 $370,500

2003 Qtr. 3 $249,900 $233,675 $271,500 $338,0002003 Qtr. 2 $246,250 $228,000 $266,750 $345,793

2003 Qtr. 1 $229,000 $224,500 $237,675

2002 Qtr. 4 $219,950 $195,000 $203,500

2002 Qtr. 3 $218,000 $189,700 $192,000

2002 Qtr. 2 $204,975 $173,000 $217,500

2002 Qtr. 1 $186,000 $152,000 $181,750

2001 Qtr. 4 $175,000 $166,000 $202,000

2001 Qtr. 3 $170,000 $145,500 $149,500

2001 Qtr. 2 $175,700 $154,000 $159,000


18/26


Market

Median95826 95827

2010 Qtr. 1 $182,000 $176,500 $165,000

2009 Qtr. 4 $187,500 $185,000 $169,900

2009 Qtr. 3 $183,000 $181,000 $150,000

2009 Qtr. 2 $180,000 $184,500 $162,750

2009 Qtr. 1 $167,500 $208,000 $135,500

2008 Qtr. 4 $180,000 $201,500 $190,400

2008 Qtr. 3 $194,950 $200,000 $180,000

2008 Qtr. 2 $220,000 $213,500 $183,500

2008 Qtr. 1 $254,896 $251,000 $218,000

2007 Qtr. 4 $280,000 $294,500 $227,000

2007 Qtr. 3 $320,000 $255,000 $242,000

2007 Qtr. 2 $339,950 $292,000 $303,000

2007 Qtr. 1 $350,000 $312,000 $310,000

2006 Qtr. 4 $355,000 $310,000 $322,000

2006 Qtr. 3 $363,000 $320,000 $320,000

2006 Qtr. 2 $380,000 $339,900 $339,500

2006 Qtr. 1 $374,500 $338,500 $320,000

2005 Qtr. 4 $375,000 $357,700 $374,500

2005 Qtr. 3 $385,000 $373,000 $325,000

2005 Qtr. 2 $380,000 $348,500 $353,250

2005 Qtr. 1 $350,000 $339,000 $315,000

2004 Qtr. 4 $330,000 $305,000 $305,000

2004 Qtr. 3 $323,000 $294,000 $286,000

2004 Qtr. 2 $310,000 $282,500 $270,000

2004 Qtr. 1 $276,500 $222,500 $201,500

2003 Qtr. 4 $260,000 $240,000 $235,000

2003 Qtr. 3 $249,900 $230,000 $220,0002003 Qtr. 2 $246,250 $222,000 $231,750

2003 Qtr. 1 $229,000 $206,500 $210,000

2002 Qtr. 4 $219,950 $211,000 $181,000

2002 Qtr. 3 $218,000 $192,000 $190,500

2002 Qtr. 2 $204,975 $198,000 $197,000

2002 Qtr. 1 $186,000 $172,500 $156,000

2001 Qtr. 4 $175,000 $166,100 $158,750

2001 Qtr. 3 $170,000 $161,500 $160,000

2001 Qtr. 2 $175,700 $154,000 $148,000


19/26


Market

Median95815 95838

2010 Qtr. 1 $182,000 $73,500 $95,000

2009 Qtr. 4 $187,500 $57,000 $100,000

2009 Qtr. 3 $183,000 $75,500 $95,000

2009 Qtr. 2 $180,000 $57,600 $100,500

2009 Qtr. 1 $167,500 $50,000 $82,500

2008 Qtr. 4 $180,000 $67,250 $90,000

2008 Qtr. 3 $194,950 $74,950 $103,000

2008 Qtr. 2 $220,000 $96,625 $118,000

2008 Qtr. 1 $254,896 $91,000 $99,900

2007 Qtr. 4 $280,000 $139,900 $187,500

2007 Qtr. 3 $320,000 $198,000 $220,000

2007 Qtr. 2 $339,950 $227,500 $222,300

2007 Qtr. 1 $350,000 $201,000 $301,000

2006 Qtr. 4 $355,000 $241,900 $253,500

2006 Qtr. 3 $363,000 $267,500 $280,000

2006 Qtr. 2 $380,000 $255,150 $303,750

2006 Qtr. 1 $374,500 $248,500 $313,750

2005 Qtr. 4 $375,000 $272,500 $302,500

2005 Qtr. 3 $385,000 $260,000 $317,000

2005 Qtr. 2 $380,000 $264,000 $290,500

2005 Qtr. 1 $350,000 $236,500 $251,000

2004 Qtr. 4 $330,000 $220,000 $272,000

2004 Qtr. 3 $323,000 $218,500 $250,000

2004 Qtr. 2 $310,000 $210,000 $235,000

2004 Qtr. 1 $276,500 $160,250 $158,000

2003 Qtr. 4 $260,000 $171,000 $195,000

2003 Qtr. 3 $249,900 $170,500 $192,0002003 Qtr. 2 $246,250 $135,000 $180,000

2003 Qtr. 1 $229,000 $143,975 $163,000

2002 Qtr. 4 $219,950 $154,950 $165,000

2002 Qtr. 3 $218,000 $130,000 $158,500

2002 Qtr. 2 $204,975 $120,500 $149,500

2002 Qtr. 1 $186,000 $98,500 $149,850

2001 Qtr. 4 $175,000 $104,800 $129,000

2001 Qtr. 3 $170,000 $85,000 $111,500

2001 Qtr. 2 $175,700 $86,750 $140,000


20/26


Market

Median95817 95820

2010 Qtr. 1 $182,000 $75,000 $95,000

2009 Qtr. 4 $187,500 $94,000 $99,000

2009 Qtr. 3 $183,000 $140,000 $87,450

2009 Qtr. 2 $180,000 $95,000 $74,950

2009 Qtr. 1 $167,500 $48,100 $55,500

2008 Qtr. 4 $180,000 $70,500 $75,150

2008 Qtr. 3 $194,950 $60,000 $85,000

2008 Qtr. 2 $220,000 $83,000 $105,470

2008 Qtr. 1 $254,896 $95,450 $122,000

2007 Qtr. 4 $280,000 $158,000 $154,000

2007 Qtr. 3 $320,000 $290,000 $212,000

2007 Qtr. 2 $339,950 $213,200 $225,000

2007 Qtr. 1 $350,000 $274,500 $266,500

2006 Qtr. 4 $355,000 $295,000 $244,500

2006 Qtr. 3 $363,000 $250,000 $275,000

2006 Qtr. 2 $380,000 $273,000 $265,000

2006 Qtr. 1 $374,500 $321,500 $262,000

2005 Qtr. 4 $375,000 $302,500 $267,000

2005 Qtr. 3 $385,000 $277,000 $282,450

2005 Qtr. 2 $380,000 $350,000 $272,000

2005 Qtr. 1 $350,000 $301,000 $240,000

2004 Qtr. 4 $330,000 $219,000 $245,000

2004 Qtr. 3 $323,000 $220,500 $249,000

2004 Qtr. 2 $310,000 $178,500 $221,750

2004 Qtr. 1 $276,500 $152,500 $162,500

2003 Qtr. 4 $260,000 $213,250 $185,000

2003 Qtr. 3 $249,900 $140,000 $181,0752003 Qtr. 2 $246,250 $184,950 $164,500

2003 Qtr. 1 $229,000 $202,000 $169,875

2002 Qtr. 4 $219,950 $150,000 $157,450

2002 Qtr. 3 $218,000 $132,350 $143,500

2002 Qtr. 2 $204,975 $124,630 $139,900

2002 Qtr. 1 $186,000 $96,000 $115,000

2001 Qtr. 4 $175,000 $103,475 $117,500

2001 Qtr. 3 $170,000 $99,950 $120,000

2001 Qtr. 2 $175,700 $121,750 $115,000


21/26


Market

Median95660 95842 95843

2010 Qtr. 1 $182,000 $110,000 $142,500 $195,000

2009 Qtr. 4 $187,500 $110,000 $135,000 $195,000

2009 Qtr. 3 $183,000 $102,000 $140,000 $192,350

2009 Qtr. 2 $180,000 $109,000 $134,000 $183,500

2009 Qtr. 1 $167,500 $93,500 $135,000 $204,000

2008 Qtr. 4 $180,000 $95,500 $136,000 $209,950

2008 Qtr. 3 $194,950 $116,500 $160,000 $222,000

2008 Qtr. 2 $220,000 $116,000 $160,000 $225,000

2008 Qtr. 1 $254,896 $138,500 $190,000 $239,000

2007 Qtr. 4 $280,000 $134,000 $200,000 $267,450

2007 Qtr. 3 $320,000 $182,500 $249,500 $280,000

2007 Qtr. 2 $339,950 $210,000 $262,500 $309,000

2007 Qtr. 1 $350,000 $235,000 $275,000 $329,000

2006 Qtr. 4 $355,000 $247,500 $281,000 $348,500

2006 Qtr. 3 $363,000 $267,000 $282,500 $368,700

2006 Qtr. 2 $380,000 $273,000 $300,000 $365,000

2006 Qtr. 1 $374,500 $280,500 $321,750 $367,000

2005 Qtr. 4 $375,000 $290,000 $322,540 $374,900

2005 Qtr. 3 $385,000 $296,335 $317,000 $381,550

2005 Qtr. 2 $380,000 $291,000 $321,500 $380,000

