#Home-Ownership-Builds-Wealth by David Carr Real Estate

August 27, 2022 – This page shows the basis for the Carr Value Shelf, a period from 2014-2019 when I correctly published sustained value providing optimal conditions for buying real estate in Connecticut, prior to COVID-19. As we move through the summer on 2022 the velocity of transactions has decreased as we see interest rates for buyers with 25% down and FICO>735 offered 30 year rates around 5%

Note: This page shows you my historical research and basis for summary since 2012 through 2015 (when stabilization was first observed in my market). On March 18, 2019 this is a static page for reference, since Milford New Haven Metro CT has achieved continued stability with minimal appreciation as discussed in my 4Q2018 report found in the homepage menu.

11-30-2015-(CT) The Greater New Haven Milford Metro House Price Index rose 0.52 to 178.65 ending 3Q2015. Greater New Haven saw HPI values decline from the Great Dutch Tulip Recession of 2007, falling to a low of 178 in 2Q2011. A false recovery offered brief hope, however HPI-178 emerged as a significant point ending 2011. The Carr New Haven Milford Metro Value Shelf is defined as the range of 173-178, the 5 point range HPI values have maintained for the past 45 months.The 0.02 correction observed in 2Q2015 was eliminated by the recent 0.52 gain

USA housing values have mostly recovered, in some places attaining new, bubble like highs, leaving Connecticut in the bottom 10% of the nation in recovery. The June 2015 Core Logic House Price Index (CLHPI) placed Connecticut 20% below July 2006 Great Dutch Tulip Recession 2007 peak prices. In October 2015 CLHPI placed Connecticut in the national 10 ten for year over year appreciation in 2016, as the tide raises all ships.

The October 2015 Freddie Mac Multi Indicator Market Index (MIMI) reported the New Haven Metro Market as “weak and improving” with a ranking of 73.5. which is 6.5 points under the target range of 80-120, and a similar position to July 2009.

Looking hyper local at New Haven County we see the 2012-2015 Carr Value Shelf is defined by a static prices, an inventory around 3450 (+/-3%) of residential properties in the 150-500k range, and a static Selling Price per square foot of 152 (+/-3%). Signs of recovery include 8 months of standing inventory, a steadily increasing Ask/Close ratio, increased sales with static appreciation. All around Greater New Haven we see new residential, commercial and academic construction, evidence of long term confidence in our neighborhoods.

Renting continues to be >20% more expense than buying over seven years in various projections, yet traditionally requires the buyer brings 3% of the purchase for down payment and closing costs. Incentives can be identified by knowledgeable professionals. On November 20, 2015, 107 openings existed for low down payment and low interest forgivable and/or deferred loans for owner occupants in Greater New Haven

06/09/15 New Haven, Ct – New Haven Milford Metro posted the 4^th consistent quarter of HPI increase ending March 31, 2015. As we enjoy rising temperatures of summer the same can be said for Connecticut median house price values. We may anticipate continued improvement and stabilization of all property value indexes.
The New Haven-Milford FHFA HPI All Transaction (chart 1) values have improved for 1Q2015 with an increase of +1.79, bringing this all encompassing HPI value to 177.86, surpassing Carr Correction Base (177.64), first observed ending 1Q2012, reported in May 2012.

When we consider Distress Free Property (remove foreclosures and owners under water)(chart 2) the recovery is more dramatic, exceeding 4Q2010, minimally surpassing 2Q2010. When comparing Connecticut FHFA HPI to other metros, observe the length of width of the Carr Lateral Shelf which shows a notable inventory of 13 quarters with a range of 10 points, demonstrating sustained value, or a delayed recovery, compared to a “bottom touch” quick recovery seen in many metros.The transaction weighted FHFA HPI placed 1Q2015 home values comparable to 4Q2005, while the value weighted Case Shiller placed 1Q2015 home values slightly higher comparable to 2Q2005

5/26/2015 Washington, D.C. – U.S. house prices rose 1.3 percent in the first quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the fifteenth consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for March was up 0.3 percent from February. The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac, which, while different from the Case Shiller Index (by excluding sub-prime and jumbo loans), draws similar conclusions.

Chart 1—All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data)

Metropolitan Statistical Areas and Divisions (Not Seasonally Adjusted)

“New Haven-Milford, CT” 35300 2004 1 171.29 -1.11″New Haven-Milford, CT” 35300 2004 2 176.63 -1.14″New Haven-Milford, CT” 35300 2004 3 186.29 -1.23″New Haven-Milford, CT” 35300 2004 4 189.55 -1.25″New Haven-Milford, CT” 35300 2005 1 194.26 -1.3″New Haven-Milford, CT” 35300 2005 2 201.41 -1.33″New Haven-Milford, CT” 35300 2005 3 208.35 -1.36″New Haven-Milford, CT” 35300 2005 4 212.71 -1.42″New Haven-Milford, CT” 35300 2006 1 216.08 -1.47″New Haven-Milford, CT” 35300 2006 2 217.44 -1.46″New Haven-Milford, CT” 35300 2006 3 217.78 -1.46″New Haven-Milford, CT” 35300 2006 4 219.2 -1.46″New Haven-Milford, CT” 35300 2007 1 220.39 -1.49″New Haven-Milford, CT” 35300 2007 2 219.94 -1.46″New Haven-Milford, CT” 35300 2007 3 217.05 -1.44″New Haven-Milford, CT” 35300 2007 4 215.71 -1.44″New Haven-Milford, CT” 35300 2008 1 215.2 -1.41″New Haven-Milford, CT” 35300 2008 2 208.88 -1.39″New Haven-Milford, CT” 35300 2008 3 201.76 -1.37″New Haven-Milford, CT” 35300 2008 4 200.76 -1.38″New Haven-Milford, CT” 35300 2009 1 202.67 -1.33″New Haven-Milford, CT” 35300 2009 2 195.47 -1.27″New Haven-Milford, CT” 35300 2009 3 189.69 -1.27″New Haven-Milford, CT” 35300 2009 4 190.14 -1.28″New Haven-Milford, CT” 35300 2010 1 187.33 -1.29″New Haven-Milford, CT” 35300 2010 2 186.28 -1.27″New Haven-Milford, CT” 35300 2010 3 188.1 -1.26″New Haven-Milford, CT” 35300 2010 4 187.37 -1.23″New Haven-Milford, CT” 35300 2011 1 182.34 -1.25″New Haven-Milford, CT” 35300 2011 2 178.57 -1.25″New Haven-Milford, CT” 35300 2011 3 179.61 -1.23 <False Bottom>”New Haven-Milford, CT” 35300 2011 4 180.65 -1.21 <False Bottom>”New Haven-Milford, CT” 35300 2012 1 177.64 -1.21 <Correction>”New Haven-Milford, CT” 35300 2012 2 175.37 -1.20 <TECHNICAL BOTTOM>”New Haven-Milford, CT” 35300 2012 3 175.35 -1.19 <Lateral Shelf>”New Haven-Milford, CT” 35300 2012 4 175.67 -1.19 <Lateral Shelf>”New Haven-Milford, CT” 35300 2013 1 175.61 -1.21 <Lateral Shelf>”New Haven-Milford, CT” 35300 2013 2 176.01 -1.23 <Lateral Shelf>”New Haven-Milford, CT” 35300 2013 3 176.04 -1.28 <Lateral Shelf>”New Haven-Milford, CT” 35300 2013 4 174.38 -1.38 <Lateral Shelf>”New Haven-Milford, CT” 35300 2014 1 173.14 -1.45 <Lateral Shelf>”New Haven-Milford, CT” 35300 2014 2 174.73 -1.4 <Lateral Shelf>”New Haven-Milford, CT” 35300 2014 3 175.44 -1.38 <Lateral Shelf>”New Haven-Milford, CT” 35300 2014 4 176.07 -1.39 <Improvement>”New Haven-Milford, CT” 35300 2015 1 177.86 -1.43 <Improvement>

SOURCE:

http://www.fhfa.gov/DataTools/Downloads/Documents/HPI/HPI_AT_metro.txt

Chart 2—-Non REO Distress Free Property-Transactions Indexes (Estimated using Sales Prices and Appraisal Data)

Metropolitan Statistical Areas and Divisions (Not Seasonally Adjusted)

35300 “New Haven-Milford, CT” 2004 1 163.07 165.3535300 “New Haven-Milford, CT” 2004 2 169.37 168.3735300 “New Haven-Milford, CT” 2004 3 177.34 175.8835300 “New Haven-Milford, CT” 2004 4 177.86 179.8335300 “New Haven-Milford, CT” 2005 1 180.21 182.4835300 “New Haven-Milford, CT” 2005 2 188.77 187.5635300 “New Haven-Milford, CT” 2005 3 195.34 193.735300 “New Haven-Milford, CT” 2005 4 193.28 195.7235300 “New Haven-Milford, CT” 2006 1 197.23 199.4935300 “New Haven-Milford, CT” 2006 2 200.54 199.4435300 “New Haven-Milford, CT” 2006 3 198.47 196.4235300 “New Haven-Milford, CT” 2006 4 194.26 196.9635300 “New Haven-Milford, CT” 2007 1 200.56 20335300 “New Haven-Milford, CT” 2007 2 203.48 202.5635300 “New Haven-Milford, CT” 2007 3 202.07 199.2435300 “New Haven-Milford, CT” 2007 4 195.03 197.9135300 “New Haven-Milford, CT” 2008 1 187.07 189.9935300 “New Haven-Milford, CT” 2008 2 188.15 187.2635300 “New Haven-Milford, CT” 2008 3 184.15 180.8435300 “New Haven-Milford, CT” 2008 4 179.32 181.8635300 “New Haven-Milford, CT” 2009 1 179.23 183.2235300 “New Haven-Milford, CT” 2009 2 175.16 174.0435300 “New Haven-Milford, CT” 2009 3 180.76 176.6635300 “New Haven-Milford, CT” 2009 4 170.53 173.0535300 “New Haven-Milford, CT” 2010 1 168.73 173.5635300 “New Haven-Milford, CT” 2010 2 174.44 172.9435300 “New Haven-Milford, CT” 2010 3 178.01 173.3435300 “New Haven-Milford, CT” 2010 4 162.44 164.9335300 “New Haven-Milford, CT” 2011 1 153.85 159.0435300 “New Haven-Milford, CT” 2011 2 166.37 164.4935300 “New Haven-Milford, CT” 2011 3 164.2 159.6035300 “New Haven-Milford, CT” 2011 4 164.19 166.9535300 “New Haven-Milford, CT” 2012 1 149.9 155.22 <TECHNICAL BOTTOM>>35300 “New Haven-Milford, CT” 2012 2 159.58 157.33 <Lateral Shelf>35300 “New Haven-Milford, CT” 2012 3 165.02 160.74 <Lateral Shelf>35300 “New Haven-Milford, CT” 2012 4 153.59 156.08 <Lateral Shelf>35300 “New Haven-Milford, CT” 2013 1 155.65 161.12 <Lateral Shelf>35300 “New Haven-Milford, CT” 2013 2 164.48 161.98 <Lateral Shelf>35300 “New Haven-Milford, CT” 2013 3 164.54 160.62 <Lateral Shelf>35300 “New Haven-Milford, CT” 2013 4 159.3 161.98 <Lateral Shelf>35300 “New Haven-Milford, CT” 2014 1 154.94 159.85 <Lateral Shelf>35300 “New Haven-Milford, CT” 2014 2 161.16 158.82 <Lateral Shelf>35300 “New Haven-Milford, CT” 2014 3 162.06 158.55 <Lateral Shelf>35300 “New Haven-Milford, CT” 2014 4 159.5 162.17 <<Rocovery>35300 “New Haven-Milford, CT” 2015 1 160.36 164.97 <<Recovery>

David Carr’s FHFA and CLHPI Connecticut House Price Observations are based on principles of support, resistance and channel recognition of value. Many factors affect real estate value, including, but not limited to employment, community stability, quality of life, proximity to goods and services, educational resources, recreational resources, money supply, credit, perception of future value, owner demand, owner financial resources, seller motivation, inventory and lender equity valuation.

Home Value Assurance is a key attribute of Consumer Confidence, while equity withdraw undermines liquidity. Home ownership traditionally was a long term, forced financial investment in a community, a savings plan, and a lifestyle. Buying and selling property at the same time preserves equity regardless of current values.

Homeowners invest in the Multiple Values of a home, acknowledging they are getting more for their money than renting, when one considers tax, location, property control, educational, recreational and neighborhood advantages.

David Carr supports the FHFA, an organization working to strengthen and secure the United States secondary mortgage markets by providing effective supervision, sound research, reliable data, and relevant policies.

David Carr, M.A. is a Connecticut REALTOR since 1996 who provides experience and information that will help others expand their perspective, with the intention of improving the quality of life and personal resources of his clients. Mr. Carr is a member of the Greater New Haven Association of REALTORS, and serves on the Professional Standards Committee, as well as other community development initiatives. Call Dave at his office, (203) 627-4213, for more information. Copyright June 9 2015. Original material.

March 7, 2015 (CT) As we anticipate the spring thaw, record snow accumulations and record low temperatures continue to embrace Connecticut. The same can be said for Connecticut median house price values and distressed housing inventory. We may anticipate improvement as the New Haven-Milford FHFA HPI values have improved for 4Q2014 with an increase of +1.37. This increase brings this HPI value to 177.17, within a two point range of CarrBaseA (179.67), first observed in February 2012.

