Village at Western Oaks Market Update January 1 to June 14, 2010

The Village at Western Oaks market has experienced a 4% price per square foot increase and a 8% total dollar increase for single family homes sold during January to June 2010 compared to January to June 2009. There was an 37% increase in the number of homes sold and it took 35% less time to sell a home in the Village at Western Oaks during this time period as compared to the same time period last year. Furthermore, there was a 13% increase of supply of homes for sale with only 3.2 months of current inventory for single family homes in the Village at Western Oaks. This means at the current rate of sales, if no more homes were listed for sale starting today, every home listed for sale in the Village at Western Oaks would be sold in 3.2 months!

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Market Snapshot

(January to June 2010 compared to January to June 2009)

Village at Western Oaks:

• 37% increase in the number of single family homes sold
• 4% increase in median single family sold price per square foot
• 8% increase in median sold price (total dollars)
• 35% decrease in the time it is taking to sell a home
• 0% change in withdrawals
• 13% increase in supply.

Sold: As of 6/14/2010 there were 63 homes sold in Village at Western Oaks during January to June 2010 compared to 46 during the same time period in 2009 (37% increase). Home prices (per square foot)  have increased 4% during January to June 2010 compared January to June 2009 with a median sold price of $118.59 per square foot ($250,000) during January to June 2010 compared to $113.97 per square foot ($231,250) during the same time period last year. During January to June 2010 these sold home have averaged 40 days on market compared to 62 days on market during January to June 2009, which shows there was a 35% decrease in the time it is taking to sell a home this January to June 2010 compared to last January to June 2009.

Active: There are 28 single family homes actively for sale in the Village at Western Oaks as of 6/14/2010. These homes average 62 days on market with a median list price $112.10 per square foot ($285,950).

Pending Sale: There are 18 homes pending sale in the Village at Western Oaks as of 6/14/2010. These 18 homes average 36 days on market with a median price of $122.66 per square foot ($258,500), which is a list price 3.4% more than the median sold price per square foot in Villages at Western Oaks during January to June 2010.

Withdrawn: There were 12 single family homes withdrawn from the Village at Western Oaks real estate market during January to June 2010 compared to 12 homes during the same period of time during January to June 2009. Homes withdrawn during January to June 2010 averaged 66 days on market and were listed for sale with a median price of $120.73 per square foot ($273,950). This compares to an average of 60 days on the market with a median price of $114.68 per square foot ($244,950) for homes withdrawn from the market during  January to June 2009.

Inventory: Clarus MarketMetrics shows that there is a 3.2 month supply of inventory for single family homes in the Village at Western Oaks during May 2010 compared to 2.8 during May 2009, which is a 13% increase in supply.

Village at Western Oaks Leases: As of 6/14/10 there are 5 homes (all types) for lease within the Village at Western Oaks subdivision with a median lease price of $.79 per square foot per month($1,695 per month) and averaging 14 days on the market. During January to June 2010 there were 18 homes (all types) leased in the Village at Western Oaks compared to 29 during January to June 2009, which is a 38% decrease in the number of homes leased. During January to June 2010 the median lease price per square foot was $.76 per square foot per month($1,673/mo) and averaging 34 days on market compared to $ .74 per square foot per month ($1,600/mo) and averaging 40 days on market during January to June 2009, which is an 3% increase in lease price per square foot and  15% decrease in days on the market.