Vineyard Homes for Obvious Legalreasons.Allinformation Shouldbe Independentlyverified

Realty Advisors L and Brokers and L C H T Exclusiv Oxnard, Ventura County, CA 156 HousingUnits Vineyard Homes for obvious legalreasons.Allinformation shouldbe independentlyverified. Disclaimer: Theinformation containedhereinandattachedisinformation provided from sources deemedreliable.We, however, donot guarantee any oftheinformation andmustdisclaim he ompany offman 101 e

isting

RD S ALE Z N GO

Ventura Rd 1

Y NE VI W

RD ARD SITE

P A CIFIC CO 18881 Von Karman A

AST HWY Tel (949) 553-2020•F N H STREET N Ventura Bl Scott Covington, DRELic#01807000 Tom Dallape,DRELic#01100284 ve., Ste CA92612 150, Irvine,

vd The HoffmanCompany River Ridge CA Corp ID#01473762 www.hoffmanland.com Golf Club ax (949) 553-8449 N The Hoffman Company

Land Brokers Realty Advisors

Table of Contents

1 Executive Summary a. Transaction Narrative b. Investment Highlights c. Portfolio Offering d. Offering Details e. Aerials

2 Property Overview a. Site Detail b. Proposed Site Plan c. Proposed Unit Mix d. Elevations e. City Parcel and Easement f. Land Use Permit Fee Schedule g. Property Photos h. Due Diligence Material

3 Area Overview a. City Data/Demographics/Income Profile b. Oxnard Unified School District c. Regional Aerial Map

4 Market Analysis a. May 2011 Concord Report b. Ventura County Home Market Overview The Hoffman Company

Land Brokers Realty Advisors

1 EXECUTIVE Summary

a) Transaction Narrative b) Investment Highlights c) Portfolio Offering d) Offering Details e) Aerials The Hoffman Company

Land Brokers Executive Summary Realty Advisors

Transaction Narrative: The Hoffman Company is offering the unique opportunity to develop and build 156 Housing Units in the seaside community of Oxnard, California. Resting on 21 acres of land with close proximity to the Pacific Ocean, Vineyard Homes is the ideal property to deliver homes in a community and region where land is scarce a new housing stock is in short supply. Vineyard Homes have entitlements that consist of 156 housing units spread across two (2) product lines; 90 cluster homes and 66 single family detached units. The achieved entitlements also encompass approved architecture and elevations. Any changes or alterations to theses approvals must occur post close.

Investment Highlights: • Vineyard Homes Housing project will NOT have Mello Roos/Assessment Fees; putting it in a distinct, competitive advantage to its peers, notably, the active communities located within RiverPark • Vineyard Homes represents the relatively affordable alternative to buyers seeking new home opportunities geographi- cally located between Malibu and Santa Barbara • Outstanding value for buyers seeking well located new housing in West Ventura County. • The future ability to develop adjacent lands within City and County boundaries is greatly impacted by SOAR (Save Our Agricultural Resources) • Close proximity to River Ridge Golf Club • Community will be gated • Approximately 3 miles from the Pacific Ocean and Mandalay County Park

Portfolio Offering: The seller will consider a sale of this site individually or as a portfolio with the 266 Housing Unit project, La Madera Village in Simi Valley.

Offering Details: • Asking Price: Submit. All cash.

• Terms: 45 Day Review. 15 Day Close of Escrow.

• Bid Date: Call for offers TBD

• Seller Profile: This project is not a distressed sale, the owner has engaged The Hoffman Company for marketing purposes as well as Urban Partners and Kennedy Wilson to assist a buyer with due diligence, development and fee cost to complete review, Modifica- tion of existing site plan, and governmental agency meetings. Both Urban Partners and Kennedy Wilson have extensive experience with the City of Oxnard. McGrath State Beach in Oxnard is approximately 6.5 miles fom the Vineyard Homes site.

THE HOFFMAN COMPANY Vineyard Homes | The Hoffman Company

Land Brokers Vicinity Aerial Realty Advisors

101

CIFIC CO

River Ridge Golf Club SITE AST HWY

W VINEYARD RD

W GONZALES RD Ventura R d N H S TREET N

THE HOFFMAN COMPANY Vineyard Homes | The Hoffman Company

Land Brokers Close Up Aerial Realty Advisors

River Ridge Golf Club

one Creek Dr St Ventura R d

SITE

E Vineyard Ave

Muirfield Dr

Riv er Ri d g e R N

THE HOFFMAN COMPANY Vineyard Homes | The Hoffman Company

Land Brokers Realty Advisors

2 Property Overview

a) Site Detail b) Proposed Site Plan c) Proposed Unit Mix d) Elevations e) City Parcel and Easement f) Land Use Permit Fee Schedule g) Property Photos h) Due Diligence Material The Hoffman Company

Land Brokers Site Detail Realty Advisors

Vineyard Homes 156 Housing Units Oxnard, Ventura County, CA

Location: The Vineyard 156 housing project is located on the Northwest corner of West Vineyard Av- enue and North Ventura Road, in the City of Oxnard, California. The subject site is in close proximity to Highway 101; accessed via the Oxnard Blvd offramp.

Municipality: City of Oxnard, County of Ventura

APNs: 179-0-040-170 & 179-0-040-180

Property Acreage: 20.7

Housing Units: 156

Entitlement Status: The subject site has an approved Development Agreement and Tentative Tract Map, memo- rialized on January 27,2009. The Development Agreement is valid for a period of 30 years. Accordingly, the Tentative Tract Map allows for the development and construction of 156 housing units; both single family and cluster homes.

Site Plan: Approved Site Plan

Subject Site

HOA: To be determined.

CFD: None.

THE HOFFMAN COMPANY Vineyard Homes | The Hoffman Company

Land Brokers Site Detail Realty Advisors

Product Mix Summary: Traditional Single Family Detached – 59 units • 3 & 4 bedrooms • 2,400- 3,000 sqft

Cluster Home – 97 units • 3 & 4 bedrooms • 1,911 – 2,300 sqft

Affordable Housing: Future developer/builder will be required to pay an in-lieu fee. The associated fee is included in the Permit and Fee Schedule section of this package.

Developer Obligations: As required by the approved Development Agreement, the future developer/builder will be required to pay the following fees. Said fees have been included in the Permit and Fee Schedule section of this package. • Golf Course Development • Pro rata share of water system infrastructure

Schools: Future residents will be able to attend public schools within the Oxnard Unified and Oxnard Union School Districts. As a note, Oxnard Unified governs grades K – 8 and Oxnard Union governs grades 9-12. Per district boundaries, the schools to be attended are as follows:

• Thurgood Marshall Elementary: Grades K – 6 • Fremont Intermediate School: Grades 7 – 8 • Oxnard High School: Grades 9-12

* Please refer to Tab 3 for school location, data and performance.

Contact: THE HOFFMAN COMPANY Scott Covington Tom Dallape Direct Line (949) 705-0910 Direct Line (949) 705-0928 [email protected] [email protected] DRE Lic #01807000 DRE Lic #01100284

Southern California Office 18881 Von Karman Ave., Suite 150, Irvine, CA 92612 Tel (949) 553-2020 • Fax (949) 553-8449 CA Corp. ID Lic #01473762 www.hoffmanland.com

THE HOFFMAN COMPANY Vineyard Homes | The Hoffman Company

Land Brokers Approved Site Plan Realty Advisors

Subject Site

THE HOFFMAN COMPANY Vineyard Homes | 10 The Hoffman Company

Land Brokers Proposed Unit Mix Realty Advisors

UNITS MIX SIZE TOTAL SIZE Cluster Homes 3 Bed/ 2.5 Bath 48 31% 1,911 91,730 3 Bed/2.5 Bath/Den 25 16% 2,042 51,050 3 Bed/3.5 Bath/Den 24 15% 2,300 55,200 Subtotal 97 62% 2,041 197,980

Single Family Detached 3 Bed/ 2.5 Bath/Den 24 15% 2,400 57,600 3 Bed/2.5 Bath/Den 27 17% 2,684 72,468 3 Bed/3 Bath/Den 8 5% 3,000 24,000 Subtotal 59 38% 2,611 154,068

Total/Average 156 100% 2,257 352,048

THE HOFFMAN COMPANY Vineyard Homes | 11 The Hoffman Company

Land Brokers Street Scene Elevations Realty Advisors

These architectural renderings are a general sampling of the city approved elevations.

THE HOFFMAN COMPANY Vineyard Homes | 12 The Hoffman Company

Land Brokers Cluster Exterior Elevations — Spanish Cottage Realty Advisors

These architectural renderings are a general sampling of the city approved elevations.

THE HOFFMAN COMPANY Vineyard Homes | 13 The Hoffman Company

Land Brokers Single Family Elevation – Old Santa Barbara Realty Advisors

These architectural renderings are a general sampling of the city approved elevations.

THE HOFFMAN COMPANY Vineyard Homes | 14 The Hoffman Company

Land Brokers Single Family Elevation – Tuscan Villa Realty Advisors

These architectural renderings are a general sampling of the city approved elevations.

THE HOFFMAN COMPANY Vineyard Homes | 15 The Hoffman Company

Land Brokers City Parcel and Easement Realty Advisors

Adjacent to the subject site is a 4 acre parcel currently owned by the City of Oxnard. The exhibit below diagrams a proposed easement that would benefit the City owned parcel. Dedicating this easement to the city would ensure a lot count of 156 for the subject site. Should new ownership forego this dedication, the result would be a loss of 4 units; decreasing the unit count to 152.

Proposed Ingress & Egress Access Easement to City Parcel

City Parcel (Football Field)

Revised Parent Site Roadway

City Parcel Subject Site

THE HOFFMAN COMPANY Vineyard Homes | 16 The Hoffman Company

Land Brokers Land Use Permit Fee Schedule Realty Advisors

Category TOTAL FEES FEES/UNIT Comments Development Status $1,089,000 $6,980 Plan Check Fees, Groth Development Fees, Fees for Building, Electrical, Plumbing and Mechanical Permits

Planning 18,000 120 Modifications Fees

Storm Drain 303,000 1,940 Storm Drain

Sewer 994,000 6,370 Connection Fees

Water 1,349,000 8,650 Connection Fees, Meters, and Water District Fees

Fire 32,000 210 Sprinkler, Alarm and Code Fees

Other Outside Agencies 6,118,000 39,220 School Fees, QUIMBY Fee, Art Fees, Air Quality Mitigation Fees, Affordable Housing In-lieu Fee, County Traffic and Flood Control Fees, and Golf Course Development Fees

Total Estimated Fees $9,903,000 $63,480

Note: The Permit and Fee Schedule is a preliminary estimate of fees based on the conceptual site plan proposed for the modification as of December 2010. In addition, requied fees are subject to change.