Demand Pockets have developed in specific local markets, fueled by (a) historic low 30 year mortgage rates, (b) increasing rental costs, (c) pent up quality of life demand from the Great Recession, (d) increasing awareness of the long term values of leveraged investing, (e) increasing consumer confidence and, (f) a developing Real Property Value Shelf. This Value Shelf was established and validated in Connecticut with two and a half years of transactions of displaying comparable market value since 2012, previously observed in Connecticut between 1991 and 1997.

“Demand Pocket” (Copyright 3.7.2015) is a geographical niche in real property values, appreciation, perceived development value, or preservation value.

“Value Shelf” (Copyright 3.7.2015) is a period of time where an inventory and supply of comparably valued real property is established; i.e. Connecticut 1991-1997; i.e. Connecticut 2Q2012 thru 4Q2014. A Value Shelf is different from a bottom, or low, as a Value Shelf is sustained and developed over time.

Another credible data source, the January 2015 Core Logic House Price Index, confirms the development. When we exclude foreclosed and short sales, we see a one year CT-CLHPI value increase of 0.2% statewide. The increase, although small, has strengthened over the past three months, recovering from a 90 day decline of 0.7%, and closing January with a respectable 1.4% increase. Values are not as strong when we include distressed properties on our data set. We then observe a -1.9% decline for 2014, leaving Connecticut 24.8% below July 2006 peak values.

The goal and vision of David Carr’s FHFA and CLHPI House Price Observations is to recognize a historical formation of value so home buyers and investors can determine if they may be able to sell their property for reasonable return, avoiding loss of value and mobility. Home ownership traditionally was a long term financial investment in a community, a savings plan, and a lifestyle. Buying and selling property at the same time preserves equity.

The utilization of Cash Out Refi Equity Loans further undermines the stability of housing values, as owners choose to devalue their property to resolve unsecured debt, instead of building, through forced savings, an equity cushion against minor market corrections.

In the past, Cash Out Refi Equity was not available, yet homeowners could borrow money to improve their property. This was called a Home Improvement Loan, as it improved the functional, and equity value of the property. Borrowing cash against the family estate allows debt collectors to force a seizure through foreclosure. Better to owe money and have a place to live, in my opinion, than to pay lower interest rates for a short time, then end up locked out of your home. Best not to borrow money, choosing to make regular payments on debt, demonstrating intent to repay.

Historical Peak and Current Value Bases are identified to define a range of recovery, correction in an attempt to identify value support over time using current information. Real Estate is not a short term play unless specific criteria of value enhancement exist. This data set originated in 1977 with a value of 34.25 increasing consistently.

Value Enhancement and Support are relative to specific property styles and markets. The New Haven-Milford Metro data set originated in 1977 with a value of 34.25 rose to 124.88 in 2Q1988, then corrected to 110.25 in 3Q1991. The interesting part is values maintained a base channel of 11 points for 30 (thirty) quarters before rising to 111.3 in 4Q1998*

David Carr is a Connecticut Licensed REALTOR since 1996 who provides experience and information that will help others expand their perspective, with the intention of improving the quality of life and personal resources of his clients.

Mr. Carr is a member of the Greater New Haven Association of REALTORS, and serves on the Professional Standards Committee, as well as other community development initiatives.

