RER Analytics

RER ANALYTICS / NORTHERN NEW JERSEY / MAY 2011

Monthly Clifton Single- Family ReportMay 2011

Clifton’s single family housing market has been declining since October 2010.The latest data show a downtick on the index indicator; is the local housing market close to hitting its bottom?There is plenty of supply in all price ranges. Demand is stable.If buying a home, proceed with caution. The housing market is stabilizing and prices may see another 7% drop (according to our quarterly forecast)*.

Trend April - 11 Mar - 11 Feb - 11Avg. Sold Price DOWN $283,210 $287,735 $259,800

Avg. Listing Price DOWN $294,538 $302,112 $275,388

Foreclosures DOWN 3 9 15

Mortgage Rates STABLE 4.84% 4.84% 4.95%

Clifton Unemployment DOWN 9.8 10.3 10.9

Price Range

Buyˆ Sellˆ Supply in Monthsˆ

Absortion Rate

$100 - $200 YES YES 6 1.08

$201 - $250 YES YES 5 4.58

$251 - $300 YES YES 10 7.75

$301 - $350 CAUTION CAUTION 11 7.67

$351 - $400 CAUTION CAUTION 12 4.42

$400 - + NO NO 34 2.42

*All currency in USD, measured in thousands.

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RER Analytics

RER ANALYTICS / NORTHERN NEW JERSEY / MAY 2011

The index indicator has been calculated with a propietary formula based on average sold price.

^In todays real estate market:

if there is supply for less than 8 months is GOOD if there is supply between 8-16 months is OK if there is supply greater than 16 months is BAD

1Our quarterly forecast for the single family market shows a 7% decline in price at the end of the second quarter 2011. For more informartion and details please refer to the quarterly report. (May 15, 2011)