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SQ_Q1 2013

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					                                    HOME PRICE EXP

Panelist
Esmael Adibi
Scott Anderson
Dean Baker
Paul Ballew
Alex Barron
Bob Baur
Doug Bendt
David Berson
Steven Blitz
John Brynjolfsson
Andrew Busch
Michael Carliner
Joseph Carson
Bill Cheney
Christine Chmura / Xiaobing Shuai
Mike Cosgrove
Marsha Courchane
Amy Crews Cutts
Richard DeKaser
Rajeev Dhawan
Paul Diggle
John Dolan
Richard Dorfman
David Downs
Doug Duncan
Neil Dutta
Robert Dye
Michael Englund
Craig Evers
Christy Fields
Larry Foley
Carlos Garriga
Timothy Ghriskey
Jason Gold
Dan Greenhaus
Marc Halle
Bill Hampel
Mark Hanson
Maury Harris
Jay Hartzell
Richard Hastings
Jan Hatzius
Donald Haurin
Andrea Heuson
Stuart Hoffman
Derek Holt
Douglas Holtz-Eakin
William Hummer
Stan Humphries / Svenja Gudell
Brad Hunter
Constance Hunter
Deniz Igan
Parul Jain
Nathaniel Karp
Jim Kleckley
Jack Kleinhenz
Michael Lea
Don Leavens / Tim Gill
Guy LeBas
Peter Linneman
Kevin Logan
Dean Maki
Aneta Markowska
Chris Mayer
Bruce McCain
John McIlwain
James Meil
Robert Mellman
Christian Menegatti / Prajakta Bhide
Michelle Meyer / Ethan Harris
Michael Moran
Peter Morici
Joel Naroff
Mark Nielson
Frank Nothaft
Jim O'Sullivan
Jacob Oubina
Gary Painter
Ethan Penner
Nicholas Perna
Edward Pinto
Douglas Poutasse
Lynn Reaser
Mark Riedy
Barry Ritholtz
Don Rissmiller
Kenneth Rosen
Chris Rupkey
John Ryding / Conrad DeQuadros
Andrew Schaffler
Ihab Seblani
Rick Sharga
Gary Shilling
John Silvia
Allen Sinai
Matthew Sippel
James Smith
Sean Snaith
Komal Sri-Kumar
Stephen Stanley
Susan Sterne
Rob Stevenson
Thomas Swift
Diane Swonk / Adolfo Laurenti
Christopher Thornberg
Grant Thrall
Bart Van Ark / Kathy Bostjancic
Robert Van Order
Susan Wachter
Tim Wang
Bill Watkins
Sophii Weng
Jeff Werling
Brian Wesbury / Robert Stein
Ingo Winzer
David Wyss
Mark Zandi / Celia Chen
Ellen Zentner / Aichi Amemiya




All survey data based upon expected performance of U.S. home prices as measured by the U.S. Zillow Hom
* Some panelists requested that their specific responses be held in confidence.  These appear as blank in t

The information in this report was collected from third parties and compiled by Pulsenomics  LLC.  Neither the sponsor of this survey (Zillow, I
report or to otherwise notify a recipient thereof in the event that any forecast or estimate  set forth herein changes or subsequently become
third party for any purpose, "Zillow, Inc. and Pulsenomics  LLC" must be noted as  the source within any such third party reproduction or public
                                            HOME PRICE EXPECTATIONS SURVEY RESU

Title
Director
Chief Economist
Co-Director
Chief Data and Analytic Officer
Founder & Senior Research Analyst
Chief Global Economist
Director, MBS Research
Chief Economist 
Chief Economist 
Chief Investment Officer
Founder, Editor-in-Chief
Housing Economist
Chief Economist
Chief Economist
Chief Economist / Senior Economist
Principal
Director, Financial Economics
Chief Economist
Corporate Economist
Director, Economic Forecasting Center
Property Economist
President
Managing Director
Real Estate Finance Professor
Chief Economist
Head of U.S. Economics
Chief Economist
Chief Economist
Economist
Director, Real Estate Consulting
Principal
Senior Economist
Chief Investment Officer
Senior Fellow, Housing and Financial Services Policy
Chief Global Strategist
Managing Director, Portfolio Manager
Chief Economist
Founder
Chief Economist
Exec Director, Real Estate Finance & Investment Ctr
Macro Strategist
Chief US Economist
Professor of Economics, Finance, and Public Policy
Professor of Finance
Chief Economist
Vice President
President
Chief Economist
Chief Economist / Senior Economist
Chief Economist
Senior Advisor
Senior Economist
Chief Investment Strategist
Chief U.S. Economist
Director, Bureau of Business Research
Chief Economist
Director, McMillin Center for Real Estate
Chief Economist / Director, Economics
Chief Fixed Income Strategist
Founder and CEO
Chief US Economist
Chief US Economist
Senior U.S. Economist
Sr Vice Dean, Paul Milstein Professor of Real Estate
Chief Investment Strategist
Sr Res Fellow, J. Ronald Terwilliger Chair for Housing
Chief Economist
Managing Director, US Economic Research
Global Economic Research Officers
Senior U.S. Economist / Head of North America Economics
Chief Economist
Professor, Robert H. Smith School of Business
President
Economist
Chief Economist
Chief U.S. Economist
Senior U.S. Economist
Director of Research, Lusk Center for Real Estate
Managing Partner
Chief Economist
Resident Fellow
Head of Strategy and Research
Chief Economist
Executive Director
CEO
Chief Economist
Chairman
              Chief Financial Economist
              Chief Economist / Senior Economist
              Research Analyst
              Economist
              Executive Vice President
              President
              Chief Economist
              President, CEO, Chief Global Economist & Strategist 
              Senior Partner
              Chief Economist
              Director, Institute for Economic Competitiveness
              President
              Chief Economist
              Chief Economist
              Managing Director
              Chief Economist
              Chief Economist / Deputy Chief Economist
              President
              President
              Chief Economist / Director of Macroeconomic Analysis
              Professor of Finance and Real Estate
              Professor of Real Estate, Finance, City & Regional Planning
              SVP, Head of Investment Research
              Exec Director, Economic Forecasting and Research Center 
              Economist
              Executive Director, Inforum
              Chief Economist / Senior Economist
              President
              Economist
              Chief Economist / Senior Director
              Senior Economist / VP, Economist


              First Quarter 2013 Survey Summary:

on expected performance of U.S. home prices as measured by the U.S. Zillow Home Value Index.   The non-cumulative annual d
ted that their specific responses be held in confidence.  These appear as blank in the table above.  However, confidential respo

