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5820172 Market Conditions Addendum to the Appraisal Report File No.092096 The purpose of this addendum is to provide the lender/client with a clear and accurate understanding of the market trends and conditions prevalent in the subject neighborhood. This is a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property AddressCityStateZIP Code 1924 Water St NESalemOR97301 Borrower Anderson Chen Instructions: The appraiser must use the information required on this form as the basis for his/her conclusions, and must provide support for those conclusions, regarding housing trends and overall market conditions as reported in the Neighborhood section of the appraisal report form. The appraiser must fill in all the information to the extent it is available and reliable and must provide analysis as indicated below. If any required data is unavailable or is considered unreliable, the appraiser must provide an explanation. It is recognized that not all data sources will be able to provide data for the shaded areas below; if it is available, however, the appraiser must include the data in the analysis. If data sources provide the required information as an average instead of the median, the appraiser should report the available figure and identify it as an average. Sales and listings must be properties that compete with the subject property, determined by applying the criteria that would be used by a prospective buyer of the subject property. The appraiser must explain any anomalies in the data, such as seasonal markets, new construction, foreclosures, etc. Prior 7–12 MonthsPrior 4–6 MonthsCurrent – 3 MonthsOverall Trend Inventory Analysis Total # of Comparable Sales (Settled)IncreasingStableDeclining 783859 Absorption Rate (Total Sales/Months)IncreasingStableDeclining 13.0012.6719.67 Total # of Comparable Active ListingsDecliningStableIncreasing 303933 Months of Housing Supply (Total Listings/Ab.Rate)DecliningStableIncreasing 2.33.11.7 Median Sale & List Price, DOM, Sale/List %Prior 7–12 MonthsPrior 4–6 MonthsCurrent – 3 MonthsOverall Trend Median Comparable Sale PriceIncreasingStableDeclining 335,000340,000340,000 Median Comparable Sales Days on MarketDecliningStableIncreasing 655851 S I S Median Comparable List PriceIncreasingStableDeclining 335,000339,900345,000 Y L Median Comparable Listings Days on MarketDecliningStableIncreasing 746643 A N Median Sale Price as % of List PriceIncreasingStableDeclining A 100%100%100% & Seller-(developer, builder, etc.)paid financial assistance prevalent?YesNoDecliningStableIncreasing H C Explain in detail the seller concessions trends for the past 12 months (e.g., seller contributions increased from 3% to 5%, increasing use of buydowns, closing costs, condo R A fees, options, etc.). Seller concessions are not typical in the market. Seller concessions have not changed in this market area in the past 12 E S E months. R T E K R A M Are foreclosure sales (REO sales) a factor in the market?YesNoIf yes, explain (including the trends in listings and sales of foreclosed properties). Foreclosures are limited in the market. Foreclosures have reduced substantially and are not a factor in this neighborhood. Cite data sources for above information. Local Multiple Listing Service Summarize the above information as support for your conclusions in the Neighborhood section of the appraisal report form. If you used any additional information, such as an analysis of pending sales and/or expired and withdrawn listings, to formulate your conclusions, provide both an explanation and support for your conclusions. The market is presently stable. It is the appraiser's opinion that the market is being stimulated by lower interest rates. The 59 sales in the past 3 months indicated property values are increasing. The appraiser believes that this data cohort is too small and the market data too varied in physical characteristics to reliably measure market trends. The appraiser believes the market is stable. If the subject is a unit in a condominium or cooperative project , complete the following:Project Name: Subject Project DataPrior 7–12 MonthsPrior 4–6 MonthsCurrent – 3 MonthsOverall Trend Total # of Comparable Sales (Settled)IncreasingStableDeclining Absorption Rate (Total Sales/Months)IncreasingStableDeclining Total # of Active Comparable ListingsDecliningStableIncreasing Months of Unit Supply (Total Listings/Ab.Rate)DecliningStableIncreasing S Are foreclosure sales (REO sales) a factor in the project?YesNoIf yes, indicate the number of REO listings and explain the trends in listings and sales of T C foreclosed properties. E O R P P O - O C / O D N O C Summarize the above trends and address the impact on the subject unit and project. SignatureSignature R E Appraiser NameSupervisory Appraiser Name Scott Lepman, SRA, RM S I A Company NameCompany Name Scott Lepman Company R P Company AddressCompany Address 100 Ferry Street NW, Albany, OR 97321 P A State License/Certification #StateState License/Certification #State C000178OR Email AddressEmail Address scott@slcompany.com Freddie Mac Form 71 March 2009Page 1 of 1Fannie Mae Form 1004MC March 2009 Form 1004MC2 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE