The Wright Report:

Sacramento’s Residential Investment Analysis

First Quarter 2010

Sacramento’s Residential Market Trends

Special points of
interest: At the end of the first quarter
(March) 1,617 SFR (Single Family
• Sacramento Real Residences) sold, down 6.5%
Estate Market from March 2009. The market is
Trends moving very quickly and the me-
• SFR Attached & dian time on the market before
an offer is accepted - 25 days.
Detached Analysis
19% of homes of all sales occur in
• Cash Flow Analy- the first week on the market,
sis for SFR & 2-4 with 18% more the second week.
Units That is 37% of homes selling the
first 14 days they are marketed.

There were only 3,791 homes for sale at the beginning of March, 2010. During March
1,617 homes sold – 42.7% of the inventory of homes available. At that pace (if no ad-
ditional homes were put up for sale) the inventory would sell out in 2.3 months.
Inside this issue: Such a low inventory of homes would typically be considered a strong “Seller’s Mar-
ket”; it however is not. Due to the large number of short sales and foreclosures
(REOs) available, the market price is driven down and will remain low until distressed
Distressed 2 sales no longer make up the majority of home sales.
Real Estate
The median price for a home in Sacramento County has dropped 53.7% since August
A Changing 3 of 2005 when the market turned downward. That is an average Loss of Equity of
Market $210,750 per home. Here are some examples:
Additional 4
Zip Code % Drop Zip Code % Drop
Considerations 95816 10.9% 95815 72.3%
SFR & 2-4 Unit 6 95819 14.5% 95817 72.7%
(See the table on page 9 for the average price drop by zip code.)
Analysis
Affordability in Sacramento is near its all time high point at 66% (according to CAR –
Price Drop 9 California Association of Realtors). This is the ability of the average person to afford
Table the median priced home, and it is way up from 2005 when it was 19%.
County & Zip 10 The Sacramento real estate market appears to have hit its lowest average price
Code Graphs point at the end of 1st quarter 2009: $187,795 — 7.6% lower than March 2010’s
$203,289. This, however, has not stopped the fall in prices of equity and short sale
Resources & 24
properties. (See graph on page 3 for shifts by property type.)
Methodology
Page 2 The Wright Report: Sacramento’s Residential Investment Analysis

The next big boom of Mortgage Rate Resets starts right now
and will continue until May of 2012 or they get sold off auction.

Distressed Property... Anyone?

As many as 7 million home owners have difficulty paying their monthly mortgage payments in
the U.S. (A natural result of the 8 million jobs lost in the U.S. over the last 3 years.)

Included is a graph of the number of loans set to reset and when the reset will occur. Unlike
the Alt A loans the Option Arm Loans will dramatically change the borrower’s monthly pay-
ment and probably will cause serious hardship for many homeowners. This will result in addi-
tional bankruptcies, short sales, and foreclosures which will prolong the recovery.

In an attempt to stem the rising tide of foreclosures the U.S. Government pressed banks to
modify loans. The government’s modification program, HAMP— the Making Home Affordable
Program— has unfortunately not been a resounding success (with a less than 10% success rate
of qualified mortgages completing). This year they have instituted another program dealing with
Short Sales (HAFA) which is designed to make short sales easier to perform and pay everyone
involved, including the seller of the home. We will shortly see how well it will work in the mar-
ket. Banks are gradually becoming more streamlined in the processing of short sales, and it is
more common for short sales to be completed in less 4 months.

In March of 2010 24.6% of all homes sold were short sales; double the 12.3% from March
2009. The number of REO (foreclosure) sales declined during that same period from 1,213 in
March 2009 (70.1% of all SFR transactions closed) to 637 in March 2010 (39.4% of all SFR sales).
This shift from a foreclosure dominated market to a more balanced seller type is a trend many
professionals expect to continue.
First Quarter 2010 Page 3

Average Pricing Graph showing the price fluctuations by Seller Type.

The Market is Changing!

Even though the Sacramento County “Market Average” price hit its lowest point in Spring of
2009… the numbers tell that was not the bottom of the price declines. This graph clearly shows
that while Sacramento County’s “Market Average” sales price appears to have rebounded over the
last 4 Quarters the average sales price for “Equity” and “Short Sale” properties have de-
creased. The “Market’s Average” price stayed flat because the number of REO Sales decreased
dramatically, though the price climbed. At the same time the number of Equity & Short Sale sales
increased in volume, while at the same time their average price dropped. In fact, the average “Short
Sale” price for short sales has dropped to within 4% of the “REO” sale price.

The downward price trend would also have occurred for REOs if the banks had not dramatically
limited the number of properties they took back at auction. Here is how it happened. The end of
2008 saw just over 2,000 REO properties listed for sale on the MLS (Multiple Listing Service). In
December 2008 the large banks followed the government’s lead to place a moratorium on Trustee
Sales (foreclosure auctions). This essentially stopped the flow of foreclosures back to the banks,
and accomplished one of the banking industries primary goals—to stop the price declines of REOs
in the market place. Not only did banks and servicing companies postpone taking properties back at
auction, but they began waiting longer to file NODs (Notice of Defaults), and NOTs (Notice of
Trustee Sales). By June 2009 the number of REOs listed for sale in Sacramento County was less
than 600, where it stayed for the rest of the year. Come November 2009 Trustee Sales began oc-
curring again, but in limited numbers, and by January 2010 listed REOs rose to 740+ where they
have remained.
Page 4 The Wright Report: Sacramento’s Residential Investment Analysis

Other Considerations
There are several core issues affecting the health of our real estate market that are expected
to take a while to work through.

Unemployment, currently at 12.2% is one of the strongest deterrents to the return of the
housing market. New homes have sold at an increasingly low numbers. Less than 3,000 sold
in 2009 across a 6 county region. Sacramento, being the state capital, normally provides a sta-
ble economic blanket because government jobs are the largest employer in town. Unfortu-
nately with cutbacks, layoffs looming, and state, county and city budgets in crises, it may take
years to recover job stability.

Commercial real estate is also in a difficult situation. As unemployment rises, spending is

reduced, businesses fail, and vacancy rises dramatically. Secondly, rents fall and tenants
renegotiate their leases for lower monthly payments. Numerous foreclosures are on the
horizon with the glut of non-performing properties, but so far few have gone to auction.

Spending by the U.S. government offering bonuses and gimmicks to spur forward the
housing market only postpones the inevitable. These programs cannot continue indefinitely
and ultimately will result in decreased economic activity as the bills come due.

Bank lending for residential housing, despite having artificially historically low interest rates,
has not improved dramatically, and the Billions in TARP funds have not made it to Main
Street. Requirements have multiplied, criteria changes daily, and regulation of the Real Estate
Industry proceeds unabated. It is the pendulum swing—from giving away refinances to anyone
alive—to highly regulated, qualified and screened client need only apply.

Let us not forget various other circumstances in our economy that can be volatile and yet not
easily predicted: e.g. increased governmental regulation, tax hikes, healthcare reform, reduced
SBA and small business lending, savings trends, stock market bounces, interest rate hikes
(inevitable), inflation (also inevitable), Wall Street bailouts, law suites of Fortune 500 compa-
nies, and general apathy and anger on Main Street. There is no crystal ball – and the cur-
rent market offers too much volatility from too many different sides to allow clear predictions
of the future based on history. What we do know is real estate moves in cycles, and it will
return to where it once was, and go even higher! The question is not “when will the market
come back?” but rather “how much will you own when it does?”

