A report on the Pasadena, CA housing market and residential real estate sales for September 2008

2. up 2 date realestate.com Residential Homes ( condos, townhomes & single family) Median Price 2008 $525,000 2007 $675,000 % Change (22 %) The last time the Median Price was $525,000; November ‘04

3. up 2 date realestate.com Single Family Homes Median Price 2008 $656,000 2007 $806,500 % Change (18.6 %) This was the same decrease we had for August

4. up 2 date realestate.com Number of Homes Sold 2008 64 units 2007 44 units % Change 45 % Average Days on Market current days on market / cumulative days on market 2008 86 / 116 2007 52 / 72 % Change 65% / 61% 23 homes sold under $500.0 this month vs. only 3 in Sept ‘07 There was very little movement from last month

5. up 2 date realestate.com Current Inventory of Single Family Homes Number Median Price Days/Mkt Active 338 $694,950 91 Contingent 54 $620,000 107 Pending 82 $504,500 63 The value of pending sales is less than this months median price

7. up 2 date realestate.com Number of Units Sold 2008 36 units 2007 33 units % Change (26%) Average Days on Market current days on market / cumulative days on market 2008 118 / 130 2007 61 / 90 % Change 93% / 44% Condo / Townhome unit sales finally turned positive Big increase in the time it took to sell in September; 118 vs. 82 days in August

8. up 2 date realestate.com Current Inventory Of Townhomes & Condominiums Number Median Price Days/Mkt Active 218 $479,450 108 Contingent 24 $449,500 99 Pending 51 $399,000 95 Look for median price declines next month as the market shifts away from luxury units

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12. up 2 date realestate.com Summary & Outlook for the Pasadena Real Estate Market -Inventory levels are beginning to decline due to seasonal factors -The current financial crisis may not be felt in the housing market due to the poor results experienced 12 months ago -Pending Home Sales are showing increased activity over last month, which should reduce inventory levels further -Last year when the mortgage crisis first appeared, sales of high end homes were less affected than low end. Now what we are seeing is a re-emergence of the low end market (thanks to foreclosures) and a much less active high end. This is why we are seeing such huge disparities in the Median Price. .