THE HOFFMAN COMPANY Vineyard Homes | 17 The Hoffman Company

Land Brokers Property Photos Realty Advisors

Eastern edge of property looking south

Northerly view of property

THE HOFFMAN COMPANY Vineyard Homes | 18 The Hoffman Company

Land Brokers Property Photos Realty Advisors

Northwest corner of property looing towards Ventura/Vineyard Intersection

Southern edge of property looking north

THE HOFFMAN COMPANY Vineyard Homes | 19 The Hoffman Company

Land Brokers Property Photos Realty Advisors

Ventura/Vineyward Intersection

Western edge of property looking east

THE HOFFMAN COMPANY Vineyard Homes | 20 The Hoffman Company

Land Brokers Due Diligence Material Realty Advisors

The following Due Diligence Material can be found in the online war room (password required).

1) Tentative Tract Map # 5672, dated July 8, 2008

2) Final Environmental Impact Report, dated August 2008

3) City Council Approved Plans

4) Site Plans

5) Architectural renderings

6) Floor Plans

7) Minor Modification Application • Ingress / Egress Plans • Unit Mix • Land Use Permit Application • Building Summary

8) Preliminary Engineering Site Plan

9) Administrative Permt Application Requirements

10) City of Oxnard Fee Schedule

11) Land Use Permit Application

12) Concord Market Analysis from May 2011

THE HOFFMAN COMPANY Vineyard Homes | 21 The Hoffman Company

Land Brokers Realty Advisors

3 AREA OVERVIEW

a) City Data/Demographics/Income Profile b) Oxnard Unified School District c) Regional Aerial Map The Hoffman Company

Land Brokers City Data/Demographics Realty Advisors

*Information provided is current as of July 15, 2011. Information provided by Hanley Wood.

The following table outlines the current development activity within the City of Oxnard Plan- ning Division. The information is inclusive all information and data pertaining to “detached” product. The numbers provided represent Lot Inventory and Lot Status.

Lot Inventory Summary Category nUmber Tentative Map Approved 631 Ready to Build 122 Under Construction 14 Finished Vacant 17 Total 784

Population

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

THE HOFFMAN COMPANY Vineyard Homes | 23 The Hoffman Company

Land Brokers Demographic and Income Profile Realty Advisors

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

THE HOFFMAN COMPANY Vineyard Homes | 24 The Hoffman Company

Land Brokers Oxnard Unified Schools Map Realty Advisors

The proceeding information details the public schools assigned to the subject property. Oxnard Unified School Dis- trict is the governing body for the Elementary and Intermediate Schools. Oxnard Union School District presides over the High School. Per the boundary maps issued by the districts, the following public schools are to be attended:

1 Thurgood Marshall Elementary 2 fremont Intermediate 3 oxnard High School

Vineyard Homes Subject Site

Schools to be attended are all less that 2 miles from the site.

101

Oxnard Bl

River Ridge Golf Course

vd E Vineyard Ave

N H St 1 1 E Gonzales

2 A S T HWY e o r i a Av cific CO Pa V ic t so n R d N Patter Ventura R d N

THE HOFFMAN COMPANY Vineyard Homes | 25 The Hoffman Company

Land Brokers Oxnard Unified School District Realty Advisors

Academic Performance Index The Academic Performance Index (API) is an annual measure of the academic performance and progress of schools in California. The API is a score on a scale of 200 to 1,000 that reflects a school’s, district’s or a student group’s performance level, based on the results of statewide testing. An API score of 800 is set as the statewide target. Each annual API reporting cycle includes a Base and a Growth API. The Base API starts the reporting cycle and is released approximately a year after testing (i.e., The 2008 Base is calculated from results of statewide testing in spring 2008 but is released in May 2009). The Growth API is released after the Base API but is calculated from test results from the following year (i.e., The Growth API is calculated from results of statewide testing in spring 2009 and released in August 2009). Therefore, for the 2008-09 API reporting cycle, the 2008 Base indicator and 2009 Growth indicator are used. To learn more about API, please visit the API information guide at www.cde.ca.gov/ta/ac/ap/documents/infoguide08.pdf and the API overview guide at www.cde.ca.gov/ta/ac/ay/documents/overview09.pdf.

Academic Performance Index Ranks Schools are ranked in ten categories of equal size, called deciles, from 1 (lowest) to 10 (highest) based on their API Base reports. A school’s “statewide rank” compares its API to the APIs of all other schools statewide of the same type (elementary, middle, or high school). A “similar schools rank” reflects how a school compares to 100 statistically matched similar schools. This table displays the school’s API ranks and actual API ranks and actual API point changes by student group for the past three years.

Thurgood Marshall Elementary Fremont Intermediate Oxnard High School

THE HOFFMAN COMPANY Vineyard Homes | 26 The Hoffman Company

Land Brokers Thurgood Marshall: 2010-2011 School Accountability Report Card Realty Advisors

Class Size The following chart shows average class size by grade level, as well as the number of classes offered in reference to their enrollment.

THE HOFFMAN COMPANY Vineyard Homes | 27 The Hoffman Company

Land Brokers Fremont Intermediate: 2010-2011 School Accountability Report Card Realty Advisors

Class Size The following chart shows average class size by grade level, as well as the number of classes offered in reference to their enrollment.

THE HOFFMAN COMPANY Vineyard Homes | 28 The Hoffman Company

Land Brokers Oxnard High School: 2010-2011 School Accountability Report Card Realty Advisors

THE HOFFMAN COMPANY Vineyard Homes | 29 The Hoffman Company

Land Brokers Regional Aerial Realty Advisors

SANTA BARBARA

CARPINTERIA

101

VENTURA

126 FILLMORE SANTA PAULA

OXNARD

CAMARILLO MOORPARK

SIMI VALLEY

118 101 23

THOUSAND OAKS

1 AGOURA HILLS

MALIBU N

THE HOFFMAN COMPANY Vineyard Homes | 30 The Hoffman Company

Land Brokers Realty Advisors

4 Market Analysis

a) May 2011 Concord Report b) Ventura County Home Market Overview

130 NEWPORT CENTER DRIVE, SUITE 230 NEWPORT BEACH, CALIFORNIA 92660 PHONE 949.717.6450 FAX 949.717.6444

PRICING UPDATE FOR A FINAL REPORT PREPARED FOR: RESIDENTIAL PROJECT MAY 31, 2011 CERBERUS REAL ESTATE CAPITAL IN OXNARD, CALIFORNIA MANAGEMENT, LLC

LIST OF EXHIBITS

SUMMARY

1 Regional Location 2 Aerial 3 Employment 4 Building Permits 5 Home Closings 6 Price - Median 7 Foreclosures 8 New Home Inventory 9 Resale Inventory 10 Pricing Recommendations 11 Price to Size Relationship

APPENDIX

A New Home Inventory B Resale Inventory

CERBERUS REAL ESTATE CAPITAL MANAGEMENT, LLC May 2011 06613.14 SUMMARY

The Concord Group EXHIBIT 1

REGIONAL LOCATION VENTURA AND LOS ANGELES COUNTIES MAY 2011

The Market Area ("MA"), the area in which the subject site development will compete with other new home projects on a The Primary Market Area ("PMA"), the area from which the more or less equal basis, is defined as west Ventura County. majority of demand for new homes at the subject site is expected to emanate, is defined as Ventura County.

Hwy 101 Subject Site Tech Corridor Employment Node

Conejo Grade - physical divide of west and east Warner Ventura County Center Highrise Office Node West Ventura County is defined as the cities of Camarillo, Oxnard, Port Hueneme and Ventura.

06613.14 Maps: RegLoc The Concord Group EXHIBIT 2

AERIAL OXNARD MAY 2011

River Park, a large scale mixed use master planned community with nearly 1,500 homes planned, is located just over a mile from the site.

Santa Clara River/Wash Esplanade Shopping Center

River Ridge Golf Club Subject Site

Residence Inn Marriot

Office Core

The subject site is surrounded by upscale, golf oriented single family homes to the south, golf to the west, open space to the north and relatively new single family homes to the east.

06613.14 Maps: Aerial The Concord Group EXHIBIT 3

EMPLOYMENT VENTURA AND LOS ANGELES COUNTIES 1981 THROUGH FIRST QUARTER 2011 L4Q 1Q11 Avg. Growth Annual Quarterly vs. vs. 20- 10- Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Peak 1Q10 Year Year

Ventura County (000s) 237 238 243 252 264 275 280 282 284 286 291 298 297 291 276 273 273 275 270 275 270 275 271 Growth (#) 0.6 4.8 9.6 11.3 11.4 4.9 1.9 2.4 2.0 5.0 6.5 -0.9 -5.5 -15.7 -3.1 0.3 -4.6 4.7 -4.6 5.1 -3.8 -25 1 2.1 -0.3 Growth (%) 0.3% 2.0% 4.0% 4.5% 4.3% 1.8% 0.7% 0.9% 0.7% 1.7% 2.2% -0.3% -1.9% -5.4% -1.1% 0.1% -1.7% 1.7% -1.7% 1.9% -1.4% -8.4% 0.5% 0.8% -0.1%

LA County (000s) 3,747 3,789 3,865 3,944 4,003 4,072 4,074 4,027 3,983 3,997 4,024 4,093 4,122 4,071 3,824 3,768 3,774 3,800 3,744 3,793 3,735 3,799 3,769 Growth (#) 42 77 79 59 69 2 -47 -44 14 28 68 30 -51 -247 -56 6 -56 49 -57 64 -30 -348 26 -18 -30 Growth (%) 1.1% 2.0% 2.0% 1.5% 1.7% 0.0% -1.1% -1.1% 0.3% 0.7% 1.7% 0.7% -1.2% -6.1% -1.5% 0.2% -1.5% 1.3% -1.5% 1.7% -0.8% -8.4% 0.7% -0.5% -0.8%

150

100

-50 LA County Ventura County -100

-150 Employment Growth - Annual (000s)

-200

-250

-300 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q

Source: US Bureau of Labor Statistics - data not seasonally adjusted.