Humm, what would

it be like to have an
extra 10 Billion to
help my business
through the
downturn?
First Quarter 2010 Page 5

Single Family Investment: SFR, Condo, Half-Plex

Opportunities abound to invest in Sacramento Real Estate right now. Homes are at critically low
prices, interest rates also at historic lows, you can get equity positions of 10+% at purchase, with a fu-
ture appreciation of more than $200,000 per property. All of the difficulty created by the economy ac-
tually works favorably for the investor—they keep competition out of the market, thus providing
greater inventory of properties to purchase, not to mention a list of capable renters. Currently there
are 5 zip codes with an median price under $100,000 and 10 more under $150,000... and 45% of prop-
erties sold during the first quarter of 2010 could rent with positive cash flow.
Be wise! Leverage the advantages this market holds to generate huge wealth tomorrow!

Single Family Residence

3,991 detached SFR homes sold in the 1st quarter 2010. These homes through a *pro-forma analysis
were found that 31% could provide positive cash flow when rented. (See our methodology on page 8.)
The average price was $99,421. The average age was 1964, and average days on market was 47. These
homes also had an average of 1,208 square feet and cost $86 per square foot.

REOs have maintained their dominance in the minds of buyers and account for 42% of the homes sold
1st quarter of 2010. They are still not out in force with only roughly 720-760 available for sale at any
one time. The banks have been holding off foreclosing at trustee sales, and sometimes holding them off
the market generally (aka. Shadow Inventory).

Short Sales take longer to close and are more difficult to purchase, therefore there is less demand
from buyers which allows astute investors to get better prices. Short Sales also typically sell in better
condition than REO properties because the homes frequently stay occupied until closing. Best of all
they sell as distressed properties at prices comparable to REO homes. Short Sales sold 3.2%
higher than REOs, and 18.7% less than homes with Equity in the same zip code.

Condos & Half-Plexes

Condo sales have been dominated by bank foreclosures (REOs) which account for 53% of sales
in the 1st quarter. REOs also sold 44% lower than those sold by sellers with equity, with an average
sales price of $85,800. Short Sales sold for 35% less than equity sales, accounted for 18.3% of sales,
and averaged $99,250 sale price. Upon analysis of condos sold during the first quarter of 2010, 45%
could provide positive cash flow if rented.

Half-Plexes: Analysis of the first quarter half-plex sales shows that 65% could cash flow when
rented. 49% of 1st quarter sales are REOs and their average price is 36% below equity sales at
$97,460. Short Sales, accounted for 25% of total sales, averaged $112,053 purchase price, 26% below
the average equity sale of $151,377. One example of the time variance between Short Sales, and REO
and Equity sales is the days on the market before a sale occurs. REOs averaged 27 days on the market,
Equity Sales took 30 days, and Short Sales averaged 130 days before the bank accepted for sale.

Half-Plexes provide higher cash flow than condos because there is no monthly HOA (Home Owner
Association) fee. Condos, however, appeal to many investors because they believe the association has
a vested interest in watching out for the property.
Page 6 The Wright Report: Sacramento’s Residential Investment Analysis

Multi-Unit Investment: Duplex, Triplex, Four-Plex

Of the 152 properties that sold in the first quarter, 47% were REOs, 30% were equity sales, and 23%
were short sales. Of these sales 75% were Duplexes, 7% Triplexes, and 18% Four-plexes. Our
analysis showed that 75.6% of these 2-4 unit properties could produce positive monthly cash
flow when rented for market rents.

There is a huge amount of investment potential sitting on the ground in our market place, right now!
More than we have seen in decades, waiting for the astute investor to pick it up, hold it… shape it,
and wait until it grows into a pot of gold.

As mentioned previously, equity values in Sacramento County have dropped more than 50%
($200,000 and upwards per property) dropping the median price significantly. This has also resulted
among 2-4 unit properties. It just took longer to drop.

Interestingly, during 2007 as REOs and Short Sales began to hit the market and drive the price down,
it was predominately the owner occupied sector of real estate that was affected; much less for the 2-
4 unit properties. All that has shifted as the economy has taken more and more hits, investment
property owners are gradually taking more and more losses.

A slew of difficulties have pounded property owners over the last 3 years. Many lost jobs, or saw
their income drop considerably (as many investor are self employed). For those investors in the real
estate industry the economy has taken a heavy toll, especially on developers and construction
trade’s. Tenants have lost their jobs. Some invested too heavily and could not keep up the debt.
Many had loans whose rates reset and were not able to refinance. Unfortunately, when an investor
has several real estate investments to have one large one sink, can bring all the rest down.

Banks have found this to be true, as one investor could leave them holding multiple properties as
REO. They naturally became much less willing to work with distressed investors, provide refinances,
or workouts where the residential investor could get back on their feet. Most of the banks invested
in residential are national, and as such have no sense for the local situation of the market, and there-
fore unwilling to work out individually with owners. As such they are very hesitant to short sale.
Most of their energy has been focused on SFR owner occupied, because that has been the avalanche
that inundated them since 2007.

Federal government intrusion with the banks has also left investment property owners out of the
loop, and no concessions or assistance have been forthcoming. They do not seem to be a class of
much voting interest.

Financial institutions from the large banks to Fannie Mae have almost categorically heaped restric-
tions upon investment loans, by reducing their number, raising reserve requirements, tightening
guidelines, to name a few. In fact, the only turn in guideline I have seen on a positive nature for the
last year has been Fannie Mae’s recent change to allow exception to the FHA 90 rule for flipped
properties, allowing for exceptions. (Unfortunately, few banks have gotten on board and are offering
the financing to date.)
First Quarter 2010 Page 7

Price of Duplexes over time. Prices have fallen roughly 50% in the last 3 years.

Duplex
Duplexes currently on the market are listed at an average price of $213,000. During the first quar-
ter of 2010 the average sales price is $165,905, or $82,952 per unit. That is a 16% increase in
the average price from the first quarter 2009 ($143,186). It is however, a 36.3% drop from the
$260,357 average price in 2008 (first quarter).

An evaluation of first quarter sales projects that 75.6% of Duplexes sold have positive cash flow if
rented at market rents. This evaluation projects a 25% expense factor in addition to taxes, insurance
and debt service. (See page 26: methodology.) It is probable that the vast majority of duplexes cur-
rently selling are quality investments. Those not selling are priced too high for their condition in the
marketplace. It should be noted that these criteria do not factor any repairs on the property to pre-
pare it for the renter after purchase.

Though the vast majority of active properties (55%) are Equity Sales, they only account for 32% of
those sold during the first quarter. REOs on the other hand account for 13% of the inventory, but
45% of sales, and Short Sales represent 37% of inventory and 23% of sales. This shows that banks
are still pricing their inventory for sale lower than owners with equity.
Page 8 The Wright Report: Sacramento’s Residential Investment Analysis

Triplex
Triplexes are to a large extent are forgotten as an investment. There are far fewer
of them on the market, and fewer sell. They inhabit mostly older areas and fre-
quently they are priced comparable with the 4-plexes that surround them so they
do not appear too pricey an investment. Because they are frequently overlooked,
occasionally a good rental property will become available at a great price.

The average sale price stayed the same in 1st quarter 2010 ($242,000) from the
previous year, though it saw a sharp decline from 2008: $377,000 average price.
What did changed from 2009 to 2010 was the speed of the market. In 09 the aver-
age time on the market before sale was 75 days. In 2010 it was 19.

In the first quarter of 2010 only 11 triplexes sold: the cheapest for $80,000, the
most expensive for $492,000. This variation in price is dependant predominately
upon the area, and the majority of these sold in Midtown or in North Sacramento.

Four-Plex
Four-plexes, on the other hand, are far more common and 27 sold in quarter 1 of
2010. Like triplexes the average price did not change from 1st quarter 2009 to
2010—$215,000, though the market saw a 31% drop from 1st quarter 2008’s
$311,000 average sale price.

Though REOs represent about 20% of active listings, they accounted for 66% of 1st
quarter sales. The average marketing time was much longer than triplexes: 67 days
on the market.

Although the average sale price is 215k, the average list price was $364,000 so
there are a few properties on the market that will not sell until they drop their
price substantially.