s collected from third parties and compiled by Pulsenomics  LLC.  Neither the sponsor of this survey (Zillow, Inc.) nor its producer (Pulsenomics LLC) makes any represen
cipient thereof in the event that any forecast or estimate  set forth herein changes or subsequently becomes inaccurate. This report is provided for informational purpo
w, Inc. and Pulsenomics  LLC" must be noted as  the source within any such third party reproduction or publication.
RICE EXPECTATIONS SURVEY RESULTS: First Quarter 2013
                                                             Estimated Home Price Performance (Q4/Q4)
     Affiliation                             Response Date   2013     2014      2015     2016
     Chapman University                        2/27/2013     4.20%    3.50%    2.90%     2.30%
     Bank Of The West                           3/6/2013     3.50%    2.90%    3.00%     3.20%
     Center for Economic & Policy Research     2/22/2013     4.00%    3.00%    2.60%     2.60%
     Dun & Bradstreet, Inc.                    2/25/2013     2.20%    1.80%    2.40%     2.00%
     Housing Research Center                   2/22/2013     4.00%    3.00%    2.00%     1.00%
     Principal Global Investors                2/22/2013     6.00%    5.00%    0.00%     0.00%
     Deutsche Bank                              3/6/2013     7.00%    5.50%    4.50%     4.00%
     Nationwide Insurance                      2/22/2013     4.80%    3.30%    3.00%     3.30%
     ITG Investment Research                    3/7/2013
     Armored Wolf, LLC                          3/6/2013     3.00%    -2.00%   -10.00%   -4.00%
     The Busch Update                           3/5/2013
     Independent Consultant                     3/6/2013     6.50%    4.50%    4.00%     3.00%
     Alliance Bernstein                        2/22/2013     7.00%    5.00%    5.00%     5.00%
     John Hancock Financial                    2/25/2013     5.00%    6.00%    4.00%     3.00%
     Chmura Economics & Analytics               3/7/2013     5.00%    7.00%    8.50%     7.50%
     The Econoclast                            2/25/2013     4.50%    4.00%    3.50%     2.00%
     CRA International                         2/23/2013     3.00%    3.20%    2.10%     4.00%
     Equifax                                    3/5/2013
     Wells Fargo Corporation                   2/28/2013
     Georgia State University                   3/6/2013     4.00%    5.50%    7.00%     9.00%
     Capital Economics Ltd                      3/6/2013     8.00%    4.00%    4.00%     4.00%
     Second Order Strategies, Inc.              3/6/2013     5.68%    3.70%    3.39%     3.56%
     SIFMA                                      3/5/2013     6.00%    6.00%    5.00%     6.00%
     Virginia Commonwealth University          2/28/2013     3.00%    3.50%    3.00%     3.00%
     Fannie Mae                                 3/5/2013
     Renaissance Macro Research                 3/5/2013
     Comerica Bank                             2/22/2013     4.40%    4.50%    4.00%     4.00%
     Action Economics LLC                      2/22/2013     6.60%    6.20%    5.60%     5.20%
     Brevan Howard                             2/28/2013
     Pension Consulting Alliance, Inc.          3/5/2013     3.00%    3.50%    4.20%     3.20%
     Bronson Point Partners                     3/5/2013     6.50%    8.00%    4.50%     4.50%
     Federal Reserve Bank of St. Louis         2/27/2013
     Solaris Asset Management LLC              2/28/2013     6.50%    5.00%    3.00%     1.00%
     Progressive Policy Institute               3/7/2013     3.20%    4.50%    4.63%     5.00%
     BTIG LLC                                  2/25/2013     3.00%    2.25%    3.00%     3.00%
     Prudential Real Estate Investors          2/28/2013     2.50%    3.50%    3.50%     4.00%
     Credit Union National Association          3/7/2013     4.50%    4.00%    3.00%     3.00%
     Hanson Advisors                           2/22/2013     -3.50%   2.00%    -5.00%    1.00%
     UBS Securities                            2/25/2013     3.50%    3.50%    3.50%     3.50%
     University of Texas - Austin               3/5/2013     4.00%    3.50%    3.50%     4.00%
Global Hunter Securities, LLC                    2/28/2013   4.75%   3.25%    3.75%    4.75%
Goldman Sachs                                    3/5/2013    3.50%   4.00%    4.30%    4.30%
Ohio State University                            3/4/2013    5.00%   5.00%    4.50%    4.00%
University of Miami                              2/24/2013   5.00%   5.00%    5.00%    6.00%
The PNC Financial Services Group                 2/25/2013   3.09%   2.74%    3.28%    3.36%
Scotia Capital Economics                         3/6/2013    5.00%   5.00%    3.00%    3.00%
American Action Forum                            3/6/2013    4.00%   3.50%    3.00%    3.00%
Wayne Hummer Investments LLC                     3/4/2013    0.15%   2.70%    3.40%    3.80%
Zillow                                           3/4/2013    4.20%   3.80%    3.50%    2.70%
Metrostudy                                       2/24/2013   4.90%   4.20%    3.50%    3.60%
International Solutions Network                  3/7/2013    7.44%   8.29%    5.74%    4.49%
International Monetary Fund                      3/5/2013
MacroFin Analytics LLC                           3/5/2013    2.50%   2.00%    1.50%    2.00%
BBVA Research                                    2/25/2013   7.16%   6.62%    5.43%    4.99%
East Carolina University                         2/28/2013   8.03%   6.55%    6.17%    6.17%
Kleinhenz & Associates, Inc.                     3/6/2013    5.50%   5.50%    6.00%    6.00%
San Diego State University                       3/6/2013    5.00%   4.50%    4.00%    3.50%
NEMA Business Information Services               3/7/2013    1.60%   3.60%    3.20%    2.80%
Janney Montgomery Scott LLC                      3/5/2013    4.00%   2.00%    3.00%    3.00%
American Land Fund                               2/23/2013
HSBC                                             2/22/2013   3.50%   2.50%    2.50%    3.50%
Barclays Capital                                 3/5/2013    6.00%   5.50%    5.00%    5.00%
Societe Generale                                 3/7/2013    3.70%   5.80%    7.70%    7.00%
Columbia Business School                         3/5/2013
KeyBank                                          3/6/2013    6.50%   4.00%    3.75%    3.50%
Urban Land Institute                             3/4/2013    2.50%   3.50%    4.00%    3.00%
Eaton Corporation                                3/5/2013    5.20%   3.70%    3.50%    4.00%
J.P. Morgan Chase                                2/25/2013
RGE Monitor                                      3/7/2013
B of A Merrill Lynch Global Research             2/25/2013   4.70%   7.70%    5.20%    3.70%
Daiwa Capital Markets                            3/7/2013    5.00%   3.50%    3.00%    2.50%
University of Maryland                           2/26/2013   5.60%   4.90%    4.90%    4.90%
Naroff Economic Advisors Inc                     3/5/2013    7.40%   8.20%    6.30%    5.20%
MacroEcon Global Advisors                        3/6/2013    5.20%   4.30%    4.40%    5.20%
Freddie Mac                                      3/4/2013    4.50%   3.50%    3.00%    3.00%
High Frequency Economics                         3/6/2013    4.00%   4.00%    3.00%    3.00%
RBC Capital Markets                              3/5/2013
University of Southern California                2/23/2013   5.00%   3.00%     3.00%    5.00%
Monday Real Estate Partners                      2/28/2013   6.00%   1.50%    15.00%   15.00%
Perna Associates                                 3/6/2013    4.80%   4.30%     3.40%    3.50%
American Enterprise Institute                    3/7/2013    5.00%   3.50%     2.50%    0.00%
Bentall Kennedy                                  3/5/2013
Point Loma Nazarene University                   2/22/2013   5.00%   5.50%    6.00%    6.50%
                                                 3/5/2013
University of San Diego Burnham-Moores Ctr for Real Estate
FusionIQ                                         2/22/2013   2.00%   -1.00%   1.00%    2.00%
Strategas Research Partners LLC                  3/6/2013
Rosen Consulting Group                           3/4/2013    7.00%   3.50%    4.00%    4.50%
               Bank of Tokyo-Mitsubishi UFJ                                  3/6/2013                 4.00%         2.50%          5.00%         4.00%
               RDQ Economics                                                 3/5/2013                 4.00%         4.00%          5.00%         5.00%
               Cohen & Steers                                                2/22/2013                4.60%         3.50%          2.30%         2.50%
               AIG Global Economics                                          3/5/2013                 -0.15%        1.81%          2.92%         4.02%
               Carrington Mortgage Holdings                                  2/28/2013                3.50%         4.00%          4.50%         5.00%
               A. Gary Shilling & Co.                                        3/4/2013                 3.00%         -3.00%         -4.00%        -1.00%
               Wells Fargo                                                   3/5/2013                 5.50%         4.30%          4.20%         3.00%
               Decision Economics                                            2/25/2013                3.50%         3.60%          3.70%         4.90%
               Indus Capital Partners                                        3/7/2013                 7.00%         6.00%          8.00%         5.00%
               Parsec Financial Management                                   3/6/2013                 7.80%         6.40%          5.70%         3.60%
               University of Central Florida                                 3/6/2013                 2.50%         3.00%          3.00%         3.30%
               Sri-Kumar Global Strategies, Inc.                             3/7/2013                 4.00%         2.00%          2.00%         1.00%
               Pierpont Securities                                           3/6/2013                 5.00%         4.80%          4.50%         4.00%
               Economic Analysis Associates, Inc.                            2/25/2013                4.20%         3.50%          2.20%         4.10%
               Macquarie Securities                                          2/22/2013                3.00%         3.00%          2.50%         2.50%
               American Chemistry Council                                    2/26/2013                4.50%         4.00%          3.50%         3.30%
               Mesirow Financial                                             3/6/2013                 5.80%         4.80%          4.00%         3.40%
               Beacon Economics                                              3/6/2013                 5.90%         4.10%          3.20%         3.00%
               American Real Estate Society                                  2/27/2013                4.00%         4.50%          5.30%         3.50%
               The Conference Board                                          3/5/2013                 5.00%         3.50%          2.00%         2.50%
               George Washington University                                  3/5/2013                 5.00%         5.00%          4.00%         4.00%
               Wharton - University of Pennsylvania                          3/6/2013                 5.00%         4.00%          3.00%         3.00%
               Clarion Partners                                              3/6/2013                 7.50%         4.50%          4.00%         3.00%
               California Lutheran University                                3/6/2013                 8.50%         6.90%          4.50%         3.60%
               Standard Chartered Bank                                       2/28/2013
               University of Maryland                                        3/6/2013                 5.00%          4.00%         3.00%         2.00%
               First Trust Advisors                                          2/28/2013                5.00%          5.00%         5.00%         4.00%
               Local Market Monitor                                          3/2/2013                 1.90%          4.30%         6.10%         6.10%
               Brown University                                              3/5/2013                 7.00%          9.00%         8.00%         6.00%
               Moody's Analytics                                             3/6/2013                 2.82%          3.98%         4.37%         3.47%
               Nomura Securities International, Inc.                         2/22/2013                3.50%          2.50%         2.50%         1.50%
                                                                               Mean                   4.59%          4.19%        3.83%          3.75%
                                                                              Median                  4.78%          4.00%        3.88%          3.53%
                                                                                High                  8.50%          9.00%        15.00%        15.00%
                                                                                Low                  -3.50%         -3.00%       -10.00%        -4.00%
                                                                           Standard Dev               1.82%          1.85%        2.47%          1.98%

U.S. Zillow Home Value Index.   The non-cumulative annual data is expressed on a Q4-over-preceding Q4 basis.
ear as blank in the table above.  However, confidential responses are incorporated into the summary statistics.

this survey (Zillow, Inc.) nor its producer (Pulsenomics LLC) makes any representations  as  to the accuracy or completeness  of the information contained herein, and ne
bsequently becomes inaccurate. This report is provided for informational purposes only. It is not an offer or a solicitation of an offer to buy or sell  any financial instrume
production or publication.
3
formance (Q4/Q4)                 Cumulative
           2017    2013     2014   2015        2016      2017
           3.10%   4.20%     7.85%   10.97%   13.53%    17.05%
           3.30%   3.50%     6.50%    9.70%   13.21%    16.94%
           2.60%   4.00%     7.12%    9.91%   12.76%    15.69%
           2.00%   2.20%     4.04%    6.54%    8.67%    10.84%
           0.00%   4.00%     7.12%    9.26%   10.36%    10.36%
           2.00%   6.00%    11.30%   11.30%   11.30%    13.53%
           3.00%   7.00%    12.89%   17.96%   22.68%    26.36%
           3.40%   4.80%     8.26%   11.51%   15.19%    19.10%

           2.00%   3.00%    0.94%    -9.15%   -12.79%   -11.04%

           2.50%   6.50%    11.29%   15.74%   19.22%    22.20%
           5.00%   7.00%    12.35%   17.97%   23.87%    30.06%
           3.00%   5.00%    11.30%   15.75%   19.22%    22.80%
           7.00%   5.00%    12.35%   21.90%   31.04%    40.22%
           2.00%   4.50%     8.68%   12.48%   14.73%    17.03%
           2.30%   3.00%     6.30%    8.53%   12.87%    15.47%



           8.20%   4.00%     9.72%   17.40%   27.97%    38.46%
           4.00%   8.00%    12.32%   16.81%   21.49%    26.34%
           2.99%   5.68%     9.59%   13.31%   17.34%    20.85%
           7.00%   6.00%    12.36%   17.98%   25.06%    33.81%
           2.50%   3.00%     6.61%    9.80%   13.10%    15.92%



           4.00%   4.40%     9.10%   13.46%   18.00%    22.72%
           5.00%   6.60%    13.21%   19.55%   25.77%    32.05%

           2.70%   3.00%     6.61%   11.08%   14.64%    17.73%
           4.50%   6.50%    15.02%   20.20%   25.60%    31.26%

          1.00%    6.50%    11.83%   15.18%   16.33%    17.49%
          4.75%    3.20%     7.84%   12.83%   18.47%    24.10%
          3.00%    3.00%     5.32%    8.48%   11.73%    15.08%
          2.50%    2.50%     6.09%    9.80%   14.19%    17.05%
          3.00%    4.50%     8.68%   11.94%   15.30%    18.76%
          -3.00%   -3.50%   -1.57%   -6.49%   -5.56%    -8.39%
          3.50%    3.50%     7.12%   10.87%   14.75%    18.77%
          4.00%    4.00%     7.64%   11.41%   15.86%    20.50%
3.50%    4.75%    8.15%   12.21%   17.54%   21.65%
4.70%    3.50%    7.64%   12.27%   17.10%   22.60%
4.00%    5.00%   10.25%   15.21%   19.82%   24.61%
6.00%    5.00%   10.25%   15.76%   22.71%   30.07%
3.39%    3.09%    5.91%    9.39%   13.06%   16.90%
3.00%    5.00%   10.25%   13.56%   16.96%   20.47%
2.50%    4.00%    7.64%   10.87%   14.20%   17.05%
3.90%    0.15%    2.85%    6.35%   10.39%   14.70%
3.00%    4.20%    8.16%   11.95%   14.97%   18.42%
3.90%    4.90%    9.31%   13.13%   17.20%   21.78%
3.14%    7.44%   16.35%   23.03%   28.55%   32.59%

2.00%    2.50%    4.55%    6.12%    8.24%   10.41%
4.52%    7.16%   14.25%   20.46%   26.47%   32.19%
6.17%    8.03%   15.11%   22.21%   29.75%   37.75%
6.00%    5.50%   11.30%   17.98%   25.06%   32.56%
3.50%    5.00%    9.73%   14.11%   18.11%   22.24%
3.50%    1.60%    5.26%    8.63%   11.67%   15.58%
3.00%    4.00%    6.08%    9.26%   12.54%   15.92%

3.50%    3.50%    6.09%    8.74%   12.55%   16.48%
4.00%    6.00%   11.83%   17.42%   23.29%   28.22%
7.70%    3.70%    9.71%   18.16%   26.43%   36.17%

3.50%    6.50%   10.76%   14.91%   18.94%   23.10%
3.00%    2.50%    6.09%   10.33%   13.64%   17.05%
3.90%    5.20%    9.09%   12.91%   17.43%   22.01%



1.60%    4.70%   12.76%   18.63%   23.01%   24.98%
2.50%    5.00%    8.67%   11.94%   14.73%   17.60%
4.90%    5.60%   10.77%   16.20%   21.90%   27.87%
5.50%    7.40%   16.21%   23.53%   29.95%   37.10%
5.80%    5.20%    9.72%   14.55%   20.51%   27.50%
3.00%    4.50%    8.16%   11.40%   14.74%   18.19%
3.00%    4.00%    8.16%   11.40%   14.75%   18.19%

 5.00%   5.00%   8.15%    11.39%   16.96%   22.81%
25.00%   6.00%   7.59%    23.73%   42.29%   77.86%
 3.50%   4.80%   9.31%    13.02%   16.98%   21.07%
 2.00%   5.00%   8.67%    11.39%   11.39%   13.62%

6.00%    5.00%   10.78%   17.42%   25.05%   32.56%

3.00%    2.00%   0.98%    1.99%    4.03%    7.15%

3.80%    7.00%   10.75%   15.17%   20.36%   24.93%
                  3.50%         4.00%          6.60%         11.93%        16.41%         20.48%
                  5.00%         4.00%          8.16%         13.57%        19.25%         25.21%
                  2.30%         4.60%          8.26%         10.75%        13.52%         16.13%
                  3.30%         -0.15%         1.66%          4.63%         8.83%         12.42%
                  4.00%         3.50%          7.64%         12.48%        18.11%         22.83%
                  0.00%         3.00%         -0.09%         -4.09%        -5.05%         -5.05%
                  2.10%         5.50%         10.04%         14.66%        18.10%         20.58%
                  5.30%         3.50%          7.23%         11.19%        16.64%         22.82%
                  5.00%         7.00%         13.42%         22.49%        28.62%         35.05%
                  3.80%         7.80%         14.70%         21.24%        25.60%         30.37%
                  3.50%         2.50%          5.58%          8.74%        12.33%         16.26%
                  1.00%         4.00%          6.08%          8.20%         9.28%         10.38%
                  4.00%         5.00%         10.04%         14.99%        19.59%         24.38%
                  1.10%         4.20%          7.85%         10.22%        14.74%         16.00%
                  2.50%         3.00%          6.09%          8.74%        11.46%         14.25%
                  3.00%         4.50%          8.68%         12.48%        16.20%         19.68%
                  3.30%         5.80%         10.88%         15.31%        19.23%         23.17%
                  3.00%         5.90%         10.24%         13.77%        17.18%         20.70%
                  2.70%         4.00%          8.68%         14.44%        18.45%         21.64%
                  2.50%         5.00%          8.67%         10.85%        13.62%         16.46%
                  4.00%         5.00%         10.25%         14.66%        19.25%         24.02%
                  3.00%         5.00%          9.20%         12.48%        15.85%         19.33%
                  3.00%         7.50%         12.34%         16.83%        20.34%         23.95%
                  3.00%         8.50%         15.99%         21.21%        25.57%         29.34%

