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Dallas Housing Market Report provided by Residential Strategies.

This Dallas Housing Market Report is provided by Residential Strategies, a Dallas based housing market research firm that consistently provides Lexington and the marketplace with quality market information we believe ito be the best in the market. Lexington Luxury Builders thanks Residential Strategies for their contribution. We endeavor to keep this research material regularly updated.

Residential Strategies Inc

As further housing data has been released in 2Q09‐3Q09, it is now clear that single family detached housing starts bottomed in January, 2009 at 357,000 units. According to the most recently figures from the Census Bureau, the market has now improved by 144,000 units to the current level of 501,000 starts through September. While the rebound is a positive sign in an otherwise dreary market, understand that national starts are still off about 73% from the record high back in early 2006. For comparison’s sake, since the peak back in the 2Q06, the DFW market has declined about 74%.

Housing inventory will be the guidepost indicating when the housing market is on the road to recovery. The charts presented to the left display the month’s supply of both existing and new homes, both at the national level and the DFW MSA.

Existing housing inventory is now at 7.6 months, off of the 11‐month supply high seen in early 2009. New home supply is now at 7.5 months nationally, with a 6‐month supply considered equilibrium. DFW has a 6.9 month’s supply of both existing and new home inventory.

As has been widely reported, the excess supply of housing inventory across the nation has led to a significant downturn in the value of housing in many markets. As is evident in both the FHFA and S&P Case Shiller charts, house prices were in free-fall for much of 2007 and 2008. The good news is that the rate of decline of housing values is now starting to abate as depicted by the V-shaped bottom to the national housing price charts. This is not to say that housing values are still not subject to further decline, only that the rate of year‐over‐year decline is not as great today as it was 6 months ago. With housing inventory beginning to stabilize in many parts of the country, certainly the hope is that housing values can begin to level out. The primary risk continues to be foreclosures.

Disclaimer: Although Residential Strategies, Inc. (RSI) has used commercially reasonable efforts to obtain information from sources in a manner that RSI believes to be reliable, we do not guarantee it’s accuracy and such information may be incomplete, condensed or interpolated. Information presented in this report represents our estimates as of the date of the publication and is subject to change without notice. This report is not intended as a recommendation or endorsement for any action taken by others. In no event will Residential Strategies, Inc. be liable for direct, indirect, incidental or consequential lost profits, lost savings, damages or other liabilities resulting from any information provided herein. This information is provided for clients of RSI and under no circumstances should this document be distributed without consent from RSI.

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