—-REPORTED FOR FOURTH QUARTER 2014- Excerpts FHFA All Transactions metro chart

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) February 26, 2015. Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“New Haven-Milford, CT” 35300 2007 1 220.37 -1.49″New Haven-Milford, CT” 35300 2007 2 219.99 -1.46″New Haven-Milford, CT” 35300 2007 3 217.02 -1.44″New Haven-Milford, CT” 35300 2007 4 215.73 -1.44″New Haven-Milford, CT” 35300 2008 1 215.23 -1.41″New Haven-Milford, CT” 35300 2008 2 208.89 -1.39″New Haven-Milford, CT” 35300 2008 3 201.81 -1.37″New Haven-Milford, CT” 35300 2008 4 200.77 -1.38″New Haven-Milford, CT” 35300 2009 1 202.7 -1.33″New Haven-Milford, CT” 35300 2009 2 195.49 -1.27″New Haven-Milford, CT” 35300 2009 3 189.79 -1.27″New Haven-Milford, CT” 35300 2009 4 190.13 -1.28″New Haven-Milford, CT” 35300 2010 1 187.39 -1.29″New Haven-Milford, CT” 35300 2010 2 186.33 -1.27″New Haven-Milford, CT” 35300 2010 3 188.18 -1.26″New Haven-Milford, CT” 35300 2010 4 187.42 -1.23″New Haven-Milford, CT” 35300 2011 1 182.42 -1.26″New Haven-Milford, CT” 35300 2011 2 178.47 -1.25″New Haven-Milford, CT” 35300 2011 3 179.6 -1.23<CARR BASE A>”New Haven-Milford, CT” 35300 2011 4 180.77 -1.21″New Haven-Milford, CT” 35300 2012 1 177.66 -1.21″New Haven-Milford, CT” 35300 2012 2 175.42 -1.20<CARR BASE B>”New Haven-Milford, CT” 35300 2012 3 175.4 -1.19″New Haven-Milford, CT” 35300 2012 4 175.65 -1.19″New Haven-Milford, CT” 35300 2013 1 175.68 -1.21″New Haven-Milford, CT” 35300 2013 2 176.02 -1.23″New Haven-Milford, CT” 35300 2013 3 176.37 -1.29″New Haven-Milford, CT” 35300 2013 4 174.91 -1.4″New Haven-Milford, CT” 35300 2014 1 173.96 -1.48<CARR BASE C>”New Haven-Milford, CT” 35300 2014 2 175.23 -1.44″New Haven-Milford, CT” 35300 2014 3 175.38 -1.41″New Haven-Milford, CT” 35300 2014 4 177.17 -1.45<Sustained BASE B 270 Days>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) February 26, 2015. Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“Hartford-West Hartford-East Hartford, CT” 25540 2007 1 198.47 -1″Hartford-West Hartford-East Hartford, CT” 25540 2007 2 196.37 -0.98″Hartford-West Hartford-East Hartford, CT” 25540 2007 3 195.7 -0.97″Hartford-West Hartford-East Hartford, CT” 25540 2007 4 195.88 -0.98″Hartford-West Hartford-East Hartford, CT” 25540 2008 1 196.4 -0.97″Hartford-West Hartford-East Hartford, CT” 25540 2008 2 193.31 -0.96″Hartford-West Hartford-East Hartford, CT” 25540 2008 3 188 -0.96″Hartford-West Hartford-East Hartford, CT” 25540 2008 4 186.96 -0.96″Hartford-West Hartford-East Hartford, CT” 25540 2009 1 188.86 -0.92″Hartford-West Hartford-East Hartford, CT” 25540 2009 2 184.23 -0.9″Hartford-West Hartford-East Hartford, CT” 25540 2009 3 180.98 -0.91″Hartford-West Hartford-East Hartford, CT” 25540 2009 4 180.9 -0.9″Hartford-West Hartford-East Hartford, CT” 25540 2010 1 178.97 -0.9″Hartford-West Hartford-East Hartford, CT” 25540 2010 2 177.31 -0.9″Hartford-West Hartford-East Hartford, CT” 25540 2010 3 179.71 -0.89″Hartford-West Hartford-East Hartford, CT” 25540 2010 4 179.96 -0.88″Hartford-West Hartford-East Hartford, CT” 25540 2011 1 176.03 -0.9″Hartford-West Hartford-East Hartford, CT” 25540 2011 2 173.54 -0.9″Hartford-West Hartford-East Hartford, CT” 25540 2011 3 172.94 -0.87″Hartford-West Hartford-East Hartford, CT” 25540 2011 4 174.65 -0.87<CARR BASE A>”Hartford-West Hartford-East Hartford, CT” 25540 2012 1 171.84 -0.87″Hartford-West Hartford-East Hartford, CT” 25540 2012 2 170.17 -0.86<CARR BASE B>”Hartford-West Hartford-East Hartford, CT” 25540 2012 3 170.87 -0.86″Hartford-West Hartford-East Hartford, CT” 25540 2012 4 171.85 -0.86″Hartford-West Hartford-East Hartford, CT” 25540 2013 1 170.85 -0.87″Hartford-West Hartford-East Hartford, CT” 25540 2013 2 170.49 -0.88″Hartford-West Hartford-East Hartford, CT” 25540 2013 3 170.82 -0.93″Hartford-West Hartford-East Hartford, CT” 25540 2013 4 170.11 -0.99″Hartford-West Hartford-East Hartford, CT” 25540 2014 1 170.34 -1.05″Hartford-West Hartford-East Hartford, CT” 25540 2014 2 170.87 -1.03″Hartford-West Hartford-East Hartford, CT” 25540 2014 3 172.85 -1.02″Hartford-West Hartford-East Hartford, CT” 25540 2014 4 172.78 -1.06<Failed to Sustain 3Q20134>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) February 26, 2015. Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“Bridgeport-Stamford-Norwalk, CT” 14860 2006 2 241.43 -1.56″Bridgeport-Stamford-Norwalk, CT” 14860 2006 3 239.16 -1.53″Bridgeport-Stamford-Norwalk, CT” 14860 2006 4 239.23 -1.53″Bridgeport-Stamford-Norwalk, CT” 14860 2007 1 239.73 -1.54″Bridgeport-Stamford-Norwalk, CT” 14860 2007 2 237.93 -1.5″Bridgeport-Stamford-Norwalk, CT” 14860 2007 3 236.15 -1.48″Bridgeport-Stamford-Norwalk, CT” 14860 2007 4 234.08 -1.47″Bridgeport-Stamford-Norwalk, CT” 14860 2008 1 233.86 -1.43″Bridgeport-Stamford-Norwalk, CT” 14860 2008 2 227.69 -1.41″Bridgeport-Stamford-Norwalk, CT” 14860 2008 3 220.07 -1.39″Bridgeport-Stamford-Norwalk, CT” 14860 2008 4 217.72 -1.38″Bridgeport-Stamford-Norwalk, CT” 14860 2009 1 218.89 -1.32″Bridgeport-Stamford-Norwalk, CT” 14860 2009 2 210.28 -1.25″Bridgeport-Stamford-Norwalk, CT” 14860 2009 3 204.02 -1.25″Bridgeport-Stamford-Norwalk, CT” 14860 2009 4 202.4 -1.24″Bridgeport-Stamford-Norwalk, CT” 14860 2010 1 199.66 -1.24″Bridgeport-Stamford-Norwalk, CT” 14860 2010 2 196.96 -1.22<CARR BASE A>”Bridgeport-Stamford-Norwalk, CT” 14860 2010 3 199.84 -1.21″Bridgeport-Stamford-Norwalk, CT” 14860 2010 4 200.62 -1.2″Bridgeport-Stamford-Norwalk, CT” 14860 2011 1 195.74 -1.22<CARR BASE B>”Bridgeport-Stamford-Norwalk, CT” 14860 2011 2 192.3 -1.21″Bridgeport-Stamford-Norwalk, CT” 14860 2011 3 193.69 -1.19″Bridgeport-Stamford-Norwalk, CT” 14860 2011 4 195.08 -1.18″Bridgeport-Stamford-Norwalk, CT” 14860 2012 1 191.75 -1.17″Bridgeport-Stamford-Norwalk, CT” 14860 2012 2 190.96 -1.18″Bridgeport-Stamford-Norwalk, CT” 14860 2012 3 191.61 -1.17″Bridgeport-Stamford-Norwalk, CT” 14860 2012 4 191.75 -1.18″Bridgeport-Stamford-Norwalk, CT” 14860 2013 1 191.41 -1.2″Bridgeport-Stamford-Norwalk, CT” 14860 2013 2 190.58 -1.22″Bridgeport-Stamford-Norwalk, CT” 14860 2013 3 192.26 -1.32″Bridgeport-Stamford-Norwalk, CT” 14860 2013 4 191.76 -1.45″Bridgeport-Stamford-Norwalk, CT” 14860 2014 1 191.25 -1.58″Bridgeport-Stamford-Norwalk, CT” 14860 2014 2 195.21 -1.46″Bridgeport-Stamford-Norwalk, CT” 14860 2014 3 197.31 -1.48″Bridgeport-Stamford-Norwalk, CT” 14860 2014 4 197.6 -1.53<Sustained BASE A 180 Days>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) February 26, 2015. Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“Norwich-New London, CT” 35980 2006 4 225.71 -2.78″Norwich-New London, CT” 35980 2007 1 224.61 -2.75″Norwich-New London, CT” 35980 2007 2 223.25 -2.7″Norwich-New London, CT” 35980 2007 3 222.25 -2.68″Norwich-New London, CT” 35980 2007 4 223.27 -2.73″Norwich-New London, CT” 35980 2008 1 221.78 -2.66″Norwich-New London, CT” 35980 2008 2 217.6 -2.66″Norwich-New London, CT” 35980 2008 3 212.01 -2.68″Norwich-New London, CT” 35980 2008 4 208.78 -2.63″Norwich-New London, CT” 35980 2009 1 209.84 -2.5″Norwich-New London, CT” 35980 2009 2 203.02 -2.41″Norwich-New London, CT” 35980 2009 3 197.49 -2.43″Norwich-New London, CT” 35980 2009 4 196.61 -2.42″Norwich-New London, CT” 35980 2010 1 196.01 -2.45″Norwich-New London, CT” 35980 2010 2 193.38 -2.41″Norwich-New London, CT” 35980 2010 3 194.28 -2.37″Norwich-New London, CT” 35980 2010 4 194.16 -2.34″Norwich-New London, CT” 35980 2011 1 188.1 -2.37″Norwich-New London, CT” 35980 2011 2 182.83 -2.39<CARR BASE A>”Norwich-New London, CT” 35980 2011 3 183.55 -2.38″Norwich-New London, CT” 35980 2011 4 186.54 -2.31″Norwich-New London, CT” 35980 2012 1 182.6 -2.28″Norwich-New London, CT” 35980 2012 2 181.06 -2.28″Norwich-New London, CT” 35980 2012 3 178.75 -2.25″Norwich-New London, CT” 35980 2012 4 179.09 -2.24<CARR BASE B>”Norwich-New London, CT” 35980 2013 1 176.91 -2.26″Norwich-New London, CT” 35980 2013 2 174.24 -2.28″Norwich-New London, CT” 35980 2013 3 175.21 -2.42″Norwich-New London, CT” 35980 2013 4 175.29 -2.59″Norwich-New London, CT” 35980 2014 1 172.34 -2.77<CARR BASE C>”Norwich-New London, CT” 35980 2014 2 176.84 -2.79″Norwich-New London, CT” 35980 2014 3 177.08 -2.75″Norwich-New London, CT” 35980 2014 4 178.6 -2.76 <Sustained BASE C 270 Days>