2005 Qtr. 1 $350,000 $265,000 $297,250 $360,000

2004 Qtr. 4 $330,000 $256,950 $276,000 $335,000

2004 Qtr. 3 $323,000 $249,900 $280,000 $330,000

2004 Qtr. 2 $310,000 $230,000 $260,000 $314,000

2004 Qtr. 1 $276,500 $169,000 $183,000 $245,000

2003 Qtr. 4 $260,000 $195,000 $222,775 $269,725

2003 Qtr. 3 $249,900 $181,000 $220,000 $253,4002003 Qtr. 2 $246,250 $175,000 $190,000 $250,750

2003 Qtr. 1 $229,000 $167,500 $183,000 $229,125

2002 Qtr. 4 $219,950 $159,250 $183,500 $229,250

2002 Qtr. 3 $218,000 $153,000 $183,975 $220,000

2002 Qtr. 2 $204,975 $155,000 $172,000 $219,700

2002 Qtr. 1 $186,000 $135,000 $136,800 $192,500

2001 Qtr. 4 $175,000 $123,000 $141,500 $195,000

2001 Qtr. 3 $170,000 $124,900 $145,000 $185,000

2001 Qtr. 2 $175,700 $125,525 $144,680 $188,000


22/26


Market

Median95831 95832

2010 Qtr. 1 $182,000 $330,000 $118,750

2009 Qtr. 4 $187,500 $296,000 $110,000

2009 Qtr. 3 $183,000 $369,250 $117,750

2009 Qtr. 2 $180,000 $295,000 $161,500

2009 Qtr. 1 $167,500 $306,000 $75,000

2008 Qtr. 4 $180,000 $319,000 $115,000

2008 Qtr. 3 $194,950 $322,000 $111,000

2008 Qtr. 2 $220,000 $345,500 $140,000

2008 Qtr. 1 $254,896 $358,000 $220,000

2007 Qtr. 4 $280,000 $370,000 $245,000

2007 Qtr. 3 $320,000 $362,500 $170,000

2007 Qtr. 2 $339,950 $385,000 $280,500

2007 Qtr. 1 $350,000 $495,000 $397,500

2006 Qtr. 4 $355,000 $389,250 $400,000

2006 Qtr. 3 $363,000 $407,000 $308,500

2006 Qtr. 2 $380,000 $406,000 $317,500

2006 Qtr. 1 $374,500 $478,188 $325,725

2005 Qtr. 4 $375,000 $397,500 $296,500

2005 Qtr. 3 $385,000 $510,000 $310,000

2005 Qtr. 2 $380,000 $450,000 $395,000

2005 Qtr. 1 $350,000 $395,000 $330,000

2004 Qtr. 4 $330,000 $411,000 $260,450

2004 Qtr. 3 $323,000 $360,000 $252,500

2004 Qtr. 2 $310,000 $377,250 $240,000

2004 Qtr. 1 $276,500 $310,000 $178,000

2003 Qtr. 4 $260,000 $322,500 $180,000

2003 Qtr. 3 $249,900 $280,000 $180,0002003 Qtr. 2 $246,250 $313,500 $167,250

2003 Qtr. 1 $229,000 $287,000 $165,000

2002 Qtr. 4 $219,950 $272,900 $156,000

2002 Qtr. 3 $218,000 $256,550 $150,000

2002 Qtr. 2 $204,975 $262,250 $136,000

2002 Qtr. 1 $186,000 $231,750 $124,354

2001 Qtr. 4 $175,000 $219,000 $117,900

2001 Qtr. 3 $170,000 $214,750 $111,500

2001 Qtr. 2 $175,700 $220,000 $113,000


23/26


Market

Median95630 95670 95742

2010 Qtr. 1 $182,000 $389,950 $177,500 $269,990

2009 Qtr. 4 $187,500 $372,000 $189,000 $272,822

2009 Qtr. 3 $183,000 $384,450 $230,000 $240,000

2009 Qtr. 2 $180,000 $382,000 $195,000 $280,000

2009 Qtr. 1 $167,500 $375,000 $172,000 $280,000

2008 Qtr. 4 $180,000 $365,900 $200,000 $293,801

2008 Qtr. 3 $194,950 $423,750 $195,000 $319,000

2008 Qtr. 2 $220,000 $384,250 $187,000 $325,000

2008 Qtr. 1 $254,896 $415,000 $275,600 $316,000

2007 Qtr. 4 $280,000 $412,000 $318,000 $333,900

2007 Qtr. 3 $320,000 $458,500 $323,000 $312,396

2007 Qtr. 2 $339,950 $504,000 $414,790 $442,459