Still, the average sold price is within 2% of the MLS listed price, and the average
price drop before a sale occurs was 4.48%: meaning a large percentage of 4-plexes
currently for sale 4-plexes that are equity sellers (75%) will probably not sell.

34% of residential
property (1-4 Units)
that sold 1st Quarter
2010 could Cash Flow
at Market Rents!
First Quarter 2010 Page 9

Zip % drop
$ Drop from 1 Month % Quarter % 1 Year %
from Aug.
Code Aug. 05 Change Change Change
05
95605 $165,000 54.55% 31.6% 23.6% -3.1%
95608 $170,500 37.89% 19.1% 5.2% 20.2%
95610 $175,000 46.67% 10.0% 6.0% 12.0%
95621 $175,500 50.14% -6.0% -3.2% 3.4%
95624 $215,000 47.78% 0.1% -2.1% -6.4%
95626 $181,500 59.02% 28.6% -3.2% -9.1%
Zip Code Price Drop 95628 $243,500 49.59% -29.3% 0.0% -39.0%
between August 2005 95630 $162,550 29.42% 19.3% 4.6% 3.8%

and March 2010. 95632 $220,000 55.70% 5.7% 11.9% -4.6%

95655 $179,100 46.64% 2.4% 2.5% -12.2%
95660 $189,000 63.21% -0.9% 0.0% 15.0%
95662 $170,000 45.33% 5.6% -4.9% 2.4%
95670 $239,000 57.38% 7.9% -6.5% 3.1%
95673 $226,850 61.48% -3.8% 5.4% 11.5%

This chart shows the 95683 $341,700 54.85% -13.0% -33.3% -45.8%

percentage and amount 95691 $188,250 42.78% 6.7% 4.1% 11.0%

of median price drop 95693 $531,951 58.48% 17.0% -11.8% -8.3%

since the Sacramento 95758 $302,000 58.98% 2.4% 2.1% 2.4%

market peak in August 95815 $191,500 72.26% -22.4% 22.4% 32.0%

95816 $44,500 10.96% 24.5% -18.7% 3.9%
of 2005.
95817 $200,000 72.73% -19.9% -25.3% 35.9%
95818 $100,000 21.51% 9.6% -16.4% 8.2%
95819 $64,500 14.53% 10.7% 16.0% 2.4%
95820 $200,900 67.89% 12.7% -4.2% 41.6%
95821 $193,750 55.36% -2.4% -26.7% -2.4%
95822 $189,000 60.00% 0.0% 4.8% 36.5%
95823 $200,000 60.61% 0.0% 1.5% 17.8%
95824 $173,400 64.25% 9.8% 5.7% 25.4%
95825 $214,000 59.36% -22.9% -12.6% 31.7%
95826 $188,500 51.64% 3.7% -4.8% -17.8%
95827 $175,500 51.54% -2.1% -3.0% 17.9%
95828 $213,250 60.93% -4.2% -2.4% 4.9%
95829 $209,400 49.87% 5.0% 3.8% -6.9%
95831 $155,000 31.96% 24.2% 10.3% 7.3%
95832 $183,750 60.74% -24.2% 7.4% 36.8%
95833 $217,000 57.87% -7.6% 14.6% 5.3%
95834 $235,500 55.61% -26.3% -11.7% -13.6%
95835 $241,000 49.69% 7.8% 5.3% -2.5%
95838 $215,000 69.35% 6.6% -5.3% 13.2%
95841 $183,750 52.58% -17.0% 0.5% -5.6%
95842 $192,500 57.46% -7.0% 5.3% 5.3%
95843 $205,400 51.30% 0.0% 0.0% -4.6%
95864 $259,500 50.44% 16.3% -90.2% -72.4%
Page 10 The Wright Report: Sacramento’s Residential Investment Analysis

Sacramento County and Zip Code Comparison Graphs

Market
95608 95628 95662
Median
2010 Qtr. 1 $182,000 $279,500 $247,500 $205,000
2009 Qtr. 4 $187,500 $265,000 $247,500 $215,000
2009 Qtr. 3 $183,000 $289,000 $235,000 $205,000
2009 Qtr. 2 $180,000 $255,000 $241,000 $250,000
2009 Qtr. 1 $167,500 $223,000 $343,950 $200,000
2008 Qtr. 4 $180,000 $299,000 $320,000 $202,000
2008 Qtr. 3 $194,950 $299,000 $310,000 $238,000
2008 Qtr. 2 $220,000 $289,950 $360,000 $279,000
2008 Qtr. 1 $254,896 $321,900 $315,000 $235,000
2007 Qtr. 4 $280,000 $350,000 $359,950 $255,000
2007 Qtr. 3 $320,000 $390,000 $520,000 $320,000
2007 Qtr. 2 $339,950 $381,000 $389,500 $327,950
2007 Qtr. 1 $350,000 $380,000 $435,000 $350,000
2006 Qtr. 4 $355,000 $365,000 $478,000 $330,000
2006 Qtr. 3 $363,000 $455,000 $430,000 $362,500
2006 Qtr. 2 $380,000 $440,000 $378,250 $427,000
2006 Qtr. 1 $374,500 $418,500 $390,000 $360,000
2005 Qtr. 4 $375,000 $420,000 $426,500 $410,000
2005 Qtr. 3 $385,000 $457,500 $472,000 $376,500
2005 Qtr. 2 $380,000 $404,000 $450,000 $383,000
2005 Qtr. 1 $350,000 $390,000 $462,000 $352,000
2004 Qtr. 4 $330,000 $399,500 $417,000 $333,000
2004 Qtr. 3 $323,000 $340,000 $399,950 $337,000
2004 Qtr. 2 $310,000 $368,750 $382,500 $322,250
2004 Qtr. 1 $276,500 $280,000 $271,500 $255,000
2003 Qtr. 4 $260,000 $315,500 $328,000 $285,000
2003 Qtr. 3 $249,900 $257,500 $345,000 $269,500
2003 Qtr. 2 $246,250 $323,500 $310,000 $246,500
2003 Qtr. 1 $229,000 $263,500 $271,000 $254,500
2002 Qtr. 4 $219,950 $263,000 $272,500 $223,000
2002 Qtr. 3 $218,000 $257,500 $284,500 $265,000
2002 Qtr. 2 $204,975 $255,000 $260,000 $239,000
2002 Qtr. 1 $186,000 $240,000 $225,000 $202,000
2001 Qtr. 4 $175,000 $205,000 $221,000 $188,925
2001 Qtr. 3 $170,000 $222,200 $245,000 $206,000
2001 Qtr. 2 $175,700 $204,000 $265,000 $196,500
First Quarter 2010 Page 11