—REPORTED FOR THIRD QUARTER 2014—————–Excerpts FHFA All Transactions metro chart updated Dec 1, 2014

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) Dec 1, 2014. Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“New Haven-Milford, CT” 35300 2007 1 220.27 (-1.49) <PEAK>”New Haven-Milford, CT” 35300 2007 2 219.95 (-1.46)”New Haven-Milford, CT” 35300 2007 3 216.98 (-1.44)”New Haven-Milford, CT” 35300 2007 4 215.67 (-1.44)”New Haven-Milford, CT” 35300 2008 1 215.13 (-1.41)”New Haven-Milford, CT” 35300 2008 2 208.86 (-1.39)”New Haven-Milford, CT” 35300 2008 3 201.73 (-1.37)”New Haven-Milford, CT” 35300 2008 4 200.69 (-1.38)”New Haven-Milford, CT” 35300 2009 1 202.66 (-1.33)”New Haven-Milford, CT” 35300 2009 2 195.45 (-1.27)”New Haven-Milford, CT” 35300 2009 3 189.78 (-1.28)”New Haven-Milford, CT” 35300 2009 4 190.12 (-1.28)”New Haven-Milford, CT” 35300 2010 1 187.36 (-1.29)”New Haven-Milford, CT” 35300 2010 2 186.39 (-1.27)”New Haven-Milford, CT” 35300 2010 3 188.18 (-1.27)”New Haven-Milford, CT” 35300 2010 4 187.44 (-1.24)”New Haven-Milford, CT” 35300 2011 1 182.44 (-1.26)”New Haven-Milford, CT” 35300 2011 2 178.46 (-1.25)”New Haven-Milford, CT” 35300 2011 3 179.67 (-1.24)<CARR BASE A>”New Haven-Milford, CT” 35300 2011 4 180.7 (-1.21)<Recovery> “New Haven-Milford, CT” 35300 2012 1 177.61 (-1.21)<Correction> “New Haven-Milford, CT” 35300 2012 2 175.4 (-1.20)<CARR BASE B>”New Haven-Milford, CT” 35300 2012 3 175.46 (-1.19)<Recovery> “New Haven-Milford, CT” 35300 2012 4 175.72 (-1.20)<Recovery> “New Haven-Milford, CT” 35300 2013 1 175.82 (-1.22)<Recovery> “New Haven-Milford, CT” 35300 2013 2 175.96 (-1.23)<Recovery> “New Haven-Milford, CT” 35300 2013 3 176.71 (-1.30)<Recovery> “New Haven-Milford, CT” 35300 2013 4 175.29 (-1.42)<Correction> “New Haven-Milford, CT” 35300 2014 1 174.39 (-1.52)<CARR BASE C>”New Haven-Milford, CT” 35300 2014 2 175.06 (-1.48)<Recovery> “New Haven-Milford, CT” 35300 2014 3 175.8 (-1.47)<Recovery>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) Dec 1, 2014 Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“Hartford-West Hartford-East Hartford, CT” 25540 2007 1 198.45 (-1.00)”Hartford-West Hartford-East Hartford, CT” 25540 2007 2 196.39 (-0.98)”Hartford-West Hartford-East Hartford, CT” 25540 2007 3 195.68 (-0.97)”Hartford-West Hartford-East Hartford, CT” 25540 2007 4 195.88 (-0.98)”Hartford-West Hartford-East Hartford, CT” 25540 2008 1 196.38 (-0.97)”Hartford-West Hartford-East Hartford, CT” 25540 2008 2 193.33 (-0.96)”Hartford-West Hartford-East Hartford, CT” 25540 2008 3 188.02 (-0.96)”Hartford-West Hartford-East Hartford, CT” 25540 2008 4 186.99 (-0.96)”Hartford-West Hartford-East Hartford, CT” 25540 2009 1 188.88 (-0.92)”Hartford-West Hartford-East Hartford, CT” 25540 2009 2 184.27 (-0.90)”Hartford-West Hartford-East Hartford, CT” 25540 2009 3 180.99 (-0.91)”Hartford-West Hartford-East Hartford, CT” 25540 2009 4 180.95 (-0.91)”Hartford-West Hartford-East Hartford, CT” 25540 2010 1 179.03 (-0.91)”Hartford-West Hartford-East Hartford, CT” 25540 2010 2 177.36 (-0.90)”Hartford-West Hartford-East Hartford, CT” 25540 2010 3 179.76 (-0.89)”Hartford-West Hartford-East Hartford, CT” 25540 2010 4 180.02 (-0.88)”Hartford-West Hartford-East Hartford, CT” 25540 2011 1 176.07 (-0.90)”Hartford-West Hartford-East Hartford, CT” 25540 2011 2 173.57 (-0.90)”Hartford-West Hartford-East Hartford, CT” 25540 2011 3 173 (-0.88)”Hartford-West Hartford-East Hartford, CT” 25540 2011 4 174.71 (-0.87)<Carr Base A>”Hartford-West Hartford-East Hartford, CT” 25540 2012 1 171.89 (-0.87)<Correction>”Hartford-West Hartford-East Hartford, CT” 25540 2012 2 170.29 (-0.86)<Carr Base B>”Hartford-West Hartford-East Hartford, CT” 25540 2012 3 170.96 (-0.86)<Recovery>”Hartford-West Hartford-East Hartford, CT” 25540 2012 4 171.94 (-0.86)<Correction>”Hartford-West Hartford-East Hartford, CT” 25540 2013 1 170.96 (-0.87)<Recovery>”Hartford-West Hartford-East Hartford, CT” 25540 2013 2 170.48 (-0.88)<Correction>”Hartford-West Hartford-East Hartford, CT” 25540 2013 3 171.09 (-0.94)<Recovery>”Hartford-West Hartford-East Hartford, CT” 25540 2013 4 170.46 (-1.01)<Correction>”Hartford-West Hartford-East Hartford, CT” 25540 2014 1 170.44 (-1.07)<Correction>”Hartford-West Hartford-East Hartford, CT” 25540 2014 2 171.03 (-1.05)<Recovery>”Hartford-West Hartford-East Hartford, CT” 25540 2014 3 173.05 (-1.06)<Recovery>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) Dec 1, 2014 Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“Bridgeport-Stamford-Norwalk, CT” 14860 2007 1 239.74 (-1.54)”Bridgeport-Stamford-Norwalk, CT” 14860 2007 2 237.92 (-1.50)”Bridgeport-Stamford-Norwalk, CT” 14860 2007 3 236.11 (-1.49)”Bridgeport-Stamford-Norwalk, CT” 14860 2007 4 234.04 (-1.47)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 1 233.82 (-1.43)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 2 227.67 (-1.41)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 3 220.1 (-1.39)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 4 217.74 (-1.39)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 1 218.94 (-1.32)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 2 210.32 (-1.26)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 3 204.06 (-1.25)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 4 202.43 (-1.24)”Bridgeport-Stamford-Norwalk, CT” 14860 2010 1 199.66 (-1.24)”Bridgeport-Stamford-Norwalk, CT” 14860 2010 2 196.99 (-1.22)<CARR BASE A>”Bridgeport-Stamford-Norwalk, CT” 14860 2010 3 199.87 (-1.21)<False Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2010 4 200.66 (-1.20)<False Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2011 1 195.81 (-1.22)<CARR BASE B>”Bridgeport-Stamford-Norwalk, CT” 14860 2011 2 192.38 (-1.22)<Correction>”Bridgeport-Stamford-Norwalk, CT” 14860 2011 3 193.75 (-1.19)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2011 4 195.16 (-1.18)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2012 1 191.81 (-1.17)<Correction>”Bridgeport-Stamford-Norwalk, CT” 14860 2012 2 191.04 (-1.18)<Correction>”Bridgeport-Stamford-Norwalk, CT” 14860 2012 3 191.74 (-1.18)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2012 4 191.83 (-1.19)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2013 1 191.48 (-1.20)<Correction>”Bridgeport-Stamford-Norwalk, CT” 14860 2013 2 190.6 (-1.22)<CARR BASE C>”Bridgeport-Stamford-Norwalk, CT” 14860 2013 3 192.52 (-1.33)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2013 4 191.89 (-1.47)<Correction>”Bridgeport-Stamford-Norwalk, CT” 14860 2014 1 191.97 (-1.63)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2014 2 195.23 (-1.50)<Recovery>”Bridgeport-Stamford-Norwalk, CT” 14860 2014 3 197.8 (-1.54)<Recovery>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) Dec 1, 2014 Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