2007 Qtr. 1 $350,000 $495,000 $428,000 $450,500

2006 Qtr. 4 $355,000 $461,700 $350,000 $435,000

2006 Qtr. 3 $363,000 $462,500 $339,000 $397,805

2006 Qtr. 2 $380,000 $508,475 $422,500 $400,265

2006 Qtr. 1 $374,500 $490,000 $358,000

2005 Qtr. 4 $375,000 $551,500 $350,000

2005 Qtr. 3 $385,000 $539,000 $384,500

2005 Qtr. 2 $380,000 $540,000 $341,050

2005 Qtr. 1 $350,000 $478,326 $325,000

2004 Qtr. 4 $330,000 $446,000 $309,000

2004 Qtr. 3 $323,000 $455,000 $297,000

2004 Qtr. 2 $310,000 $431,000 $276,750

2004 Qtr. 1 $276,500 $329,000 $207,500

2003 Qtr. 4 $260,000 $379,500 $249,000

2003 Qtr. 3 $249,900 $340,000 $234,9502003 Qtr. 2 $246,250 $334,000 $248,500

2003 Qtr. 1 $229,000 $337,475 $213,500

2002 Qtr. 4 $219,950 $315,000 $210,000

2002 Qtr. 3 $218,000 $310,500 $208,900

2002 Qtr. 2 $204,975 $310,000 $195,250

2002 Qtr. 1 $186,000 $291,250 $170,000

2001 Qtr. 4 $175,000 $285,000 $157,750

2001 Qtr. 3 $170,000 $280,000 $145,000

2001 Qtr. 2 $175,700 $267,500 $166,000


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Market

Median95632

2010 Qtr. 1 $182,000 $175,000

2009 Qtr. 4 $187,500 $154,250

2009 Qtr. 3 $183,000 $208,500

2009 Qtr. 2 $180,000 $170,000

2009 Qtr. 1 $167,500 $183,000

2008 Qtr. 4 $180,000 $180,000

2008 Qtr. 3 $194,950 $195,775

2008 Qtr. 2 $220,000 $198,000

2008 Qtr. 1 $254,896 $254,850

2007 Qtr. 4 $280,000 $267,500

2007 Qtr. 3 $320,000 $325,000

2007 Qtr. 2 $339,950 $376,000

2007 Qtr. 1 $350,000 $335,000

2006 Qtr. 4 $355,000 $385,000

2006 Qtr. 3 $363,000 $379,500

2006 Qtr. 2 $380,000 $387,500

2006 Qtr. 1 $374,500 $386,200

2005 Qtr. 4 $375,000 $384,500

2005 Qtr. 3 $385,000 $380,750

2005 Qtr. 2 $380,000 $360,000

2005 Qtr. 1 $350,000 $338,250

2004 Qtr. 4 $330,000 $325,000

2004 Qtr. 3 $323,000 $315,000

2004 Qtr. 2 $310,000 $309,000

2004 Qtr. 1 $276,500 $224,750

2003 Qtr. 4 $260,000 $270,000

2003 Qtr. 3 $249,900 $243,2502003 Qtr. 2 $246,250 $236,000

2003 Qtr. 1 $229,000 $231,500

2002 Qtr. 4 $219,950 $210,000

2002 Qtr. 3 $218,000 $215,000

2002 Qtr. 2 $204,975 $212,300

2002 Qtr. 1 $186,000 $189,000

2001 Qtr. 4 $175,000 $176,950

2001 Qtr. 3 $170,000 $173,000

2001 Qtr. 2 $175,700 $177,500


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Market

Median95605 95691

2010 Qtr. 1 $182,000 $137,500 $251,750

2009 Qtr. 4 $187,500 $105,000 $241,500

2009 Qtr. 3 $183,000 $107,750 $250,000

2009 Qtr. 2 $180,000 $100,850 $231,000

2009 Qtr. 1 $167,500 $141,707 $224,000

2008 Qtr. 4 $180,000 $157,500 $284,125

2008 Qtr. 3 $194,950 $137,500 $261,990

2008 Qtr. 2 $220,000 $135,000 $272,500

2008 Qtr. 1 $254,896 $143,000 $310,500

2007 Qtr. 4 $280,000 $160,000 $281,000

2007 Qtr. 3 $320,000 $240,000 $335,000

2007 Qtr. 2 $339,950 $325,000 $354,500

2007 Qtr. 1 $350,000 $305,000 $365,000

2006 Qtr. 4 $355,000 $264,000 $394,000

2006 Qtr. 3 $363,000 $305,000 $367,475

2006 Qtr. 2 $380,000 $413,000 $413,000

