CoreLogic Home Price Insights Report featuring CoreLogic HPI

U.S. Home Price Insights Report FEATURING CORELOGIC HPI™ Through October 2015 with Forecasts From November 2015

CoreLogic HPI National Overview ►►

With the October release, the CoreLogic HPI posted a gain of 1.0 percent for the national single family combined tier, including distressed sales, over the prior month.

►►

Additional Observations

nationally for the single family combined tier, including distressed sales. ►►

Including distressed sales, national singlefamily home prices remain 6.8% below peak values recorded in April 2006.

Per the CoreLogic HPI Forecasts™, prices for homes in the singlefamily combined tier are forecasted to rise by 0.1 percent in November 2015.

►► 44:

Including distressed sales, the U.S. has experienced 44 consecutive months of year-over-year increases; however, the national increase is no longer posting double-digits.

CoreLogic HPI also recorded a year-over-year gain of 6.8 percent

►►

Year-over-year, national home prices for single-family homes, including distressed sales, are forecasted to rise by 5.2 percent by October 2016.

1.0%

►► −6.8%:

►► April

2017: Including distressed sales, national single-family home prices are forecasted to reach a new peak level in April 2017.

6.8%

Month-over-Month Percent Change

Year-over-Year Percent Change

Home prices, including distressed sales,


rose by 1.0 percent since last month.

rose 6.8 percent from October 2014 to

Excluding distressed sales, prices rose by

October 2015. Excluding distressed sales,

1.0 percent.

prices rose by 6.4 percent.

0.1%

5.2%

Forecasted Month-over-Month Percent Change

Forecasted Year-over-Year Percent Change

Next month’s home prices, including


distressed sales are expected to rise by

are projected to rise by 5.2 percent from

0.1 percent over this month. Excluding

October 2015 to October 2016. Excluding

distressed sales, the expected month-

distressed sales, prices are also expected

over-month house price gain for next

to rise by 5.2 percent.

month is expected to rise by 0.1 percent. Source: CoreLogic National CoreLogic HPI Single Family Combined Tier, data through October 2015. National CoreLogic HPI Forecast Single Family Combined Tier, starting in November 2015.

2

5.9 w one as base to show month/year; add data here, add new months Comprehensive National Insights

CoreLogic HPI and CoreLogic Case-Shiller Indexes

Year-over-Year Percent Change

20%

CoreLogic HPI

15%

CoreLogic HPI Forecast

10%

CoreLogic Case-Shiller Index

5% 0%

Case-Shiller Home Price Index Forecast

-5% -10% -15%

09/2016

01/2016

05/2015

09/2014

01/2014

05/2013

09/2012

01/2012

05/2011

09/2010

01/2010

05/2009

01/2008

09/2008

05/2007

09/2006

01/2006

05/2005

09/2004

01/2004

05/2003

01/2002

09/2002

05/2001

09/2000

01/2000

-20%

Sources: CoreLogic, Moody’s Analytics National CoreLogic HPI Single Family Combined Tier, data through October 2015 National CoreLogic HPI Forecast Single Family Combined Tier, starting in November 2015 National CoreLogic Case-Shiller Index (not seasonally adjusted), data through August 2015 National Case-Shiller Home Price Index Forecasts (not seasonally adjusted), starting in September 2015

The graph above shows a comparison of the national year-over-year percent change for the CoreLogic HPI and CoreLogic Case-Shiller Index from 2000 to present month with forecasts one year into the future. We note that both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are posting positive, but moderating year-over-year percent changes, and forecasting gains for the next year.

Many markets experienced a low inventory of homes offered for sale and strong buyer demand, sustaining upward pressure on home prices. These conditions are likely to persist as we enter 2016 During the year ending October 2016, we expect the CoreLogic national Home Price Index appreciation to slow to 5.2 percent. Dr. Frank Nothaft, chief economist for CoreLogic

© 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

OCTOBER 2015

3

10.1% 9.3%

9.3%

9.5%

10.5%

9.6%

9.4%

8.9%

Ten states reached new highs this month: Colorado, District of Columbia, Hawaii, Maine Nebraska, New York, Oklahoma, Tennessee, Texas and Wyoming.

9.0%

10

8.6%

CoreLogic HPI State Highlights

Five states remaining furthest from peak

-24.1%

CT

Including distressed

Excluding distressed

sales, five states

sales, five states

registering largest year-

registering largest year-

over-year home price

over-year home price

appreciation in October

appreciation in October

-20.7%

WA SC NY OR CO

-30.4%

2

NY SC OR WA CO

RI

-28.0%

Two states showed negative home price appreciation: Louisiana (−0.2 percent) and Mississippi (−1.7 percent).

NV FL AZ

-24.7%

values in October

HPI state highlights OCT 2015 Source: CoreLogic CoreLogic HPI Single Family Combined Tier, data through October 2015. CoreLogic HPI Single Family Combined Excluding Distressed Tier, data through October 2015. 4

CoreLogic HPI Metropolitan for underlying data to generate sparklinesArea Highlights

for underlying data to generate sparklines for underlying data to generate sparklines for underlying data to generate sparklines for underlying data to generate sparklines for underlying data to generate sparklines for underlying data to generate sparklines METROPOLITAN AREA for underlying data to generate sparklines for underlying data to generate sparklines or underlying data to generate sparklines

HPI HPI SPARKLINES HPI Sparklines HPI Sparklines HPI Sparklines HPI Sparklines HPI Sparklines HPI Sparklines HPI Sparklines HPI Sparklines HPI Sparklines Sparklines

Atlanta-Sandy Springs-Roswell GA

YEAR-OVERMONTH-OVERMONTH PERCENT YEAR PERCENT CHANGE CHANGE

−0.8%

Metropolitan Statistical l GA Metropolitan Statistical AreaArea l GA Metropolitan Statistical Area l GA Metropolitan Statistical Area Heights IL Heights ILChicago-Naperville-Arlington Metropolitan Division l GA Metropolitan Statistical Area −0.5% Metropolitan Division l GA Metropolitan Statistical Area Heights IL Metropolitan Division Heights IL Metropolitan Division l GA Metropolitan Statistical Area Division Heights ILDallas-Plano-Irving Metropolitan Division lolitan GA Metropolitan Statistical Area TX Metropolitan Heights IL Metropolitan Division Division 0.2% lolitan GA Metropolitan Statistical Area Division Heights ILDivision Metropolitan Division lolitan GA Metropolitan Statistical Area ar Land TX Metropolitan Statistical olitan Division Heights IL Metropolitan Division GA Metropolitan Statistical Area Area olitan Division ar Land TX Metropolitan Statistical Heights ILHouston-The Metropolitan Division Area Land TX Woodlands-Sugar ar LandDivision TX Metropolitan Statistical Area olitan 0.5% Heights IL Metropolitan Division dale CADivision Metropolitan Division Metropolitan Statistical ar Land TX Metropolitan StatisticalArea Area olitan Heights IL Metropolitan Division ar Land TX Metropolitan Statistical Area dale CADivision Metropolitan Division olitan dale CADivision Metropolitan Division ar Land TX Metropolitan Statistical Area olitan Los Angeles-Long Beach-Glendale gton MN-WI Metropolitan Statistical Area CA dale CA Metropolitan Division ar Land TX Metropolitan Statistical Area 0.8% olitan Division Metropolitan Division dale CA Metropolitan Division gton MN-WI Metropolitan Statistical Area ar Land TX Metropolitan Statistical Area gton MN-WI Metropolitan Statistical Area dale CA Metropolitan Division ar Land TX Metropolitan Statistical Area Metropolitan StatisticalDivision Area gton MN-WI Metropolitan Statistical Area dale CA Metropolitan ar Land TX Metropolitan Statistical Area Minneapolis-St. Paul-Bloomington MN-WI gtonCA MN-WI Metropolitan Statistical Area Metropolitan StatisticalDivision Area dale Metropolitan 0.1% Metropolitan StatisticalDivision Area Metropolitan Statistical AreaArea gtonCA MN-WI Metropolitan Statistical dale Metropolitan ario CA Metropolitan Statistical Area Metropolitan Statistical Area gtonCA MN-WI Metropolitan Statistical Area dale Metropolitan Division Metropolitan StatisticalStatistical Area ario CA Metropolitan Area gton MN-WI Metropolitan Statistical Phoenix-Mesa-Scottsdale AZArea Metropolitan ario CA Metropolitan Area Metropolitan StatisticalStatistical Area gton MN-WI Metropolitan Statistical Area 1.1% politan Statistical Area Statistical Area ario CA Metropolitan Statistical Area Metropolitan Statistical Area gton MN-WI Metropolitan Statistical Area ario CA Statistical Metropolitan politan AreaStatistical Metropolitan Statistical Area Area politan Statistical AreaStatistical ario CA Metropolitan Metropolitan Statistical Area Area Riverside-San Bernardino-Ontario dria Metropolitan Division CA politan Area ario DC-VA-MD-WV CA Statistical Metropolitan Statistical Metropolitan Statistical Area Area 0.7% dria DC-VA-MD-WV Metropolitan Division politan AreaStatistical Metropolitan StatisticalArea Area ario CA Statistical Metropolitan dria Metropolitan Division politan Area ario DC-VA-MD-WV CA Statistical Metropolitan Statistical Area dria CA DC-VA-MD-WV Metropolitan Division politan Statistical Area ario Metropolitan Statistical Area San Diego-Carlsbad CA Metropolitan dria DC-VA-MD-WV Metropolitan Division politan Statistical ombined Tier, dataArea through October 2015 0.3% dria DC-VA-MD-WV Metropolitan Division Statistical Area politan Statistical Area ombined Tier, data through October 2015 ngle Family Combined Tier, starting in November 201 dria DC-VA-MD-WV Metropolitan Division politan Statistical ombined Tier, dataArea through October 2015 ngle Family Combined Tier, startingDivision in November 201 dria DC-VA-MD-WV Metropolitan ombined Tier, data through October 2015 Washington-Arlington-Alexandria DC-VAngle Family Combined Tier, starting in November 201 dria DC-VA-MD-WV Metropolitan Division 0.9% ombined Tier, through October 2015 s theDC-VA-MD-WV change indata home prices from ngle Family Combined Tier, starting in November 201 dria Metropolitan Division MD-WV Metropolitan Division ombined Tier, data through October 2015 ngle Family Combined Tier, starting in November 201 schange the change indata home prices in home prices fromfrom ombined Tier, through October 2015 schange theFamily change in home prices from in ngle Combined Tier, November 201 in home prices fromstarting Source: CoreLogic ombined Tier, data through October 2015 hs the represents the forecasted change in home prices from change in home prices from ngle Family Combined Tier, starting in November 201 CoreLogic HPI Single Family Combined Tier, data through October 2015. change in home prices from ombined Tier, data through October 2015 the change in home prices from hschange represents the forecasted change home prices from CoreLogic HPI Forecasts Single Family Combined Tier, starting in November 2015. ngle Family Combined Tier, starting in November 201 presents the forecasted change in home prices from in home prices fromchange in home prices from ombined Tier, through October 2015 hschange represents the forecasted the change indata home prices from ngle Family Combined Tier, starting November 201 in home prices from presents the forecasted change in home prices from Month-over-Month represents thechange change in home prices from September 2015 to October 2015 hs the represents the forecasted in home prices from change in home prices from ngle Family Combined Tier, starting in November 201 presents the forecasted change home prices from change in home prices from Year-over-Year represents the change in in home prices from October 2014 to October 2015 hs the represents the forecasted change in home prices from change inMonth-over-Month home from Forecasted represents the forecasted change in home prices from October 2015 to November 2015 presents the forecasted change in home prices from change in home pricesprices from h represents the forecasted change in home prices s the change in home prices from Forecasted Year-over-Year represents forecasted change in home prices from October 2015 to October 2016 presents the forecasted change in home prices fromfrom in home prices fromchange represents the forecasted in home prices shchange the change in home prices from presents the forecasted change in home prices fromfrom change in home prices from hchange represents the forecasted in home prices presents thehome forecasted in home prices fromfrom in prices change fromchange h represents the forecasted change in home prices from presents the forecasted change in home prices fromfrom h represents the forecasted change in home prices presents the forecasted change in home prices from resents the forecasted change in home prices from

Sparkline Legend

January 2000

Current

MARKET CONDITION INDICATORS

FORECASTED FORECASTED YEAR-OVERMONTH-OVERMONTH PERCENT YEAR PERCENT CHANGE CHANGE

6.4%

Normal

−0.1%

3.6%

3.4%

Normal

0.0%

4.3%

9.1%

Overvalued

0.1%

2.7%

6.8%

Overvalued

−0.1%

0.9%

6.8%

Normal

0.6%

9.1%

4.4%

Normal

0.1%

4.2%

6.9%

Normal

0.5%

7.4%

6.2%

Normal

0.7%

12.9%

6.1%

Undervalued

0.4%

8.9%

3.4%

Overvalued

0.2%

4.7%

Five Year Forecast


OCTOBER 2015

5

CoreLogic HPI Market Condition Overview January 2000

25% By 2006, home prices for the weighted average of the top 100 markets were more than twenty-five percent above the longrun sustainable levels.

January 2006

Legend Normal Overvalued Undervalued

6

Market Condition Indicators compare the distance between a market’s long-term fundamental value and HPI. An overvalued or undervalued market is defined as having a current Home Price Index of 10 percent above or below the long-term fundamental value for that market. Market Condition Indicators are available for all Metropolitan areas.

October 2015

46 In October 2015, forty-six markets are overvalued, sixteen of them in Texas.

October 2020 Forecast

Legend Normal Overvalued Undervalued Source: CoreLogic CoreLogic HPI Single Family Combined Tier, data through October 2015. CoreLogic HPI Forecasts Single Family Combined Tier, starting in November 2015.


OCTOBER 2015

7

CoreLogic HPI State-Level Detail

CoreLogic HPI Insights Report CoreLogic Page 8-11 HPI Insights Report CoreLogic Insights Report Single Family Including Distressed Page 8-11 HPI Combined CoreLogic HPI Insights Report Tab for underlying data to generate sparklines See HPI_PG8-11_Sparkline_data Page 8-11 CoreLogic HPI Insights See HPI_PG8-11_Sparkline_data Tab for underlying data to generate sparklines Page 8-11 HPI Insights Report CoreLogic Report Tab for underlying data to generate sparklines See HPI_PG8-11_Sparkline_data Page 8-11 CoreLogic HPICombined Insights Report Tab for underlying data to generate sparklines See HPI_PG8-11_Sparkline_data Single Family Page 8-11 CoreLogic HPI Report Tab for underlying data to generate See HPI_PG8-11_Sparkline_data sparklines MONTH− Single Family Combined YEAR−OVER− Page 8-11 HPI Insights HPI Sparklines Month-over-Month CoreLogic Insights Report Tab for OVER−MONTH See HPI_PG8-11_Sparkline_data underlying YEAR PERCENT HPI SPARKLINESdata to generate sparklines Page 8-11 STATE Single Family Combined PERCENT CoreLogic HPI Insights Report HPI Sparklines Month-over-Month See HPI_PG8-11_Sparkline_data Tab for underlying data to generate sparklines Single Family CHANGE Percent Change Page 8-11 CHANGE CoreLogic HPICombined Insights Report Tab for See HPI_PG8-11_Sparkline_data underlying data toMonth-over-Month generate sparklines HPI Sparklines Single Family Combined Page 8-11 Percent Change CoreLogic HPI Insights Report HPI Sparklines Month-over-Month State See HPI_PG8-11_Sparkline_data Tab for underlying data to generate sparklines Page 8-11 Single Family National HPI CoreLogic HPICombined Insights Report Tab for Percent Change HPI Sparklines See HPI_PG8-11_Sparkline_data underlying data toMonth-over-Month generate sparklines State Page 8-11 Single Family Combined Percent Change See HPI_PG8-11_Sparkline_data Tab for underlying data to generate sparklines HPI Sparklines Month-over-Month Page 8-11 State Single Family Combined Percent Change Alabama 0.9% 2.9% See HPI_PG8-11_Sparkline_data Tab for underlying data toMonth-over-Month generate sparklines HPI Sparklines State Single Family Combined Alabama 0.9% Percent Change See HPI_PG8-11_Sparkline_data Tab for underlying data toMonth-over-Month generate sparklines HPI Sparklines State Single Family Combined Percent Change Alabama 0.9% HPI Sparklines Month-over-Month MoM change: 1.0% Single State Family Combined Percent Change0.9% Alabama HPI Sparklines Month-over-Month State Single Family Combined Alabama 0.9% Percent Change HPI Sparklines Month-over-Month Alaska -0.5% YoY change: State 6.8% Single Family Combined −0.5% 2.2% Alaska Alabama 0.9% Percent Change HPI Sparklines Month-over-Month State Alaska -0.5% Percent Change Alabama 0.9% HPI Sparklines Month-over-Month State Forecasted Alaska -0.5% Percent Change Alabama 0.9% State Alaska -0.5% Percent Change0.9% Arizona 1.0% Alabama State 0.1% MoM change: Alaska -0.5% Alabama 0.9% Arizona 1.0% Arizona 1.0% 5.9% State Alaska -0.5% Alabama 0.9% Arizona 1.0% Alaska -0.5% Forecasted Alabama 0.9% Arizona 1.0% Arkansas 0.2% Alaska -0.5% Alabama 0.9% Arizona 1.0% YoY Change: 5.2% Alaska -0.5% Arkansas 0.2% Alabama 0.9% Arizona 1.0% Alaska -0.5% Arkansas 0.2% 2.3% Arkansas 0.2% Arizona 1.0% Alaska -0.5% Arkansas 0.2% California 0.3% Arizona 1.0% Alaska -0.5% Arkansas 0.2% Arizona 1.0% California 0.3% Alaska -0.5% Arkansas 0.2% Arizona 1.0% California 0.3% Arkansas 0.2% Arizona 1.0% California 0.3% California 0.3% 7.2% Colorado 0.6% Arkansas 0.2% Arizona 1.0% California 0.3% Arkansas 0.2% Colorado 0.6% Arizona 1.0% California 0.3% Arkansas 0.2% Colorado 0.6% California 0.3% Arkansas 0.2% Colorado 0.6% Connecticut -1.4% California 0.3% Arkansas 0.2% Colorado 0.6% Colorado 0.6% 10.5% California 0.3% Connecticut -1.4% Arkansas 0.2% Colorado 0.6% California 0.3% Connecticut -1.4% Colorado 0.6% California 0.3% Connecticut -1.4% Delaware -0.7% Colorado 0.6% California 0.3% Connecticut -1.4% Colorado 0.6% Delaware -0.7% California 0.3% Connecticut −1.4% 1.6% Connecticut -1.4% Colorado 0.6% Delaware -0.7% Connecticut -1.4% Colorado 0.6% Delaware -0.7% District of Columbia 0.9% Connecticut -1.4% Colorado 0.6% Delaware -0.7% Connecticut -1.4% District of Columbia 0.9% Colorado 0.6% Delaware -0.7% Connecticut -1.4% District of Columbia Delaware 0.9% −0.7% 2.5% Delaware -0.7% Connecticut -1.4% District of Columbia 0.9% Florida 1.0% Delaware -0.7% Connecticut -1.4% District of Columbia 0.9% Delaware -0.7% Florida 1.0% Connecticut -1.4% District of Columbia 0.9% Delaware -0.7% Florida 1.0% District of Columbia 0.9% District of Delaware -0.7% Florida 1.0% Georgia -0.7% 0.9% 4.4% District of Columbia 0.9% Delaware -0.7% Florida 1.0% Columbia District of Columbia 0.9% Georgia -0.7% Delaware -0.7% Florida 1.0% District of Columbia 0.9% Georgia -0.7% Florida 1.0% District of Columbia 0.9% Georgia -0.7% Hawaii 0.0% Florida 1.0% District of Columbia Florida 0.9% Georgia -0.7% 1.0% 8.5% Florida 1.0% Hawaii 0.0% District of Columbia 0.9% Georgia -0.7% Florida 1.0% Hawaii 0.0% Georgia -0.7% Florida 1.0% Hawaii 0.0% Idaho 0.0% Georgia -0.7% Florida 1.0% Hawaii 0.0% Georgia -0.7% Idaho 0.0% Sparkline Legend Florida 1.0% Hawaii 0.0% Georgia −0.7% 6.0% Georgia -0.7% Idaho 0.0% Hawaii 0.0% Georgia -0.7% Idaho 0.0% Illinois -0.4% Hawaii 0.0% January 2000 Georgia -0.7% Idaho 0.0% Hawaii 0.0% Illinois -0.4% Georgia -0.7% Idaho 0.0% Hawaii 0.0% Illinois -0.4% Idaho 0.0% Hawaii 0.0% Hawaii 0.0% 6.2% Illinois -0.4% Current Indiana -0.5% Idaho 0.0% Hawaii 0.0% Illinois -0.4% Idaho 0.0% Indiana -0.5% Hawaii 0.0% Illinois -0.4% Idaho 0.0% Indiana -0.5% -0.4% FiveIllinois Year Forecast Idaho 0.0% Indiana -0.5% Iowa -0.5% Illinois -0.4% Idaho 0.0% 6.9% Idaho 0.0% Indiana -0.5% Illinois -0.4% Iowa -0.5% Idaho 0.0% Indiana -0.5% Illinois -0.4% Iowa -0.5% Indiana -0.5% Illinois -0.4% Iowa -0.5% 0.2% Kansas Indiana -0.5% Illinois -0.4% Iowa -0.5% Indiana -0.5% 0.2% Kansas Illinois -0.4% Iowa -0.5% Indiana -0.5% 0.2% Kansas Iowa -0.5% Indiana -0.5% 0.2% Kansas Kentucky -0.1% Iowa -0.5% Indiana -0.5% 0.2% Kansas Iowa -0.5% Kentucky -0.1% Indiana -0.5% 0.2% Kansas Iowa -0.5% Kentucky -0.1% 0.2% Kansas Iowa -0.5% Kentucky -0.1% Louisiana 0.0% 0.2% Kansas Iowa -0.5% Kentucky -0.1%

FORECASTED

FORECASTED

MONTH− Year-over-Year Forecasted M YEAR−OVER− OVER−MONTH YEAR PERCENT Year-over-Year Forecasted PERCENT Percent ChangeCHANGE Month PercM CHANGE Year-over-Year Forecasted Percent Change Forecasted Month PercM Year-over-Year M Percent Change Month PercM Year-over-Year Forecasted Percent Change Forecasted Month PercM Year-over-Year Percent Month PercM 0.4% Change 5.7% Year-over-Year Forecasted 2.9% Percent Change Month PercM Year-over-Year Forecasted Percent Change Month PercM 2.9% Forecasted Year-over-Year Percent Change Month PercM 2.9% Forecasted Year-over-Year 2.9% Forecasted Percent Change Month PercM Year-over-Year 2.2% −0.1%Change 5.7% 2.9% Percent Month PercM Year-over-Year Forecasted 2.2% Percent Change Month PercM 2.9% Forecasted Year-over-Year 2.2% Percent Change Month Perc 2.9% 2.2% Percent Change 5.9% Month Perc 2.9% 2.2% 2.9% 5.9%8.0% 0.5% 2.2% 2.9% 5.9% 2.2% 2.9% 5.9% 2.3% 2.2% 2.9% 5.9% 2.2% 2.3% 2.9% 5.9% 2.2% 0.0% 2.3%4.0% 5.9% 2.2% 2.3% 7.2% 5.9% 2.2% 2.3% 5.9% 7.2% 2.2% 2.3% 5.9% 7.2% 2.3% 5.9% 7.2%10.8% 0.5% 10.5% 2.3% 5.9% 7.2% 2.3% 10.5% 5.9% 7.2% 2.3% 10.5% 7.2% 2.3% 10.5% 1.6% 7.2% 2.3% 10.5% 0.2% 7.2% 1.6%5.9% 2.3% 10.5% 7.2% 1.6% 10.5% 7.2% 1.6% 2.5% 10.5% 7.2% 1.6% 10.5% 2.5% 7.2% −0.1% 1.6%5.6% 10.5% 2.5% 1.6% 10.5% 2.5% 4.4% 1.6% 10.5% 2.5% 1.6% 4.4% 10.5% 2.5% 1.6%2.1% 4.4% −0.2% 2.5% 1.6% 4.4% 8.5% 2.5% 1.6% 4.4% 2.5% 8.5% 1.6% 4.4% 2.5% 8.5% 4.4% 2.5% 8.5% 6.0% 0.3% 4.4% 2.5%5.7% 8.5% 4.4% 6.0% 2.5% 8.5% 4.4% 6.0% 8.5% 4.4% 6.0% 6.2% 8.5% 4.4% 6.0%9.3% 0.6% 8.5% 6.2% 4.4% 6.0% 8.5% 6.2% 6.0% 8.5% 6.2% 6.9% 6.0% 8.5% 6.2% 6.0% 6.9% 8.5% 6.2% −0.1% 6.0%3.2% 6.9% 6.2% 6.0% 6.9% 3.0% 6.2% 6.0% 6.9% 6.2% 3.0% 6.0% 6.9% 6.2% 3.0% 6.9% 6.2% 0.0% 5.7% 3.0% 2.9% 6.9% 6.2% 3.0% 6.9% 2.9% 6.2% 3.0% 6.9% 2.9% 3.0% 6.9% 2.9% 3.0% 0.0% 6.9%3.8% 2.9% 3.0% 6.9% 2.9% 3.0% 2.9% 3.0% 3.7% on page 9 continued 2.9% 3.0% 2.9% 3.7% 3.0% 2.9% 3.7% 3.0% 2.9% 3.7% 8 3.1% 3.0% 2.9% 3.7% 3.0% 3.1% 2.9% 3.7% 3.0% 3.1% 3.7% 3.0% 3.1% -0.2% 3.7% 3.0% 3.1%

0.3% 7.2% t -1.4% 1.6% 0.2% 2.3% 0.6% 10.5% 0.3% 7.2% t -1.4% 1.6% 0.2% 2.3% 0.6% 10.5% 0.3% 7.2% t -1.4% 1.6% 0.6% 10.5% 0.3% 7.2% t -1.4% 1.6% 0.6% 10.5% -0.7% 2.5% 0.3% 7.2% t -1.4% 1.6% 0.6% 10.5% -0.7% 2.5% 0.3% 7.2% t -1.4% 1.6% 0.6% 10.5% -0.7% 2.5% t -1.4% 1.6% 0.6% 10.5% -0.7% 2.5% t -1.4% 1.6% Columbia 0.9% 4.4% 0.6% 10.5% -0.7% 2.5% t -1.4% 1.6% Columbia 0.9% 4.4% 0.6% 10.5% -0.7% 2.5% t -1.4% 1.6% Columbia 0.9% 4.4% -0.7% 2.5% t -1.4% 1.6% Columbia 0.9% 4.4% -0.7% 2.5% 1.0% 8.5% t -1.4% 1.6% Columbia 0.9% 4.4% -0.7% 2.5% 1.0% 8.5% t -1.4% 1.6% Columbia 0.9% 4.4% Combined Single Family Including Distressed (continued) -0.7% 2.5% 1.0% 8.5% Columbia 0.9% 4.4% -0.7% 2.5% 1.0% 8.5% Columbia 0.9% 4.4% -0.7% 6.0% -0.7% 2.5% 1.0% 8.5% Columbia 0.9% 4.4% -0.7% 6.0% -0.7% 2.5% 1.0% 8.5% Columbia 0.9% 4.4% -0.7% 6.0% 1.0% FORECASTED 8.5% FORECASTED MONTH− Columbia 0.9% 4.4% -0.7% 6.0% MONTH− YEAR−OVER− 1.0% 8.5% 0.0% 6.2% YEAR−OVER− OVER−MONTH Columbia STATE 0.9% 4.4% -0.7% 6.0% OVER−MONTH 8.5% YEAR PERCENT HPI SPARKLINES 1.0% 0.0% 6.2% YEAR PERCENT PERCENT Columbia 0.9% 4.4% -0.7% 6.0% PERCENT CHANGE 1.0% 8.5% 0.0% 6.2% CHANGE CHANGE -0.7% 6.0% CHANGE 1.0% 8.5% 0.0% 6.2% -0.7% 6.0% 0.0% 6.9% 1.0% 8.5% 0.0% 6.2% -0.7% 6.0% 0.0% 6.9% 1.0% 8.5% 0.0% 6.2% -0.7% 6.0%4.6% 0.0% 6.9% 0.0% 6.2% Illinois −0.4% 3.0% 0.0% -0.7% 6.0% 0.0% 6.9% 0.0% 6.2% -0.4% 3.0% -0.7% 6.0% 0.0% 6.9% 0.0% 6.2% -0.4% 3.0% -0.7% 6.0% 0.0% 6.9% 0.0% 6.2% -0.4% 3.0% 0.0% 6.9% 0.0% 6.2% -0.4% 3.0% Indiana −0.5% 2.9% 0.0% 0.0% 6.9% -0.5% 2.9% 0.0% 6.2%4.3% -0.4% 3.0% 0.0% 6.9% -0.5% 2.9% 0.0% 6.2% -0.4% 3.0% 0.0% 6.9% -0.5% 2.9% -0.4% 3.0% 0.0% 6.9% -0.5% 2.9% -0.4% 3.0% -0.5% 0.0% 6.9% -0.5% 2.9% -0.4% 3.0% -0.5% Iowa −0.5% 3.0% 0.1% 0.0% 6.9%5.4% -0.5% 2.9% -0.4% 3.0% -0.5% -0.5% 2.9% -0.4% 3.0% -0.5% 0.2% 3.7% -0.5% 2.9% -0.4% 3.0% -0.5% -0.5% 2.9% 0.2% 3.7% -0.4% 3.0% -0.5% Kansas 0.2% 3.7% 0.1% 0.2% 3.7%4.7% -0.5% 2.9% -0.5% 3.0% 0.2% 3.7% -0.5% 2.9% -0.1% 3.1% -0.5% 3.0% -0.5% 2.9% 0.2% 3.7% -0.5% 3.0% -0.1% 3.1% -0.5% 2.9% 0.2% 3.7% -0.1% 3.1% -0.5% 3.0% 0.2% 3.7% -0.1% 3.1%4.4% -0.5% 3.0% Kentucky −0.1% 3.1% 0.0% 0.2% 3.7% 0.0% -0.2% -0.5% 3.0% -0.1% 3.1% 0.2% 3.7% 0.0% -0.2% -0.5% 3.0% -0.1% 3.1% 0.2% 3.7% 0.0% -0.2% -0.1% 3.1% 0.2% 3.7% 0.0% -0.2% -0.1% 3.1% 0.6% 1.9% 0.2% 3.7% Louisiana 0.0% −0.2% 0.1% 3.0% 0.0% -0.2% -0.1% 3.1% 0.6% 1.9% 0.2% 3.7% 0.0% -0.2% -0.1% 3.1% 0.6% 1.9% 0.0% -0.2% -0.1% 3.1% 0.6% 1.9% 0.0% -0.2% 0.6% 3.0% -0.1% 3.1% 0.6% 1.9% 0.0% -0.2% 0.6% 3.0% -0.1% 3.1% Maine 0.6% 1.9% 0.5% 5.3% 0.6% 1.9% 0.0% -0.2% 0.6% 3.0% 0.6% 1.9% 0.0% -0.2% 0.6% 3.0% 0.6% 1.9% etts -0.4% 3.8% 0.0% -0.2% 0.6% 3.0% 0.6% 1.9% etts -0.4% 3.8% 0.0% -0.2% 0.6% 3.0% 0.6% 1.9% etts -0.4% 3.8% Maryland 0.6% 3.0% 0.2% 0.6% 3.0% 0.6% 1.9% etts -0.4% 3.8%4.5% 0.6% 3.0% -0.9% 3.2% 0.6% 1.9% etts -0.4% 3.8% 0.6% 3.0% -0.9% 3.2% 0.6% 1.9% etts -0.4% 3.8% 0.6% 3.0% -0.9% 3.2% etts -0.4% 3.8% 0.6% 3.0% -0.9% 3.2%5.5% Massachusetts −0.4% 3.8% −0.1% etts -0.4% 3.8% 0.0% 4.3% 0.6% 3.0% -0.9% 3.2% etts -0.4% 3.8% 0.0% 4.3% 0.6% 3.0% -0.9% 3.2% etts -0.4% 3.8% 0.0% 4.3% -0.9% 3.2% etts -0.4% 3.8% 0.0% 4.3% -0.9% 3.2% -1.1% -1.7% etts -0.4% 3.8% 0.0% 4.3% Michigan −0.9% 3.2% −0.1% 3.9% -0.9% 3.2% -1.1% -1.7% etts -0.4% 3.8% 0.0% 4.3% -0.9% 3.2% -1.1% -1.7% 0.0% 4.3% -0.9% 3.2% -1.1% -1.7% 0.0% 4.3% 4.9% -0.9% 3.2% -1.1% -1.7% 0.0% 4.3% 4.9% -0.9% 3.2%4.1% -1.1% -1.7% Minnesota 0.0% 4.3% 0.0% 0.0% 4.3% 4.9% -1.1% -1.7% 0.0% 4.3% 4.9% -1.1% -1.7% 1.2% 3.7% 0.0% 4.3% 4.9% -1.1% -1.7% 1.2% 3.7% 0.0% 4.3% 4.9% -1.1% -1.7% 1.2% 3.7% 0.0% 4.9% Mississippi −1.1% −1.7% 0.0% -1.1% -1.7% 1.2% 3.7%4.4% 0.0% 4.9% 0.7% 5.4% -1.1% -1.7% 1.2% 3.7% 0.0% 4.9% 0.7% 5.4% -1.1% -1.7% 1.2% 3.7% 0.0% 4.9% 0.7% 5.4% 1.2% 3.7% 0.0% 4.9% 0.7% 5.4% 1.2% 3.7% 0.6% 8.2% Missouri 0.0% 4.9% 0.1% 4.5% 0.0% 4.9% 0.7% 5.4% 1.2% 3.7% 0.6% 8.2% 0.0% 4.9% 0.7% 5.4% 1.2% 3.7% 0.6% 8.2% 0.7% 5.4% 1.2% 3.7% 0.6% 8.2%on page 10 continued 0.7% 5.4% shire 0.4% 4.8% 1.2% 3.7% 0.6% 8.2% 0.7% 5.4% shire 0.4% 4.8% 1.2% 3.7% 0.6% 8.2% 0.7% 5.4% shire 0.4% 4.8% 0.6% 8.2% 0.7% shire 0.4% 4.8% © 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission. 5.4% 0.6% 8.2% -0.6% 2.0% 0.7% 5.4% shire 0.4% 4.8% 0.6% 8.2% -0.6% 2.0% 0.7% 5.4% shire 0.4% 4.8% 0.6% 8.2% -0.6% 2.0% shire 0.4% 4.8% 0.6% 8.2% -0.6% 2.0% shire 0.4% 4.8% o -1.6% 0.3% 0.6% 8.2% -0.6% 2.0%