“Norwich-New London, CT” 35980 2006 4 225.71 (-2.79)”Norwich-New London, CT” 35980 2007 1 224.54 (-2.76)”Norwich-New London, CT” 35980 2007 2 223.22 (-2.70)”Norwich-New London, CT” 35980 2007 3 222.25 (-2.68)”Norwich-New London, CT” 35980 2007 4 223.25 (-2.74)”Norwich-New London, CT” 35980 2008 1 221.75 (-2.66)”Norwich-New London, CT” 35980 2008 2 217.64 (-2.67)”Norwich-New London, CT” 35980 2008 3 212.05 (-2.68)”Norwich-New London, CT” 35980 2008 4 208.81 (-2.63)”Norwich-New London, CT” 35980 2009 1 209.85 (-2.50)”Norwich-New London, CT” 35980 2009 2 203.04 (-2.42)”Norwich-New London, CT” 35980 2009 3 197.52 (-2.44)”Norwich-New London, CT” 35980 2009 4 196.69 (-2.42)”Norwich-New London, CT” 35980 2010 1 196.02 (-2.46)”Norwich-New London, CT” 35980 2010 2 193.48 (-2.42)”Norwich-New London, CT” 35980 2010 3 194.35 (-2.38)”Norwich-New London, CT” 35980 2010 4 194.25 (-2.35)”Norwich-New London, CT” 35980 2011 1 188.33 (-2.37)”Norwich-New London, CT” 35980 2011 2 183.04 (-2.40)<CARR BASE A>”Norwich-New London, CT” 35980 2011 3 183.68 (-2.39)<Recovery>”Norwich-New London, CT” 35980 2011 4 186.81 (-2.32)<Recovery>”Norwich-New London, CT” 35980 2012 1 182.63 (-2.29)<Correction>”Norwich-New London, CT” 35980 2012 2 181.07 (-2.29)<Correction>”Norwich-New London, CT” 35980 2012 3 178.77 (-2.25)<Correction>”Norwich-New London, CT” 35980 2012 4 179.12 (-2.25)<CARR BASE B>”Norwich-New London, CT” 35980 2013 1 176.94 (-2.26)<Correction>”Norwich-New London, CT” 35980 2013 2 174.46 (-2.29)<Correction>”Norwich-New London, CT” 35980 2013 3 175.12 (-2.43)<Recovery>”Norwich-New London, CT” 35980 2013 4 174.93 (-2.62)<Correction>”Norwich-New London, CT” 35980 2014 1 172.79 (-2.82)<CARR BASE C>”Norwich-New London, CT” 35980 2014 2 177.08 (-2.86)<Recovery>”Norwich-New London, CT” 35980 2014 3 177.88 (-2.92)<Recovery>”Norwich-New London, CT” 35980 0214 4 178.6 (-2.76)<Recovery> –

-REPORTED FOR SECOND QUARTER 2014 – Excerpts FHFA All Transactions metro chart updated 11-15-14