Market
95816 95818 95819
Median
2010 Qtr. 1 $182,000 $361,500 $365,000 $379,500
2009 Qtr. 4 $187,500 $429,000 $425,000 $318,625
2009 Qtr. 3 $183,000 $335,000 $310,000 $383,750
2009 Qtr. 2 $180,000 $376,950 $367,500 $389,000
2009 Qtr. 1 $167,500 $347,500 $335,000 $370,375
2008 Qtr. 4 $180,000 $295,000 $367,500 $372,000
2008 Qtr. 3 $194,950 $435,000 $371,750 $370,000
2008 Qtr. 2 $220,000 $394,450 $350,000 $425,000
2008 Qtr. 1 $254,896 $416,000 $474,900 $412,500
2007 Qtr. 4 $280,000 $321,750 $490,000 $427,500
2007 Qtr. 3 $320,000 $375,000 $442,000 $417,500
2007 Qtr. 2 $339,950 $420,475 $476,000 $435,500
2007 Qtr. 1 $350,000 $399,505 $494,000 $426,000
2006 Qtr. 4 $355,000 $414,500 $415,000 $499,500
2006 Qtr. 3 $363,000 $409,000 $355,000 $435,000
2006 Qtr. 2 $380,000 $450,000 $520,000 $472,500
2006 Qtr. 1 $374,500 $525,000 $458,500 $413,250
2005 Qtr. 4 $375,000 $435,000 $424,500 $444,500
2005 Qtr. 3 $385,000 $459,500 $507,250 $526,500
2005 Qtr. 2 $380,000 $435,000 $462,500 $474,000
2005 Qtr. 1 $350,000 $432,500 $457,000 $455,000
2004 Qtr. 4 $330,000 $442,000 $425,000 $421,000
2004 Qtr. 3 $323,000 $407,500 $400,000 $413,750
2004 Qtr. 2 $310,000 $364,000 $425,000 $409,000
2004 Qtr. 1 $276,500 $277,000 $313,000 $317,500
2003 Qtr. 4 $260,000 $362,250 $334,500 $362,750
2003 Qtr. 3 $249,900 $348,500 $325,000 $347,500
2003 Qtr. 2 $246,250 $291,500 $319,000 $333,250
2003 Qtr. 1 $229,000 $340,500 $280,000 $315,000
2002 Qtr. 4 $219,950 $350,000 $305,600 $296,500
2002 Qtr. 3 $218,000 $335,000 $320,000 $286,000
2002 Qtr. 2 $204,975 $270,000 $309,750 $315,000
2002 Qtr. 1 $186,000 $217,500 $260,000 $244,500
2001 Qtr. 4 $175,000 $259,000 $242,000 $244,000
2001 Qtr. 3 $170,000 $203,000 $249,000 $255,000
2001 Qtr. 2 $175,700 $207,500 $242,500 $246,000
Page 12 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95610 95621 95841
Median
2010 Qtr. 1 $182,000 $200,000 $174,500 $165,750
2009 Qtr. 4 $187,500 $188,050 $180,000 $165,000
2009 Qtr. 3 $183,000 $189,250 $162,500 $178,500
2009 Qtr. 2 $180,000 $200,000 $168,000 $152,000
2009 Qtr. 1 $167,500 $176,000 $168,500 $175,000
2008 Qtr. 4 $180,000 $200,000 $169,900 $186,000
2008 Qtr. 3 $194,950 $212,000 $177,000 $180,000
2008 Qtr. 2 $220,000 $245,500 $190,000 $180,000
2008 Qtr. 1 $254,896 $253,000 $243,725 $178,750
2007 Qtr. 4 $280,000 $264,000 $242,000 $205,000
2007 Qtr. 3 $320,000 $286,500 $272,425 $416,000
2007 Qtr. 2 $339,950 $319,000 $298,950 $292,500
2007 Qtr. 1 $350,000 $337,000 $295,000 $300,000
2006 Qtr. 4 $355,000 $345,000 $298,500 $311,700
2006 Qtr. 3 $363,000 $325,000 $320,000 $329,500
2006 Qtr. 2 $380,000 $360,000 $332,500 $357,000
2006 Qtr. 1 $374,500 $377,500 $325,000 $375,000
2005 Qtr. 4 $375,000 $355,000 $330,000 $337,000
2005 Qtr. 3 $385,000 $385,000 $348,950 $345,000
2005 Qtr. 2 $380,000 $391,000 $345,000 $401,000
2005 Qtr. 1 $350,000 $345,000 $318,750 $329,000
2004 Qtr. 4 $330,000 $330,000 $297,500 $302,500
2004 Qtr. 3 $323,000 $325,000 $289,000 $288,500
2004 Qtr. 2 $310,000 $303,200 $283,000 $270,000
2004 Qtr. 1 $276,500 $239,500 $207,500 $210,500
2003 Qtr. 4 $260,000 $252,000 $239,900 $165,000
2003 Qtr. 3 $249,900 $250,000 $221,500 $187,450
2003 Qtr. 2 $246,250 $255,000 $215,000 $207,500
2003 Qtr. 1 $229,000 $239,900 $205,000 $206,000
2002 Qtr. 4 $219,950 $229,000 $189,000 $193,000
2002 Qtr. 3 $218,000 $219,000 $195,950 $187,250
2002 Qtr. 2 $204,975 $215,000 $189,000 $148,500
2002 Qtr. 1 $186,000 $195,000 $170,500 $168,600
2001 Qtr. 4 $175,000 $186,500 $161,000 $148,000
2001 Qtr. 3 $170,000 $172,500 $158,500 $143,900
2001 Qtr. 2 $175,700 $179,475 $163,965 $150,000
First Quarter 2010 Page 13

Market
95821 95825 95864
Median
2010 Qtr. 1 $182,000 $156,250 $146,500 $255,000
2009 Qtr. 4 $187,500 $198,000 $165,000 $485,000
2009 Qtr. 3 $183,000 $196,000 $135,000 $444,950
2009 Qtr. 2 $180,000 $217,500 $188,000 $337,500
2009 Qtr. 1 $167,500 $160,000 $100,000 $439,500
2008 Qtr. 4 $180,000 $195,500 $178,000 $399,000
2008 Qtr. 3 $194,950 $190,000 $165,000 $275,000
2008 Qtr. 2 $220,000 $240,000 $175,000 $457,500
2008 Qtr. 1 $254,896 $307,500 $174,900 $390,000
2007 Qtr. 4 $280,000 $262,674 $208,000 $384,750
2007 Qtr. 3 $320,000 $334,750 $345,000 $520,000
2007 Qtr. 2 $339,950 $345,500 $283,446 $430,000
2007 Qtr. 1 $350,000 $325,000 $324,000 $325,000
2006 Qtr. 4 $355,000 $365,000 $344,500 $425,000
2006 Qtr. 3 $363,000 $320,000 $335,000 $506,500
2006 Qtr. 2 $380,000 $354,000 $272,000 $455,000
2006 Qtr. 1 $374,500 $345,000 $349,500 $429,000
2005 Qtr. 4 $375,000 $343,950 $379,000 $559,500
2005 Qtr. 3 $385,000 $370,000 $308,000 $449,000
2005 Qtr. 2 $380,000 $375,000 $355,000 $527,500
2005 Qtr. 1 $350,000 $305,000 $310,950 $385,000
2004 Qtr. 4 $330,000 $320,000 $275,000 $347,500
2004 Qtr. 3 $323,000 $345,000 $250,950 $480,150
2004 Qtr. 2 $310,000 $317,500 $264,500 $383,350
2004 Qtr. 1 $276,500 $230,000 $173,750 $285,000
2003 Qtr. 4 $260,000 $275,000 $199,500 $380,000
2003 Qtr. 3 $249,900 $273,000 $186,000 $417,500
2003 Qtr. 2 $246,250 $245,000 $194,500 $390,750
2003 Qtr. 1 $229,000 $226,000 $185,000 $366,000
2002 Qtr. 4 $219,950 $235,000 $151,500 $301,500
2002 Qtr. 3 $218,000 $225,000 $207,500 $307,000
2002 Qtr. 2 $204,975 $200,000 $175,000 $342,500
2002 Qtr. 1 $186,000 $176,000 $171,500 $296,000
2001 Qtr. 4 $175,000 $180,000 $150,000 $288,400
2001 Qtr. 3 $170,000 $179,900 $134,500 $220,000
2001 Qtr. 2 $175,700 $205,000 $145,500 $276,500
Page 14 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95624 95757 95758
Median
2010 Qtr. 1 $182,000 $235,000 $270,000 $210,000
2009 Qtr. 4 $187,500 $240,000 $270,000 $205,500
2009 Qtr. 3 $183,000 $238,000 $265,000 $224,500
2009 Qtr. 2 $180,000 $229,000 $254,000 $210,000
2009 Qtr. 1 $167,500 $250,000 $270,223 $205,000
2008 Qtr. 4 $180,000 $252,000 $300,000 $210,000
2008 Qtr. 3 $194,950 $250,000 $300,000 $225,000
2008 Qtr. 2 $220,000 $260,000 $324,750 $250,000
2008 Qtr. 1 $254,896 $305,000 $333,000 $269,000
2007 Qtr. 4 $280,000 $309,950 $374,890 $290,000
2007 Qtr. 3 $320,000 $352,000 $395,000 $320,000
2007 Qtr. 2 $339,950 $390,000 $350,000
2007 Qtr. 1 $350,000 $406,750 $362,000
2006 Qtr. 4 $355,000 $389,900 $349,900
2006 Qtr. 3 $363,000 $410,000 $397,000
2006 Qtr. 2 $380,000 $465,000 $405,000
2006 Qtr. 1 $374,500 $482,500 $477,500
2005 Qtr. 4 $375,000 $478,000 $500,000
2005 Qtr. 3 $385,000 $460,000 $510,000
2005 Qtr. 2 $380,000 $449,950 $499,500
2005 Qtr. 1 $350,000 $405,000 $429,000
2004 Qtr. 4 $330,000 $395,000 $430,000
2004 Qtr. 3 $323,000 $376,500 $375,000
2004 Qtr. 2 $310,000 $381,750 $355,000
2004 Qtr. 1 $276,500 $271,995 $265,100
2003 Qtr. 4 $260,000 $295,500 $290,000
2003 Qtr. 3 $249,900 $291,250 $280,000
2003 Qtr. 2 $246,250 $284,250 $271,000
2003 Qtr. 1 $229,000 $255,750 $265,000
2002 Qtr. 4 $219,950 $257,975 $246,000
2002 Qtr. 3 $218,000 $250,750 $240,000
2002 Qtr. 2 $204,975 $262,500 $231,000
2002 Qtr. 1 $186,000 $211,975 $211,250
2001 Qtr. 4 $175,000 $228,500 $199,925
2001 Qtr. 3 $170,000 $215,000 $204,000
2001 Qtr. 2 $175,700 $225,450 $205,500
First Quarter 2010 Page 15

