1. DISTRESSED SALES PRESS RELEASE January 25, 2016

2. SHARE OF EQUITY SALES INCHED UP AFTER THREE CONSECUTIVE MONTHS OF DECLINE SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

3. OVER NINE OF TEN SALES WERE EQUITY SALES SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® California: December 2015

4. SHARE OF EQUITY SALES HAS REMAINED ABOVE 90% SINCE THE MID OF 2014 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

5. SHARE OF DISTRESSED SALES NEAR THE LOWEST LEVEL SINCE LATE 2007 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

6. DISTRESSED SALES Percent of Total Sales, Bay Area: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

7. DISTRESSED SALES Percent of Total Sales, Southern California: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

8. DISTRESSED SALES Percent of Total Sales, Central Valley: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

9. DISTRESSED SALES Percent of Total Sales, Rest of California: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

10. SHARE OF DISTRESSED SALES BY COUNTY Percent of Total Sales: 1 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

11. SHARE OF DISTRESSED SALES BY COUNTY Percent of Total Sales: 2 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

12. SHARE OF DISTRESSED SALES BY COUNTY Percent of Total Sales: 3 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

13. REO & SHORT SALES Percent of Total Sales, Bay Area: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

14. REO & SHORT SALES Percent of Total Sales, Southern California: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

15. REO & SHORT SALES Percent of Total Sales, Central Valley: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

16. REO & SHORT SALES Percent of Total Sales, Rest of California: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

17. REO SALES BY COUNTY Percent of Total Sales: 1 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

18. REO SALES BY COUNTY Percent of Total Sales: 2 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

19. REO SALES BY COUNTY Percent of Total Sales: 3 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

20. SHORT SALES BY COUNTY Percent of Total Sales: 1 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

21. SHORT SALES BY COUNTY Percent of Total Sales: 2 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

22. SHORT SALES BY COUNTY Percent of Total Sales: 3 of 3 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

23. MEDIAN PRICE OF EQUITY SALES UP SLIGHTLY FROM LAST YEAR SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

24. MEDIAN PRICE OF EQUITY SALES INCREASED FROM LAST YEAR SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® yty% chg. in Price

25. UNSOLD INVENTORY INDEX SERIES: Distressed Unsold Inventory Index, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® UNSOLD INVENTORY INDEX (MONTHS) California: December 2015

26. ACTIVE LISTINGS REMAINED AT LOW LEVELS SERIES: Distressed Unsold Inventory Index, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® UNSOLD INVENTORY INDEX (MONTHS) California: December 2015

27. UNSOLD INVENTORY INDEX DOWN FOR ALL SALES TYPES SERIES: Distressed Months Supply of Inventory, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® UNSOLD INVENTORY INDEX (MONTHS) 2.7 5.0 2.6

28. EQUITY SALES GAINED BY DOUBLE-DIGIT FROM LAST DECEMBER Raw# of Equity Sales, REO, & Short-Sales SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

29. DISTRESSED SALES CONTINUED TO DECLINE, ESPECIALLY FOR SHORT SALES (% Change in Sales – Year to Year) SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

30. DISTRESSED SALES CONTINUED TO DECLINE, ESPECIALLY FOR SHORT SALES SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS® yty% chg in sales 22.3% -32.2% -15.9%

31. DISTRESSED SALES Percent of Total Sales: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

32. DISTRESSED SALES Percent of Total Sales, S.F. Bay Area: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

33. DISTRESSED SALES Percent of Total Sales, Southern California: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®

34. DISTRESSED SALES Percent of Total Sales, Central Valley: December 2015 SERIES: Distressed Sales, Not Seasonally Adjusted SOURCE: CALIFORNIA ASSOCIATION OF REALTORS®