                  2.00%          5.00%         9.20%         12.48%        14.73%         17.02%
                  4.00%          5.00%        10.25%         15.76%        20.39%         25.21%
                  6.10%          1.90%         6.28%         12.76%        19.64%         26.94%
                  6.00%          7.00%        16.63%         25.96%        33.52%         41.53%
                  3.29%          2.82%         6.91%         11.58%        15.46%         19.25%
                  1.50%          3.50%         6.09%          8.74%        10.37%         12.03%
                  3.68%          4.59%         8.99%        13.21%         17.53%         21.99%
                  3.30%          4.78%         8.68%        12.62%         17.03%         20.77%
                 25.00%          8.50%        16.63%        25.96%         42.29%         77.86%
                 -3.00%         -3.50%        -1.57%        -9.15%        -12.79%        -11.04%
                  2.55%          1.82%         3.46%         5.57%         7.42%          10.13%




ation contained herein, and neither party has any obligation to update, modify or amend this
uy or sell  any financial instruments.  If this report is reproduced, distributed or published by any
U.S. Zillow Home Value Index (All Homes)
               Pubication Date:       2/22/2013                             Mean of Panelists' Expectations (Extrapolated
                 Data Through:        1/31/2013              Actual
                  Date                    ZHVI              YoY%Ch                All
                1997-07                   92900                 n/a
           * Pre-bubble Trend based on S&P/Case-Shiller U.S. National HPI
                1997-08 NSA)
           (Single family,                93600                 n/a
                1997-09                   94200                 n/a
           Quartiles are based on panelists' expected cumulative home
           price change through Q4 2017
                1997-10                   95200                 n/a
                1997-11                   95600                 n/a
                1997-12                   95300                 n/a
1997            1998-01                   95900                 n/a
                1998-02                   97100                 n/a
                1998-03                   97500                 n/a
                1998-04                   97500                 n/a
                1998-05                   97900                 n/a
                1998-06                   98200                 n/a
                1998-07                   98600                6.1%
                1998-08                   99400                6.2%
                1998-09                  100200                6.4%
                1998-10                  101100                6.2%
                1998-11                  101500                6.2%
1998            1998-12                  101700                6.7%
                1999-01                  102600                7.0%
                1999-02                  104000                7.1%
                1999-03                  104500                7.2%
                1999-04                  104600                7.3%
                1999-05                  105100                7.4%
                1999-06                  105600                7.5%
                1999-07                  106200                7.7%
                1999-08                  107000                7.6%
                1999-09                  107900                7.7%
                1999-10                  108800                7.6%
                1999-11                  109700                8.1%
1999            1999-12                  109900                8.1%
                2000-01                  110600                7.8%
                2000-02                  111800                7.5%
                2000-03                  112800                7.9%
                2000-04                  113400                8.4%
                2000-05                  114000                8.5%
                2000-06                  114400                8.3%
                2000-07                  114900                8.2%
                2000-08                  115500                7.9%
                2000-09                  116200                7.7%
                2000-10                  117400                7.9%
                2000-11                  118600                8.1%
2000            2000-12                  119200                8.5%
       2001-01   119700   8.2%
       2001-02   120800   8.1%
       2001-03   121500   7.7%
       2001-04   121900   7.5%
       2001-05   122000   7.0%
       2001-06   122500   7.1%
       2001-07   123300   7.3%
       2001-08   124100   7.4%
       2001-09   124900   7.5%
       2001-10   125100   6.6%
       2001-11   125400   5.7%
2001   2001-12   126300   6.0%
       2002-01   127300   6.3%
       2002-02   127800   5.8%
       2002-03   128500   5.8%
       2002-04   129900   6.6%
       2002-05   131300   7.6%
       2002-06   132400   8.1%
       2002-07   133000   7.9%
       2002-08   133700   7.7%
       2002-09   134600   7.8%
       2002-10   135300   8.2%
       2002-11   135900   8.4%
2002   2002-12   137200   8.6%
       2003-01   138600   8.9%
       2003-02   139400   9.1%
       2003-03   140100   9.0%
       2003-04   140800   8.4%
       2003-05   141500   7.8%
       2003-06   142300   7.5%
       2003-07   143600   8.0%
       2003-08   145100   8.5%
       2003-09   146500   8.8%
       2003-10   147400   8.9%
       2003-11   148400   9.2%
2003   2003-12   149800   9.2%
       2004-01   151200   9.1%
       2004-02   152500   9.4%
       2004-03   153700   9.7%
       2004-04   155100   10.2%
       2004-05   156700   10.7%
       2004-06   158500   11.4%
       2004-07   160100   11.5%
       2004-08   161400   11.2%
       2004-09   162300   10.8%
       2004-10   163400   10.9%
       2004-11   164700   11.0%
2004   2004-12   166500   11.1%
       2005-01   168500   11.4%
       2005-02   170500   11.8%
       2005-03   172200   12.0%
       2005-04   173600   11.9%
       2005-05   174900   11.6%
       2005-06   176300   11.2%
       2005-07   178000   11.2%
       2005-08   180200   11.6%
       2005-09   182700   12.6%
       2005-10   184400   12.9%
       2005-11   185800   12.8%
2005   2005-12   187500   12.6%
       2006-01   189100   12.2%
       2006-02   189800   11.3%
       2006-03   190400   10.6%
       2006-04   190600    9.8%
       2006-05   190800    9.1%
       2006-06   191000    8.3%
       2006-07   191400    7.5%
       2006-08   191000    6.0%
       2006-09   190900    4.5%
       2006-10   191700    4.0%
       2006-11   192600    3.7%
2006   2006-12   192900    2.9%
       2007-01   193600    2.4%
       2007-02   193800    2.1%
       2007-03   193800    1.8%
       2007-04   193900    1.7%
       2007-05   193800    1.6%
       2007-06   193100    1.1%
       2007-07   192500    0.6%
       2007-08   191900    0.5%
       2007-09   191000    0.1%
       2007-10   189600   -1.1%
       2007-11   188600   -2.1%
2007   2007-12   187800   -2.6%
       2008-01   185800   -4.0%
       2008-02   183600   -5.3%
       2008-03   182300   -5.9%
       2008-04   181300   -6.5%
       2008-05   180300   -7.0%
       2008-06   179300   -7.1%
       2008-07   177700   -7.7%
       2008-08   175500   -8.5%
       2008-09   173400   -9.2%
       2008-10   171300   -9.7%
       2008-11   168800   -10.5%
2008   2008-12   166200   -11.5%
       2009-01   164800   -11.3%
       2009-02   164500   -10.4%
       2009-03   164400    -9.8%
       2009-04   163900    -9.6%
       2009-05   163800    -9.2%
       2009-06   163900    -8.6%
       2009-07   163900    -7.8%
       2009-08   163800    -6.7%
       2009-09   163500    -5.7%
       2009-10   163700    -4.4%
       2009-11   163900    -2.9%
2009   2009-12   162800    -2.0%
       2010-01   161300    -2.1%
       2010-02   161000    -2.1%
       2010-03   161200    -1.9%
       2010-04   161200    -1.6%
       2010-05   160900    -1.8%
       2010-06   159500    -2.7%
       2010-07   157900    -3.7%
       2010-08   156900    -4.2%
       2010-09   156200    -4.5%
       2010-10   155500    -5.0%
       2010-11   154700    -5.6%
2010   2010-12   154000    -5.4%
       2011-01   153700    -4.7%
       2011-02   153300    -4.8%
       2011-03   152200    -5.6%
       2011-04   151100    -6.3%
       2011-05   150400    -6.5%
       2011-06   149900    -6.0%
       2011-07   149700    -5.2%
       2011-08   149400    -4.8%
       2011-09   148900    -4.7%
       2011-10   148400    -4.6%
       2011-11   148500    -4.0%
2011   2011-12   148800    -3.4%
       2012-01   148900    -3.1%
       2012-02   149300    -2.6%
       2012-03   150000    -1.4%
       2012-04   150500    -0.4%
       2012-05   150800     0.3%
       2012-06   151800     1.3%
       2012-07   152000     1.5%
       2012-08   152400     2.0%
       2012-09   153600   3.2%
       2012-10   155100   4.5%
       2012-11   155800   4.9%
2012   2012-12   157000   5.5%
       2013-01   158100   6.2%    158100
       2013-02                    158655
       2013-03                    159210
       2013-04                    159765
       2013-05                    160320
       2013-06                    160876
       2013-07                    161431
       2013-08                    161986
       2013-09                    162541
       2013-10                    163096
       2013-11                    163651
2013   2013-12            4.59%   164206
       2014-01                    164782
       2014-02                    165358
       2014-03                    165934
       2014-04                    166510
       2014-05                    167086
       2014-06                    167662
       2014-07                    168238
       2014-08                    168814
       2014-09                    169390
       2014-10                    169966
       2014-11                    170542
2014   2014-12            4.21%   171118
       2015-01                    171670
       2015-02                    172222
       2015-03                    172775
       2015-04                    173327
       2015-05                    173879
       2015-06                    174432
       2015-07                    174984
       2015-08                    175536
       2015-09                    176089
       2015-10                    176641
       2015-11                    177193
2015   2015-12            3.87%   177746
       2016-01                    178311
       2016-02                    178876
       2016-03                    179441
       2016-04                    180006
       2016-05                    180571
       2016-06                    181136
       2016-07           181701
       2016-08           182266
       2016-09           182831
       2016-10           183396
       2016-11           183961
2016   2016-12   3.81%   184526
       2017-01           185108
       2017-02           185691
       2017-03           186274
       2017-04           186857
       2017-05           187440
       2017-06           188023
       2017-07           188606
       2017-08           189189
       2017-09           189771
       2017-10           190354
       2017-11           190937
2017   2017-12   3.79%   191520
       2018-01
       2018-02
       2018-03
       2018-04
       2018-05
       2018-06
       2018-07
       2018-08
       2018-09
       2018-10
       2018-11
       2018-12
                         22.0%
                                  Cumulative Projected HPA, Q
of Panelists' Expectations (Extrapolated ZHVI values)
              Most Optimistic Most Pessimistic Pre-Bubble Trend (Avg Ann Growth Rate, 1987-1999)*
                  Quartile             Quartile       3.60%     *S&P/CS US National  HPI (NSA)
                                                      92900
                                                      93175
                                                      93450
                                                      93726
                                                      94003
                                                      94281
                                                      94559
                                                      94839
                                                      95119
                                                      95400
                                                      95682
                                                      95965
                                                      96248
                                                      96533
                                                      96818
                                                      97104
                                                      97391
                                                      97679
                                                      97967
                                                      98257
                                                      98547
                                                      98839
                                                      99131
                                                      99424
                                                      99717
                                                      100012
                                                      100308
                                                      100604
                                                      100901
                                                      101199
                                                      101498
                                                      101798
                                                      102099
                                                      102401
                                                      102704
                                                      103007
                                                      103311
                                                      103617
                                                      103923
                                                      104230
                                                      104538
                                                      104847
105157
105467
105779
106092
106405
106720
107035
107351
107668
107987
108306
108626
108947
109269
109592
109915
110240
110566
110893
111220
111549
111879
112209
112541
112873
113207
113542
113877
114214
114551
114890
115229
115570
115911
116254
116597
116942
117287
117634
117981
118330
118680
119030
119382
119735
120089
120444
120800
121157
121515
121874
122234
122595
122957
123321
123685
124051
124417
124785
125154
125523
125894
126266
126639
127014
127389
127765
128143
128522
128901
129282
129664
130047
130432
130817
131204
131592
131980
132370
132762
133154
133547
133942
134338
134735
135133
135532
135933
136334
136737
137141
137547
137953
138361
138770
139180
139591
140003
140417
140832
141248
141666
142084
142504
142925
143348
143771
144196
144622
145049
145478
145908
146339
146772
147205
147640
148077                            Implied Index Levels ($000s), end
148514       Expectations:              2013         2014
148953          Mean                   164.21       171.12
149393   Most Optimistic Qrtl          166.56       176.77
149835   Most Pessimistic Qrtl         161.69       165.48
150277       Pre-Bubble                166.14       172.12
150721
151167                                  Cumulative Expected Growth
151613       Expectations:             2013         2014
152062          Mean                   4.6%          9.0%
152511   Most Optimistic Qrtl          6.1%         12.6%
152962   Most Pessimistic  Qrtl        3.0%          5.4%
153414       Pre-Bubble                3.6%          7.3%
153867
154322                            Implied Housing Market Cap At Ye
154778       Expectations:             2013         2014
155235          Mean               $     20.8   $     21.7
155694   Most Optimistic Qrtl      $     21.1   $     22.4
156154   Most Pessimistic  Qrtl    $     20.5   $     21.0
156615       Pre-Bubble            $     20.6   $     21.4
157078
157542                       Implied Change in Housing Market Ca
158008       Expectations:           2013     2014
158475           Mean              $    0.9 $    1.8
                  158943   Most Optimistic Qrtl $                                             1.2 $     2.5
                  159413   Most Pessimistic  Qrtl $                                           0.6 $     1.1
                  159884       Pre-Bubble         $                                           0.7 $     1.5
                  160356
158100   158100   160830
158869   158427   161305
159638   158753   161782
160407   159080   162260
161176   159407   162739                                              225
161944   159734   163220
162713   160060   163703
                                                                                       Source:
                                                                                      Source: Q1 2013 Zillow Home Pric
                                                                                      Q1 2013 Zillow Home Price Exp