Market
95823 95828 95829
Median
2010 Qtr. 1 $182,000 $130,000 $136,750 $210,500
2009 Qtr. 4 $187,500 $128,000 $140,000 $202,500
2009 Qtr. 3 $183,000 $120,000 $142,000 $190,000
2009 Qtr. 2 $180,000 $120,000 $135,250 $180,500
2009 Qtr. 1 $167,500 $106,850 $130,000 $225,000
2008 Qtr. 4 $180,000 $119,000 $140,000 $220,000
2008 Qtr. 3 $194,950 $135,000 $145,200 $238,000
2008 Qtr. 2 $220,000 $150,000 $168,000 $245,000
2008 Qtr. 1 $254,896 $165,000 $165,500 $275,000
2007 Qtr. 4 $280,000 $189,000 $205,000 $320,000
2007 Qtr. 3 $320,000 $226,500 $259,000 $350,000
2007 Qtr. 2 $339,950 $267,250 $271,500 $322,000
2007 Qtr. 1 $350,000 $287,450 $307,500 $325,000
2006 Qtr. 4 $355,000 $300,000 $310,000 $366,250
2006 Qtr. 3 $363,000 $320,000 $327,250 $450,000
2006 Qtr. 2 $380,000 $319,500 $347,500 $415,000
2006 Qtr. 1 $374,500 $321,300 $331,450 $400,000
2005 Qtr. 4 $375,000 $328,950 $340,000 $399,350
2005 Qtr. 3 $385,000 $332,000 $350,500 $400,000
2005 Qtr. 2 $380,000 $321,250 $340,000 $425,000
2005 Qtr. 1 $350,000 $303,000 $325,000 $369,000
2004 Qtr. 4 $330,000 $285,750 $301,000 $350,000
2004 Qtr. 3 $323,000 $279,000 $295,000 $333,250
2004 Qtr. 2 $310,000 $256,500 $269,950 $328,000
2004 Qtr. 1 $276,500 $193,000 $208,000 $259,000
2003 Qtr. 4 $260,000 $229,700 $233,950 $264,500
2003 Qtr. 3 $249,900 $210,000 $228,000 $273,000
2003 Qtr. 2 $246,250 $197,638 $217,750 $281,500
2003 Qtr. 1 $229,000 $189,000 $215,000 $243,000
2002 Qtr. 4 $219,950 $183,000 $195,000 $244,500
2002 Qtr. 3 $218,000 $185,950 $185,000 $236,000
2002 Qtr. 2 $204,975 $170,000 $189,900 $226,250
2002 Qtr. 1 $186,000 $152,450 $169,250 $209,500
2001 Qtr. 4 $175,000 $146,000 $155,000 $205,000
2001 Qtr. 3 $170,000 $149,000 $159,925 $191,250
2001 Qtr. 2 $175,700 $149,950 $150,000 $186,750
Page 16 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95822 95824
Median
2010 Qtr. 1 $182,000 $126,000 $96,500
2009 Qtr. 4 $187,500 $120,000 $91,000
2009 Qtr. 3 $183,000 $106,500 $75,500
2009 Qtr. 2 $180,000 $90,000 $74,500
2009 Qtr. 1 $167,500 $80,000 $72,000
2008 Qtr. 4 $180,000 $108,000 $82,000
2008 Qtr. 3 $194,950 $117,450 $99,000
2008 Qtr. 2 $220,000 $136,000 $99,000
2008 Qtr. 1 $254,896 $150,000 $106,250
2007 Qtr. 4 $280,000 $199,000 $160,950
2007 Qtr. 3 $320,000 $265,000 $181,500
2007 Qtr. 2 $339,950 $276,000 $243,000
2007 Qtr. 1 $350,000 $328,750 $250,000
2006 Qtr. 4 $355,000 $292,300 $255,000
2006 Qtr. 3 $363,000 $300,000 $261,000
2006 Qtr. 2 $380,000 $332,500 $287,750
2006 Qtr. 1 $374,500 $319,000 $276,250
2005 Qtr. 4 $375,000 $317,000 $283,500
2005 Qtr. 3 $385,000 $311,500 $277,250
2005 Qtr. 2 $380,000 $302,500 $270,000
2005 Qtr. 1 $350,000 $277,500 $250,000
2004 Qtr. 4 $330,000 $259,500 $234,950
2004 Qtr. 3 $323,000 $250,000 $230,000
2004 Qtr. 2 $310,000 $260,000 $212,000
2004 Qtr. 1 $276,500 $192,000 $161,000
2003 Qtr. 4 $260,000 $201,000 $180,000
2003 Qtr. 3 $249,900 $196,475 $177,000
2003 Qtr. 2 $246,250 $183,500 $165,000
2003 Qtr. 1 $229,000 $186,500 $155,500
2002 Qtr. 4 $219,950 $180,000 $155,000
2002 Qtr. 3 $218,000 $160,000 $138,000
2002 Qtr. 2 $204,975 $167,456 $129,000
2002 Qtr. 1 $186,000 $138,000 $114,000
2001 Qtr. 4 $175,000 $158,450 $118,000
2001 Qtr. 3 $170,000 $139,000 $108,950
2001 Qtr. 2 $175,700 $134,750 $108,250
First Quarter 2010 Page 17

