2. Michael G. White State-Certified General Appraiser RZ2999

3. Marion County Real Estate Market Trends

4. PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 20055,813156,520N/A135,900N/A90 20064,735178,51614%160,90018%109 20073,169173,339-3%152,000-6%144 20082,453147,874-15%126,000-17%163 20093,234113,467-23%95,000-25%154 20104,003102,068-10%80,000-16%155 Active4,307N/A Entire County 2010

5. PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 20055,813156,520N/A135,900N/A90 20064,735178,51614%160,90018%109 20073,169173,339-3%152,000-6%144 20082,453147,874-15%126,000-17%163 20093,234113,467-23%95,000-25%154 20104,003102,068-10%80,000-16%155 Active4,307N/A Entire County 2010

6. PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2006 Q1 1,441188,820 N/A 159,000 N/A101 2007 Q1 994186,555 -1% 161,200 1%140 2008 Q1 587182,747 -2% 130,000 -19%169 2009 Q1 537126,098 -31% 100,000 -23%167 2010 Q1 920103,470 -18% 85,000 -15%159 2011 Q1 1,04592,270 -11% 69,000 -19% 161 Active3,983N/A Entire County Sales Q1

7. PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2006 Q1 1,441188,820 N/A 159,000 N/A101 2007 Q1 994186,555 -1% 161,200 1%140 2008 Q1 587182,747 -2% 130,000 -19%169 2009 Q1 537126,098 -31% 100,000 -23%167 2010 Q1 920103,470 -18% 85,000 -15%159 2011 Q1 1,04592,270 -11% 69,000 -19% 161 Active3,983N/A Entire County Sales Q1

8. Driving Forces Marion Oaks Silver Springs Shores Distressed Sales

9. Marion Oaks PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2005 334135,159 N/A 129,938 N/A96 2006 321167,458 24% 169,900 31%104 2007 193160,589 -4% 165,000 -3%135 2008 154121,632 -24% 128,250 -22%148 2009 29685,451 -30% 86,450 -33%118 2010 36371,967 -16% 76,626 -11% 127 Active231N/A

10. Marion Oaks First Quarter 2011 Sales Q1 PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2006 Q1 76158,811 N/A 154,000 N/A102 2007 Q1 70165,615 4% 168,500 9%134 2008 Q1 32131,565 -21% 137,500 -18%173 2009 Q1 3090,344 -31% 88,500 -36%122 2010 Q1 8275,600 -16% 82,900 -6%149 2011 Q1 9668,421 -9% 68,350 -18% 182 Active182N/A

11. Silver Springs Shores PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2005 750131,909 N/A 134,450 N/A81 2006 652154,200 17% 161,000 20%112 2007 312149,205 -3% 153,900 -4%148 2008 252112,938 -24% 115,000 -25%146 2009 44578,963 -30% 80,000 -30%131 2010 59165,701 -17% 67,000 -16% 123 Active319N/A

12. Silver Springs Shores First Quarter 2011 PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2006 Q1 199151,024 N/A 159,900 N/A99 2007 Q1 107150,806 0% 156,900 -2%151 2008 Q1 45122,404 -19% 125,000 -20%166 2009 Q1 5284,512 -31% 89,000 -29%136 2010 Q1 13170,277 -17% 70,000 -21%114 2011 Q1 14649,714 -29% 50,000 -29% 123 Active277N/A Sales Q1

13. Marion Oaks SalesSilver Springs Shores Sales Entire County Sales

14. Marion Oaks SalesSilver Springs Shores Sales Entire County Sales

15. Direction List PriceSales PriceTotal SQ FTList to Sale $ per Number AverageMedianAverageMedianAverageMedianSale (AVG)Sale (MED)Sq. FT. (AVG)Sq. FT. (MED)Of Sales NE Ocala79,37364,70072,20957,0001,4371,34890.97%88.10%$50.25$42.30306 SE Ocala175,161135,000161,290128,0002,0741,90292.08%94.81%$77.76$67.30389 SW Ocala107,88889,900100,82885,0001,7031,61893.46%94.55%$59.20$52.531295 NW Ocala113,05184,500100,19975,0001,6411,50588.63%88.76%$61.07$49.83241