                                U.S. Zillow Home Value Index Level
163482   160387   164186
164251   160714   164672                                              200
165020   161040   165158
165789   161367   165646
166558   161694   166136
                                                                      175
167409   162009   166627
168260   162325   167119
169111   162640   167613
169962   162955   168108
                                                                      150
170813   163271   168605
171664   163586   169103
172515   163902   169603
173366   164217   170104                                              125
174217   164533   170607
175068   164848   171111
175919   165163   171617
176770   165479   172124                                              100
177682   165690   172632
178593   165901   173142
179505   166112   173654
180417   166323   174167                                                  75
181329   166535   174682
                                                                               19


                                                                                       19


                                                                                               19


                                                                                                      20


                                                                                                              20


                                                                                                                     20
182240   166746   175198
                                                                                 97


                                                                                         98


                                                                                                 99


                                                                                                        00


                                                                                                                01


                                                                                                                       02
183152   166957   175716      * Pre-bubble Trend based on S&P/Case-Shiller U.S. National HPI (SF, N
184064   167168   176235
184976   167379   176756
185888   167590   177278
186799   167801   177802
187711   168012   178327
188625   168321   178854
189538   168630   179383
                                                                                10%
190451   168939   179913
191365   169247   180445
192278   169556   180978                                                         8%
193192   169865   181513
                                                                                 6%
                                                                     erties)




                                                                                 4%                                  8.0%
                                                                                                                                      8%

        194105            170174            182049
                                                                                                                                      6%
        195019            170482            182587
        195932            170791            183127




                                                                                     U.S. Zillow Home Value  Index (All Properties)
        196846            171100            183668                                                                                    4%                          8.0%
        197759            171409            184210
        198672            171717            184755
                                                                                                                                      2%        3.6%
        199674            172028            185301
        200675            172338            185848




                                                                                                      (% Change)
        201677            172648            186397                                                                                    0%
        202679            172958            186948
        203680            173268            187501
                                                                                                                                      -2%
        204682            173578            188055
        205683            173889            188610
        206685            174199            189168                                                                                    -4%
        207686            174509            189727
        208688            174819            190287
                                                                                                                                      -6%
        209689            175129            190850
        210691            175439            191414
                                                                                                                                              Pre-Bubble*         Bubble
                                                                                                                                      -8%     1987 - 1999   Jan 2000 - Apr
                                                                                                                                               (13 Years)      (7 yrs, 4 m




                                                       * Based on S&P/Case-Shiller U.S. National HPI (Single family, N
                                                       among the most optimistic quartile of survey panelists , and
                                                       survey panelists, (quartiles based on panelists ' expected cum




                                                                                                                                                Projected Ave
        34.2%              11.7%            19.4%
                                                                                     7%
Cumulative Projected HPA, Q4 2017/Q4 2012
                                                                                                                                       Source: Q1 2013 Zillow Home Pri
                                                                                     6%                                                Survey

                                                                                     5%
                                                     Average Annual Price Change %




                                                                                     4%

                                                                                     3%

                                                                                     2%

                                                                                                                                       Source: Q1 2013 Zillow Home Price
                                                                                     1%

                                                                                     0%

                                                                          -1%

                                                                          -2%
  Average Ann
                1%

                0%

          -1%

          -2%
                     2010 Q1    2010 Q2        2010 Q3   2010 Q4




                        All Panelists (Mean)                  Op


The "Optimists" figures are the mean of expectations among the
expectations among the most pessimistic quartile of survey pane
five-year forward period inclusive of the calendar year in which

*The Q1 2010 figures are from the May 2010 edition of the su
data was a/o the preceding fourth quarter, the same reference
March 2010.

