Monthly DistributionThis report examines all publicly traded home builders (mid-,small-,andmicro-cap)basedontheirgeographicfootprint and includes the following:

• Builderrankingsbypastmarketperformance,currentmarketconditions,andforecastedmarketgrowth

• Location comparisons of builders based on the builders’ markets’ fundamentals (HCRI) and submarket desirability

• Builder metrics, such as active community count changes,orders,andcancellations

• Overview of each builder evaluating market strengths,weaknesses,medianpriceinthemarketsandpriceappreciation,employmentgrowth,andpermits,comparedwithanaverageofallbuilders

What Questions Will This Report Help You Answer?• Which builders should report the

greatest revenue growth if they kept pace with their markets?

• Which builders should have the best quarter in terms of orders and raising price?

• Which builders are in the best geographies based on our forecasts?

• How do community counts change quarterly by builder and by region?

• Which builders are in the most desirable submarkets with the best market fundamentals?

Home BuilderAnalysis and Forecast

HBAF

-image from slide 9 “H:\HBAF\_Archive_(Client-Reports)\2015\2015-02-February\Executive-Summary\JBREC-HBAF-ExecSum-2015-02.pptx”

-Chart from “TTM Slide” “H:\HBAF\Irvine - HBAF\builder market share.xlsx”

-“Charts” tab, use the chart in Y7-AF21 ”H:\HBAF\_Archive_(Client-Reports)\2015\2015-03-March\Data-Files\MarketGrowth-Builder.xlsx”

-“Page 8” tab, use the chart starting in rows A59-H91 ”H:\HBAF\_Archive_(Client-Reports)\2015\2015-03-March\Data-Files\RegExec-SumChartsBuilder.xlsx”

HOME BUILDER ANALYSIS AND FORECAST

Public Home Builders Have a Small Share of Communities in the Southeast, Suggesting M&A Activity Will Be Centered around This Region

Source: John Burns Real Estate Consulting, LLC (Data: Jan-15, Pub: Feb-15)

Dallas47%

Houston55%

Denver65%

Austin47%

Orlando73%

Washington,DC: 46%

Charlotte42%

Atlanta36%

Seattle51% Chicago

33%

LasVegas69%

Los Angeles and

OrangeCounty

56%

Minneapolis60%

Raleigh33%

Tampa51%

% of Total Active Selling Communities = < 50%

% of Total Active Selling Communities = 51% to 64%

% of Total Active Selling Communities = > 65%

Riverside-SanBernardino

67%

Public Builder Market Share by Number of Actively Selling Communities

Phoenix64%