Negative Equity Q3 Charts

** The definition of pre-foreclosure is a Notice of Default, which is the first step in the public record filing process. It is very possible for borrowers with positive equity to be seriously delinquent and receive a pre-foreclosure notice, but if the amount of equity is enough, they typically will be forced to sell their home to avoid foreclosure.

Table 1: Negative Equity by State*

State

Mortgages

Properties With a Mortgage Outstanding Near** Negative Negative Equity Equity Negative Mortgages Mortgages Equity Share

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington Washington, DC West Virginia Wisconsin Wyoming Nation

323,363 84,726 1,368,572 230,402 6,934,505 1,126,882 804,690 173,996 4,561,689 1,573,628 229,572 236,557 2,226,172 557,538 305,535 286,387 262,287 NA NA 1,360,048 1,480,209 1,374,458 517,203 NA 769,582 103,283 217,399 604,665 204,322 1,886,961 226,922 1,798,647 1,456,128 40,694 2,203,538 394,881 698,525 1,765,129 224,650 569,567 NA 932,765 3,168,016 470,227 NA 1,235,727 1,402,209 100,050 NA 568,529 NA 47,354,699

23,950 8,651 655,540 26,097 2,407,889 214,436 85,744 24,365 2,038,063 376,954 18,926 46,567 409,804 49,836 28,534 29,824 24,089 NA NA 292,820 231,223 513,278 80,227 NA 105,837 6,622 20,341 393,112 37,793 290,838 25,089 111,219 130,587 3,502 442,000 24,247 97,186 131,878 36,439 68,238 NA 123,383 348,208 86,024 NA 294,008 199,905 15,899 NA 80,497 NA 10,698,024

13,437 4,906 61,621 14,741 270,439 87,727 31,059 8,849 180,178 130,616 7,379 10,790 113,240 22,945 14,301 15,518 13,931 NA NA 66,605 54,514 83,861 25,166 NA 41,015 2,776 11,773 22,093 11,866 81,113 9,902 41,212 82,154 1,330 147,183 13,391 37,410 56,297 6,987 30,330 NA 65,176 189,218 28,084 NA 69,690 74,164 4,557 NA 29,752 NA 2,301,649

$ Outstanding Near** Negative Equity Share

7.4% 10.2% 47.9% 11.3% 34.7% 19.0% 10.7% 14.0% 44.7% 24.0% 8.2% 19.7% 18.4% 8.9% 9.3% 10.4% 9.2% NA NA 21.5% 15.6% 37.3% 15.5% NA 13.8% 6.4% 9.4% 65.0% 18.5% 15.4% 11.1% 6.2% 9.0% 8.6% 20.1% 6.1% 13.9% 7.5% 16.2% 12.0% NA 13.2% 11.0% 18.3% NA 23.8% 14.3% 15.9% NA 14.2% NA 22.6%

* This data only includes properties with a mortgage. Non-mortgaged properties are by definition not included. ** Defined as properties in negative equity or within 5% of being in a negative equity position.

4.2% 5.8% 4.5% 6.4% 3.9% 7.8% 3.9% 5.1% 3.9% 8.3% 3.2% 4.6% 5.1% 4.1% 4.7% 5.4% 5.3% NA NA 4.9% 3.7% 6.1% 4.9% NA 5.3% 2.7% 5.4% 3.7% 5.8% 4.3% 4.4% 2.3% 5.6% 3.3% 6.7% 3.4% 5.4% 3.2% 3.1% 5.3% NA 7.0% 6.0% 6.0% NA 5.6% 5.3% 4.6% NA 5.2% NA 4.9%

Total Property Value 64,211,995,221 22,581,000,177 287,685,256,518 35,985,840,989 2,898,370,652,854 307,419,525,068 292,497,354,132 45,609,760,183 906,227,140,097 326,266,456,872 125,578,947,095 50,976,166,875 548,438,947,464 87,223,021,164 45,999,224,974 52,478,187,723 44,792,497,951 NA NA 441,335,180,706 538,627,379,903 203,774,863,141 119,740,860,669 NA 140,248,938,263 27,778,331,905 35,038,127,595 116,768,920,280 50,374,032,297 684,535,731,652 54,138,738,940 809,676,704,146 311,067,344,410 6,745,079,056 325,815,930,626 58,172,916,206 188,192,330,495 397,202,585,977 64,030,416,719 129,999,110,063 NA 162,953,218,024 580,942,759,135 119,287,507,807 NA 417,169,394,840 451,089,987,058 48,442,762,101 NA 111,007,096,015 NA 12,795,512,047,914

Mortgage Debt Outstanding

Net Homeowner Equity

41,066,979,451 15,119,410,632 260,930,735,982 26,435,828,174 2,087,963,760,624 219,938,041,045 167,305,920,422 31,011,707,815 792,754,976,135 253,577,714,203 65,221,334,743 34,967,241,144 383,819,662,281 58,295,733,144 30,413,522,273 36,553,496,132 29,917,071,331 NA NA 301,264,670,486 325,415,567,370 170,907,256,555 75,469,941,221 NA 97,999,126,231 15,190,034,758 25,177,350,824 132,633,221,347 34,471,800,243 421,242,864,729 35,183,750,063 395,674,927,067 215,185,300,367 4,124,256,883 243,197,977,298 40,728,126,667 125,369,338,550 244,025,236,176 34,641,060,959 88,742,738,130 NA 114,254,441,585 400,507,399,525 84,706,413,257 NA 297,419,114,453 295,477,095,247 28,790,943,142 NA 74,102,079,961 NA 8,897,671,312,552

23,144,883,447 7,461,552,041 26,753,945,273 9,549,913,620 810,404,039,649 87,480,986,096 125,191,119,356 14,597,984,192 113,470,209,693 72,688,049,523 60,357,525,066 16,008,823,529 164,618,344,143 28,927,058,985 15,585,578,037 15,924,565,399 14,875,320,146 NA NA 140,069,926,475 213,211,231,057 32,867,033,302 44,270,703,003 NA 42,249,480,238 12,588,252,467 9,860,681,423 -15,864,577,219 15,902,155,455 263,292,114,448 18,954,893,121 414,001,096,554 95,881,445,711 2,620,805,349 82,617,002,776 17,444,615,134 62,822,700,362 153,176,623,917 29,389,266,786 41,256,145,022 NA 48,698,384,523 180,433,964,328 34,580,896,926 NA 119,749,762,835 155,612,289,578 19,651,778,498 NA 36,904,784,980 NA 3,897,820,918,898

Loan-to-Value Ratio 64% 67% 91% 73% 72% 72% 57% 68% 87% 78% 52% 69% 70% 67% 66% 70% 67% NA NA 68% 60% 84% 63% NA 70% 55% 72% 114% 68% 62% 65% 49% 69% 61% 75% 70% 67% 61% 54% 68% NA 70% 69% 71% NA 71% 66% 59% NA 67% NA 70%

Media Contacts: For real estate industry and trade media:

For general news media:

Bill Campbell

Lori Guyton

[email protected] (212) 995.8057 (office) (917) 328.6539 (mobile)

[email protected] (901) 277.6066