**The "pre-bubble" average annual growth rate and panelist exp
Panelist expectations are based on the U.S. Zillow Home Value
                                                                                Change Expectation
                                                                                Implied Mean Price
dex Levels ($000s), end of Q4 of each year                       Feb thru Dec
                2015           2016           2017        2018      2013
               177.75         184.53         191.52        n/a      3.86%
               187.71         198.67         210.69        n/a      5.35%
               168.01         171.72         175.44        n/a      2.27%
               178.33         184.75         191.41        n/a      5.08%

ative Expected Growth Rates By Year
               2015           2016           2017         2018
               13.2%          17.5%          22.0%         n/a
               19.6%          26.5%          34.2%         n/a
                7.0%           9.4%          11.7%         n/a
               11.2%          15.2%          19.4%         n/a

ousing Market Cap At Year-End (Trillions)
               2015           2016           2017         2018
           $      22.5    $      23.4    $      24.3       n/a
           $      23.8    $      25.2    $      26.7       n/a
           $      21.3    $      21.8    $      22.2       n/a   $      19.9 Trillion
           $      22.1    $      22.9    $      23.8       n/a                  U.S. Housing Market Cap (a/o Q4 2012)
                                                                                Federal Reserve Flow of Funds Report (March 7, 2013)
ge in Housing Market Cap, By Year (Trillions)                                   Schedule B.100, Balance Sheet of Households and Nonprofit O
               2015           2016           2017         2018
           $          2.6 $          3.5 $          4.4    n/a
               $          3.9 $            5.3 $             6.8          n/a
               $          1.4 $            1.9 $             2.3          n/a
               $          2.2 $            3.0 $             3.9          n/a




                                       U.S. Home Price Expectations

Q1 2013 Zillow Home Price Expectations
                                                                                                                                                        +21069.1%
Zillow Home Price Expectations Survey
                                                        193.9
                                                                                                                                                        +22.0%
                                                                                                                                                        (191.5)

                                                                                                                                                        175

                                                                                                          158.1


                                                                                                Oct 2011
                                                                                              Trough: 148.4


                                                                          Cumulative Expected Home Value % Changes, 2013 through 2017
                                                                                        (and implied index levels at 2017 year-end)


                                                                           Actual History Thru Jan 2013  (U.S. Zillow Home Value Index)
                                                                           Mean Expectations, Feb 2013 thru Dec 2017  (All 118 Respondents)
                                                                           Mean Expectations of Most Optimistic Quartile
                                                                           Mean Expectations of Most Pessimistic Quartile
                                                                           Pre-bubble Trend, 1987-1999 (3.6% Avg Ann Growth)*
      20


               20


                       20


                                20


                                         20


                                                 20


                                                          20


                                                                   20


                                                                            20


                                                                                    20


                                                                                             20


                                                                                                      20


                                                                                                              20


                                                                                                                       20


                                                                                                                                   20


                                                                                                                                          20


                                                                                                                                                 20


                                                                                                                                                        20
                                                                                                                                                               +0.0%
        00


                 01


                         02


                                  03


                                           04


                                                   05


                                                            06


                                                                     07


                                                                              08


                                                                                      09


                                                                                               10


                                                                                                        11


                                                                                                                12


                                                                                                                         13


                                                                                                                                     14


                                                                                                                                            15


                                                                                                                                                   16


                                                                                                                                                          17
9




se-Shiller U.S. National HPI (SF, NSA).  Quartiles are based on panelists' expected cumulative home price change through Q4 2017




                                                 U.S. Home Prices
                                Average AnnualGrowthRates, History vs. Expectations


                                                                                                                 Source:
                                                                                               Q1 2013 Zillow Home Price Expectations Survey




                      8.0%
                                                                                                          Source:
                                                                                        Q1 2013 Zillow Home Price Expectations Survey




                     8.0%
                                                                                                               6.1%
                                                                  5.1%
.6%                                                                                      4.1%
                                                                                                                            2.2%




                                           -5.8%




                                                                                            All                Optimists    Pessimists

Bubble*              Bubble                  Bust           Recovery to Date                               Expectations**
7 - 1999      Jan 2000 - Apr 2007 May 2007 - Oct 2011 Nov 2011 - Jan 2013                                    2013 - 2017
 Years)          (7 yrs, 4 mos)       (4 1/2 yrs)          (15 mos)                                           (5 Years)



  National HPI (Single family, NSA) **Based on mean expectations. The "Optimists" figure is the mean of expectations
tile of survey panelists , and the "Pessimists" figure is the mean of expectations among the most pessimistic quartile of
 d on panelists ' expected cumulative home price change through Q4 2017).




Projected Average Annual Growth Rates in Home Values
                         For 5-Year Forward Period, By Survey Edition
 2013 Zillow Home Price Expectations
                                                                                                                                         6.1%




                                                                                                                                         4.1%
                                                                                                                                           3.6%



                                                                                                                                         2.2%

2013 Zillow Home Price Expectations Survey
2      2010 Q3     2010 Q4       2011 Q1      2011 Q2       2011 Q3      2011 Q4       2012 Q1      2012 Q2       2012 Q3      2012 Q4   2013 Q1


                                       Home Price Expectations Survey Edition
ean)                      Optimists                      Pessimists                       Actual Avg Annual Growth Rate, Pre-Bubble (1987-1999)


an of expectations among the most optimistic quartile of survey panelists, and the "Pessimists" figures are the mean
mistic quartile of survey panelists; quartiles are based on the panelists' expected cumulative home price change through the
f the calendar year in which the surveys were conducted.

e May 2010 edition of the survey, which was conducted during a timeframe when the then latest available benchmark HPI
 quarter, the same reference data that would have been accessible by the panelists had the survey been conducted in


growth rate and panelist expecations prior to 2013 are based on S&P/Case-Shiller U.S. National HPI (Single-family, NSA).
the U.S. Zillow Home Value Index (All Properties) starting in 2013.
Cap (a/o Q4 2012)
 unds Report (March 7, 2013)
Sheet of Households and Nonprofit Organizations
                       +21069.1%


                       +22.0%
                       (191.5)

                       175




013 through 2017
 -end)


e Value Index)
All 118 Respondents)


e
 owth)*
         20


                20


                       20




                              +0.0%
14


           15


                  16


                         17




e:
 Expectations Survey
e:
 Expectations Survey




            2.2%




s          Pessimists
 s**
17




of




ues

                        6.1%




                        4.1%
                          3.6%



                        2.2%
2 Q3    2012 Q4    2013 Q1




Rate, Pre-Bubble (1987-1999)



h the


HPI




.
                                           Avg Ann
Bar Chart Data                              Rates
Pre-Bubble, Q1 1987 - Q4 1999  (13 yrs)     3.6%
Bubble, Jan 2000 - Apr 2007  (7 1/3 yrs)    8.0%
Bust, May 2007 - Oct 2011 (4 1/2 yrs)                                             -5.8%
Recovery to Date, Nov 2011 - Jan 2013 (15 mos)                                     5.1%
Mean Expectations (All), Jan 2013 - Dec 2017 (5yrs)                                4.1%
Mean Expectations (Optimistic), Jan 2013 - Dec 2017 (5yrs)                         6.1%
Mean Expectations (Pessimistic), Jan 2013 - Dec 2017 (5yrs)                        2.2%




                                                                                                                 Averag
                                                                                                     Based on Mean Cum

Line Chart Data                                                                   2010     2010     2010
                                                                                  Q1*        Q2       Q3
                                                        All  Panelists  (Mean)    2.4%      2.0%     1.9%
                                                                    Optimists     4.3%      3.9%     3.8%
                                                                   Pessimists     0.2%     -0.4%    -0.3%

Reference Data**
                   Actual  Avg Annual  Growth Rate, Pre-Bubble (1987-1999)          3.6%     3.6%     3.6%
                                   Bubble, Jan  2000  - Apr 2007   (7 1/3  yrs)     8.0%     8.0%     8.0%
                                     Bust, May  2007  - Oct 2011  (4 1/2  yrs)     -5.8%    -5.8%    -5.8%
                           Recovery to Date, Nov 2011  - Jan  2013  (15  mos)       5.1%     5.1%     5.1%
Cumulative 5 Yr HPA% - Most Optimistic Quartile of Panelists                      23.53%   21.23%   20.50%
Cumulative 5 Yr HPA% - Most Pessimistic Quartile of Panelists                      1.10%   -1.74%   -1.69%
Cumulative 5 Yr HPA% - All Panelists                                              12.43%   10.46%    9.81%
The "Optimists" figures  are the mean  of expectations   among the most optimistic  quartile  of survey panelists,  and  the "Pessimis
are  based  on the panelists'  expected cumulative  home price change through the five-year forward period  inclusive  of the calen
*The Q1 2010 figures  are from the May 2010 edition  of the survey, which was  conducted during a  timeframe when the then latest
have been  accessible  by the panelists  had  the survey been  conducted in  March 2010. 
**The "pre-bubble" average annual  growth rate  and  panelist  expecations   prior to 2013 are based  on S&P/Case-Shiller  U.S. Nati
Properties) starting in  2013.     
            Average Annual Growth Rates Over Five-Year Forward Period
Based on Mean Cumulative 5-Year Projected HPA% from Home Price Expectations Survey
                     Home Price Expectations Survey Editions
        2010      2011      2011       2011      2011      2012      2012      2012    2012
          Q4        Q1        Q2         Q3        Q4       Q1        Q2        Q3      Q4
         1.4%      1.9%      1.1%       1.1%      1.1%     2.0%      2.0%      2.9%    3.5%
         2.8%      3.3%      2.9%       2.7%      2.6%     3.6%      3.4%      4.4%    5.0%
        -0.4%     -0.1%     -1.2%      -1.2%     -0.7%     0.1%      0.3%      1.1%    1.7%



