1. Today’s Vacation Home Buyer Resort & Second Home Real Estate Forum 2011 Midyear Legislative Meeting May 12, 2011

3. Sales of Primary Residences Drive Home Sales thousands Source: NAR

4. Vacation Home Sales Down Nearly 50% from Peak Source: NAR

5. Vacation Homes Are Now About 10% of the Market Source: NAR

6. Vacation Home Prices Fell Sharply in 2008 and Have not Recovered Source: NAR

7. Some Notable Shifts in Reasons for Purchasing a Vacation Home Source: NAR

8. Shift Toward Small Towns and Away From Resort Locations Since Peak of the Market Source: NAR

9. Location of Purchase and Type of Home Change Little from Year-to-Year Source: NAR

10. All Cash Transactions Growing Among Vacation Home Buyers Source: NAR

11. Foreclosures a Growing Segment of Vacation Home Sales Source: NAR

12. Vacation Home Buyers Find their Home Less Frequently Online and More Often by Word-of-Mouth than Other Buyers Source: NAR

13. Higher Income Households Purchase Further Away from Primary Residence Source: NAR

14. When Targeting Potential Vacation Home Buyers Also Consider the Following… Source: NAR Vacation Buyers looking within 500 miles of their Primary Residence more often: Vacation Buyers looking beyond 500 miles of their Primary Residence more often: Purchase a single-family home Purchase a condo Buy in a rural area Buy in a suburb or resort area Find their home thru “local” sources Find their home online Purchase opportunistically Consider rental income potential