0.5% 10.8% -0.1% 5.6% 0.0% 4.0% 0.2% 5.9% 0.5% 10.8% -0.1% 5.6% 0.0% 4.0% 0.2% 5.9% 0.5% 10.8% -0.1% 5.6% 0.2% 5.9% 0.5% 10.8% -0.1% 5.6% 0.2% 5.9% -0.2% 2.1% 0.5% 10.8% -0.1% 5.6% 0.2% 5.9% -0.2% 2.1% 0.5% 10.8% -0.1% 5.6% 0.2% 5.9% -0.2% 2.1% -0.1% 5.6% 0.2% 5.9% -0.2% 2.1% -0.1% 5.6% 0.3% 5.7% 0.2% 5.9% -0.2% 2.1% -0.1% 5.6% 0.3% 5.7% 0.2% 5.9% -0.2% 2.1% -0.1% 5.6% 0.3% 5.7% -0.2% 2.1% -0.1% 5.6% 0.3% 5.7% -0.2% 2.1% 0.6% 9.3% -0.1% 5.6% 0.3% 5.7% -0.2% 2.1% 0.6% 9.3% -0.1% 5.6% 0.3% 5.7% -0.2% 2.1% 0.6% 9.3% 0.3% 5.7% -0.2% 2.1% 0.6% 9.3% 0.3% 5.7% -0.1% 3.2% -0.2% 2.1% 0.6% 9.3% 0.3% 5.7% -0.1% 3.2% -0.2% 2.1% 0.6% 9.3% 0.3% 5.7% -0.1% 3.2% 0.6% 9.3% 0.3% 5.7% -0.1% 3.2% 0.6% 9.3% 0.0% 5.7% 0.3% 5.7% -0.1% 3.2% 0.6% 9.3% 0.0% 5.7% 0.3% 5.7% -0.1% 3.2% 0.6% 9.3% 0.0% 5.7% -0.1% 3.2% 0.6% 9.3% 0.0% 5.7% -0.1% 3.2% 0.0% 3.8% 0.6% 9.3% 0.0% HPI 5.7% National -0.1% 3.2% 0.0% 3.8% 0.6% 9.3% 0.0% 5.7% -0.1% 3.2% 0.0% 3.8% 0.0% 5.7% -0.1% 3.2% 0.0% 3.8% 5.7% 0.0% 4.6% -0.1% 3.2% 0.0% 3.8% 5.7% 0.0% 4.6% -0.1% 3.2% MoM change: 1.0% 0.0% 3.8% 5.7% 0.0% 4.6% 0.0% 3.8% 5.7% 0.0% 4.6% YoY change: 6.8% 4.3% 3.8% 0.0% 0.0% 5.7% 4.6% 3.8% 0.0% 4.3% 5.7% 0.0% 4.6% 3.8% 0.0% 4.3% Forecasted 0.0% 4.6% 3.8% 0.0% 4.3% 0.0% 4.6% 0.1% 5.4% 3.8% MoM change: 0.1% 4.3% 0.0% 0.0% 4.6% 0.1% 5.4% 0.0% 3.8% 4.3% 0.0% 4.6% 0.1% 5.4% 0.0% 4.3% Forecasted 0.0% 4.6% 0.1% 5.4% 0.1% 4.7% 0.0% 4.3% 0.0% 4.6% 0.1% 5.4% YoY Change: 5.2% 0.0% 4.3% 0.1% 4.7% 0.0% 4.6% 0.1% 5.4% 0.1% 4.7% 0.0% 4.3% 0.1% 5.4% 0.1% 4.7% 0.0% 4.3% 0.0% 4.4% 0.1% 5.4% 0.0% 4.3% 0.1% 4.7% 0.1% 5.4% 0.0% 4.4% 0.0% 4.3% 0.1% 4.7% 0.0% 4.4% 0.1% 5.4% 0.1% 4.7% 0.0% 4.4% 0.1% 5.4% 0.1% 4.7% 3.0% 0.1% 5.4% 0.0% 4.4% 0.1% 4.7% 3.0% 0.1% 5.4% 0.0% 4.4% 0.1% 4.7% 3.0% 0.0% 4.4% 0.1% 4.7% 3.0% 0.0% 4.4% 0.5% 5.3% 0.1% 4.7% 3.0% 0.0% 4.4% 0.5% 5.3% 0.1% 4.7% 3.0% 0.0% 4.4% 0.5% 5.3% 0.1% 3.0% 0.0% 4.4% 0.5% 5.3% 0.1% 3.0% 0.2% 4.5% 0.0% 4.4% 0.5% 5.3% 0.1% 3.0% 0.2% 4.5% 0.0% 4.4% 0.5% 5.3% 0.1% 3.0% 0.2% 4.5% 0.5% 5.3% 0.1% 3.0% 0.2% 4.5% 0.5% 5.3% -0.1% 5.5% 0.1% 3.0% 0.2% 4.5% 0.5% 5.3% -0.1% 5.5% 0.1% 3.0% 0.2% 4.5% 0.5% 5.3% -0.1% 5.5% 0.2% 4.5% 0.5% 5.3% -0.1% 5.5% 0.2% 4.5% -0.1% 3.9% 0.5% 5.3% -0.1% 5.5% 0.2% 4.5% -0.1% 3.9% 0.5% 5.3% -0.1% 5.5% 0.2% 4.5% -0.1% 3.9% -0.1% 5.5% 0.2% 4.5% -0.1% 3.9% -0.1% 5.5% 0.0% 4.1% 0.2% 4.5% -0.1% 3.9% -0.1% 5.5% 0.0% 4.1% 0.2% 4.5% -0.1% 3.9% -0.1% 5.5% 0.0% 4.1% -0.1% 3.9% -0.1% 5.5% 0.0% 4.1% -0.1% 3.9% 0.0% 4.4% -0.1% 5.5% 0.0% 4.1% -0.1% 3.9% 0.0% 4.4% -0.1% 5.5% 0.0% 4.1% -0.1% 3.9% 0.0% 4.4% 0.0% 4.1% -0.1% 3.9% 0.0% 4.4% 0.0% 4.1% 0.1% 4.5% -0.1% 3.9% 0.0% 4.4% 0.0% 4.1% 0.1% 4.5% Sparkline Legend -0.1% 3.9% 0.0% 4.4% 0.0% 4.1% 0.1% 4.5% 0.0% 4.4% 0.0% 4.1% 0.1% 4.5% 0.0% 4.4% 0.2% 4.0% January 2000 0.0% 4.1% 0.1% 4.5% 0.0% 4.4% 0.2% 4.0% 0.0% 4.1% 0.1% 4.5% 0.0% 4.4% 0.2% 4.0% 0.1% 4.5% 0.0% 4.4% 0.2% 4.0% Current 0.1% 4.5% 3.8% 0.0% 4.4% 0.2% 4.0% 0.1% 4.5% 3.8% 0.0% 4.4% 0.2% 4.0% 0.1% 4.5% 3.8% 0.2% 4.0% Five 0.1% Year Forecast 4.5% 3.8% 0.2% 4.0% 0.4% 6.4% 0.1% 4.5% 3.8% 0.2% 4.0% 0.4% 6.4% 0.1% 4.5% 3.8% 0.2% 4.0% 0.4% 6.4% 0.1% 3.8% 0.2% 4.0% 0.4% 6.4% 0.1% 3.8% 7.1% 0.2% 4.0% 0.4% 6.4% 0.1% 3.8% 7.1% 0.2% 4.0% 0.4% 6.4% 0.1% 3.8% 7.1% 0.4% 6.4% 0.1% 7.1% OCTOBER 2015 9 3.8% 0.4% 6.4% -0.2% 4.2% 0.1% 3.8% 7.1% 0.4% 6.4% -0.2% 4.2% 0.1% 3.8% 7.1% 0.4% 6.4% -0.2% 4.2% 0.1% 7.1% 0.4% 6.4% -0.2% 4.2% 0.1% 7.1% 6.0% 0.4% 6.4% -0.2% 4.2%

