DISTRESSEDSALESPRESS RELEASE

May 20, 2015

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

91.9%

3.8%

4.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-

09

Apr

-09

Jul-0

9

Oct

-09

Jan-

10

Apr

-10

Jul-1

0

Oct

-10

Jan-

11

Apr

-11

Jul-1

1

Oct

-11

Jan-

12

Apr

-12

Jul-1

2

Oct

-12

Jan-

13

Apr

-13

Jul-1

3

Oct

-13

Jan-

14

Apr

-14

Jul-1

4

Oct

-14

Jan-

15

Apr

-15

Equity Sales Short Sale REO

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

Type of Sale Apr-15 Mar-15 Apr-14

Equity Sales 91.9% 91.0% 88.3%

Total Distressed Sales 8.1% 9.0% 11.7%

REOs 4.0% 4.8% 5.4%

Short Sales 3.8% 3.8% 5.8%

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

All Sales 100.0% 100.0% 100.0%

SHARE OF SHORT SALES DIPPED TOTHE LOWEST LEVEL SINCE EARLY 2008

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

DISTRESSED SALES

Percent of Total Sales, Bay Area: April 2015

3% 3% 3%

6%

2%

1%

3%

9%

5%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Alameda ContraCosta

Marin Napa SanFrancisco

San Mateo SantaClara

Solano Sonoma

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

DISTRESSED SALES

Percent of Total Sales, Southern California: April 2015

7%

5%

10% 11%

5%

0%

2%

4%

6%

8%

10%

12%

Los Angeles Orange Riverside San Bernardino San Diego

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

DISTRESSED SALES

Percent of Total Sales, Central Valley: April 2015

12%

8%

24%

14%

8% 8%

11% 12%13%

11%

16%

0%

5%

10%

15%

20%

25%

30%

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

DISTRESSED SALES

Percent of Total Sales, Rest of California: April 2015

16%14% 15%

9%

5%7%

16%

11%

7%

5%

24%

6%

2%

12%13%

11%

7%

11%

0%

5%

10%

15%

20%

25%

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

County Apr-15 Mar-15 Apr-14

Alameda 3% 4% 4%

Amador 16% 9% 22%

Butte 14% 13% 20%

Calaveras 15% 6% 18%

Contra Costa 3% 5% 6%

El Dorado 9% 10% 15%

Fresno 12% 14% 19%

Glenn 5% 14% 23%

Humboldt 7% 12% 13%

Kern 8% 9% 19%

Kings 24% 21% 23%

Lake 16% 9% 26%

Los Angeles 7% 8% 12%

Madera 14% 11% 11%

SHARE OF DISTRESSED SALES BY COUNTY

Percent of Total Sales: 1 of 3

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

SHARE OF DISTRESSED SALES BY COUNTY

Percent of Total Sales: 2 of 3County Apr-15 Mar-15 Apr-15

Marin 3% 2% 5%Mariposa 11% 0% 40%

Mendocino 7% 15% 27%Merced 8% 12% 12%

Monterey 5% 7% 13%Napa 6% 5% 6%

Orange 5% 4% 7%Placer 8% 7% 9%

Plumas 24% 27% 35%Riverside 10% 12% 15%

Sacramento 11% 13% 16%San Benito 12% 8% 4%

San Bernardino 11% 14% 18%San Diego 5% 5% 4%

San Francisco 2% 2% 2%SERIES: Distressed Sales, Not Seasonally AdjustedSOURCE: CALIFORNIA ASSOCIATION OF REALTORS

SHARE OF DISTRESSED SALES BY COUNTY

Percent of Total Sales: 3 of 3County Apr-15 Mar-15 Apr-15

San Joaquin 13% 15% 19%San Luis Obispo 6% 6% 4%

San Mateo 1% 1% 2%Santa Clara 3% 2% 4%Santa Cruz 2% 4% 9%

Shasta 12% 14% 20%Siskiyou 13% 24% 24%Solano 9% 11% 14%

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

Sutter 11% 11% 17%Tulare 16% 18% 24%Yolo 7% 7% 12%Yuba 11% 15% 28%

California 8% 9% 12%

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

REO & SHORT SALES

Percent of Total Sales, Bay Area: April 2015

2% 2% 2%

3%2%

0%1%

5%

3%1% 1% 1%

2%

1%

1%

2%

4%

1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Alameda ContraCosta

Marin Napa SanFrancisco

San Mateo SantaClara

Solano Sonoma

REO Sales Short Sales

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

REO & SHORT SALES

Percent of Total Sales, Southern California: April 2015

2%2%

6%7%

2%

4%

3%

5%4%

3%

0%

2%

4%

6%

8%

10%

12%

Los Angeles Orange Riverside San Bernardino San Diego

REO Sales Short Sales

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

REO & SHORT SALES

Percent of Total Sales, Central Valley: April 2015

8%5%

17%

8%3% 4%

6% 6% 6%8% 10%

4%

2%

8%

6%

6% 4%5% 6% 7% 3%

6%

0%

5%

10%

15%

20%

25%

30% REO Sales Short Sales

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

REO & SHORT SALES

Percent of Total Sales, Rest of California: April 2015

13%

8%11%

7%

0%5%

15%

5% 7%

2%

24%

4%1%

10%13%

8%3%

8%

0%6%

4%

2%

5%

2%

1%

5%0%

3%

0%

1%

2%

2%0%

3%

4%

3%

0%

5%

10%

15%

20%

25%REO Sales Short Sales

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

UNSOLD INVENTORY INDEX

0

1

2

3

4

5

6

Equity Sales Short Sales REO Sales

3.4

4.9

2.3

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

UNSOLD INVENTORY INDEX (MONTHS)

California: Apr 2015