Presentation by the Northern Virginia Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

1. 2009 Year-end press conference Northern Virginia Association of Realtors®

2. Susan Mekenney 2009 Chairman of the Board

3. Home Buyer Tax Credit Tax Credit Extended to April 30, 2010 1.8 million Families Used Tax Credit Estimated Additional 2.6 million thru April

4. National Factors Unemployment Appears to Be Slowing Low Borrowing Rates Continue Trial Loan Modifications Being Considered

5. Renewed Job Growth Slows

6. Today’s Realities Home Prices Stabilizing < $500k Homes Sell Quickly, Multiple Offers Loan Defaults Continue Affecting Region

7. 3 Factors Sustaining Foreclosures Ongoing Resets of Payment Terms Loss of Borrower Income Depressed Home Values

8. Unemployment (October 2009) Virginia rate: 6.6 % National rate: 10.2 % Northern VA rate: 4.7 %

9. Price Stabilization & Recovery

10. Sold Listings (NVAR Region)Nov. 2006 – Nov. 2009

11. Home Sales 1999-2009

12. Home Sales 2007-2009

13. Avg. Sales Price (NVAR Region) Nov. 2006 – Nov. 2009

14. What It All Means Higher Absorption Rates Compared to 2008 Slow, Steady Improvement Throughout 2010 Tax Credit Will Launch Spring 2010 Market

15. Where Are We Going?

16. OPTIMISM IN THE MARKET Better Mortgages Home Values Stabilize Value-Priced Inventory Strong Local Fundamentals Rail to Dulles Low Interest Rates Predicted Breathing New Life into the Economy

17. NVAR.com Market Statistics

18. NVAR.com Helps Catch Thieves

19. Thank You Spring Forecast – March 25, 2010 Economic Summit – September 2010