06613.14 Macro: Emp-Ox The Concord Group EXHIBIT 4

BUILDING PERMITS* OXNARD, MARKET AREA AND VENTURA COUNTY 1990 THROUGH FIRST QUARTER 2011 L4Q vs. Avg. Growth Annual Quarterly 10 Yr. 20- 10- Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Peak Avg. Year Year

Oxnard 248 358 374 407 679 637 441 777 916 423 507 357 230 107 79 70 64 23 19 21 14 16 13 -93% -84% 381 391 Remaining MA 544 504 401 564 850 429 746 396 293 462 1,046 424 262 92 9 26 23 1 4 1 2 19 1 423 376 Market Area 792 862 775 971 1,529 1,066 1,187 1,173 1,209 885 1,553 781 492 199 88 96 87 24 23 22 16 35 14 -94% -89% 804 766 Oxnard Share of MA 31% 42% 48% 42% 44% 60% 37% 66% 76% 48% 33% 46% 47% 54% 90% 73% 74% 96% 83% 95% 88% 46% 93% 47% 51%

Ventura County 2,066 2,215 2,304 2,973 3,672 3,052 3,185 2,293 2,303 1,837 2,822 1,608 1,004 497 265 218 185 44 61 76 34 47 28 -95% -88% 1,908 1,603 MA Share of County 38% 39% 34% 33% 42% 35% 37% 51% 52% 48% 55% 49% 49% 40% 33% 44% 47% 55% 38% 29% 47% 74% 50% 42% 48%

1,800 4,000

1,600 3,500

1,400 3,000

1,200 2,500

1,000 Rem. MA 2,000 Oxnard Ventura County 800 Market Area Market Ventura County 1,500 600

1,000 400

500 200

0 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q

Source: US Department of Housing and Urban Development Note: * Permits only include those in SFD structures, or MF structures with 4 units or fewer.

06613.14 Macro: BP-Ox The Concord Group EXHIBIT 5

HOME CLOSINGS OXNARD, MARKET AREA AND VENTURA COUNTY 1988 THROUGH FIRST QUARTER 2011 L4Q vs. Avg. Growth Annual Quarterly 10 Yr. 20- 10- Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 Peak Avg. Year Year

New Homes Oxnard 183 368 383 358 409 570 333 357 501 152 231 256 435 365 229 168 152 97 38 60 36 34 22 -73% -50% 305 303 Remaining MA 498 456 496 410 727 543 444 500 273 175 230 417 354 147 29 24 25 4 4 11185 350259 Market Area 681 824 879 768 1,136 1,113 777 857 774 327 461 673 789 512 258 192 177 101 42 71 37 42 27 -84% -69% 655 562 Oxnard Share of MA 27% 45% 44% 47% 36% 51% 43% 42% 65% 46% 50% 38% 55% 71% 89% 88% 86% 96% 90% 85% 97% 81% 81% 47% 54% Ventura County 1,542 2,037 2,028 2,055 2,882 2,859 2,825 2,415 2,316 1,252 2,074 2,124 1,450 794 502 355 328 184 75 117 80 83 48 -89% -80% 1,711 1,611 MA Share of County 44% 40% 43% 37% 39% 39% 28% 35% 33% 26% 22% 32% 54% 64% 51% 54% 54% 55% 56% 61% 46% 51% 56% 38% 35%

Resale Homes Oxnard 1,237 1,284 1,436 1,837 1,997 2,032 2,397 2,763 3,081 2,724 2,713 1,848 1,193 1,892 2,095 1,659 1,637 535 396 474 395 394 374 -47% -27% 1,850 2,237 Remaining MA 2,116 2,478 2,738 3,614 3,692 3,545 3,652 3,956 3,988 3,599 3,481 2,501 2,102 2,084 2,274 2,235 2,269 639 476 648 589 522 510 2,865 2,987 Market Area 3,353 3,762 4,174 5,451 5,689 5,577 6,049 6,719 7,069 6,323 6,194 4,349 3,295 3,976 4,369 3,894 3,906 1,174 872 1,122 984 916 884 -45% -25% 4,715 5,224 Oxnard Share of MA 37% 34% 34% 34% 35% 36% 40% 41% 44% 43% 44% 42% 36% 48% 48% 43% 42% 46% 45% 42% 40% 43% 42% 39% 43% Ventura County 8,017 8,668 9,950 13,141 13,386 12,551 13,662 15,180 15,457 13,705 13,283 9,933 7,408 7,951 8,704 8,171 8,214 2,349 1,795 2,385 2,074 1,917 1,838 -47% -28% 10,674 11,345 MA Share of County 42% 43% 42% 41% 42% 44% 44% 44% 46% 46% 47% 44% 44% 50% 50% 48% 48% 50% 49% 47% 47% 48% 48% 44% 46%

1,200 3,500

3,000 1,000

2,500 800

2,000 Rem. MA 600 Oxnard 1,500 Ventura County Market Area Market Ventura County 400 1,000

200 500

0 0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q

Source: DataQuick

06613.14 Macro: Clos-Ox The Concord Group EXHIBIT 6

PRICE - MEDIAN OXNARD, MARKET AREA AND VENTURA COUNTY 1988 THROUGH FIRST QUARTER 2011 Avg. Growth Annual Quarterly L4Q vs. 1Q11 vs. 20- 10- Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2009 Peak 2003 4Q10 1Q10 Year Year

New Homes Oxnard $230 $213 $200 $195 $224 $254 $281 $353 $416 $573 $627 $663 $546 $378 $339 $311 $306 $319 $330 $310 $313 $290 $307 -10% -54% -27% 6% -7% 0.1% 2.0% Market Area $230 $217 $211 $227 $302 $318 $325 $382 $454 $644 $700 $635 $551 $430 $356 $324 $316 $324 $341 $337 $311 $298 $300 -11% -55% -30% 1% -12% 0.6% 0.2% Ventura County $239 $232 $239 $292 $338 $364 $385 $436 $530 $715 $714 $655 $610 $434 $379 $363 $357 $370 $374 $357 $340 $383 $345 -6% -50% -33% -10% -8% 1.6% 0.0%

Resale Homes Oxnard $150 $149 $150 $155 $171 $198 $220 $255 $320 $442 $549 $581 $525 $323 $271 $293 $289 $293 $296 $299 $290 $285 $280 7% -50% -10% -2% -5% 2.3% 4.0% Market Area $162 $164 $169 $179 $195 $219 $241 $287 $345 $462 $548 $571 $525 $361 $317 $338 $332 $330 $334 $348 $334 $332 $311 5% -42% -4% -6% -7% 2.6% 4.4% Ventura County $174 $175 $184 $195 $212 $235 $257 $309 $365 $480 $560 $593 $563 $401 $355 $371 $368 $365 $361 $385 $370 $362 $350 4% -38% 1% -3% -3% 2.8% 4.7%

$800,000

$700,000

$600,000

$500,000

Oxnard $400,000 Market Area Ventura County

$300,000 Median New Home Price Home New Median

$200,000

$100,000

$0 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 L4Q 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Source: DataQuick

06613.14 Macro: Pr-Ox The Concord Group EXHIBIT 7

FORECLOSURES OXNARD, MARKET AREA AND VENTURA COUNTY FOURTH QUARTER 2008 THROUGH FIRST QUARTER 2011

Quarter 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Oxnard 1,068 1,409 1,465 1,360 1,123 1,089 982 917 1,016 905 Q/Q Change 32% 4% -7% -17% -3% -10% -7% 11% -11% Y/Y Change 5% -23% -33% -33% -10% -17%

Market Area 1,790 2,459 2,650 2,574 2,142 2,149 1,946 1,879 1,999 1,746 Q/Q Change 37% 8% -3% -17% 0% -9% -3% 6% -13% Y/Y Change 20% -13% -27% -27% -7% -19%

Ventura County 3,162 4,449 4,888 5,005 4,166 4,210 3,857 3,799 4,012 3,611 Q/Q Change 41% 10% 2% -17% 1% -8% -2% 6% -10% Y/Y Change 32% -5% -21% -24% -4% -14% By Type % Pre-Foreclosure 51% 48% 42% 40% 36% 43% 43% 41% % Auction 36% 38% 41% 43% 44% 36% 41% 41% % REO 12% 14% 17% 18% 20% 21% 16% 18%

3,000 6,000

2,500 5,000

2,000 4,000 Rem. Market Area 1,500 3,000 Oxnard ' Ventura County Market Area

1,000 2,000 Ventura County

500 1,000

0 0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Source: RealtyTrac

06613.14 Macro: F-Ox The Concord Group EXHIBIT 8

NEW HOME INVENTORY COMPETITIVE MARKET AREA MAY 2011

May 2011 February 2011 Sold Feb-11 to Product Sold Overall L3M May-11 Home Units Home Sales/ List Price Net Price Sales/ Sales/ List Price Net Price Price Change Fees Project Name Builder City Type Plan'd Unsold Size # Month $ $/sf Conc. $ $/sf # Month # Month $ $/sf Conc. $ $/sf List Net HOA CFD

RiverPark MP Boardwalk Shea Homes Oxnard 2s TH 81 47 1,960 30 1.5 $308,393 $157 $15,000 $293,393 $150 34 1.5 4 1.1 $299,335 $153 $5,000 $294,335 $150 -3% 0% $282 $3,500 Collage Standard Pacific Homes Oxnard 2s TH 104 3 1,781 97 2.2 $297,419 $167 $15,033 $282,386 $159 101 2.1 4 1.1 $297,419 $167 $15,033 $282,386 $159 0% 0% $218 $2,400 The Landing Standard Pacific Homes Oxnard 2s TH 78 20 1,403 57 2.7 $259,390 $185 $15,563 $243,827 $174 58 2.4 1 0.3 $259,194 $185 $13,000 $246,194 $176 0% 1% $226 $2,850 Meridian Shea Homes Oxnard 2s TH 159 84 1,712 72 1.8 $308,025 $180 $15,000 $293,025 $171 75 1.7 3 0.9 $274,900 $161 $5,000 $269,900 $158 -11% -8% $211 $3,000 Pacific Crossing Standard Pacific Homes Oxnard 3,000 104 40 1,932 61 1.5 $421,144 $218 $25,000 $396,144 $205 64 1.5 3 0.9 $411,030 $213 $19,200 $391,830 $203 -2% -1% $96 $3,200 Reflections Shea Homes Oxnard 2s TH 62 28 1,384 34 1.7 $265,150 $192 $12,000 $253,150 $183 34 1.5 0 0.0 $265,150 $192 $5,000 $260,150 $188 0% 3% $228 $3,000 The Avenue II Standard Pacific Homes Oxnard 3s TH 32 18 2,268 12 0.6 $341,890 $151 $16,000 $325,890 $144 14 0.6 2 0.6 $339,790 $150 $15,000 $324,790 $143 -1% 0% $263 $3,600 Waypointe Standard Pacific Homes Oxnard Duplex 104 15 1,556 89 2.0 $282,990 $182 $17,175 $265,815 $171 89 1.9 0 0.0 $284,142 $183 $15,000 $269,142 $173 0% 1% $252 $3,200 Subtotal: 724 255 1,722 452 1.8 $311,781 $181 $16,602 $295,179 $171 469 1.7 17 0.6 $302,092 $175 $11,221 $290,870 $169 -3% -1% $215 $3,038

Seabridge MP Port 121 D.R. Horton Oxnard Condo 38 4 1,708 34 1.0 $329,990 $193 $0 $329,990 $193 34 0.9 0 0.0 $329,990 $193 $0 $329,990 $193 0% 0% $505 $2,600

Non Master Planned Communities Westwind Paragon Communities Oxnard 3,500 156 38 1,689 118 1.8 $379,000 $224 $0 $379,000 $224 118 1.7 0 0.0 $381,663 $226 $0 $381,663 $226 1% 1% $97 $350

Note: Averages weighted by total planned units Source: TCG (Appendix A)

06613.14 RecComps: 06613.14 RecComps The Concord Group EXHIBIT 9

RESALE INVENTORY LOCAL NEIGHBORHOOD MID MAY 2010 THROUGH 2011 - ONE YEAR

6 Month Comparison 3 Month Comparison Prior 6 Months Last 6 Months Prior 3 Months Last 3 Months Year Lot Home Sale Price Home Sale Price % Change Home Sale Price Home Sale Price % Change Community Product Built Size Sales Size $ $/sf Sales Size $ $/sf $ $/sf Sales Size $ $/sf Sales Size $ $/sf $ $/sf

RiverPark Mix 2007 35 1,791 $299,442 $167 30 1,848 $268,923 $146 -10% -13% 16 1,846 $275,394 $149 14 1,850 $261,529 $141 -5% -5% Victoria Lakes SFD 2003 7,150 8 3,141 $588,000 $187 7 2,980 $578,993 $194 -2% 4% 4 3,104 $605,488 $195 3 2,816 $543,667 $193 -10% -1% River Ridge SFD 1990 4,459 15 2,649 $540,600 $204 11 2,845 $544,091 $191 1% -6% 7 2,693 $556,000 $206 4 3,111 $523,250 $168 -6% -19% River Ridge Adjacent SFD 1969 4,402 3 1,681 $359,167 $214 9 1,836 $338,556 $184 -6% -14% 5 1,924 $346,200 $180 4 1,725 $329,000 $191 -5% 6% NEC Ventura/Vine SFD 1995 7,233 11 2,167 $448,182 $207 9 2,264 $424,500 $187 -5% -9% 6 2,295 $443,833 $193 3 2,203 $385,833 $175 -13% -9%

Total / Weighted Average: 72 2,173 $406,958 $187 66 2,189 $378,381 $173 -7% -8% 38 2,216 $397,743 $180 28 2,154 $352,104 $163 -11% -9%

RiverPark

NEC Ventura/Vine

River Ridge

River Ridge Adj. Victoria Lakes

Source: Appendix B

06613.14 RecComps: InvR The Concord Group EXHIBIT 11

PRICE TO SIZE RELATIONSHIP MARKET AREA MAY 2011

$625,000

Color = Location $575,000 Red = RiverPark MP Blue = Seabridge MP $525,000 Lavender = Oxnard Green = Local Resales

$475,000

$425,000 List Base Price Base List

$375,000

$325,000 Icon = Product Type

Solid = Detached $275,000 Hollow = Attached

$225,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 Home Size (sf)

TCG Cluster - May-11 TCG SFD - May-11 TCG - Cluster (Original) TCG Cluster - Feb-11 TCG SFD - Feb-11

Boardwalk (2s TH; 1.5) Collage (2s TH; 2.1) The Landing (2s TH; 2.4) Meridian (2s TH; 1.7) Pacific Crossing (3,000; 1.5)

Reflections (2s TH; 1.5) Waypointe (Duplex; 1.9) The Avenue II (3s TH; 0.6) Port 121 (Condo; 0.9) Westwind (3,500; 1.7)

Victoria Lakes (resales) River Ridge (resales) River Ridge Adjacent (resales) NEC Ventura/Vine (resales) Riverpark (resales)

Note: Figures in parenthesis indicate product type/lot size and average monthly sales rate, respectively.

06613.14 RecComps: PS The Concord Group APPENDIX

The Concord Group APPENDIX A

NEW HOME INVENTORY OXNARD MAY 2011

Project Name/ Start Builder/ Date/ Sales February 2011 May 2011 Masterplan/ Total Feb-11/ May-11/ Prod Unit Bed/ Elev./ Home List Conc- Net Price List Conc- Net Price Location Units Rate Rate Type Mix Bath Garage Size Price essions $ $/sf Price essions $ $/sf Comments

RiverPark MP

Boardwalk Jun-09 30 34 2s TH 35% 3B / 2.5b 2s / 2g 1,758 $290,780 $15,000 $275,780 $157 $264,900 $5,000 $259,900 $148 HOA: $282 Shea Homes 81 1.5 1.5 35% 3B / 2.5b 2s / 2g 2,021 $299,900 $15,000 $284,900 $141 $299,900 $5,000 $294,900 $146 CFD: $3,500 Riverpark 30% 4-5B / 2.5b 2s / 2g 2,124 $338,850 $15,000 $323,850 $152 $338,850 $5,000 $333,850 $157 Oxnard 100% Weighted Averages: 1,960 $308,393 $15,000 $293,393 $150 $299,335 $5,000 $294,335 $150 Forrest Park Blvd & Vineyard Ave (805) 604-1639

Collage Jun-07 97 101 2s TH 0% 3B / 2b / 2g 1,527 $283,990 $15,000 $268,990 $176 $280,990 $15,000 $265,990 $174 HOA: $218 Standard Pacific Homes 104 2.2 2.1 78% 3B / 2.5b / 2g 1,747 $292,990 $15,000 $277,990 $159 $292,990 $15,000 $277,990 $159 CFD: $2,400 Riverpark 22% 3B / 2.5b / 2g 1,881 $309,990 $15,000 $294,990 $157 $309,990 $15,000 $294,990 $157 Note: All units except for Oxnard 100% Weighted Averages: 1,781 $297,419 $15,033 $282,386 $159 $297,419 $15,033 $282,386 $159 17 have been released Forrest Park Blvd & Vineyard Ave (805) 981-7515

The Landing Apr-09 57 58 2s TH 20% 2B / 2b 2s / 2g 1,033 $230,990 $13,859 $217,131 $210 $230,990 $13,000 $217,990 $211 HOA: $226 Standard Pacific Homes 78 2.7 2.4 40% 3B / 2.5b 2s / 2g 1,385 $258,990 $15,539 $243,451 $176 $258,500 $13,000 $245,500 $177 CFD: $2,850 Riverpark 40% 3B / 2.5b 2s / 2g 1,605 $273,990 $16,439 $257,551 $160 $273,990 $13,000 $260,990 $163 Oxnard 100% Weighted Averages: 1,403 $259,390 $15,563 $243,827 $174 $259,194 $13,000 $246,194 $176 Forrest Park Blvd & Vineyard Ave (805) 485-6405

Meridian Sep-07 72 75 2s TH 34% 3B / 2b 2s / 2g 1,301 $274,900 $15,000 $259,900 $200 $239,900 $5,000 $234,900 $181 HOA: $211 Shea Homes 159 1.8 1.7 31% 3B / 2.5b 2s / 2g 1,869 $314,900 $15,000 $299,900 $160 $274,900 $5,000 $269,900 $144 CFD: $3,000 Riverpark 34% 4B / 3b 2s / 2g 1,980 $334,900 $15,000 $319,900 $162 $309,900 $5,000 $304,900 $154 Oxnard 100% Weighted Averages: 1,712 $308,025 $15,000 $293,025 $171 $274,900 $5,000 $269,900 $158 Vineyard Blvd & Forrest Blvd (805) 485-0164

Pacific Crossing Sep-07 61 64 3,000 16% 3B / 2.5b 2s / 2g 1,547 $362,990 $25,000 $337,990 $218 $359,990 $15,000 $344,990 $223 HOA: $96 Standard Pacific Homes 104 1.5 1.5 SFD 40% 3B / 2.5b 2s / 2g 1,928 $429,990 $25,000 $404,990 $210 $421,590 $20,000 $401,590 $208 CFD: $3,200 Riverpark 44% 3B / 2.5b 2s / 2g 2,075 $434,250 $25,000 $409,250 $197 $419,990 $20,000 $399,990 $193 Oxnard 100% Weighted Averages: 1,932 $421,144 $25,000 $396,144 $205 $411,030 $19,200 $391,830 $203 Ventura Rd & Owens River Dr (805) 278-5840

06613.14 RecComps: Comps Page 1 of 3 the concord group APPENDIX A

NEW HOME INVENTORY OXNARD MAY 2011

Reflections Jun-09 34 34 2s TH 35% 2B / 2b 2s / 2g 1,338 $254,900 $12,000 $242,900 $182 $254,900 $5,000 $249,900 $187 HOA: $228 Shea Homes 62 1.7 1.5 35% 3B / 2.5b 2s / 2g 1,352 $267,900 $12,000 $255,900 $189 $267,900 $5,000 $262,900 $194 CFD: $3,000 Riverpark 30% 4B / 2b 2s / 2g 1,475 $273,900 $12,000 $261,900 $178 $273,900 $5,000 $268,900 $182 Oxnard 100% Weighted Averages: 1,384 $265,150 $12,000 $253,150 $183 $265,150 $5,000 $260,150 $188 Forrest Park Blvd & Vineyard Ave (805) 988-9356