“New Haven-Milford, CT” 35300 2007 1 220.2 ( 1.49) “New Haven-Milford, CT” 35300 2007 2 219.96 ( 1.46)”New Haven-Milford, CT” 35300 2007 3 217.03 ( 1.44)”New Haven-Milford, CT” 35300 2007 4 215.63 ( 1.44)”New Haven-Milford, CT” 35300 2008 1 215.14 ( 1.41)”New Haven-Milford, CT” 35300 2008 2 208.88 ( 1.39)”New Haven-Milford, CT” 35300 2008 3 201.79 ( 1.37)”New Haven-Milford, CT” 35300 2008 4 200.73 ( 1.38)”New Haven-Milford, CT” 35300 2009 1 202.76 ( 1.33)”New Haven-Milford, CT” 35300 2009 2 195.49 ( 1.27)”New Haven-Milford, CT” 35300 2009 3 189.83 ( 1.28)”New Haven-Milford, CT” 35300 2009 4 190.23 ( 1.29)”New Haven-Milford, CT” 35300 2010 1 187.44 ( 1.29)”New Haven-Milford, CT” 35300 2010 2 186.51 ( 1.27)”New Haven-Milford, CT” 35300 2010 3 188.25 ( 1.27)”New Haven-Milford, CT” 35300 2010 4 187.55 ( 1.24)”New Haven-Milford, CT” 35300 2011 1 182.37 ( 1.26)”New Haven-Milford, CT” 35300 2011 2 178.64 ( 1.25)”New Haven-Milford, CT” 35300 2011 3 179.8 ( 1.24)<CARR BASE A>”New Haven-Milford, CT” 35300 2011 4 180.81 ( 1.22)<Recovery> “New Haven-Milford, CT” 35300 2012 1 177.83 ( 1.21)<Recovery> “New Haven-Milford, CT” 35300 2012 2 175.53 ( 1.21)<CARR BASE B> “New Haven-Milford, CT” 35300 2012 3 175.57 ( 1.20)<Recovery> “New Haven-Milford, CT” 35300 2012 4 175.91 ( 1.20)<Recovery> “New Haven-Milford, CT” 35300 2013 1 175.92 ( 1.22)<Recovery> “New Haven-Milford, CT” 35300 2013 2 176.14 ( 1.24)<Recovery> “New Haven-Milford, CT” 35300 2013 3 176.96 (1.31)<Recovery> “New Haven-Milford, CT” 35300 2013 4 175.37 ( 1.43)<Correction>”New Haven-Milford, CT” 35300 2014 1 174.46 ( 1.54)<CARR BASE C>”New Haven-Milford, CT” 35300 2014 2 175.69 ( 1.54)<Recovery>

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) 2Q2014

Metropolitan Statistical Areas and Divisions (Not Seasonally Adjusted)

“Hartford-CT 25540 2007 1 198.47 ( 1.01)”Hartford-CT 25540 2007 2 196.37 ( 0.98)”Hartford-CT 25540 2007 3 195.7 ( 0.97)”Hartford-CT 25540 2007 4 195.91 ( 0.98)”Hartford-CT 25540 2008 1 196.42 ( 0.97)”Hartford-CT 25540 2008 2 193.34 ( 0.97)”Hartford-CT 25540 2008 3 188.09 ( 0.96)”Hartford-CT 25540 2008 4 187.04 ( 0.96)”Hartford-CT 25540 2009 1 188.96 ( 0.92)”Hartford-CT 25540 2009 2 184.34 ( 0.90)”Hartford-CT 25540 2009 3 181.07 ( 0.91)”Hartford-CT 25540 2009 4 181.01 ( 0.91)”Hartford-CT 25540 2010 1 179.11 ( 0.91)”Hartford-CT 25540 2010 2 177.39 ( 0.90)”Hartford-CT 25540 2010 3 179.82 ( 0.89)”Hartford-CT 25540 2010 4 180.06 ( 0.88)”Hartford-CT 25540 2011 1 176.03 ( 0.90)”Hartford-CT 25540 2011 2 173.66 ( 0.90)”Hartford-CT 25540 2011 3 173.13 ( 0.88)”Hartford-CT 25540 2011 4 174.83 ( 0.87)”Hartford-CT 25540 2012 1 172.06 ( 0.87)”Hartford-CT 25540 2012 2 170.35 ( 0.87)”Hartford-CT 25540 2012 3 171.04 ( 0.86)”Hartford-CT 25540 2012 4 172.07 ( 0.87)”Hartford-CT 25540 2013 1 171.11 ( 0.87)”Hartford-CT 25540 2013 2 170.66 ( 0.89)(Continued) “Hartford-CT 25540 2013 3 171.36 ( 0.95)”Hartford-CT 25540 2013 4 170.89 ( 1.02)”Hartford-CT 25540 2014 1 170.54 ( 1.09)”Hartford-CT 25540 2014 2 170.26 ( 1.09)

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) 2Q2014Metropolitan

Statistical Areas and Divisions (Not Seasonally Adjusted)

============================================================= “Bridgeport-Stamford-Norwalk, CT” 14860 2007 1 239.69 ( 1.54) “Bridgeport-Stamford-Norwalk, CT” 14860 2007 2 237.85 ( 1.50)”Bridgeport-Stamford-Norwalk, CT” 14860 2007 3 236.04 ( 1.49)”Bridgeport-Stamford-Norwalk, CT” 14860 2007 4 234.05 ( 1.47)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 1 233.82 ( 1.43)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 2 227.73 ( 1.41)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 3 220.15 ( 1.39)”Bridgeport-Stamford-Norwalk, CT” 14860 2008 4 217.8 ( 1.39)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 1 218.98 ( 1.32)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 2 210.39 ( 1.26)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 3 204.11 ( 1.25)”Bridgeport-Stamford-Norwalk, CT” 14860 2009 4 202.56 ( 1.24)”Bridgeport-Stamford-Norwalk, CT” 14860 2010 1 199.74 ( 1.24)”Bridgeport-Stamford-Norwalk, CT” 14860 2010 2 197.04 ( 1.22)”Bridgeport-Stamford-Norwalk, CT” 14860 2010 3 199.95 ( 1.21)”Bridgeport-Stamford-Norwalk, CT” 14860 2010 4 200.78 ( 1.20)”Bridgeport-Stamford-Norwalk, CT” 14860 2011 1 195.84 ( 1.23)”Bridgeport-Stamford-Norwalk, CT” 14860 2011 2 192.39 ( 1.22)”Bridgeport-Stamford-Norwalk, CT” 14860 2011 3 193.89 ( 1.19)”Bridgeport-Stamford-Norwalk, CT” 14860 2011 4 195.29 ( 1.19)”Bridgeport-Stamford-Norwalk, CT” 14860 2012 1 191.94 ( 1.18)”Bridgeport-Stamford-Norwalk, CT” 14860 2012 2 191.17 ( 1.19)”Bridgeport-Stamford-Norwalk, CT” 14860 2012 3 191.92 ( 1.18)”Bridgeport-Stamford-Norwalk, CT” 14860 2012 4 191.96 ( 1.19)”Bridgeport-Stamford-Norwalk, CT” 14860 2013 1 191.73 ( 1.21)”Bridgeport-Stamford-Norwalk, CT” 14860 2013 2 190.87 ( 1.23)”Bridgeport-Stamford-Norwalk, CT” 14860 2013 3 192.74 ( 1.35)”Bridgeport-Stamford-Norwalk, CT” 14860 2013 4 191.94 ( 1.51)”Bridgeport-Stamford-Norwalk, CT” 14860 2014 1 191.41 ( 1.68)”Bridgeport-Stamford-Norwalk, CT” 14860 2014 2 194.06 ( 1.59)