          3.6%      3.6%      3.6%      3.6%      3.6%      3.6%      3.6%      3.6%     3.6%
          8.0%      8.0%      8.0%      8.0%      8.0%      8.0%      8.0%      8.0%     8.0%
         -5.8%     -5.8%     -5.8%     -5.8%     -5.8%     -5.8%     -5.8%     -5.8%    -5.8%
          5.1%      5.1%      5.1%      5.1%      5.1%      5.1%      5.1%      5.1%     5.1%
        15.04%    17.74%    15.28%    14.41%    13.42%    19.41%    18.48%    24.16%   27.72%
        -1.86%    -0.40%    -6.00%    -5.66%    -3.26%     0.64%     1.62%     5.81%    8.76%
         7.21%     9.64%     5.71%     5.44%     5.73%    10.22%    10.22%    15.22%   18.97%
panelists,  and  the "Pessimists"  figures  are the mean  expectations   among the most pessimistic  quartile  of survey panelists;  quartiles
period  inclusive  of the calendar  year in  which  the surveys were conducted.
frame when the then latest  available  benchmark HPI data  was  a/o the preceding fourth quarter, the same  reference data  that would

n S&P/Case-Shiller  U.S. National  HPI (Single-family,  NSA).  Panelist  expectations   are based  on the U.S. Zillow  Home Value  Index (All
2013
 Q1
4.1%
6.1%
2.2%



  3.6%
  8.0%
 -5.8%
  5.1%
34.20%
11.70%
21.99%
ey panelists;  quartiles


rence data  that would

ome Value  Index (All
                                                                                         Year-over-Year*

                                  2010 Surveys                                            2011 Surveys
Year    May      Jun      Jul      Aug      Sep      Oct       Nov      Dec       Q1
2010   -0.36%   -1.36%   -1.68%   -2.08%   -0.82%   -0.59%    -0.54%   -1.13%     n/a
2011   1.63%    1.33%    1.05%    0.78%    0.77%    0.20%      0.05%   -0.17%   -1.38%
2012   2.93%    2.70%    2.55%    2.43%    2.54%    2.17%      2.10%    1.94%    1.26%
2013   3.60%    3.45%    3.36%    3.20%    3.19%    2.94%      2.85%    2.86%    2.72%
2014   3.87%    3.77%    3.72%    3.69%    3.61%    3.37%      3.45%    3.45%    3.19%
2015     n/a     n/a      n/a      n/a      n/a      n/a        n/a     3.67%    3.42%
2016     n/a     n/a      n/a      n/a      n/a      n/a        n/a      n/a      n/a
2017     n/a     n/a      n/a      n/a      n/a      n/a        n/a      n/a      n/a


                                                             *Expected change in home prices as of end of Q4




       Survey Benchmarks:
       2010-2012 Surveys: S&P/Case-Shiller U.S. National Home Price Index (Single-Family, NSA)
       2013- Surveys: U.S. Zillow Home Value Index (All Properties, SA)
                                                                                 Expected Home Price Changes, By Survey


          Year-over-Year*

            2011 Surveys                          2012 Surveys                          2013 Surveys
               Q2       Q3        Q4       Q1       Q2          Q3      Q4       Q1      Q2      Q3      Q4
               n/a      n/a       n/a      n/a       n/a        n/a     n/a      n/a
             -3.52%   -2.53%    -1.97%     n/a       n/a        n/a     n/a      n/a
             0.46%    -0.13%    -0.18%   -0.72%   -0.42%       2.31%   4.63%     n/a
             2.18%     1.77%    1.75%    1.39%     1.34%       2.35%   3.08%    4.59%
             2.92%     2.80%    2.71%    2.55%     2.52%       3.07%   3.34%    4.19%
             3.47%     3.34%    3.23%    3.18%     3.03%       3.13%   3.19%    3.83%
               n/a      n/a     3.32%    3.32%     3.28%       3.35%   3.28%    3.75%
               n/a      n/a       n/a      n/a       n/a        n/a    3.34%    3.68%


e in home prices as of end of Q4 vs. end of Q4 of prior year




                                                                               All figures are averages of survey panel expecta

e Index (Single-Family, NSA)

                                                                        Source: Zillow Home Price Expectations Survey and
rice Changes, By Survey Month


                                                                                           Cumulative**

                                     2010 Surveys                                          2011 Surveys
           May      Jun      Jul      Aug      Sep      Oct      Nov      Dec      Q1       Q2       Q3
          -0.36%   -1.36%   -1.68%   -2.08%   -0.82%   -0.59%   -0.54%   -1.13%    n/a      n/a      n/a
           1.30%   -0.01%   -0.60%   -1.26%   -0.01%   -0.35%   -0.45%   -1.27%   -1.38%   -3.52%   -2.53%
           4.36%   2.76%    2.00%    1.22%    2.60%    1.88%    1.70%    0.69%    -0.09%   -3.03%   -2.62%
           8.17%   6.38%    5.48%    4.51%    5.93%    4.93%    4.66%    3.61%    2.67%    -0.85%   -0.84%
          12.43% 10.46%     9.46%    8.43%    9.81%    8.51%    8.32%    7.21%    5.98%    2.10%    1.99%
            n/a      n/a      n/a     n/a      n/a      n/a      n/a     11.18%   9.64%    5.71%    5.44%
            n/a      n/a      n/a     n/a      n/a      n/a      n/a      n/a      n/a      n/a      n/a
            n/a      n/a      n/a     n/a      n/a      n/a      n/a      n/a      n/a      n/a      n/a


            ** Expected cumulative change in home prices Q4 vs. Q4 2009 for surveys conducted in 2010, Q4 vs. Q4 2010 for su
                                                                     in 2012, and Q4 vs. Q4 2012 for surveys conducted in 20



s of survey panel expectations data



Expectations Survey and Pulsenomics LLC
ulative**

1 Surveys                     2012 Surveys                        2013 Surveys
              Q4       Q1       Q2       Q3       Q4      Q1       Q2       Q3       Q4
              n/a      n/a      n/a      n/a      n/a      n/a
            -1.97%     n/a      n/a      n/a      n/a      n/a
            -2.13%   -0.72%   -0.42%   2.31%    4.63%      n/a
            -0.37%    0.69%    0.93%   4.74%    7.87%    4.59%
             2.38%    3.30%    3.51%   8.00%    11.51%   8.99%
             5.73%    6.64%    6.69%   11.43% 15.12% 13.21%
             9.29%   10.22% 10.22% 15.22% 18.97% 17.53%
              n/a      n/a      n/a      n/a    23.04%   21.99%


n 2010, Q4 vs. Q4 2010 for surveys conducted in 2011, Q4 vs. Q4 2011 for surveys conducted
 2 for surveys conducted in 2012
                      Q1 2013 Zillow Home Price Expectations Survey -

               TOPIC 1: Housing Finance Reform & GSE "Wind-down"

In a report to Congress two years ago, the Obama Administration set forth a broad plan for reforming the U.S. h
Housing Finance Agency (FHFA) to develop a plan to responsibly reduce the role of Fannie Mae and Freddie Ma
These government-sponsored enterprises (GSEs) have been operating under federal government conservatorsh
taxpayer money to remain solvent, the GSEs began generating substantial profits last year. At this point in time
actually be wound-down and what the future institutional structure of the U.S. housing finance system should 

                                  What do you consider an appropriate and reasonable timeframe for

                                                                                      Responses
                                                                                            #
                                          Within the coming 2 years                        13
                                          3-5 years from now                               47
                                          6-10 years from now                              32
                                          More than 10 years from now                      10
                                          Not sure                                          3
                                          No response                                      13
                                                                                           118



                                        Within the coming 2 years

                                        3-5 years from now                                                            46%

                                        6-10 years from now

                                        More than 10 years from now                                  13%

                                                                                                           10%
                                  Chart based upon the  102 survey respondents who 
                                  expressed an opinion


                                                                                      Source: Q1 2013  Zillow Home Price Ex




               TOPIC 2: Proposed remedies for underwater borrowers

In his most recent State of the Union speech, President Obama requested that Congress vote on and send him le
he didn't mention it by name, the President was probably alluding to The Responsible Homeowner Refinancing
would "remove the barriers preventing borrowers who are making their payments on time from refinancing the
and further streamline the loan underwriting process for underwater borrowers with government-backed mort
an impending "universal refinancing" bill proposed by Sen. Merkley, HARP-like legislation intended to enable r
In his most recent State of the Union speech, President Obama requested that Congress vote on and send him le
he didn't mention it by name, the President was probably alluding to The Responsible Homeowner Refinancing
would "remove the barriers preventing borrowers who are making their payments on time from refinancing the
and further streamline the loan underwriting process for underwater borrowers with government-backed mort
an impending "universal refinancing" bill proposed by Sen. Merkley, HARP-like legislation intended to enable r
non-government mortgages.

Putting aside the uncertain prospects for these initiatives and how they might be implemented (i.e
following best reflects your view on providing low-cost, streamlined refinance loans to underwate

                                                                                             Responses
                                                                                                 #
                                                   I support these initiatives                       54
                                                   I do not support these initiatives                37
                                                   Not Sure                                          18
                                                   No response                                        9
                                                                                                     118




                                                        I support these initiatives

                                                        I do not support these initiatives
                                                                                                                                59




                                                   Chart based upon the 91 survey respondents who 
                                                   expressed a definitive view


                                                                                                     Source: Q1 2013 Zillow Home Pr




                           # of Supporters:   54                                                     54

                                                             Which of the following are reasons why you support

                                              Reasons
    nderwater borrowers  
    ng a lower mortgage  

    ly be less inclined to  




                                                                                                  # of                  Number o
Reasons                                                                                        Supporters
    ult than before
                                                               Reasons




     rate, most underwater borrowers  
      After securing a lower mortgage  

       would likely be less inclined to  
                                                                                                                       Number o




             default than before
Underwater borrowers who have demonstrated good payment histories in
recent years would present little or no incremental risk to taxpayers after                             45
refinancing to a lower rate
After securing a lower mortgage rate, most underwater borrowers would likely
                                                                                                        44
be less inclined to default than before
The lower monthly payments enjoyed by those able to refinance would
                                                                                                        36
provide significant stimulus to the U.S. economy
A significant number of foreclosures could be avoided                                                   26
                                                                                                                  26
A speedier recovery in home prices would ensue                                                          17
Other                                                                                                    1
                                                                                            17
                       Other*




                                                           1




*Other (free-form) responses:
"Refinance would decrease cost to taxpayers of propping up GSEs from losses on foreclosures. Investors on MBS would get
(GSEs would get less interest income for loans and MBS in portfolio, but that doesn't justify blocking refis.)"
     equity (or lack thereof), ability and willingness  
     Facilitating the re-writing of loan contracts is  
      bad policy, regardless of a borrower's home  




                                # of Non-supporters:           37                                       35

                                                                         Which of the following are reasons why you do not supp

                                                               Reasons                                  # of      Number of Non
                                                                                                     Supporters
                         to repay




It would be unfair to investors and taxpayers because they would "take a hit"
                                                                                                        23
as a result of the lowered mortgage payments
Facilitating the re-writing of loan contracts is bad policy, regardless of a
                                                                                                        25
borrower's home equity (or lack thereof), ability and willingness to repay
After securing a lower mortgage rate, most underwater borrowers who had
                                                                                                                            18
already demonstrated a willingness and capacity to make on-time mortgage                                 9
payments during a tough economy would be no less likely to default than
before                                                         9
The number and "depth" of underwater borrowers are being reduced already
                                                                                                        18
with prices stabilizing and improving in many housing markets
                                                                   9
There isn't evidence that the lower monthly payments enjoyed by those able to
                                                                                                         9
refinance would translate into a significant boost to the U.S. economy
The borrowers would remain underwater, so their mobility and local home
                                                         7                                               7
prices would not improve
Other                                                                                                    4
                        Other**




No Rationale Provided                     4                                                              2

    * % of the 35 Non-supporters who provided one or more reasons


**Other (free-form) responses:
"We support Boxer-Menendez, however we don't support Merkley, since we think the latter involves an undue expansion of
who had made the choice to hold that risk originally."
"This kind of government involvement in the economy is like "whack-a-mole" in that actions meant to improve one problem
NOT in a position to assess what prices should prevail and massive public sector actions opens the door to both inefficienci
"The refi efforts have been used as a form of weak stimulus. A rifle shot approach targeting those underwater by 20% or m
so as to greatly speed amortization which would solve the problem of underwater loans".
"Number one - Within the coming 2 years: My comment is the sooner the better since memories of past troubles fade. Nu
decisions should live with the consequences.
tations Survey - Supplemental Questions



plan for reforming the U.S. housing finance system that included a pledge to "work with the Federal
Fannie Mae and Freddie Mac in the mortgage market and, ultimately, wind down both institutions".
 government conservatorship since 2008. While they have required enormous injections of
st year. At this point in time, there is still no definitive plan in place to address how the GSEs will
sing finance system should look like. 

easonable timeframe for completing a GSE "wind-down"?

sponses
                  Percent        % w/opinion
                   11%                13%
                   40%                46%
                   27%                31%
                    8%                10%
                    3%
                   11%
                   100%              100%




                              46%




             13%

                  10%                 31%




urce: Q1 2013  Zillow Home Price Expectations Survey, Pulsenomics




                                                                       Pulsenomics  LLC   All rights reserved




 ress vote on and send him legislation that "Democrats and Republicans have supported." Although
ble Homeowner Refinancing Act of 2012. According its sponsors (Sens. Boxer and Menendez), this
on time from refinancing their loans at the lowest rates possible." The bill proposes to reduce costs
 th government-backed mortgages who apply for a refinance loan under HARP. There is also talk of
 slation intended to enable refinancing by underwater borrowers who are current on payments of
 ress vote on and send him legislation that "Democrats and Republicans have supported." Although
ble Homeowner Refinancing Act of 2012. According its sponsors (Sens. Boxer and Menendez), this
on time from refinancing their loans at the lowest rates possible." The bill proposes to reduce costs
 th government-backed mortgages who apply for a refinance loan under HARP. There is also talk of
 slation intended to enable refinancing by underwater borrowers who are current on payments of


ight be implemented (i.e., via new legislation or via executive order), which of the
ance loans to underwater borrowers who are current on their mortgages?

sponses
                  Percent % w/opinion
                    46%                59%
                    31%                41%
                    15%
                     8%
                    100%              100%




                                59%




                                            41%

o 



     Source: Q1 2013 Zillow Home Price Expectations Survey, Pulsenomics




                                                                               Pulsenomics  LLC   All rights reserved


                Total # of Supporters who provided one or more reasons

 easons why you support these initiatives?

                                                                                                       % of
                   % of
                      Number of Supporters Who Cited Each Reason                                    Supporters
                Supporters 
                                                                               45                     (83%)


                                                                          44
                     Number of Supporters Who Cited Each Reason
                                                                              45                   (83%)

                  83%
                                                                         44                        (81%)
                  81%
                                                36                                                 (67%)
                  67%

                  48%
                26                                                                                 (48%)
                  31%
                   2%
                                                                                                   (31%)



                                                                                                    (2%)




s. Investors on MBS would get less, but maintaining their above-market returns isn't public responsibility.
blocking refis.)"


              Total # of Non-supporters who provided one or more reasons

sons why you do not support these initiatives?

                                                                                                   % of
                 % of
               Number of Non-supporters Who Cited Each Reason
              Supporters                                                                      Non-Supporters
                                                                                                       *

                  66%                                             25                               (71%)


                  71%                                  23                                          (66%)


                             18                                                                    (51%)
                  26%

                                                                                                    (26%)
                  51%

                                                                                                    (26%)
                  26%

                  20%                                                                               (20%)
                  11%
                                                                                                    (11%)
nvolves an undue expansion of the federal balance sheet to absorb risk currently held by private institutions,


meant to improve one problem often create more problems and imbalances elsewhere. The government is
ns the door to both inefficiencies and corruptions."
those underwater by 20% or more is much more desirable and the monthly payment should be kept constant

ories of past troubles fade. Number two - I do not support these initiatives: Homeowners who made bad




                                                                               Pulsenomics  LLC   All rights reserved
              % of
   # of
           Supporters
Supporters
Other*                                       1         2%



A speedier recovery in home prices would ensue
                                     17      31%


A significant number of foreclosures could be avoided
                                      26       48%

The lower monthly payments enjoyed by those able to refinance would provide significant s
                                      36      67%
After securing a lower mortgage rate, most underwater borrowers would likely be less inclin
                                      44      81%
Underwater borrowers who have demonstrated good payment histories in recent years wou
                                      45      83%




Other**                                 4          11%


                                    7           20%
The borrowers would remain underwater, so their mobility and local home prices would not improve


                                       9         26%
After securing a lower mortgage rate, most underwater borrowers who had already demonstrated a willi


                                        9        26%
There isn't evidence that the lower monthly payments enjoyed by those able to refinance would translate

                                     18        51%
The number and "depth" of underwater borrowers are being reduced already with prices stabilizing and

                                        23        66%
It would be unfair to investors and taxpayers because they would "take a hit" as a result of the lowered 
                                         25         71%
Facilitating the re-writing of loan contracts is bad policy, regardless of a borrower's home equity (or lac

				
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