Waypointe Jun-07 89 89 Duplex 0% 2B / 2b 3s / 2g 1,388 $264,990 $15,900 $249,090 $179 $268,505 $15,000 $253,505 $183 HOA: $252 Standard Pacific Homes 104 2.0 1.9 25% 2B / 2b 3s / 2g 1,437 $274,990 $16,700 $258,290 $180 $267,990 $15,000 $252,990 $176 CFD: $3,200 Riverpark 25% 2B / 2b 3s / 2g 1,437 $269,990 $16,500 $253,490 $176 $269,990 $15,000 $254,990 $177 Oxnard 25% 3B / 2.5b 3s / 2g 1,487 $282,990 $17,500 $265,490 $179 $289,990 $15,000 $274,990 $185 Forrest Park Blvd & Vineyard Ave 0% 3B / 2.5b 3s / 2g 1,671 $293,990 $17,500 $276,490 $165 $298,419 $15,000 $283,419 $170 (805) 485-6405 25% 3B / 3.5b 3s / 2g 1,864 $303,990 $18,000 $285,990 $153 $308,599 $15,000 $293,599 $158 100% Weighted Averages: 1,556 $282,990 $17,175 $265,815 $171 $284,142 $15,000 $269,142 $173

The Avenue II May-09 12 14 3s TH 65% 3B / 3.5b 2s / 2g 2,325 $343,990 $16,000 $327,990 $141 $343,990 $15,000 $328,990 $142 HOA: $263 Standard Pacific Homes 32 0.6 0.6 35% 4B / 2b 2s / 2g 2,161 $337,990 $16,000 $321,990 $149 $331,990 $15,000 $316,990 $147 CFD: $3,600 Riverpark 100% Weighted Averages: 2,268 $341,890 $16,000 $325,890 $144 $339,790 $15,000 $324,790 $143 Oxnard Forrest Park Blvd & Vineyard Ave (805) 485-4619

Seabridge MP

Port 121 May-08 34 34 Condo 17% 1B / 1b 1s / 1g 853 lable (floor pl $329,990Data $0 Unavailable (floor pl $329,990 $0 HOA: $505 D.R. Horton 38 1.0 0.9 17% 1B / 1b 2s / 1g 1,277 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) CFD: $2,600 Seabridge 17% 1B / 2b 1s / 1g 1,226 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) Note: Include water Oxnard 17% 1B / 2b 1s / 1g 1,356 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) views Victoria Ave. & Wooley Rd. 17% 1B / 2b 2s / 1g 1,555 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) Note: 110 units planned, of (805) 985-3122 17% 1B / 2b 2s / 1g 1,732 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) which 72 have been 0% 1B / 1b 2s / 1g 1,708 $329,990 $0 $329,990 $193 $329,990 $0 $329,990 $193 halted 1B / 1b 1s / 1g 1,384 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) 1B / 1b 1s / 1g 1,334 Data Unavailable (floor plan sold out) Data Unavailable (floor plan sold out) 100% Weighted Averages: 1,333 $329,990 $0 $329,990 $193 $329,990 $0 $329,990 $193

06613.14 RecComps: Comps Page 2 of 3 the concord group APPENDIX A

NEW HOME INVENTORY OXNARD MAY 2011

Non Master Planned Communities

Westwind Jul-05 118 118 3,500 0% 4B / 3b 2s / 2g 1,700 lable (floor pl $379,000 $0 # Unavailable (floor pl $381,663 $0 $381,663 HOA: $97 Paragon Communities 156 1.8 1.7 SFD 33% 3B / 2b 2s / 2g 1,507 $357,000 $0 $357,000 $237 $357,000 $0 $357,000 $237 CFD: $350 None 33% 3B / 2b 2s / 2g 1,695 $382,000 $0 $382,000 $225 $389,990 $0 $389,990 $230 Note: Broker co-op of 3% Oxnard 33% 3B / 2b 2s / 2g 1,864 $398,000 $0 $398,000 $214 $398,000 $0 $398,000 $214 offered but not Clara & Pleasant Valley 100% Weighted Averages: 1,689 $379,000 $0 $379,000 $224 $381,663 $0 $381,663 226.015 reflected as an (805) 488-3726 incentive

06613.14 RecComps: Comps Page 3 of 3 the concord group APPENDIX B

RESALE INVENTORY LOCAL NEIGHBORHOOD MID MAY 2010 THROUGH 2011 - ONE YEAR

Zip Year Lot Bed/ Garage Home List Price Sale Price Sale vs. Sale Short Street Address City Code Product Built Size Bath Spaces Size $ $/sf $ $/sf List Date Sale

Victoria Lakes 2101 Shadow Creek Dr Oxnard 93036 SFD 2003 4/3 2,882 $536,000 $186 4/27/11 3616 Eagle Bend Ln Oxnard 93036 SFD 2003 4/3 2,882 $570,000 $198 3/23/11 2050 Pavin Dr Oxnard 93036 SFD 2003 4/3 2,683 $525,000 $196 3/4/11 3509 Glen Abbey Ln Oxnard 93036 SFD 2003 5/3 3,378 $622,000 $184 12/28/10 3255 Dove Canyon Dr Oxnard 93036 SFD 2004 4/3.5 3,260 $700,000 $215 12/17/10 3672 Belmont Ln Oxnard 93036 SFD 2004 4/3 2,882 $560,000 $194 12/17/10 3312 Brookwood Ln Oxnard 93036 SFD 2003 7,150 5/3.5 2 2,895 $539,000 $186 $539,950 $187 0% 12/16/10 Yes 2077 Mission Hills Dr Oxnard 93036 SFD 2003 5/3 2,974 $605,000 $203 11/15/10 3672 Creekside Ln Oxnard 93036 SFD 2003 4/2.5 2,623 $530,000 $202 10/29/10 3120 Ardmore Ln Oxnard 93036 SFD 2003 5/3.5 4,041 $620,000 $153 9/30/10 2904 Dove Canyon Dr Oxnard 93036 SFD 2005 5/4.5 4,062 $665,000 $164 9/24/10 3687 Dry Creek Ln Oxnard 93036 SFD 2003 5/3 3,041 $575,000 $189 8/31/10 3641 Avondale Ln Oxnard 93036 SFD 2002 5/3 3,041 $586,000 $193 8/11/10 3644 Fairmont Ln Oxnard 93036 SFD 2003 4/3 2,882 $535,000 $186 6/25/10 3604 Fairmont Ln Oxnard 93036 SFD 2003 3/2.5 2,464 $588,000 $239 6/11/10

River Ridge 2121 Brook Hollow Ct Oxnard 93036 SFD 1987 5/3.5 3,067 $455,000 $148 3/21/11 2240 Winged Foot Ct Oxnard 93036 SFD 1989 5/3.5 3,067 $588,000 $192 3/18/11 2108 Fox Den Ct Oxnard 93036 SFD 1989 4/3 3,005 $560,000 $186 3/10/11 2107 Glen Eagles Ct Oxnard 93036 SFD 1989 4/3 3,304 $490,000 $148 2/23/11 2600 Bellerive Ct Oxnard 93036 SFD 1987 5/3.5 3,067 $620,000 $202 1/19/11 2217 Spyglass Trl W Oxnard 93036 SFD 1989 4/3 3,032 $566,000 $187 1/7/11 2048 Spyglass Trl W Oxnard 93036 SFD 1987 3/2 2,499 $517,000 $207 12/8/10 1620 Kapalua Dr Oxnard 93036 SFD 1994 4/3 2,080 $510,000 $245 12/3/10 2206 Firestone Ct Oxnard 93036 SFD 1988 4/3 3,126 $590,000 $189 11/30/10 2290 Oakhill Cir Oxnard 93036 SFD 1995 4/3 2,348 $540,000 $230 11/23/10 2306 Crown Point Ct Oxnard 93036 SFD 1996 4/3 2,699 $549,000 $203 11/18/10 2225 Spyglass Trl W Oxnard 93036 SFD 1989 4/2.5 3,058 $689,000 $225 10/8/10 2300 Glade Springs Ct Oxnard 93036 SFD 1988 3/2 2,499 $535,000 $214 9/27/10 1930 Augusta Ct Oxnard 93036 SFD 1987 3/2 2,499 $551,000 $220 9/23/10 1915 Spyglass Trl W Oxnard 93036 SFD 1987 4/3 3,143 $550,000 $175 9/3/10 1601 Carmen Way Oxnard 93036 SFD 1989 4/3 2,983 $505,000 $169 8/31/10 2260 Winged Foot Ct Oxnard 93036 SFD 1989 4/3.5 2,756 $529,000 $192 8/30/10 2207 Cedar Ridge Ct Oxnard 93036 SFD 1989 4/3 3,304 $640,000 $194 8/24/10

06613.14 RecComps: Resales Page 1 of 5 The Concord Group APPENDIX B

RESALE INVENTORY LOCAL NEIGHBORHOOD MID MAY 2010 THROUGH 2011 - ONE YEAR

Zip Year Lot Bed/ Garage Home List Price Sale Price Sale vs. Sale Short Street Address City Code Product Built Size Bath Spaces Size $ $/sf $ $/sf List Date Sale

2101 Spyglass Trl W Oxnard 93036 SFD 1989 4/3 3,032 $675,000 $223 8/11/10 2136 Spyglass Trl W Oxnard 93036 SFD 1989 4/2 2,598 $540,000 $208 7/29/10 2170 Eastridge Loop Oxnard 93036 SFD 1991 4,459 4/2.5 2 1,999 $419,300 $210 $400,000 $200 -5% 7/21/10 2131 Brook Hollow Ct Oxnard 93036 SFD 1987 4/3 3,143 $560,000 $178 7/19/10 1900 Holly Ave Oxnard 93036 SFD 1989 4/3 2,983 $475,000 $159 7/16/10 2321 Fairway Ct Oxnard 93036 SFD 1996 4/2.5 2,198 $592,500 $270 6/25/10 2211 Eastridge Trl Oxnard 93036 SFD 1990 4/2.5 1,999 $457,500 $229 6/18/10 2137 Bermuda Dunes Pl Oxnard 93036 SFD 1988 2/2 1,546 $410,000 $265 6/10/10