All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data) 2Q2014 Metropolitan Statistical

Areas and Divisions (Not Seasonally Adjusted)

================================================= “Norwich-New London, CT” 35980 2007 1 224.6 ( 2.76)”Norwich-New London, CT” 35980 2007 2 223.22 ( 2.71)”Norwich-New London, CT” 35980 2007 3 222.32 ( 2.69)”Norwich-New London, CT” 35980 2007 4 223.24 ( 2.74)”Norwich-New London, CT” 35980 2008 1 221.8 ( 2.66)”Norwich-New London, CT” 35980 2008 2 217.75 ( 2.67)”Norwich-New London, CT” 35980 2008 3 212 ( 2.69)”Norwich-New London, CT” 35980 2008 4 208.94 ( 2.64)”Norwich-New London, CT” 35980 2009 1 209.97 ( 2.51)”Norwich-New London, CT” 35980 2009 2 203.09 ( 2.42)”Norwich-New London, CT” 35980 2009 3 197.66 ( 2.44)”Norwich-New London, CT” 35980 2009 4 196.85 ( 2.43)”Norwich-New London, CT” 35980 2010 1 196.08 ( 2.46)”Norwich-New London, CT” 35980 2010 2 193.63 ( 2.42)”Norwich-New London, CT” 35980 2010 3 194.49 ( 2.38)”Norwich-New London, CT” 35980 2010 4 194.35 ( 2.35)”Norwich-New London, CT” 35980 2011 1 188.41 ( 2.38)”Norwich-New London, CT” 35980 2011 2 183.38 ( 2.41)”Norwich-New London, CT” 35980 2011 3 183.74 ( 2.39)”Norwich-New London, CT” 35980 2011 4 187.01 ( 2.33)”Norwich-New London, CT” 35980 2012 1 182.62 ( 2.29)”Norwich-New London, CT” 35980 2012 2 181.13 ( 2.29)”Norwich-New London, CT” 35980 2012 3 178.88 ( 2.26)”Norwich-New London, CT” 35980 2012 4 179.33 ( 2.26)”Norwich-New London, CT” 35980 2013 1 177.09 ( 2.27)”Norwich-New London, CT” 35980 2013 2 174.62 ( 2.30)”Norwich-New London, CT” 35980 2013 3 175.63 ( 2.47)”Norwich-New London, CT” 35980 2013 4 174.82 ( 2.63)”Norwich-New London, CT” 35980 2014 1 172.87 ( 2.82)”Norwich-New London, CT” 35980 2014 2 177.61 ( 2.95)

==Pre 2000 HISTORICAL BACKGROUND======================

*The “All-Transactions Indexes (Estimated using Sales Prices and Appraisal Data)” data set originated in 1977

with a value of 34.25. (New Haven-Milford, CT 35300-1977-3-34.25).

The index rose to 124.88 in 1988(New Haven-Milford, CT- 35300-1988-3-124.88). then corrected to 110.25 in 1991 (below).

The interesting aspect is the value maintained a base channel of 11 points before rising to 111.3 in 4Q1998

“New Haven-Milford, CT” 35300 1991 3 109.15 ( 0.78)”New Haven-Milford, CT” 35300 1991 4 110.25 ( 0.77)”New Haven-Milford, CT” 35300 1992 1 110.73 ( 0.74)”New Haven-Milford, CT” 35300 1992 2 108.32 ( 0.72)”New Haven-Milford, CT” 35300 1992 3 108.32 ( 0.73)”New Haven-Milford, CT” 35300 1992 4 108.62 ( 0.71)”New Haven-Milford, CT” 35300 1993 1 106.93 ( 0.75)”New Haven-Milford, CT” 35300 1993 2 107.13 ( 0.70)”New Haven-Milford, CT” 35300 1993 3 106.89 ( 0.71)”New Haven-Milford, CT” 35300 1993 4 106.93 ( 0.69)”New Haven-Milford, CT” 35300 1994 1 106.16 ( 0.73)”New Haven-Milford, CT” 35300 1994 2 102.98 ( 0.75)”New Haven-Milford, CT” 35300 1994 3 102.32 ( 0.81)”New Haven-Milford, CT” 35300 1994 4 99.43 ( 0.82)”New Haven-Milford, CT” 35300 1995 1 100 ( 0.00)”New Haven-Milford, CT” 35300 1995 2 100.89 ( 0.78)”New Haven-Milford, CT” 35300 1995 3 103.6 ( 0.72)”New Haven-Milford, CT” 35300 1995 4 103.75 ( 0.76)”New Haven-Milford, CT” 35300 1996 1 104.48 ( 0.74)”New Haven-Milford, CT” 35300 1996 2 103 ( 0.75)”New Haven-Milford, CT” 35300 1996 3 101.3 ( 0.77)”New Haven-Milford, CT” 35300 1996 4 102.09 ( 0.80)”New Haven-Milford, CT” 35300 1997 1 102.42 ( 0.80)”New Haven-Milford, CT” 35300 1997 2 102.23 ( 0.76)”New Haven-Milford, CT” 35300 1997 3 103.56 ( 0.75)”New Haven-Milford, CT” 35300 1997 4 105.45 ( 0.74)”New Haven-Milford, CT” 35300 1998 1 107.95 ( 0.72)”New Haven-Milford, CT” 35300 1998 2 108.04 ( 0.71)”New Haven-Milford, CT” 35300 1998 3 109.41 ( 0.74)”New Haven-Milford, CT” 35300 1998 4 111.3 ( 0.73)

Values rose consistently over the next nine years, reaching a new high of 220.27 in 1Q2007

(New Haven-Milford, CT” 35300-2007-1-220.27)

David Carr’s FHFA House Price Observations are based on principles of support, resistance and channel definition of value. Many factors affect real estate value, including employment, community stability, quality of life, proximity to goods and services, educational resources, recreational resources, money supply, credit, perception of future value, and lender equity valuation.

The goal and vision of David Carr’s FHFA House Price Observations is to recognize a historical bedrock of value so 2015 home buyers can have assurance they will be able to sell their property a reasonable return. Real Estate is not a short term play unless specific criteria of value enhancement exist.

“FHFA House Price Observations”

“Historical Peak and Current Value Bases”