Maine 0.6% 1.9% 0.2% 3.7% Kansas Louisiana 0.0% -0.2% Kentucky -0.1% 3.1% Maine 0.6% 1.9% 0.2% 3.7% Kansas Louisiana 0.0% -0.2% Kentucky -0.1% 3.1% Maine 0.6% 1.9% Louisiana 0.0% -0.2% Kentucky -0.1% 3.1% Maine 0.6% 1.9% Louisiana 0.0% -0.2% Maryland 0.6% 3.0% Kentucky -0.1% 3.1% Maine 0.6% 1.9% Louisiana 0.0% -0.2% Maryland 0.6% 3.0% Kentucky -0.1% 3.1% Maine 0.6% 1.9% Louisiana 0.0% -0.2% Maryland 0.6% 3.0% Maine 0.6% 1.9% Louisiana 0.0% -0.2% Maryland 0.6% 3.0% Maine 0.6% 1.9% Massachusetts -0.4% 3.8% Louisiana 0.0% -0.2% Maryland 0.6% 3.0% Maine 0.6% 1.9% Massachusetts -0.4% 3.8% Louisiana 0.0% -0.2% Maryland 0.6% 3.0% Maine 0.6% 1.9% Massachusetts -0.4% 3.8% Maryland 0.6% 3.0% Maine 0.6% 1.9% Massachusetts -0.4% 3.8% Maryland 0.6% 3.0% Michigan -0.9% 3.2% Maine 0.6% 1.9% Massachusetts -0.4% 3.8% Maryland 0.6% 3.0% Michigan -0.9% 3.2% Maine 0.6% 1.9% Massachusetts -0.4% 3.8% Maryland 0.6% 3.0% Combined Single Family Including Distressed (continued) Michigan -0.9% 3.2% Massachusetts -0.4% 3.8% Maryland 0.6% 3.0% Michigan -0.9% 3.2% Massachusetts -0.4% 3.8% Minnesota 0.0% 4.3% Maryland 0.6% 3.0% Michigan -0.9% 3.2% Massachusetts -0.4% 3.8% Minnesota 0.0% 4.3% Maryland 0.6% 3.0% Michigan -0.9% 3.2% Massachusetts -0.4% 3.8% Minnesota 0.0% 4.3% FORECASTED 3.2% Michigan -0.9% Massachusetts -0.4% 3.8% FORECASTED MONTH− Minnesota 0.0% 4.3% MONTH− YEAR−OVER− Michigan -0.9% 3.2% Mississippi -1.1% -1.7% YEAR−OVER− OVER−MONTH Massachusetts -0.4% 3.8% Minnesota 0.0% OVER−MONTH 4.3% YEAR PERCENT HPI SPARKLINES Michigan -0.9% 3.2% STATE Mississippi -1.1% -1.7% YEAR PERCENT PERCENT Massachusetts -0.4% 3.8% Minnesota 0.0% 4.3% PERCENT CHANGE Michigan -0.9% 3.2% CHANGE CHANGE Mississippi -1.1% -1.7% Minnesota 0.0% 4.3% CHANGE Michigan -0.9% 3.2% Mississippi -1.1% -1.7% Minnesota 0.0% 4.3% Missouri 4.9% Michigan -0.9% 3.2% National HPI Mississippi -1.1% -1.7% Minnesota 0.0% 4.3% Missouri 4.9% Michigan -0.9% 3.2% Mississippi -1.1% -1.7% Minnesota 0.0% 4.3% Missouri 4.9%4.0% Mississippi -1.1% -1.7% Montana 1.2% 3.7% 0.2% Minnesota 0.0% 4.3% Missouri 4.9% Mississippi -1.1% -1.7% Montana 1.2% 3.7% Minnesota 0.0% 4.3% Missouri 0.0% 4.9% Mississippi -1.1% -1.7% Montana 1.2% 3.7% Minnesota 0.0% 4.3% MoM change: 1.0% Missouri 4.9% Mississippi -1.1% -1.7% Montana 1.2% 3.7% Missouri 0.0% 4.9% Mississippi -1.1% -1.7% Montana 1.2% 3.7% Missouri 0.0% 4.9% Nebraska 0.7% 5.4% YoY change: 6.8% Nebraska 0.7% 5.4% 0.1% 3.8% Mississippi -1.1% -1.7% Montana 1.2% 3.7% Missouri 0.0% 4.9% Nebraska 0.7% 5.4% Mississippi -1.1% -1.7% Montana 1.2% 3.7% Missouri 0.0% 4.9% Nebraska 0.7% 5.4% Forecasted Montana 1.2% 3.7% Missouri 0.0% 4.9% Nebraska 0.7% 5.4% Montana 1.2% 3.7% Nevada 0.6% 8.2% Missouri 0.0% 4.9% MoM change: 0.1% Nebraska 0.7% 5.4% Montana 1.2% 3.7% Nevada 0.6% 8.2% 0.4% 6.4% Nevada 0.6% 8.2% Missouri 0.0% 4.9% Nebraska 0.7% 5.4% Montana 1.2% 3.7% Nevada 0.6% 8.2% Nebraska 0.7% 5.4% Forecasted Montana 1.2% 3.7% Nevada 0.6% 8.2% Nebraska 0.7% 5.4% New Hampshire 0.4% 4.8% Montana 1.2% 3.7% Nevada 0.6% 8.2% YoY Change: 5.2% Nebraska 0.7% 5.4% New Hampshire 0.4% 4.8% New Montana 1.2% 3.7% Nevada 0.6% 8.2%7.1% Nebraska 0.7% 5.4% 0.4% 4.8% 0.1% New Hampshire 0.4% 4.8% Nevada 0.6% 8.2% Hampshire Nebraska 0.7% 5.4% New Hampshire 0.4% 4.8% Nevada 0.6% 8.2% New Jersey -0.6% 2.0% Nebraska 0.7% 5.4% New Hampshire 0.4% 4.8% Nevada 0.6% 8.2% New Hampshire Jersey -0.6% 2.0% Nebraska 0.7% 5.4% New 0.4% 4.8% Nevada 0.6% 8.2% New Jersey -0.6% 2.0% New Hampshire 0.4% 4.8% Nevada 0.6% 8.2% New Jersey −0.6% 2.0% −0.2% 4.2% New Jersey -0.6% 2.0% Hampshire 0.4% 4.8% New Mexico -1.6% 0.3% Nevada 0.6% 8.2% New Jersey -0.6% 2.0% New Hampshire 0.4% 4.8% Mexico -1.6% 0.3% Nevada 0.6% 8.2% New -0.6% 2.0% New Jersey Hampshire 0.4% 4.8% -1.6% 0.3% New Mexico Jersey -0.6% 2.0% Hampshire 0.4% 4.8% New Mexico -1.6% 0.3% Jersey -0.6% 2.0% New York 3.2% 8.6% New Hampshire 0.4% 4.8% New Mexico −1.6% 0.3% 0.1% 6.0% New Mexico -1.6% 0.3% New Jersey -0.6% 2.0% York 3.2% 8.6% New Hampshire 0.4% 4.8% Mexico -1.6% 0.3% New Jersey -0.6% 2.0% 3.2% 8.6% New York Mexico -1.6% 0.3% New Jersey -0.6% 2.0% York 3.2% 8.6% New Mexico -1.6% 0.3% North Carolina 0.4% 5.2% New Jersey -0.6% 2.0% New York 3.2% 8.6% New Mexico -1.6% 0.3% North Carolina 0.4% 5.2% New Jersey -0.6% 2.0% New York 3.2% 8.6% 0.1% 4.2% York 3.2% 8.6% New Mexico -1.6% 0.3% North Carolina 0.4% 5.2% New York 3.2% 8.6% New Mexico -1.6% 0.3% NorthYork Carolina 0.4% 5.2% New 3.2% 8.6% North Dakota 0.0% 7.3% New Mexico -1.6% 0.3% North Carolina 0.4% 5.2% New York 3.2% 8.6% North Dakota 0.0% 7.3% New Mexico -1.6% 0.3% North Carolina 0.4% 5.2% New York 3.2% 8.6%4.0% North Dakota 0.0% 7.3% North Carolina 0.4% 5.2% 0.1% North Carolina 0.4% 5.2% New York 3.2% 8.6% North Dakota 0.0% 7.3% North Carolina 0.4% 5.2% Ohio -0.4% 4.5% New York 3.2% 8.6% North Dakota 0.0% 7.3% North Carolina 0.4% 5.2% Ohio -0.4% 4.5% New York 3.2% 8.6% North Dakota 0.0% 7.3% North Carolina 0.4% 5.2% Ohio -0.4% 4.5% North Dakota 0.0% 7.3% North Carolina 0.4% 5.2%3.4% Ohio -0.4% 4.5% North Dakota 0.0% 7.3% 0.1% North Dakota 0.0% 7.3% Oklahoma 0.2% 3.4% North Carolina 0.4% 5.2% Ohio -0.4% 4.5% North Dakota 0.0% 7.3% Oklahoma 0.2% 3.4% North Carolina 0.4% 5.2% Ohio -0.4% 4.5% North Dakota 0.0% 7.3% Oklahoma 0.2% 3.4% Ohio -0.4% 4.5% North Dakota 0.0% 7.3% Oklahoma 0.2% 3.4% Ohio -0.4% 4.5% Oregon 0.4% 9.4% North Dakota 0.0% 7.3% Oklahoma 0.2% 3.4% Ohio −0.4% 4.5% 0.0% Ohio -0.4% 4.5% Oregon 0.4% 9.4% North Dakota 0.0% 7.3% Oklahoma 0.2% 3.4%5.2% Ohio -0.4% 4.5% Oregon 0.4% 9.4% Oklahoma 0.2% 3.4% Ohio -0.4% 4.5% Oregon 0.4% 9.4% Oklahoma 0.2% 3.4% Pennsylvania -1.1% 1.6% Ohio -0.4% 4.5% Oregon 0.4% 9.4% Oklahoma 0.2% 3.4% Pennsylvania -1.1% 1.6% Sparkline Legend Ohio -0.4% 4.5% Oregon 0.4% 9.4% Oklahoma 0.2% 3.4% 0.2% 4.9% Oklahoma 0.2% 3.4% Pennsylvania -1.1% 1.6% Oregon 0.4% 9.4% Oklahoma 0.2% 3.4% Pennsylvania -1.1% 1.6% Oregon 0.4% 9.4% Rhode Island -0.1% 5.9% January 2000 Oklahoma 0.2% 3.4% Pennsylvania -1.1% 1.6% Oregon 0.4% 9.4% Rhode Island -0.1% 5.9% Oklahoma 0.2% 3.4% Pennsylvania -1.1% 1.6% Oregon 0.4% 9.4% Rhode Island -0.1% 5.9% Pennsylvania -1.1% 1.6% Oregon 0.4% 9.4% 0.3% 5.9% Oregon 0.4% 9.4% Rhode Island -0.1% 5.9% Current Pennsylvania -1.1% 1.6% South Carolina 1.4% 9.0% Oregon 0.4% 9.4% Rhode Island -0.1% 5.9% Pennsylvania -1.1% 1.6% South Carolina 1.4% 9.0% Oregon 0.4% 9.4% Rhode Island -0.1% 5.9% Pennsylvania -1.1% 1.6% South Carolina 1.4% 9.0% Rhode Island -0.1% 5.9% FivePennsylvania Year Forecast -1.1% 1.6% South Carolina 1.4% 9.0% Rhode Island -0.1% 5.9% South Dakota 0.0% 5.0% Pennsylvania −1.1% 1.6% 0.1% 5.2% Pennsylvania -1.1% 1.6% South Carolina 1.4% 9.0% Rhode Island -0.1% 5.9% South Dakota 0.0% 5.0% Pennsylvania -1.1% 1.6% South Carolina 1.4% 9.0% Rhode Island -0.1% 5.9% South Dakota 0.0% 5.0% South Carolina 1.4% 9.0% Rhode Island -0.1% 5.9% South Dakota 0.0% 5.0% South Carolina 1.4% 9.0% continued on page 11 Tennessee 0.4% 5.5% Rhode Island -0.1% 5.9% South Dakota 0.0% 5.0% South Carolina 1.4% 9.0% Tennessee 0.4% 5.5% Rhode Island -0.1% 5.9% South Dakota 0.0% 5.0% South Carolina 1.4% 9.0% Tennessee 0.4% 5.5% South Dakota 0.0% 5.0% South Carolina 1.4% 9.0% Tennessee 0.4% 5.5% 10 South Dakota 0.0% 5.0% Texas 0.3% 7.0% South Carolina 1.4% 9.0% Tennessee 0.4% 5.5% South Dakota 0.0% 5.0% Texas 0.3% 7.0% South 1.4% 9.0% Tennessee 0.4% 5.5% South Carolina Dakota 0.0% 5.0% Texas 0.3% 7.0% Tennessee 0.4% 5.5% South Dakota 0.0% 5.0% Texas 0.3% 7.0% Tennessee 0.4% 5.5% Utah 7.1% South Dakota 0.0% 5.0%