16. Direction List PriceSales PriceTotal SQ FTList to Sale $ per Number AverageMedianAverageMedianAverageMedianSale (AVG)Sale (MED)Sq. FT. (AVG)Sq. FT. (MED)Of Sales NE Ocala79,37364,70072,20957,0001,4371,34890.97%88.10%$50.25$42.30306 SE Ocala175,161135,000161,290128,0002,0741,90292.08%94.81%$77.76$67.30389 SW Ocala107,88889,900100,82885,0001,7031,61893.46%94.55%$59.20$52.531295 NW Ocala113,05184,500100,19975,0001,6411,50588.63%88.76%$61.07$49.83241

17. Marion CountyList PriceSell PriceDOM Average$110,442$101,995155 Median$84,995$80,000110 Count4,009 92.3% Sell to List in 2010

18. Marion County Distressed SalesList PriceSell PriceDOM Average$96,537$90,441182 Median$78,900$75,250154 Count2,042 93.7% Sell to List in 2010

19. Marion County Short SalesList PriceSell PriceDOM Average$113,799$105,084275 Median$87,900$83,000234 Count483 Marion County Foreclosed/REO SalesList PriceSell PriceDOM Average$79,275$75,79890 Median$69,900$67,50073 Count1,559 ¾ of Distressed are Foreclosure/REO

20. Short Sale/Nondistressed SalesList PriceSell PriceDOM Average85%86%155% Median80%83%177% Foreclosed/Nondistressed SalesList PriceSell PriceDOM Average59%62%51% Median64%68%55% Distressed/NonDistressed SalesList PriceSell PriceDOM Average72%74%103% Median72%75%116%

21. YearActive Listings (County Wide)Sales (County Wide) 2005N/A5,813 2006N/A4,735 2007N/A3,169 20086,148*2,453 20094,590*3,234 20104,3074,003 20114,127**692** Marion County Sales

22. Year CountywideNE Ocala 2006 1,5311,433 2007 1,5591,472 2008 1,6091,505 2009 1,6251,523 2010 1,6441,437 2011 1,6441,348

23. YearSalesAverage Sales Price Median Sales Price 20053,233$29,955$28,000 20061,241$37,368$37,000 2007359$25,017$22,000 2008252$17,326$15,900 2009121$9,193$7,000 201095$6,662$5,300 Active662N/A

24. PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2006 Q1 121200,502 N/A 189,900 N/A94 2007 Q1 86206,940 3% 203,625 7%149 2008 Q1 53202,480 -2% 159,500 -22%167 2009 Q1 51151,351 -25% 142,500 -11%187 2010 Q1 91121,286 -20% 121,000 -15%154 2011 Q1 77106,207 -12% 95,000 -21% 173 Active351N/A 34476 First Quarter 2011

25. 34481 First Quarter 2011 PeriodSalesAverage Sales ($)ChangeMedian Sales ($)ChangeDOM 2006 Q1 114155,131 N/A 134,950 N/A101 2007 Q1 75148,931 -4% 135,000 0%152 2008 Q1 6398,439 -34% 86,000 -36%181 2009 Q1 56105,711 7% 91,000 6%197 2010 Q1 10684,919 -20% 70,000 -23%159 2011 Q1 9267,937 -20% 62,000 -11% 173 Active402N/A

26. Where can you get more market trends information?

27. http://www.ocalaappraisals.com/markettrends.html

28. An exclusive copy of this Presentation is available at www.ocalaappraisals.com/markettrends.html Ellison User Name: ellison Password: realty

29. Questions?

30. Michael G. White State-Certified General Appraiser RZ2999 352-425-0354 www.ocalaappraisals.com