Market
95833 95834 95835
Median
2010 Qtr. 1 $182,000 $158,000 $188,000 $244,000
2009 Qtr. 4 $187,500 $135,000 $210,000 $231,000
2009 Qtr. 3 $183,000 $151,500 $209,990 $236,500
2009 Qtr. 2 $180,000 $160,450 $210,000 $220,000
2009 Qtr. 1 $167,500 $149,600 $213,500 $250,000
2008 Qtr. 4 $180,000 $157,500 $210,000 $247,250
2008 Qtr. 3 $194,950 $177,791 $235,000 $281,938
2008 Qtr. 2 $220,000 $194,500 $242,000 $290,000
2008 Qtr. 1 $254,896 $203,018 $259,000 $280,000
2007 Qtr. 4 $280,000 $233,000 $277,673 $320,000
2007 Qtr. 3 $320,000 $279,900 $303,635 $387,586
2007 Qtr. 2 $339,950 $305,000 $402,500 $378,944
2007 Qtr. 1 $350,000 $321,048 $333,000 $378,990
2006 Qtr. 4 $355,000 $328,233 $379,000 $407,194
2006 Qtr. 3 $363,000 $344,000 $409,900 $455,000
2006 Qtr. 2 $380,000 $355,000 $409,900 $455,950
2006 Qtr. 1 $374,500 $360,000 $395,775 $457,000
2005 Qtr. 4 $375,000 $374,430 $445,000 $490,000
2005 Qtr. 3 $385,000 $365,250 $425,000 $487,000
2005 Qtr. 2 $380,000 $369,000 $419,900 $485,000
2005 Qtr. 1 $350,000 $337,450 $396,000 $459,900
2004 Qtr. 4 $330,000 $306,500 $354,000 $449,500
2004 Qtr. 3 $323,000 $312,000 $336,250 $436,000
2004 Qtr. 2 $310,000 $289,000 $320,000 $415,000
2004 Qtr. 1 $276,500 $227,000 $307,500 $379,000
2003 Qtr. 4 $260,000 $249,999 $270,000 $370,500
2003 Qtr. 3 $249,900 $233,675 $271,500 $338,000
2003 Qtr. 2 $246,250 $228,000 $266,750 $345,793
2003 Qtr. 1 $229,000 $224,500 $237,675
2002 Qtr. 4 $219,950 $195,000 $203,500
2002 Qtr. 3 $218,000 $189,700 $192,000
2002 Qtr. 2 $204,975 $173,000 $217,500
2002 Qtr. 1 $186,000 $152,000 $181,750
2001 Qtr. 4 $175,000 $166,000 $202,000
2001 Qtr. 3 $170,000 $145,500 $149,500
2001 Qtr. 2 $175,700 $154,000 $159,000
Page 18 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95826 95827
Median
2010 Qtr. 1 $182,000 $176,500 $165,000
2009 Qtr. 4 $187,500 $185,000 $169,900
2009 Qtr. 3 $183,000 $181,000 $150,000
2009 Qtr. 2 $180,000 $184,500 $162,750
2009 Qtr. 1 $167,500 $208,000 $135,500
2008 Qtr. 4 $180,000 $201,500 $190,400
2008 Qtr. 3 $194,950 $200,000 $180,000
2008 Qtr. 2 $220,000 $213,500 $183,500
2008 Qtr. 1 $254,896 $251,000 $218,000
2007 Qtr. 4 $280,000 $294,500 $227,000
2007 Qtr. 3 $320,000 $255,000 $242,000
2007 Qtr. 2 $339,950 $292,000 $303,000
2007 Qtr. 1 $350,000 $312,000 $310,000
2006 Qtr. 4 $355,000 $310,000 $322,000
2006 Qtr. 3 $363,000 $320,000 $320,000
2006 Qtr. 2 $380,000 $339,900 $339,500
2006 Qtr. 1 $374,500 $338,500 $320,000
2005 Qtr. 4 $375,000 $357,700 $374,500
2005 Qtr. 3 $385,000 $373,000 $325,000
2005 Qtr. 2 $380,000 $348,500 $353,250
2005 Qtr. 1 $350,000 $339,000 $315,000
2004 Qtr. 4 $330,000 $305,000 $305,000
2004 Qtr. 3 $323,000 $294,000 $286,000
2004 Qtr. 2 $310,000 $282,500 $270,000
2004 Qtr. 1 $276,500 $222,500 $201,500
2003 Qtr. 4 $260,000 $240,000 $235,000
2003 Qtr. 3 $249,900 $230,000 $220,000
2003 Qtr. 2 $246,250 $222,000 $231,750
2003 Qtr. 1 $229,000 $206,500 $210,000
2002 Qtr. 4 $219,950 $211,000 $181,000
2002 Qtr. 3 $218,000 $192,000 $190,500
2002 Qtr. 2 $204,975 $198,000 $197,000
2002 Qtr. 1 $186,000 $172,500 $156,000
2001 Qtr. 4 $175,000 $166,100 $158,750
2001 Qtr. 3 $170,000 $161,500 $160,000
2001 Qtr. 2 $175,700 $154,000 $148,000
First Quarter 2010 Page 19

Market
95815 95838
Median
2010 Qtr. 1 $182,000 $73,500 $95,000
2009 Qtr. 4 $187,500 $57,000 $100,000
2009 Qtr. 3 $183,000 $75,500 $95,000
2009 Qtr. 2 $180,000 $57,600 $100,500
2009 Qtr. 1 $167,500 $50,000 $82,500
2008 Qtr. 4 $180,000 $67,250 $90,000
2008 Qtr. 3 $194,950 $74,950 $103,000
2008 Qtr. 2 $220,000 $96,625 $118,000
2008 Qtr. 1 $254,896 $91,000 $99,900
2007 Qtr. 4 $280,000 $139,900 $187,500
2007 Qtr. 3 $320,000 $198,000 $220,000
2007 Qtr. 2 $339,950 $227,500 $222,300
2007 Qtr. 1 $350,000 $201,000 $301,000
2006 Qtr. 4 $355,000 $241,900 $253,500
2006 Qtr. 3 $363,000 $267,500 $280,000
2006 Qtr. 2 $380,000 $255,150 $303,750
2006 Qtr. 1 $374,500 $248,500 $313,750
2005 Qtr. 4 $375,000 $272,500 $302,500
2005 Qtr. 3 $385,000 $260,000 $317,000
2005 Qtr. 2 $380,000 $264,000 $290,500
2005 Qtr. 1 $350,000 $236,500 $251,000
2004 Qtr. 4 $330,000 $220,000 $272,000
2004 Qtr. 3 $323,000 $218,500 $250,000
2004 Qtr. 2 $310,000 $210,000 $235,000
2004 Qtr. 1 $276,500 $160,250 $158,000
2003 Qtr. 4 $260,000 $171,000 $195,000
2003 Qtr. 3 $249,900 $170,500 $192,000
2003 Qtr. 2 $246,250 $135,000 $180,000
2003 Qtr. 1 $229,000 $143,975 $163,000
2002 Qtr. 4 $219,950 $154,950 $165,000
2002 Qtr. 3 $218,000 $130,000 $158,500
2002 Qtr. 2 $204,975 $120,500 $149,500
2002 Qtr. 1 $186,000 $98,500 $149,850
2001 Qtr. 4 $175,000 $104,800 $129,000
2001 Qtr. 3 $170,000 $85,000 $111,500
2001 Qtr. 2 $175,700 $86,750 $140,000
Page 20 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95817 95820
Median
2010 Qtr. 1 $182,000 $75,000 $95,000
2009 Qtr. 4 $187,500 $94,000 $99,000
2009 Qtr. 3 $183,000 $140,000 $87,450
2009 Qtr. 2 $180,000 $95,000 $74,950
2009 Qtr. 1 $167,500 $48,100 $55,500
2008 Qtr. 4 $180,000 $70,500 $75,150
2008 Qtr. 3 $194,950 $60,000 $85,000
2008 Qtr. 2 $220,000 $83,000 $105,470
2008 Qtr. 1 $254,896 $95,450 $122,000
2007 Qtr. 4 $280,000 $158,000 $154,000
2007 Qtr. 3 $320,000 $290,000 $212,000
2007 Qtr. 2 $339,950 $213,200 $225,000
2007 Qtr. 1 $350,000 $274,500 $266,500
2006 Qtr. 4 $355,000 $295,000 $244,500
2006 Qtr. 3 $363,000 $250,000 $275,000
2006 Qtr. 2 $380,000 $273,000 $265,000
2006 Qtr. 1 $374,500 $321,500 $262,000
2005 Qtr. 4 $375,000 $302,500 $267,000
2005 Qtr. 3 $385,000 $277,000 $282,450
2005 Qtr. 2 $380,000 $350,000 $272,000
2005 Qtr. 1 $350,000 $301,000 $240,000
2004 Qtr. 4 $330,000 $219,000 $245,000
2004 Qtr. 3 $323,000 $220,500 $249,000
2004 Qtr. 2 $310,000 $178,500 $221,750
2004 Qtr. 1 $276,500 $152,500 $162,500
2003 Qtr. 4 $260,000 $213,250 $185,000
2003 Qtr. 3 $249,900 $140,000 $181,075
2003 Qtr. 2 $246,250 $184,950 $164,500
2003 Qtr. 1 $229,000 $202,000 $169,875
2002 Qtr. 4 $219,950 $150,000 $157,450
2002 Qtr. 3 $218,000 $132,350 $143,500
2002 Qtr. 2 $204,975 $124,630 $139,900
2002 Qtr. 1 $186,000 $96,000 $115,000
2001 Qtr. 4 $175,000 $103,475 $117,500
2001 Qtr. 3 $170,000 $99,950 $120,000
2001 Qtr. 2 $175,700 $121,750 $115,000
First Quarter 2010 Page 21