River Ridge Adjacent 2001 Olga St Oxnard 93036 SFD 1971 4/2 1,603 $305,000 $190 4/27/11 2115 Rhonda St Oxnard 93036 SFD / 1,639 $299,000 $182 3/18/11 2021 Pamela St Oxnard 93036 SFD 1965 5/2.5 2,228 $365,000 $164 3/10/11 2121 Olga St Oxnard 93036 SFD 1971 3/2 1,428 $347,000 $243 2/25/11 1740 Carmen Way Oxnard 93036 SFD 1966 5/2.5 2,300 $440,000 $191 2/10/11 2074 Rhonda St Oxnard 93036 SFD 1970 4/2.5 1,802 $290,000 $161 1/25/11 2054 Pamela St Oxnard 93036 SFD 1971 3/2 1,698 $340,000 $200 1/14/11 2131 Olga St Oxnard 93036 SFD 1966 3/2 2,183 $341,000 $156 12/16/10 2075 Rhonda St Oxnard 93036 SFD 1971 4,402 3/2.5 2 1,639 $310,000 $189 $320,000 $195 3% 11/30/10 Yes 2025 Pamela St Oxnard 93036 SFD 1965 4/2.5 1,698 $340,000 $200 9/9/10 2155 Rhonda St Oxnard 93036 SFD 1973 4/2 1,838 $350,000 $190 6/29/10 2100 Patricia St Oxnard 93036 SFD 1971 3/2 1,506 $387,500 $257 6/8/10

NEC Ventura/Vine 2670 Honeysuckle Dr Oxnard 93036 SFD 1992 3/3.5 2,643 $470,000 $178 4/11/11 2311 Otter Creek Ln Oxnard 93036 SFD 1994 3/2.5 1,841 $337,500 $183 4/1/11 1304 Meadowlark Ln Oxnard 93036 SFD 1999 4/2.5 2,124 $350,000 $165 3/11/11 2309 Otter Creek Ln Oxnard 93036 SFD 1994 3/2.5 1,652 $351,000 $212 1/21/11 2561 Woodside Pl Oxnard 93036 SFD 1991 3/2 1,689 $422,000 $250 12/22/10 1313 Ostrich Hill Rd Oxnard 93036 SFD 1999 7,233 4/2.5 2 2,124 $405,900 $191 $400,000 $188 -1% 12/17/10 1011 Orion Way Oxnard 93036 SFD 1995 6/4 3,430 $560,000 $163 12/14/10 2410 Larkhaven Ln Oxnard 93036 SFD 1999 4/3 2,544 $500,000 $197 11/29/10 2371 Redwing Ln Oxnard 93036 SFD 1993 4/3 2,330 $430,000 $185 11/24/10 2318 Northstar Way Oxnard 93036 SFD 1993 3/2.5 1,841 $350,000 $190 11/11/10 2308 Mint Way Oxnard 93036 SFD 1999 4/2.5 2,124 $350,000 $165 11/1/10 1320 Ostrich Hill Rd Oxnard 93036 SFD 1999 4/2.5 2,124 $390,000 $184 10/29/10

06613.14 RecComps: Resales Page 2 of 5 The Concord Group APPENDIX B

RESALE INVENTORY LOCAL NEIGHBORHOOD MID MAY 2010 THROUGH 2011 - ONE YEAR

Zip Year Lot Bed/ Garage Home List Price Sale Price Sale vs. Sale Short Street Address City Code Product Built Size Bath Spaces Size $ $/sf $ $/sf List Date Sale

1307 Ostrich Hill Rd Oxnard 93036 SFD 1999 4/2.5 2,124 $375,000 $177 8/20/10 1009 Nightingale Pl Oxnard 93036 SFD 1998 4/3 2,768 $575,000 $208 8/4/10 2570 Upper Bay Dr Oxnard 93036 SFD 1993 3/2 1,689 $420,000 $249 7/30/10 2500 Kentia St Oxnard 93036 SFD 1995 4/2 1,841 $445,000 $242 7/15/10 2564 Joshua Ct Oxnard 93036 SFD 1993 3/2.5 2,193 $500,000 $228 6/29/10 2491 Redwing Ln Oxnard 93036 SFD 1993 3/2 1,842 $420,000 $228 6/22/10 1017 Nightingale Pl Oxnard 93036 SFD 1995 5/3 3,088 $615,000 $199 6/16/10 2401 Redwing Ln Oxnard 93036 SFD 1993 4/2.5 2,207 $490,000 $222 5/20/10

Riverpark 614 Green River St Oxnard 93036 TH 2008 3/2.5 1,519 $235,000 $155 5/9/11 527 Garonne St Oxnard 93036 TH / $297,000 4/28/11 613 Forest Park Blvd Oxnard 93036 Att. 2010 3/2.5 2 2,021 $289,900 $143 $289,900 $143 0% 4/13/11 325 Kiawah River Dr Oxnard 93036 SFD 2006 4/4 2,459 $269,000 $109 4/12/11 351 Feather River Pl Oxnard 93036 TH 2007 3/2.5 2,090 $248,000 $119 3/31/11 350 Lakeview Ct (Unable To Map) Oxnard 93036 SFD 2006 4,987 5/3.5 2 2,042 $355,000 $174 $300,000 $147 -15% 3/29/11 Yes 702 Flathead River St #160 Oxnard 93036 Att. 2008 3/2.5 1,519 $200,000 $132 3/29/11 529 Garonne St Oxnard 93036 TH / $295,000 3/14/11 646 Flathead River St #104 Oxnard 93036 Att. 2007 3/2 1,521 $250,000 $164 3/11/11 314 Kiawah River Dr Oxnard 93036 SFD 2007 3/2.5 1,525 $242,500 $159 3/8/11 318 Elk River Pl Oxnard 93036 TH 2006 3/2.5 1,770 $235,000 $133 3/3/11 303 Danvers River St Oxnard 93036 TH 2006 3/2.5 1,803 $250,000 $139 3/1/11 3154 Lisbon Ln Oxnard 93036 TH / $290,000 2/18/11 3070 Roia Ln Oxnard 93036 TH 2007 4/3 2,084 $260,000 $125 2/18/11 323 Java Pl Oxnard 93036 SFD 2006 3/2.5 1,604 $287,000 $179 2/9/11 3066 Roia Ln #11 Oxnard 93036 Att. 2006 4/3 2,084 $215,500 $103 1/31/11 316 Big Sur River Pl Oxnard 93036 TH 2010 3/2.5 2 1,352 $274,340 $203 $271,900 $201 -1% 1/25/11 335 Forest Park Blvd #7 Oxnard 93036 Att. 2006 3/2.5 1,670 $244,000 $146 1/21/11 603 Forest Park Blvd Oxnard 93036 Att. 2010 3/2.5 2 2,021 $314,900 $156 $299,900 $148 -5% 1/15/11 764 Nile River Dr Oxnard 93036 SFD 2008 3/2.5 1,713 $367,500 $215 1/13/11 3313 N Ventura Rd Oxnard 93036 TH / $235,000 12/30/10 3313 N Ventura Rd Oxnard 93036 TH / $276,000 12/30/10 2925 Rocky Mountain Dr Oxnard 93036 TH 2006 3/2.5 2,090 $236,000 $113 12/30/10 348 Lakeview Ct Oxnard 93036 SFD 2006 4/4 2,459 $330,000 $134 12/30/10 3265 Moss Landing Blvd #6 Oxnard 93036 Att. 3/2 1,384 $275,000 $199 12/29/10 3368 N Oxnard Blvd Oxnard 93036 TH / $274,000 12/10/10

06613.14 RecComps: Resales Page 3 of 5 The Concord Group APPENDIX B

RESALE INVENTORY LOCAL NEIGHBORHOOD MID MAY 2010 THROUGH 2011 - ONE YEAR

Zip Year Lot Bed/ Garage Home List Price Sale Price Sale vs. Sale Short Street Address City Code Product Built Size Bath Spaces Size $ $/sf $ $/sf List Date Sale

349 Feather River Pl #53 Oxnard 93036 Att. 2007 3/2.5 2,090 $280,000 $134 12/1/10 357 Kiawah River Dr Oxnard 93036 TH 2008 4/3 2,084 $263,500 $126 11/30/10 3370 N Oxnard Blvd Oxnard 93036 TH / $238,000 11/24/10 3115 Nimes Ln Oxnard 93036 SFD 2006 2/2.5 1,604 $313,000 $195 11/23/10 3110 N Ventura Rd Oxnard 93036 TH 2007 3/3.5 1,815 $215,000 $118 11/8/10 3138 Lisbon Ln Oxnard 93036 TH / $290,000 11/5/10 371 Colorado River Pl Oxnard 93036 TH 2006 4/4 1,743 $220,000 $126 11/5/10 605 Forest Park Blvd Oxnard 93036 TH 2010 3/2.5 2 2,005 $314,900 $157 $314,900 $157 0% 10/29/10 2923 Rocky Mountain Dr #8 Oxnard 93036 TH 2006 3/2.5 2,175 $276,000 $127 10/15/10 3051 London Ln Oxnard 93036 SFD / $285,000 10/13/10 353 Kiawah River Dr Oxnard 93036 TH 2007 4/3 2,084 $289,000 $139 10/11/10 309 American River Ct Oxnard 93036 TH 2010 2/2 2 1,338 $267,900 $200 $267,000 $200 0% 10/2/10 2706 Detroit Dr Oxnard 93036 SFD 2004 3/2.5 1,449 $280,000 $193 10/1/10 3030 Oxnard Blvd Oxnard 93036 Att. 2010 3/2.5 2 1,800 $299,900 $167 $299,900 $167 0% 10/1/10 3104 N Oxnard Blvd Oxnard 93036 TH / $340,000 9/30/10 3271 Moss Landing Blvd Oxnard 93036 Att. 2010 3/2.75 2 1,869 $324,900 $174 $324,900 $174 0% 9/3/10 3355 Kings Canyon Dr Oxnard 93036 SFD 2008 4/4 2,459 $405,000 $165 8/31/10 3039 London Ln Oxnard 93036 TH / $318,000 8/26/10 301 American River Ct Oxnard 93036 TH 2010 3/2.5 2 1,352 $264,900 $196 $264,900 $196 0% 8/26/10 3024 Oxnard Blvd Oxnard 93036 TH 2010 3/2.5 2 1,800 $299,900 $167 $299,900 $167 0% 8/23/10 331 Lakeview Ct Oxnard 93036 SFD 2006 3/2.5 2,327 $355,000 $153 8/20/10 303 West American River Ct Oxnard 93036 TH 2010 2/2 2 1,338 $266,780 $199 $266,780 $199 0% 8/13/10 313 Elk River Pl #29 Oxnard 93036 Att. 2007 3/2.5 2,090 $270,000 $129 8/6/10 514 Flathead River St Oxnard 93036 TH 2007 3/2.5 1,519 $231,000 $152 7/30/10 3115 London Ln Oxnard 93036 TH / $285,000 7/29/10 2911 Rocky Mountain Dr Oxnard 93036 Att. 2006 3/2.5 1 2,090 $299,500 $143 $270,000 $129 -10% 7/27/10 3260 London Ln #62 Oxnard 93036 Att. 4/3 2,062 $340,000 $165 7/8/10 3362 Moss Landing Blvd Oxnard 93036 TH / $232,000 6/29/10 719 Nile River Dr Oxnard 93036 SFD / $417,000 6/25/10 3153 Lisbon Ln #54 Oxnard 93036 Att. 3/2.5 1,516 $290,000 $191 6/25/10 304 Big Sur River Pl Oxnard 93036 TH 2010 3/2.5 2 1,352 $269,900 $200 $269,900 $200 0% 6/22/10 3132 N Oxnard Blvd Oxnard 93036 TH / $340,000 6/18/10 300 East Big Sur River Pl Oxnard 93036 TH 2010 3/2.5 2 1,352 $275,900 $204 $275,900 $204 0% 6/18/10 3142 N Ventura Rd #63 Oxnard 93036 Att. 2009 3/3.5 1,815 $309,000 $170 6/18/10 3103 London Ln Oxnard 93036 TH / $318,000 6/17/10 3262 London Ln Oxnard 93036 Att. 2010 3/2 2 1,301 $284,900 $219 $274,900 $211 -4% 6/17/10

