J. Van Rose, Jr. MIRM President

Rose and Womble New Homes

ResidentialMarket Review

Hampton Roads Housing Market

Inventory 1.0%

Existing Home Closings 10.8%

Existing Home Avg Price 3.8%

New Home Closings 5.9%

New Home Avg Price 4.8%

Building Permits 4.7%

Interest Rates 1.0%

New Home Traffic -9.7%

Hampton Roads Foreclosure & Short Sales

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0

100

200

300

400

500

600

700

Ju

l-07

Sep

-07

No

v-0

7Jan

-08

Mar-

08M

ay

-08

Ju

l-08

Sep

-08

No

v-0

8Jan

-09

Mar-

09M

ay

-09

Ju

l-09

Sep

-09

No

v-0

9Jan

-10

Mar-

10M

ay

-10

Ju

l-10

Sep

-10

No

v-1

0Jan

-11

Mar-

11M

ay

-11

Ju

l-11

Sep

-11

No

v-1

1Jan

-12

Mar-

12M

ay

-12

Ju

l-12

Sep

-12

No

v-1

2Jan

-13

Mar-

13M

ay

-13

Ju

l-13

Sep

-13

No

v-1

3

Total Short Sale/ Foreclosure Closings % Market Share

36

642

378

Hampton RoadsAverage Closing Prices

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Existing Homes New Construction

2003

2,562 sf. $105/sf 2,758 sf. $155/sf 2,501 sf. $138/sf

2007 2013New Detached Homes are Smaller

GREAT!KIND

OF

THE GOOD

Interest Rates are Still Low!

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

30-Yr Fixed R...

THE BADKIND

OF

THE GREAT

'Renter Nation' Just A Myth:93% of Millennial Renters Plan To

Buy A Home Someday *Trulia

Percent of renters planning to buy a home

in the next 2 Years!

Jan '11

May '12

Nov '12

Dec '13

0% 5% 10% 15% 20% 25% 30% 35%

*Trulia

THE CHALLE

NGE

2013 Top Community in Hampton Roads

Permits: 109 Closings: 104 Avg Price: $288,983 Revenue: $30,054,227

Cavalier on the Hill