Market
95660 95842 95843
Median
2010 Qtr. 1 $182,000 $110,000 $142,500 $195,000
2009 Qtr. 4 $187,500 $110,000 $135,000 $195,000
2009 Qtr. 3 $183,000 $102,000 $140,000 $192,350
2009 Qtr. 2 $180,000 $109,000 $134,000 $183,500
2009 Qtr. 1 $167,500 $93,500 $135,000 $204,000
2008 Qtr. 4 $180,000 $95,500 $136,000 $209,950
2008 Qtr. 3 $194,950 $116,500 $160,000 $222,000
2008 Qtr. 2 $220,000 $116,000 $160,000 $225,000
2008 Qtr. 1 $254,896 $138,500 $190,000 $239,000
2007 Qtr. 4 $280,000 $134,000 $200,000 $267,450
2007 Qtr. 3 $320,000 $182,500 $249,500 $280,000
2007 Qtr. 2 $339,950 $210,000 $262,500 $309,000
2007 Qtr. 1 $350,000 $235,000 $275,000 $329,000
2006 Qtr. 4 $355,000 $247,500 $281,000 $348,500
2006 Qtr. 3 $363,000 $267,000 $282,500 $368,700
2006 Qtr. 2 $380,000 $273,000 $300,000 $365,000
2006 Qtr. 1 $374,500 $280,500 $321,750 $367,000
2005 Qtr. 4 $375,000 $290,000 $322,540 $374,900
2005 Qtr. 3 $385,000 $296,335 $317,000 $381,550
2005 Qtr. 2 $380,000 $291,000 $321,500 $380,000
2005 Qtr. 1 $350,000 $265,000 $297,250 $360,000
2004 Qtr. 4 $330,000 $256,950 $276,000 $335,000
2004 Qtr. 3 $323,000 $249,900 $280,000 $330,000
2004 Qtr. 2 $310,000 $230,000 $260,000 $314,000
2004 Qtr. 1 $276,500 $169,000 $183,000 $245,000
2003 Qtr. 4 $260,000 $195,000 $222,775 $269,725
2003 Qtr. 3 $249,900 $181,000 $220,000 $253,400
2003 Qtr. 2 $246,250 $175,000 $190,000 $250,750
2003 Qtr. 1 $229,000 $167,500 $183,000 $229,125
2002 Qtr. 4 $219,950 $159,250 $183,500 $229,250
2002 Qtr. 3 $218,000 $153,000 $183,975 $220,000
2002 Qtr. 2 $204,975 $155,000 $172,000 $219,700
2002 Qtr. 1 $186,000 $135,000 $136,800 $192,500
2001 Qtr. 4 $175,000 $123,000 $141,500 $195,000
2001 Qtr. 3 $170,000 $124,900 $145,000 $185,000
2001 Qtr. 2 $175,700 $125,525 $144,680 $188,000
Page 22 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95831 95832
Median
2010 Qtr. 1 $182,000 $330,000 $118,750
2009 Qtr. 4 $187,500 $296,000 $110,000
2009 Qtr. 3 $183,000 $369,250 $117,750
2009 Qtr. 2 $180,000 $295,000 $161,500
2009 Qtr. 1 $167,500 $306,000 $75,000
2008 Qtr. 4 $180,000 $319,000 $115,000
2008 Qtr. 3 $194,950 $322,000 $111,000
2008 Qtr. 2 $220,000 $345,500 $140,000
2008 Qtr. 1 $254,896 $358,000 $220,000
2007 Qtr. 4 $280,000 $370,000 $245,000
2007 Qtr. 3 $320,000 $362,500 $170,000
2007 Qtr. 2 $339,950 $385,000 $280,500
2007 Qtr. 1 $350,000 $495,000 $397,500
2006 Qtr. 4 $355,000 $389,250 $400,000
2006 Qtr. 3 $363,000 $407,000 $308,500
2006 Qtr. 2 $380,000 $406,000 $317,500
2006 Qtr. 1 $374,500 $478,188 $325,725
2005 Qtr. 4 $375,000 $397,500 $296,500
2005 Qtr. 3 $385,000 $510,000 $310,000
2005 Qtr. 2 $380,000 $450,000 $395,000
2005 Qtr. 1 $350,000 $395,000 $330,000
2004 Qtr. 4 $330,000 $411,000 $260,450
2004 Qtr. 3 $323,000 $360,000 $252,500
2004 Qtr. 2 $310,000 $377,250 $240,000
2004 Qtr. 1 $276,500 $310,000 $178,000
2003 Qtr. 4 $260,000 $322,500 $180,000
2003 Qtr. 3 $249,900 $280,000 $180,000
2003 Qtr. 2 $246,250 $313,500 $167,250
2003 Qtr. 1 $229,000 $287,000 $165,000
2002 Qtr. 4 $219,950 $272,900 $156,000
2002 Qtr. 3 $218,000 $256,550 $150,000
2002 Qtr. 2 $204,975 $262,250 $136,000
2002 Qtr. 1 $186,000 $231,750 $124,354
2001 Qtr. 4 $175,000 $219,000 $117,900
2001 Qtr. 3 $170,000 $214,750 $111,500
2001 Qtr. 2 $175,700 $220,000 $113,000
First Quarter 2010 Page 23