3.2% shire 0.4% o -1.6% -0.6% 3.2% o -1.6% -0.6% 3.2% o -1.6% -0.6% 3.2% o -1.6% lina 0.4% -0.6% 3.2% o -1.6% lina 0.4% 3.2% o -1.6% lina 0.4% 3.2% o -1.6% lina 0.4% 3.2% ota 0.0% o -1.6% lina 0.4% 3.2% ota 0.0% lina 0.4% 3.2% ota 0.0% lina 0.4% 3.2% ota 0.0% lina 0.4% -0.4% 3.2% ota 0.0% lina 0.4% -0.4% ota 0.0% Combined Single Family Including Distressed (continued) lina 0.4% -0.4% ota 0.0% lina 0.4% -0.4% ota 0.0% 0.2% lina 0.4% -0.4% ota 0.0% 0.2% -0.4% ota 0.0% 0.2% FORECASTED -0.4% MONTH− ota 0.0% 0.2% MONTH− YEAR−OVER− -0.4% 0.4% OVER−MONTH ota 0.0% 0.2% OVER−MONTH YEAR PERCENT HPI SPARKLINES -0.4% STATE 0.4% PERCENT 0.2% PERCENT CHANGE -0.4% CHANGE 0.4% CHANGE 0.2% -0.4% 0.4% 0.2% ia -1.1% -0.4% 0.4% 0.2% ia -1.1% 0.4% 0.2% ia -1.1% 0.4% Rhode Island −0.1% 5.9% 0.1% 0.2% ia -1.1% 0.4% nd -0.1% 0.2% ia -1.1% 0.4% nd -0.1% ia -1.1% 0.4% nd -0.1% ia -1.1% 0.4% nd -0.1% ia -1.1% South Carolina 1.4% 9.0% 0.3% lina 1.4% 0.4% nd -0.1% ia -1.1% lina 1.4% nd -0.1% ia -1.1% lina 1.4% nd -0.1% ia -1.1% lina 1.4% nd -0.1% ota 0.0% ia -1.1% lina 1.4% nd -0.1% South Dakota 0.0% 5.0% 0.0% ota 0.0% lina 1.4% nd -0.1% ota 0.0% lina 1.4% nd -0.1% ota 0.0% lina 1.4% 0.4% nd -0.1% ota 0.0% lina 1.4% 0.4% ota 0.0% Tennessee 0.4% 5.5% 0.1% lina 1.4% 0.4% ota 0.0% lina 1.4% 0.4% ota 0.0% 0.3% lina 1.4% 0.4% ota 0.0% 0.3% 0.4% ota 0.0% 0.3% 0.4% ota 0.0% 0.3% Texas 0.3% 7.0% 0.0% 0.4% ota 0.0% 0.3% 0.4% 0.3% 0.4% 0.3% 0.4% 0.3% 0.4% Utah 0.4% 7.1% 0.3% 0.3% 0.4% 0.3% 0.4% 0.3% 0.4% 0.0% 0.3% 0.4% 0.0% Vermont 0.3% 2.7% 0.2% 0.3% 0.4% 0.0% 0.3% 0.4% 0.0% 0.3% n 0.9% 0.4% 0.0% 0.3% n 0.9% 0.0% 0.3% n 0.9% Virginia 0.0% 1.5% 0.2% 0.0% 0.3% n 0.9% 0.0% nia 0.6% 0.3% n 0.9% 0.0% nia 0.6% n 0.9% 0.0% nia 0.6% n 0.9% 0.0% nia 0.6% Washington 0.9% 9.6% 0.4% n 0.9% -0.4% 0.0% nia 0.6% n 0.9% -0.4% nia 0.6% n 0.9% -0.4% nia 0.6% n 0.9% -0.4% nia 0.6% 2.6% n 0.9% -0.4% West Virginia 0.6% 2.6% −0.1% nia 0.6% 2.6% -0.4% nia 0.6% 2.6% -0.4% 2.6% nia 0.6% -0.4% nia 0.6% 2.6% -0.4% 2.6% Wisconsin −0.4% 3.2% 0.0% -0.4% 2.6% -0.4% 2.6% -0.4% 2.6% 2.6% Wyoming 2.6% 4.3% 0.7% 2.6% 2.6%

8.6% 4.8% 0.3% 2.0% 8.6% 0.3% 2.0% 8.6% 0.3% 2.0% 8.6% 0.3% 5.2% 2.0% 8.6% 0.3% 5.2% 8.6% 0.3% 5.2% 8.6% 0.3% 5.2% 8.6% 7.3% 0.3% 5.2% 8.6% 7.3% 5.2% 8.6% 7.3% 5.2% 8.6% 7.3% 5.2% 4.5% 8.6% 7.3% 5.2% 4.5% 7.3% 5.2% 4.5% 7.3% 5.2% 4.5% 7.3% 3.4% 5.2% 4.5% 7.3% 3.4% 4.5% 7.3% 3.4% 4.5% FORECASTED 7.3% 3.4% 4.5% 9.4% YEAR−OVER− 7.3% 3.4% 4.5% 9.4% YEAR PERCENT 3.4% 4.5% CHANGE 9.4% 3.4% 4.5% 9.4% 3.4% 1.6% 4.5% 9.4% 3.4% 1.6% 9.4% 3.4% 1.6% 9.4%4.8% 3.4% 1.6% 9.4% 5.9% 3.4% 1.6% 9.4% 5.9% 1.6% 9.4% 5.9% 1.6% 9.4% 5.9% 1.6% 3.3% 9.0% 9.4% 5.9% 1.6% 9.0% 5.9% 1.6% 9.0% 5.9% 1.6% 9.0% 5.9% 5.0% 1.6% 9.0% 5.9% 4.6% 5.0% 9.0% 5.9% 5.0% 9.0% 5.9% 5.0% 9.0% 5.5% 5.9% 5.0% 9.0% 5.5% 5.0% 2.6% 9.0% 5.5% 5.0% 9.0% 5.5% 5.0% 7.0% 9.0% 5.5% 5.0% 7.0% 5.5% 5.0% 7.0% 5.5% 5.0% 7.0% 2.4% 5.5% 7.1% 5.0% 7.0% 5.5% 7.1% 7.0% 5.5% 7.1% 7.0% 5.5% 7.1% 7.0% 2.7% 5.5% 6.1% 7.1% 7.0% 2.7% 7.1% 7.0% 2.7% 7.1% 7.0% 2.7% 7.1% 1.5% 7.0% 2.7% 7.1% 1.5% 4.5% 2.7% 7.1% 1.5% 2.7% 7.1% 1.5% 2.7% 9.6% 7.1% 1.5% 2.7% 9.6% 1.5% 2.7% 9.6% 5.2% 1.5% 2.7% 9.6% 1.5% 2.6% 2.7% 9.6% 1.5% 2.6% 9.6% 1.5% 2.6% 9.6% 1.5% 2.6% 9.6% 3.2%7.2% 1.5% 2.6% 9.6% 3.2% 2.6% 9.6% 3.2% 2.6% 9.6% 3.2% 2.6% 4.3% 9.6% 3.2% 1.3% 2.6% 4.3% 3.2% 2.6% 4.3% 3.2% 4.3% 2.6% 3.2% 2.6% 4.3% 3.2% 4.3%4.9% 3.2% 4.3% 3.2% 4.3% 3.2% 4.3% 4.3% 4.3%4.1% 4.3%


Source: CoreLogic CoreLogic HPI Single Family Combined Tier, data through October 2015. CoreLogic HPI Forecasts Single Family Combined Tier, starting in November 2015.