06613.14 RecComps: Resales Page 4 of 5 The Concord Group APPENDIX B

RESALE INVENTORY LOCAL NEIGHBORHOOD MID MAY 2010 THROUGH 2011 - ONE YEAR

Zip Year Lot Bed/ Garage Home List Price Sale Price Sale vs. Sale Short Street Address City Code Product Built Size Bath Spaces Size $ $/sf $ $/sf List Date Sale

311 Indus Pl Oxnard 93036 SFD 2006 3/2.5 1,525 $285,000 $187 6/11/10 3374 Moss Landing Blvd Oxnard 93036 TH / $236,500 5/28/10 271 Myrtle Ave Oxnard 93036 SFD 2000 2/2 2,595 $525,000 $202 5/27/10

06613.14 RecComps: Resales Page 5 of 5 The Concord Group Inventory Lifecycle and Lot Status Report Date: 8/12/2011

AREA/PRODUCT LIFE CYCLE STAGE LOT STATUS ABSORPTION DEVELOPED LOTS Final Map Approved Dev Lot Inventory Months of Supply Average Monthly Closings Tentative Approved Under Construction Under Construction Finished Occupied Fininshed Vacant Finished Vacant over 12 months Actively Selling Ready To Build Ready To Build Unconfirmed Not Selling Cancelled Raw Land Closed Total Total

County Product Type Ventura Attached 394 280 0 388 587 1,649 394 109 250 31 278 587 1,649 8.6 29.1 3.6 32.3

Ventura Detached 631 258 0 78 334 1,301 631 183 122 14 17 334 1,301 1.6 76.3 8.8 10.6

Total 1,025 538 0 466 921 2,950 1,025 292 372 45 295 921 2,950 10.2 36.5 4.4 28.9

Total Units Attached 394 280 0 388 587 1,649 394 109 250 31 278 587 1,649 8.6 29.1 3.6 32.3

Detached 631 258 0 78 334 1,301 631 183 122 14 17 334 1,301 1.6 76.3 8.8 10.6

Total 1,025 538 0 466 921 2,950 1,025 292 372 45 295 921 2,950 10.2 36.5 4.4 28.9

Geography: Filters:

State: California Exclude Projects Closed Prior to Previous Year County: Ventura Submarket: Ventura West Community: Oxnard

www.hwmarketintelligence.com Sales: 1-800-639-3777 Page 1 of 2 (c) 2010 All Rights Reserved - Hanley Wood, LLC Support: 1-877-275-8647 Plan by Project Summary Report Date: 8/12/2011 Date Range: 6/1/2011 to 6/30/2011

Builder Name Product Type Open Minimum Minimum Dimensions Units Units Report Date Range Lifetime Construction

Project Name Community Date Lot Size Width Depth Planned Remaining Closings Rate Closings Rate Lender Name

STANDARD PACIFIC HOMES INC TOWNHOUSE

AVENUE II (THE) OXNARD 5/9/2009 0 0 0 32 16 5 5.0 16 0.9 UNKNOWN

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 4 3.0 3-Story 2 $331,990 2,192 $151

PLAN 2 3 3.5 3-Story 2 $338,990 2,325 $146

SHEA HOMES TOWNHOUSE

BOARDWALK AT RIVERPARK OXNARD 6/20/2009 0 0 0 39 21 0 NA 18 1.4 UNKNOWN

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 2.5 2-Story 2 $264,900 1,800 $147

PLAN 2 3 2.5 2-Story 2 $299,900 2,021 $148

PLAN 3 4 2.5 2-Story 2 $338,850 2,124 $160

JOHN LAING HOMES SINGLE FAMILY

BUNGALOWS AT BEACH OXNARD 6/16/2007 4000 0 0 64 25 0 NA 39 0.9 JOHN LAING HOMES HOUSE (THE)

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 2.5 2-Story 3 $584,990 2,027 $289

PLAN 2 3 3.0 2-Story 2 $631,990 2,001 $316

PLAN 3 3 2.5 2-Story 2 $599,990 2,207 $272

PLAN 4 3 2.5 2-Story 3 $609,990 2,476 $246

www.hwmarketintelligence.com Sales: 1-800-639-3777 Page 1 of 6 (c) 2010 All Rights Reserved - Hanley Wood, LLC Support: 1-877-275-8647 Plan by Project Summary Report Date: 8/12/2011 Date Range: 6/1/2011 to 6/30/2011

Builder Name Product Type Open Minimum Minimum Dimensions Units Units Report Date Range Lifetime Construction

Project Name Community Date Lot Size Width Depth Planned Remaining Closings Rate Closings Rate Lender Name

STANDARD PACIFIC HOMES INC TOWNHOUSE

COLLAGE OXNARD 5/8/2007 0 0 0 104 25 0 NA 79 1.6 STANDARD PACIFIC HOMES

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 2.0 2-Story 2 $280,990 1,527 $184

PLAN 2 3 2.5 2-Story 2 $292,990 1,747 $168

PLAN 3 3 2.5 2-Story 2 $309,990 1,881 $165

STANDARD PACIFIC HOMES INC CONDOMINIUMS

LANDING (THE) OXNARD 4/25/2009 0 0 0 78 29 0 NA 49 2.3 UNKNOWN

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 2 2.0 2-Story 0 $230,990 1,033 $224

PLAN 2 3 2.5 2-Story 0 $258,500 1,413 $183

PLAN 3 3 2.5 2-Story 0 $273,990 1,605 $171

SHEA HOMES TOWNHOUSE

MARKET STREET OXNARD 3/31/2007 0 0 0 41 0 1 1.0 41 1.0 SHEA HOMES

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 3.5 3-Story 2 $355,000 2,362 $150

PLAN 3 4 3.5 3-Story 2 $370,000 2,490 $149

PLAN 4 4 3.5 3-Story 2 $430,000 2,631 $163

PLAN 2 4 3.5 3-Story 3 $390,000 2,431 $160

www.hwmarketintelligence.com Sales: 1-800-639-3777 Page 2 of 6 (c) 2010 All Rights Reserved - Hanley Wood, LLC Support: 1-877-275-8647 Plan by Project Summary Report Date: 8/12/2011 Date Range: 6/1/2011 to 6/30/2011

Builder Name Product Type Open Minimum Minimum Dimensions Units Units Report Date Range Lifetime Construction

Project Name Community Date Lot Size Width Depth Planned Remaining Closings Rate Closings Rate Lender Name

SHEA HOMES TOWNHOUSE

MERIDIAN AT RIVERPARK OXNARD 9/29/2007 0 0 0 159 92 0 NA 67 1.5 SHEA HOMES

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

LAULETTA 3 2.0 2-Story 2 $239,900 1,301 $184

MATARAZZO 3 2.5 2-Story 2 $294,900 1,869 $158

MCARDLE 4 3.0 2-Story 2 $309,900 1,980 $157

STANDARD PACIFIC HOMES INC TOWNHOUSE

PACIFIC CROSSING OXNARD 9/29/2007 3000 0 0 104 37 0 NA 67 1.6 STANDARD PACIFIC HOMES

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 2.5 2-Story 2 $359,990 1,547 $233

PLAN 2 3 2.5 2-Story 2 $421,590 1,928 $219

PLAN 3 3 2.5 2-Story 2 $419,990 2,097 $200

DR HORTON INC CONDOMINIUMS

PORT 121 OXNARD 5/10/2008 0 0 0 110 85 0 NA 25 1.0 UNKNOWN

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN A 1 1.0 Loft 1 $199,990 853 $234

PLAN F 1 1.0 Loft 1 $399,990 1,277 $313

PLAN B 2 2.0 Loft 2 $299,990 1,226 $245

PLAN E 2 2.0 Loft 2 $339,990 1,356 $251

PLAN G 2 2.0 Loft 2 $329,990 1,555 $212

PLAN J 2 2.0 Loft 2 $429,000 1,715 $250 www.hwmarketintelligence.com Sales: 1-800-639-3777 Page 3 of 6 (c) 2010 All Rights Reserved - Hanley Wood, LLC Support: 1-877-275-8647 Plan by Project Summary Report Date: 8/12/2011 Date Range: 6/1/2011 to 6/30/2011

Builder Name Product Type Open Minimum Minimum Dimensions Units Units Report Date Range Lifetime Construction

Project Name Community Date Lot Size Width Depth Planned Remaining Closings Rate Closings Rate Lender Name PLAN M 1 1.5 Loft 1 $399,990 1,708 $234

