Regional Housing Update

May 2010
Homebuilder Survey

According to reports from District homebuilders, new home sales growth continued to sof-
ten on a year-over-year basis but remained positive. However, softening was largely attribu-
tated to contacts in Florida who noted a sharp drop-off in sales growth. District construction
activity weakened as well with District builders indicating that activity was even with a year
earlier. Softening in construction was noted across the region. Comments from builders indi-
cated that incentives had been the major driver in most District markets. Builders noted that
access to financing remained a challenge and appraisals remained too low. The outlook
among District builders continued to weaken but remained slightly positive.

Homebuilder Activity
Sales Activity vs. Year Ago
1.0

Key:
+1 = Increase
0.5
0 = No Change
-1 = Decrease

0.0

-0.5

-1.0
06 07 08 09 10

GA FL AL, LA, MS, TN

Homebuilder Activity
Construction Activity vs. Year Ago
1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10
Regional Housing Update
May 2010

Homebuilder Activity
Sales Activity over the Next 3 Months vs. Year Ago
1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10

GA FL AL, LA, MS, TN

Homebuilder Activity
Construction Activity over the Next 3 Months vs. Year Ago
1.0

Key
+1 = Increase
0 = No Change
0.5
-1 = Decrease

0.0

-0.5

-1.0
06 07 08 09 10
Regional Housing Update
May 2010

Homebuilder Activity
Inventory of Unsold Homes vs. Year Ago
1.0

Key:
+1 = Increase
0 + No change
0.5 -1 = Decrease

0.0

-0.5

-1.0
06 07 08 09 10

GA FL AL, LA, MS, TN

Homebuilder Activity
Selling Price vs. Year Ago
1.0

Key:
+1 = Increase
0.5
0 = No change
-1 = Decrease

0.0

-0.5

-1.0
06 07 08 09 10

GA FL AL, LA, MS, TN

Regional Housing Update
May 2010

Average of Survey Homebuilder Activity

Responses Material Cost vs. Year Ago
1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10

Homebuilder Activity
Labor Cost vs. Year Ago
1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10

GA FL AL, LA, MS, TN

Regional Housing Update
May 2010

District Builder Responses: April vs. a Year Ago

Responses in terms of percent, may not sum to 100 due to rounding
AL FL GA LA MS TN District
Above Plan 35 29 0 25 0 13 22
Activity compare to plan: At Plan: 12 43 25 50 0 38 29
Below Plan: 53 29 75 25 0 50 49
Up significantly 21 10 11 0 0 13 14
Up slightly 26 40 22 50 0 38 31
No Change 11 10 11 0 0 25 12
Construction
Down slightly 32 20 22 50 0 13 27

Down significantly 11 20 33 0 0 13 16
Up significantly 32 30 11 33 0 13 24
Up slightly 37 10 22 0 0 38 26
No Change 0 20 44 33 0 25 18
Sales
Down slightly 21 30 0 33 0 0 18

Down significantly 11 10 22 0 0 25 14
Up significantly 9 11 0 0 0 7 6
Up slightly 17 6 29 29 0 7 16
No Change 29 39 24 29 0 40 32
Buyer Traffic
Down slightly 31 22 24 43 0 33 29

Down significantly 14 22 24 0 0 13 16
Up 16 20 0 0 0 14 12
Selling Price No Change 32 10 56 50 0 14 29
Downs 53 70 44 50 0 86 59
Up 58 40 44 75 0 63 53
Material Price No Change 26 40 44 0 0 25 29
Down 16 20 11 25 0 13 18
Up 19 30 14 0 0 14 18
Inventory of Unsold Homes No Change 13 10 14 50 0 29 18
Down 69 60 71 50 0 57 64
More 13 13 0 0 0 0 7
Difficulty Filling Positions No Change 60 25 71 33 0 63 54
Less 27 63 29 67 0 38 39
Up 6% + 0 0 0 0 0 0 0
Up 5-6% 0 0 13 0 0 0 2
Up 4-5% 6 0 0 0 0 0 2
Labor Costs Up 3-4% 6 0 13 0 0 0 4
Up 1-3% 11 0 0 0 0 0 4
No Change 72 50 63 50 0 75 65
Down 6 50 13 50 0 25 23
Regional Housing Update
May 2010
Residential Real Estate Survey

Overall, reports from Realtors indicated another slight improvement in home sales in April
compared with a year earlier. However, a look at responses on a month-to-month basis indi-
cated that sales softened slightly from March to April among District contacts. Reports also
indicated that high-end home sales exceeded the year earlier level for the first time since
early 2006. Overall, inventories in the region were similar to a year ago. Reports indicated
year-over-year declines in home prices abated notably. The outlook for sales growth over the
next several months softened but remained positive.

District Home Sales

Curent Activity vs. Year Ago
1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10

District Home Sales

Activity over the Next 3 Months vs. Year Ago
1.0
Key:
+1 = Increase
0 = No change
0.5 -1 = Decrease

0.0

-0.5

-1.0
06 07 08 09 10

AL, LA, MS, TN Florida GA

Regional Housing Update
May 2010

Inventory of Homes For Sale vs. Year Ago

1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10

District Home Sales

Selling Price vs. Year Ago
1.0

0.5

0.0

-0.5

-1.0
06 07 08 09 10

AL, LA, MS, TN FL GA

Regional Housing Update
May 2010

District Realtor Responses: April vs. a Year Ago

Responses in terms of percent, may not sum to 100 due to rounding

AL FL GA LA MS TN District
Above Plan 53 41 0 50 0 29 39
Activity compare to plan: At Plan: 21 28 75 50 100 43 33
Below Plan: 26 31 25 0 0 29 29
Up significantly 32 33 0 0 0 36 30
Up slightly 32 39 50 100 0 50 40
Total sales No Change 9 6 25 0 100 7 9
Down slightly 18 9 0 0 0 7 10
Down significantly 9 12 25 0 0 0 10
Up significantly 27 39 0 50 0 43 34
Up slightly 32 48 50 50 0 50 43
Buyer Traffic No Change 14 6 25 0 100 7 10
Down slightly 23 0 0 0 0 0 8
Down significantly 5 6 25 0 0 0 5
Up significantly 0 16 0 0 0 15 10
Up slightly 27 16 0 0 0 23 19
Condominium sales No Change 53 52 67 0 100 54 53
Down slightly 7 16 0 100 0 0 10
Down significantly 13 0 33 0 0 8 7
Up significantly 4 3 0 0 0 7 4
Up slightly 30 15 25 50 0 29 23
Overall Sales Prices No Change 26 24 25 0 100 36 27
Down slightly 30 24 25 50 0 21 27
Down significantly 9 33 25 0 0 7 19
Up 57 19 75 0 0 29 35
Inventories of Unsold
No Change 17 28 0 50 100 21 23
Homes
Down 26 53 25 50 0 50 42
Up significantly 4 12 0 0 0 0 6
What are your expectations for Up slightly 52 59 60 100 0 77 59
sales over the next three
No Change 22 18 20 0 100 15 19
months compared with the
prior year level? Down slightly 9 6 0 0 0 8 8
Down significantly 13 6 20 0 0 0 8