0.1% -0.2% 0.1% 0.1% -0.2% 0.1% 0.1% -0.2% 0.1% 0.1% -0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.1% 0.0% 0.1% 0.1% 0.0% 0.1% 0.1% 0.0% 0.1% 0.2% 0.1% 0.0% 0.1% 0.2% 0.0% 0.1% 0.2% 0.0% 0.1% 0.2% 0.0% 0.3% 0.1% 0.2% 0.0% 0.3% 0.2% 0.0% 0.3% 0.2% 0.0% 0.3% 0.2% 0.1% 0.0% 0.3% National HPI 0.2% 0.1% 0.3% 0.2% 0.1% 0.3% 0.2% 0.1% 0.3% 0.1% 0.2% 0.1% 0.3% 0.1% MoM change: 1.0% 0.1% 0.3% 0.1% 0.1% 0.3% 0.1% 0.1% YoY change: 6.8% 0.3% 0.1% 0.1% 0.3% 0.1% 0.1% 0.3% Forecasted 0.1% 0.1% 0.3% 0.1% 0.0% 0.1% MoM change: 0.1% 0.3% 0.1% 0.0% 0.3% 0.1% 0.0% 0.3% Forecasted 0.1% 0.0% 0.3% 0.1% 0.0% YoY Change: 5.2% 0.3% 0.1% 0.0% 0.3% 0.1% 0.0% 0.3% 0.1% 0.0% 0.3% 0.1% 0.0% 0.1% 0.0% 0.1% 0.0% 0.1% 0.3% 0.0% 0.1% 0.3% 0.0% 0.1% 0.3% 0.0% 0.1% 0.3% 0.0% 0.2% 0.1% 0.3% 0.0% 0.2% 0.3% 0.0% 0.2% 0.3% 0.0% 0.2% 0.3% 0.2% 0.0% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.3% 0.2% 0.2% 0.4% 0.3% 0.2% 0.2% 0.4% 0.2% 0.2% 0.4% 0.2% 0.2% 0.4% 0.2% -0.1% 0.2% 0.4% 0.2% -0.1% 0.4% 0.2% -0.1% 0.4% 0.2% -0.1% 0.4% 0.0% 0.2% -0.1% 0.4% 0.0% -0.1% 0.4% 0.0% -0.1% 0.4% 0.0% -0.1% 0.7% 0.4% 0.0% -0.1% 0.7% 0.0% -0.1% 0.7% 0.0% 0.7% -0.1% 0.0% -0.1% 0.7% 0.0% Sparkline 0.7%Legend 0.0% 0.7% 0.0% 0.7% January 2000 0.0% 0.7% 0.7% 0.7% Current 0.7% Five Year Forecast

Month-over-Month represents the change in home prices from September 2015 to October 2015 Year-over-Year represents the change in home prices from October 2014 to October 2015 Forecasted Month-over-Month represents the forecasted change in home prices from October 2015 to November 2015 Forecasted Year-over-Year represents forecasted change in home prices from October 2015 to November 2016 © 2015 CoreLogic — Proprietary. This material may not be reproduced in any form without express written permission.

OCTOBER 2015

11

4.2% 7.1% 6.0% 4.2% 6.0% 4.2% 6.0% 4.2% 6.0% 4.0% 4.2% 6.0% 4.0% 4.2% 6.0% 4.0% 4.2% 6.0% 4.0% 4.2% 3.4% 6.0% 4.0% 4.2% 3.4% 4.0% 4.2% 3.4% 4.0% 4.2% 3.4% 4.0% 5.2% 4.2% 3.4% 4.0% 5.2% 3.4% 4.0% 5.2% 3.4% 4.0% 5.2% 3.4% 4.9% 4.0% 5.2% 3.4% 4.9% 5.2% 3.4% 4.9% 5.2% 3.4% 4.9% 5.2% 5.9% 3.4% 4.9% 5.2% 5.9% 4.9% 5.2% 5.9% 4.9% 5.2% 5.9% 4.9% 5.2% 5.9% 4.9% 5.2% 5.9% 4.9% 5.2% 5.9% 4.9% 5.2% 5.9% 4.8% 4.9% 5.2% 5.9% 4.8% 5.2% 5.9% 4.8% 5.2% 5.9% 4.8% 5.2% 3.3% 5.9% 4.8% 5.2% 3.3% 4.8% 5.2% 3.3% 4.8% 5.2% 3.3% 4.8% 4.6% 5.2% 3.3% 4.8% 4.6% 3.3% 4.8% 4.6% 3.3% 4.8% 4.6% 3.3% 2.6% 4.8% 4.6% 3.3% 2.6% 4.6% 3.3% 2.6% 4.6% 3.3% 2.6% 4.6% 2.4% 3.3% 2.6% 4.6% 2.4% 2.6% 4.6% 2.4% 2.6% 4.6% 2.4% 2.6% 6.1% 4.6% 2.4% 2.6% 6.1% 2.4% 2.6% 6.1% 2.4% 2.6% 6.1% 2.4% 4.5% 2.6% 6.1% 2.4% 4.5% 6.1% 2.4% 4.5% 6.1% 2.4% 4.5% 6.1% 5.2% 2.4% 4.5% 6.1% 5.2% 4.5% 6.1% 5.2% 4.5% 6.1% 5.2% 4.5% 7.2% 6.1% 5.2% 4.5% 7.2% 5.2% 4.5% 7.2% 5.2% 4.5% 7.2% 5.2% 1.3% 4.5% 7.2% 5.2% 1.3% 7.2% 5.2% 1.3% 7.2% 5.2% 1.3% 7.2% 4.9% 5.2% 1.3% 7.2% 4.9% 1.3% 7.2% 4.9% 1.3% 7.2% 4.9% 1.3% 4.1% 7.2% 4.9% 1.3% 4.1% 4.9% 1.3% 4.1% 4.9% 4.1% 1.3% 4.9% 1.3% 4.1% 4.9% 4.1% 4.9% 4.1% 4.9% 4.1% 4.9% 4.1% 4.1% 4.1% 4.1%

MORE INSIGHTS For additional perspectives on house price indices, forecasts, and market trends, visit the blog post and other featured insights publications located on the corelogic.com website.

Methodology CoreLogic HPI and CoreLogic Case-Shiller Indexes both utilize the repeat-sale method to track increases and decreases in sales prices for the same home over time. By analyzing data on homes with two or more recorded sales transactions, these indexes provide accurate ‘constantquality’ views of pricing trends. The CoreLogic HPI is built on industry-leading public record, servicing, and securities real-estate databases and incorporates more than 30 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with a fiveweek lag, the CoreLogic HPI is designed to provide an early indication of home price trends among Single-Family Attached and SingleFamily Detached properties. The indexes are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts are based on a two-stage error-correction structural model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a five-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers—Single-Family Combined (both Attached and Detached) and Single-Family Combined excluding distressed sales. As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review national scenarios to project home prices under baseline, adverse and severely adverse scenarios at state, CBSA and ZIP Code-levels. As part of the CoreLogic HPI and CoreLogic HPI Forecasts offering, Market Condition Indicators are available for all metropolitan areas and identify individual markets as “overvalued,” “at value,” or “undervalued.” These indicators are derived from the long-term fundamental values, which are a function of real disposable income per capita. Markets are labeled as overvalued if the current home price indexes exceed their long-term values by greater than 10%, and undervalued where the long-term values exceed the index levels by greater than 10%. CoreLogic Case-Shiller Indexes, the longest-standing, most highly recognized brand of home price indexes, were originally designed to serve as the basis for the settlement of financial instruments. As such, the estimation techniques employed limit volatility as well as revision, which is typically limited to 24 months. Released monthly, the CoreLogic Case-Shiller Indexes leverage CoreLogic public record data and are supplemented by FHFA indexes to extend coverage into regions where sufficient public record data is not available. Where sufficient quality and quantity of sale pair data exist, CoreLogic Case-Shiller Indexes are segmented into tiers based on price and property type. Available both as seasonally adjusted and not seasonally adjusted, the full set of CoreLogic Case-Shiller Indexes includes thousands of series at the Census Division, State, CBSA, County and ZIP Code levels in addition to the national index. A custom set of indexes, known as the S&P/Case-Shiller Indices, are produced by CoreLogic and published by S&P Dow Jones Indices. CoreLogic, together with Moody’s Analytics, offers the Case-Shiller Home Price Index Forecasts to provide clients with enhanced home-price forecasting capabilities. With a 30-year forecast horizon, Case-Shiller Home Price Index Forecasts are updated monthly and are available under standard alternative scenarios, regulatory scenarios and a constant severity scenario independent of current business cycle conditions. CoreLogic Case-Shiller Indexes and CoreLogic HPI provide the foundation to the Real Estate Analytics Suite of products which also include market-level data and analytics that provide complementary insights to the indexes and forecasts. These products include MarketTrends, Cash Investor Trends, ListingTrends, RentalTrends and CommercialTrends. CORELOGIC, the CoreLogic logo, CORELOGIC HPI, CORELOGIC HPI FORECASTS and CORELOGIC CASE-SHILLER INDEXES are trademarks of CoreLogic, Inc. and/or its subsidiaries. CONTACT For more information, please email [email protected].

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corelogic.com © 201 5 CoreLogic, Inc. All rights reserved. CORELOGIC, the CoreLogic logo, CORELOGIC HPI, CORELOGIC HPI FORECASTS and CORELOGIC CASE-SHILLER INDEXES are trademarks of CoreLogic, Inc. and/ or its subsidiaries. All other trademarks are the property of their respective holders. 17-REASHPI-OCT15-0516-02

CoreLogic Home Price Insights Report featuring CoreLogic HPI

CoreLogic Home Price Insights Report featuring CoreLogic HPI

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