The Suburban Chicago Residential Market -- An Overview -- Presented by G. Tracy Cross President, Tracy Cross & Associates, Inc. September 20, 2012

New Home Sales ,203,00031,843 Year-Over-Year+10.6%+13.1% 20051,283,00033,287 Year-Over-Year+6.7%+4.5% 20061,052,00025,105 Year-Over-Year-18.0%-24.6% ,00015,377 Year-Over-Year-26.2%-38.7% ,0006,361 Year-Over-Year-37.5%-58.6% ,0003,552 Year-Over-Year-22.9%-44.2% ,0003,101 Year-Over-Year-14.1%-12.7% Variance From %-90.7% ,0002,932 Year-Over-Year-5.3%-5.4% Variance From %-91.2% ,000 (2) 3,196 Year-Over-Year+17.3%+9.0% Variance From %-90.4% U.S. (1) Chicago (1) Single family home sales. (2) Seasonally adjusted, annualized rate YTD June. Source: Tracy Cross & Associates, Inc.

Trends in Production New Home Sales by Product Type Total Sales (SAAR) Note: DeKalb County, IL and Kenosha County, WI included starting 2nd Quarter Source: Tracy Cross & Associates, Inc.

New Home Sales Chicago Region -- Suburban Area --

Total Sales (1) Seasonally adjusted, annualized rate YTD June. Source: Tracy Cross & Associates, Inc. New Home Sales Chicago Region -- Suburban Area -- (1)

Source: Tracy Cross & Associates, Inc. Northern Corridor Northwestern Corridor Western Corridor Southwestern Corridor Southern Corridor City of Chicago DeKalb County, IL Kenosha County, WI McHenry County Kenosha County, WI Northern Lake County South Central Lake County North Shore Near North City of Chicago Southern Corridor Southwestern Corridor Eastern DuPage County/ Western Cook County Southwestern DuPage County/Aurora/ Kendall County St. Charles/ Batavia/ Geneva DeKalb County Northern DuPage County Arlington Heights/ Palatine/Wheeling Schaumburg/ Hoffman Estates/ Streamwood/Elk Grove Village Northern Fox Valley The Chicago Region’s 17 Representative Submarkets

Single Family Sales Trends by Area 2005, 2011, and 2012

Per Project Sales Rates – The Single Family Sector -- Suburban Chicago -- (1) Seasonally adjusted, annualized rate YTD June. Source: Tracy Cross & Associates, Inc. Average Annual Sales by Development (1)

Suburban Single Family Sales Leaders -- YTD June

Townhome/Condominium Sales Trends by Area 2005, 2011, and 2012

Townhome/Condominium Sales Trends -- The New Construction Sector – Suburban Chicago -- (1) Total Sales

Moderate Density Condominium Sales Trends -- The New Construction Sector – Suburban Chicago -- (1) Total Sales

Suburban Attached Sales Leaders -- YTD June

New Construction Home Sales By Public And Private Companies Percent Capture Public Builders (Line) Total Sales Region (Bar) (1)

The Suburban Rental Market -- An Overview -- “Not all households like these choose to live in the city.”

Rental Apartment Vacancy Trends -- Suburban Chicago -- All Communities (1) Percent Vacant (1) As of June. Source: Tracy Cross & Associates, Inc.

Average Monthly Rent (Bar) Source: Tracy Cross & Associates, Inc. Rent Per Sq. Ft. (Line) (1) As of June (1) Monthly Rent Trends -- Suburban Chicago -- Post 1985 Rental Communities

Rent/Value Analysis – A Composite Summary -- Suburban Chicago Apartment Communities --

Rental Apartment Absorption Trends -- Suburban Chicago -- (1) Net Absorption in Units (1) Annualized pace for the first six months of the year. Source: Tracy Cross & Associates, Inc.

Some Final Comments