PLAN Q 1 1.0 1-Story 0 $520,000 1,334 $390

DR HORTON INC CONDOMINIUMS

PORT MARLUNA OXNARD 2/14/2006 0 0 0 168 57 0 NA 111 1.8 D.R. HORTON

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

2B 2 2.0 Flat 2 $559,990 1,720 $326

3B 2 2.0 Flat 2 $649,000 2,015 $322

3B1 3 2.0 Flat 2 $891,285 1,992 $447

3B2 3 2.0 Flat 2 $799,990 1,773 $451

DR HORTON INC SINGLE FAMILY

PORT MERIDIAN AT SEABRIDGE OXNARD 12/30/2005 4000 0 0 133 0 0 NA 133 2.5 D.R. HORTON

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 2.5 2-Story 2 $649,990 2,653 $245

PLAN 2 3 2.5 2-Story 2 $649,990 2,850 $228

PLAN 3 5 3.0 2-Story 2 $656,990 2,868 $229

DR HORTON INC SINGLE FAMILY

PORT PROVINCE OXNARD 1/19/2006 5000 0 0 59 0 0 NA 59 1.1 D.R. HORTON

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 3.0 2-Story 3 $999,440 2,983 $335

PLAN 2 4 3.0 2-Story 3 $990,638 3,060 $324

PLAN 3 4 3.0 2-Story 3 $1,059,000 3,495 $303 www.hwmarketintelligence.com Sales: 1-800-639-3777 Page 4 of 6 (c) 2010 All Rights Reserved - Hanley Wood, LLC Support: 1-877-275-8647 Plan by Project Summary Report Date: 8/12/2011 Date Range: 6/1/2011 to 6/30/2011

Builder Name Product Type Open Minimum Minimum Dimensions Units Units Report Date Range Lifetime Construction

Project Name Community Date Lot Size Width Depth Planned Remaining Closings Rate Closings Rate Lender Name

SHEA HOMES TOWNHOUSE

REFLECTIONS AT RIVERPARK OXNARD 6/20/2009 0 0 0 36 12 1 1.0 24 1.1 UNKNOWN

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1A 2 2.0 2-Story 2 $234,900 1,338 $176

PLAN 2A 3 2.5 2-Story 2 $252,900 1,352 $187

PLAN 3A 4 2.5 2-Story 2 $258,900 1,475 $176

STANDARD PACIFIC HOMES INC TOWNHOUSE

WAYPOINTE OXNARD 6/2/2007 0 0 0 104 14 0 NA 90 2.1 STANDARD PACIFIC HOMES

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 2 2.0 3-Story 2 $268,505 1,388 $193

PLAN 2 3 2.0 3-Story 2 $267,990 1,437 $186

PLAN 3 2 2.0 3-Story 2 $269,990 1,482 $182

PLAN 4 3 2.5 3-Story 2 $289,990 1,487 $195

PLAN 5 3 2.5 3-Story 2 $298,419 1,671 $179

PLAN 6 3 3.5 3-Story 2 $308,599 1,864 $166

PARAGON COMMUNITIES SINGLE FAMILY

WESTWIND OXNARD 3/23/2005 3500 50 70 156 53 0 NA 103 1.4 UNKNOWN

Plan Bedrooms Baths House Type Garages Min Price Sq Ft Pr Sq Ft

PLAN 1 3 3.0 2-Story 2 $365,000 1,700 $215

PLAN 2 3 2.0 2-Story 2 $357,000 1,507 $237

PLAN 3R 3 2.0 2-Story 2 $387,000 1,695 $228 www.hwmarketintelligence.com Sales: 1-800-639-3777 Page 5 of 6 (c) 2010 All Rights Reserved - Hanley Wood, LLC Support: 1-877-275-8647 Plan by Project Summary Report Date: 8/12/2011 Date Range: 6/1/2011 to 6/30/2011

Builder Name Product Type Open Minimum Minimum Dimensions Units Units Report Date Range Lifetime Construction

Project Name Community Date Lot Size Width Depth Planned Remaining Closings Rate Closings Rate Lender Name PLAN 4R 3 2.0 2-Story 2 $410,000 1,864 $220

Totals Projects: 15 Plans: 56 TUP: 1,387 TUR: 466 Closings Date Range: 7 LTD Closings: 921

Geography: Filters:

State: California Exclude Projects Closed Prior to Previous Year County: Ventura Submarket: Ventura West Community: Oxnard

Summary Statistics Date Range: 6/1/2011 to 6/30/2011

RRID 96392

Closings and Rates Inventory Closings Monthly Closing Rate Total Units Remaining Selected Same Period % Changed Selected Same Period % Changed Current Previous Year % Changed Period Prior Year Period Prior Year

For The Selected Period ( 6/1/2011 to 6/30/2011 ) Single Family N/A 2 N/A N/A 2.0 N/A 78 89 -12.4 %

Townhouse/Duplex/Plex 7 16 -56.3 % 7.0 16.0 -56.3 % 217 276 -21.4 %

Condominium N/A 11 N/A N/A 11.0 N/A 171 191 -10.5 %

Total 7 29 -75.9 % 7.0 29.0 -75.9 % 466 556 -16.2 %

Closings Monthly Closing Rate Selected Same Period % Changed Selected Same Period % Changed Period Prior Year Period Prior Year

Trailing Twelve Months ( 6/12/2010 to 6/11/2011 ) Single Family 16 28 -42.9 % 1.3 2.3 -42.9 % Townhouse/Duplex/Plex 69 141 -51.1 % 5.7 11.6 -51.1 % Condominium 31 58 -46.6 % 2.5 4.8 -46.6 % Total 116 227 -48.9 % 9.5 18.7 -48.9 % Closings Monthly Closing Rate Selected Same Period % Changed Selected Same Period % Changed Period Prior Year Period Prior Year

Year To Date ( 1/1/2011 to 8/12/2011 ) Single Family 5 12 -58.3 % 0.7 1.6 -58.3 % Townhouse/Duplex/Plex 22 72 -69.4 % 2.9 9.6 -69.4 % Condominium 6 30 -80.0 % 0.8 4.0 -80.0 % Total 33 114 -71.1 % 4.4 15.3 -71.1 %

Summary Statistics Date Range: 6/1/2011 to 6/30/2011

RRID 96392

Average Prices and Size Average Closing Price Current Average Price Per Square Foot Selected Same Period % Changed Average Selected Same Period % Changed Period Prior Year Square Feet Period Prior Year

For The Selected Period ( 6/1/2011 to 6/30/2011 ) Single Family N/A $355,000 N/A N/A N/A N/A #Error Townhouse/Duplex/Plex $281,286 $313,063 -10.2 % 1,777 $158.29 $206.51 -23.3 % Condominium N/A $312,818 N/A N/A N/A $177.99 N/A Total $281,286 $315,862 -10.9 % 1,777 $158.29 $188.35 -16.0 % Average Closing Price Current Average Price Per Square Foot Selected Same Period % Changed Average Selected Same Period % Changed Period Prior Year Square Feet Period Prior Year

Trailing Twelve Months ( 6/12/2010 to 6/11/2011 ) Single Family $388,688 $540,321 -28.1 % 2,160 $179.99 $226.05 -20.4 % Townhouse/Duplex/Plex $313,355 $308,724 1.5 % 1,649 $189.98 $195.11 -2.6 % Condominium $294,226 $395,784 -25.7 % 1,795 $163.88 $254.32 -35.6 % Total $318,634 $359,535 -11.4 % 1,776 $179.43 $207.02 -13.3 % Average Closing Price Current Average Price Per Square Foot Selected Same Period % Changed Average Selected Same Period % Changed Period Prior Year Square Feet Period Prior Year

Year To Date ( 1/1/2011 to 8/11/2011 ) Single Family $376,800 $474,500 -20.6 % N/A N/A $196.93 #Error Townhouse/Duplex/Plex $309,841 $309,959 0.0 % 1,777 $174.36 $192.17 -9.3 % Condominium $323,000 $357,600 -9.7 % 1,814 $178.04 $216.67 -17.8 % Total $322,379 $339,816 -5.1 % 1,802 $178.92 $192.58 -7.1 %

Summary Statistics Date Range: 6/1/2011 to 6/30/2011

RRID 96392

Median Prices and Size Median Closing Price Current Median Price Per SqFt Selected Same Period % Changed Median Selected Same Period % Changed Period Prior Year Square Feet Period Prior Year For The Selected Period ( 6/1/2011 to 6/30/2011 ) Single Family N/A $355,000 N/A N/A N/A N/A #Error Townhouse/Duplex/Plex $287,000 $300,500 -4.5 % 1,777 $161.51 $198.22 -18.5 % Condominium N/A $305,000 N/A N/A N/A $173.54 N/A Total $287,000 $306,000 -6.2 % 1,777 $161.51 $180.00 -10.3 % Median Closing Price Current Median Price Per SqFt Selected Same Period % Changed Median Selected Same Period % Changed Period Prior Year Square Feet Period Prior Year Trailing Twelve Months ( 6/12/2010 to 6/11/2011 ) Single Family $374,000 $490,750 -23.8 % 2,160 $173.19 $187.38 -7.6 % Townhouse/Duplex/Plex $300,000 $299,000 0.3 % 1,516 $197.89 $196.65 0.6 % Condominium $276,000 $341,000 -19.1 % 1,786 $154.58 $200.94 -23.1 % Total $305,500 $322,500 -5.3 % 1,756 $173.97 $189.71 -8.3 % Median Closing Price Current Median Price Per SqFt Selected Same Period % Changed Median Selected Same Period % Changed Period Prior Year Square Feet Period Prior Year Year To Date ( 1/1/2011 to 8/11/2011 ) Single Family $375,000 $386,500 -3.0 % N/A N/A $150.45 #Error Townhouse/Duplex/Plex $300,000 $289,000 3.8 % 1,777 $168.82 $193.96 -13.0 % Condominium $328,500 $315,000 4.3 % 1,786 $183.98 $185.29 -0.7 % Total $313,000 $312,750 0.1 % 1,786 $175.30 $183.97 -4.7 %

Summary Statistics Date Range: 6/1/2011 to 6/30/2011

RRID 96392

Geography: Filters:

State: California Exclude Projects Closed Prior to Previous Year County: Ventura Submarket: Ventura West Community: Oxnard