Market
95630 95670 95742
Median
2010 Qtr. 1 $182,000 $389,950 $177,500 $269,990
2009 Qtr. 4 $187,500 $372,000 $189,000 $272,822
2009 Qtr. 3 $183,000 $384,450 $230,000 $240,000
2009 Qtr. 2 $180,000 $382,000 $195,000 $280,000
2009 Qtr. 1 $167,500 $375,000 $172,000 $280,000
2008 Qtr. 4 $180,000 $365,900 $200,000 $293,801
2008 Qtr. 3 $194,950 $423,750 $195,000 $319,000
2008 Qtr. 2 $220,000 $384,250 $187,000 $325,000
2008 Qtr. 1 $254,896 $415,000 $275,600 $316,000
2007 Qtr. 4 $280,000 $412,000 $318,000 $333,900
2007 Qtr. 3 $320,000 $458,500 $323,000 $312,396
2007 Qtr. 2 $339,950 $504,000 $414,790 $442,459
2007 Qtr. 1 $350,000 $495,000 $428,000 $450,500
2006 Qtr. 4 $355,000 $461,700 $350,000 $435,000
2006 Qtr. 3 $363,000 $462,500 $339,000 $397,805
2006 Qtr. 2 $380,000 $508,475 $422,500 $400,265
2006 Qtr. 1 $374,500 $490,000 $358,000
2005 Qtr. 4 $375,000 $551,500 $350,000
2005 Qtr. 3 $385,000 $539,000 $384,500
2005 Qtr. 2 $380,000 $540,000 $341,050
2005 Qtr. 1 $350,000 $478,326 $325,000
2004 Qtr. 4 $330,000 $446,000 $309,000
2004 Qtr. 3 $323,000 $455,000 $297,000
2004 Qtr. 2 $310,000 $431,000 $276,750
2004 Qtr. 1 $276,500 $329,000 $207,500
2003 Qtr. 4 $260,000 $379,500 $249,000
2003 Qtr. 3 $249,900 $340,000 $234,950
2003 Qtr. 2 $246,250 $334,000 $248,500
2003 Qtr. 1 $229,000 $337,475 $213,500
2002 Qtr. 4 $219,950 $315,000 $210,000
2002 Qtr. 3 $218,000 $310,500 $208,900
2002 Qtr. 2 $204,975 $310,000 $195,250
2002 Qtr. 1 $186,000 $291,250 $170,000
2001 Qtr. 4 $175,000 $285,000 $157,750
2001 Qtr. 3 $170,000 $280,000 $145,000
2001 Qtr. 2 $175,700 $267,500 $166,000
Page 24 The Wright Report: Sacramento’s Residential Investment Analysis

Market
95632
Median
2010 Qtr. 1 $182,000 $175,000
2009 Qtr. 4 $187,500 $154,250
2009 Qtr. 3 $183,000 $208,500
2009 Qtr. 2 $180,000 $170,000
2009 Qtr. 1 $167,500 $183,000
2008 Qtr. 4 $180,000 $180,000
2008 Qtr. 3 $194,950 $195,775
2008 Qtr. 2 $220,000 $198,000
2008 Qtr. 1 $254,896 $254,850
2007 Qtr. 4 $280,000 $267,500
2007 Qtr. 3 $320,000 $325,000
2007 Qtr. 2 $339,950 $376,000
2007 Qtr. 1 $350,000 $335,000
2006 Qtr. 4 $355,000 $385,000
2006 Qtr. 3 $363,000 $379,500
2006 Qtr. 2 $380,000 $387,500
2006 Qtr. 1 $374,500 $386,200
2005 Qtr. 4 $375,000 $384,500
2005 Qtr. 3 $385,000 $380,750
2005 Qtr. 2 $380,000 $360,000
2005 Qtr. 1 $350,000 $338,250
2004 Qtr. 4 $330,000 $325,000
2004 Qtr. 3 $323,000 $315,000
2004 Qtr. 2 $310,000 $309,000
2004 Qtr. 1 $276,500 $224,750
2003 Qtr. 4 $260,000 $270,000
2003 Qtr. 3 $249,900 $243,250
2003 Qtr. 2 $246,250 $236,000
2003 Qtr. 1 $229,000 $231,500
2002 Qtr. 4 $219,950 $210,000
2002 Qtr. 3 $218,000 $215,000
2002 Qtr. 2 $204,975 $212,300
2002 Qtr. 1 $186,000 $189,000
2001 Qtr. 4 $175,000 $176,950
2001 Qtr. 3 $170,000 $173,000
2001 Qtr. 2 $175,700 $177,500
First Quarter 2010 Page 25

Market
95605 95691
Median
2010 Qtr. 1 $182,000 $137,500 $251,750
2009 Qtr. 4 $187,500 $105,000 $241,500
2009 Qtr. 3 $183,000 $107,750 $250,000
2009 Qtr. 2 $180,000 $100,850 $231,000
2009 Qtr. 1 $167,500 $141,707 $224,000
2008 Qtr. 4 $180,000 $157,500 $284,125
2008 Qtr. 3 $194,950 $137,500 $261,990
2008 Qtr. 2 $220,000 $135,000 $272,500
2008 Qtr. 1 $254,896 $143,000 $310,500
2007 Qtr. 4 $280,000 $160,000 $281,000
2007 Qtr. 3 $320,000 $240,000 $335,000
2007 Qtr. 2 $339,950 $325,000 $354,500
2007 Qtr. 1 $350,000 $305,000 $365,000
2006 Qtr. 4 $355,000 $264,000 $394,000
2006 Qtr. 3 $363,000 $305,000 $367,475
2006 Qtr. 2 $380,000 $413,000 $413,000
2006 Qtr. 1 $374,500 $310,000 $393,500
2005 Qtr. 4 $375,000 $324,500 $399,506
2005 Qtr. 3 $385,000 $293,000 $409,500
2005 Qtr. 2 $380,000 $279,000 $407,450
2005 Qtr. 1 $350,000 $296,000 $452,000
2004 Qtr. 4 $330,000 $245,000 $345,000
2004 Qtr. 3 $323,000 $245,000 $347,000
2004 Qtr. 2 $310,000 $239,950 $330,000
2004 Qtr. 1 $276,500 $183,000 $214,250
2003 Qtr. 4 $260,000 $180,500 $265,000
2003 Qtr. 3 $249,900 $175,000 $263,000
2003 Qtr. 2 $246,250 $170,000 $246,500
2003 Qtr. 1 $229,000 $159,250 $214,950
2002 Qtr. 4 $219,950 $185,900 $241,000
2002 Qtr. 3 $218,000 $149,500 $223,250
2002 Qtr. 2 $204,975 $134,000 $179,950
2002 Qtr. 1 $186,000 $116,475 $184,000
2001 Qtr. 4 $175,000 $91,000 $151,000
2001 Qtr. 3 $170,000 $104,500 $151,975
2001 Qtr. 2 $175,700 $105,600 $142,750
Page 26 The Wright Report: Sacramento’s Residential Investment Analysis

Abbreviations
CAR = California Association of Realtors
HAFA = Home Affordable Foreclosure Alternative
HAMP = Home Affordable Mortgage Program
MLS = Multiple Listing Service
NAR = National Association of Realtors
NOD = Notice of Default
NOT = Notice of Trustee Sale
REO = Real Estate Owned by a bank, or foreclosure
SAR = Sacramento Association of Realtors
WRE = Wright Real Estate

Additional Resources
MetrolistMLS.com - to search for properties. www.metrolistmls.com
NorthState Building Industry Association (BIA) www.northstatebia.org
Rental Housing Association (RHA) www.rha.org
Sacramento Association of Realtors (SAR) www.sacrealtor.org

Methodology
All properties of a given type were downloaded from the MLS and separated by Seller Type and analyzed to
achieve the highest degree of accuracy. The following assumptions and estimates were used in the calculation:
• Appreciation = No appreciation has been included in our estimates, though it will certainly occur.
• Cash Down Payment = 20% of purchase price
• Closing Costs = 4%
• Initial Repairs = repairs at purchase have not been factored into the equations as they vary dramatically.
• Insurance = .4% annually (divided by 12 for monthly estimates)
• Interest Rate = 7% amortized over 30 years
• Maintenance = 10% of gross rents
• Property Management = 10% of gross rents
• Rents = projected based on our internal findings for each zip code and adjusted based on the number of
bedrooms (SFR) or number of units. Therefore, estimated rents for Duplexes, Triplexes, and Four-
Plexes vary by property type and zip code, and SFR rents vary by number of bedrooms also adjusted for
zip code.
• Taxes = 1.2% of the purchase price annually. Although this number varies the amount is not significant.
• Vacancy = 5% of gross rents

Wright Real Estate has been serving investors in the

Sacramento area since 2004. We specialize in great
long term investment deals for educated professionals.

For FREE Information and Consulting Services

Office: 916/726-8308 WrightRealEstate@gmail.com

www.WREProfessionals.com