2006 Qtr. 1 $374,500 $310,000 $393,500

2005 Qtr. 4 $375,000 $324,500 $399,506

2005 Qtr. 3 $385,000 $293,000 $409,500

2005 Qtr. 2 $380,000 $279,000 $407,450

2005 Qtr. 1 $350,000 $296,000 $452,000

2004 Qtr. 4 $330,000 $245,000 $345,000

2004 Qtr. 3 $323,000 $245,000 $347,000

2004 Qtr. 2 $310,000 $239,950 $330,000

2004 Qtr. 1 $276,500 $183,000 $214,250

2003 Qtr. 4 $260,000 $180,500 $265,000

2003 Qtr. 3 $249,900 $175,000 $263,0002003 Qtr. 2 $246,250 $170,000 $246,500

2003 Qtr. 1 $229,000 $159,250 $214,950

2002 Qtr. 4 $219,950 $185,900 $241,000

2002 Qtr. 3 $218,000 $149,500 $223,250

2002 Qtr. 2 $204,975 $134,000 $179,950

2002 Qtr. 1 $186,000 $116,475 $184,000

2001 Qtr. 4 $175,000 $91,000 $151,000

2001 Qtr. 3 $170,000 $104,500 $151,975

2001 Qtr. 2 $175,700 $105,600 $142,750


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MetrolistMLS.com - to search for properties. www.metrolistmls.com

NorthState Building Industry Association (BIA) www.northstatebia.org

Rental Housing Association (RHA) www.rha.org

Sacramento Association of Realtors (SAR) www.sacrealtor.org

Wright Real Estate has been serving investors in theSacramento area since 2004. We specialize in great

long term investment deals for educated professionals.

Additional Resources

Methodology

All properties of a given type were downloaded from the MLS and separated by Seller Type and analyzed to

achieve the highest degree of accuracy. The following assumptions and estimates were used in the calculation: Appreciation = No appreciation has been included in our estimates, though it will certainly occur.

Cash Down Payment = 20% of purchase price

Closing Costs = 4%

Initial Repairs = repairs at purchase have not been factored into the equations as they vary dramatically.

Insurance = .4% annually (divided by 12 for monthly estimates) Interest Rate = 7% amortized over 30 years

Maintenance = 10% of gross rents

Property Management = 10% of gross rents Rents = projected based on our internal findings for each zip code and adjusted based on the number of

bedrooms (SFR) or number of units. Therefore, estimated rents for Duplexes, Triplexes, and Four-Plexes vary by property type and zip code, and SFR rents vary by number of bedrooms also adjusted for

zip code. Taxes = 1.2% of the purchase price annually. Although this number varies the amount is not significant.

Vacancy = 5% of gross rents


For FREE Information and Consulting Services

Office: 916/726-8308 [email protected]

www.WREProfessionals.com

CAR = California Association of RealtorsHAFA = Home Affordable Foreclosure Alternative

HAMP = Home Affordable Mortgage ProgramMLS = Multiple Listing ServiceNAR = National Association of RealtorsNOD = Notice of DefaultNOT = Notice of Trustee SaleREO = Real Estate Owned by a bank, or foreclosureSAR = Sacramento Association of RealtorsWRE = Wright Real Estate

Abbreviations

Documents

WrightReport1qtr2010