Speakers' slides from the HPC Housing Bloom event on Tuesday, April 14, 2015.

1. Dimensions of Supply and Demand:
Spring Real Estate Market Outlook
Frank E. Nothaft
SVP and Chief Economist
CoreLogic

2. Macro Indicators Slowly Improving
Economic Indicators Dashboard
Note: “Typical Range” is +1 standard deviation from the mean of historical values.

3. Federal Funds Expected to Rise
2015 2016 2017
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Minutes March 18, 2015
March 18, 2015 Median
Longer Run
March 2015 Median 0.63 1.63 3.13 3.75
5
Federal Funds Target (interest rate, in percent)
Source: Federal Open Market Committee Meeting on March 18, 2015. In the plot each circle indicates the value
(rounded to the nearest 1/8 percentage point) of an individual FOMC participant’s judgment of the appropriate
level of the target federal funds rate at the end of the specified calendar year or over the longer run.

4. U.S. Home Prices Projected to Rise
4
-2.7%
8.7%
11.3%
4.7%
6.2%
5.2%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
2011 2012 2013 2014 2015 2016
Source: CoreLogic Home Price Index including distressed sales (April 7, 2015 release)
Percent Change in CoreLogic House Price Index, December-to-December
------Forecast------
8

5. For-Sale Home Inventory Has
Recently Been Very Low
5
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
1983 1987 1991 1995 1999 2003 2007 2011 2015
Homes-For-Sale Inventory as a Percent of Households
Sources: National Association of Realtors, U.S. Census Bureau (New Residential Sales and Housing Vacancy
Survey). Note: Existing home inventory excludes Condo & Co-op Inventory before 1999. 2015Q1 based
only on data for January and February.

6. High Underwater-Borrower Share
Reduces Homes-For-Sale Inventory
Negative Equity Share, Year-end 2014
U.S.: 10.8%
Source: CoreLogic Equity Report, Fourth Quarter 2014. Louisiana, Maine, Mississippi, South
Dakota, Vermont, West Virginia and Wyoming have insufficient equity data to report.

7. Rent Growth Strong in Tech Cities,
South & Southwest Firm
7
Source: CoreLogic, January 2015
Year-Over-Year Percent Change in Monthly Rents
-10%
-5%
0%
5%
10%
15%
20%
San
Francisco,
CA
Seattle, WA Atlanta, GA San Diego,
CA
Phoenix, AZ Dallas, TX Houston, TX Miami, FL Charlotte,
NC-SC
Orlando, FL Detroit, MI
Dec-2012 Dec-2013 Dec-2014

8. Underwriting Remains Cautious
8
Source: CoreLogic TrueStandings, originations through November 2014; January 2000 = 100
HCI Factors
15
• Credit Score
• Loan-to-Value Ratio (LTV)
• Debt to Income Ratio (DTI)
• Broker Share
• Adjustable Rate Mortgage Share
• Documentation Type
Housing Credit Index for Purchase, by Loan Type

9. Student Debt Has Become More
Prevalent Across All Age Groups
0
5
10
15
20
25
30
35
40
45
20-29 30-39 40-49 50 and over
Share of Households with Student Loan Debt by Age (Percent)
2001 2004 2007 2010 2013
Source: Harvard JCHS tabulations of Federal Reserve Board, Survey of Consumer Finances.
9

10. Millennials Without Student Debt
Have Higher Credit Scores
10
Source: Federal Reserve Bank of New York Consumer Credit Panel, Equifax.

11. New Housing Demand & Supply
David Crowe
Chief Economist
National Association of Home Builders

12. DEMAND

13. Distribution of New Home Prices
Shifting to higher priced homes
43.0%
20.8%
44.2%
52.5%
5.8%
9.9%
8.1%
17.8%
0%
10%
20%
30%
40%
50%
60%
<$200K $200-$400 $400-$500 $500+

14. Regional Shares of New Homes
Slight shift to South and West
9%
7%
14% 13%
52%
54%
21%
25%
0%
10%
20%
30%
40%
50%
60%
70%
Northeast Midwest South West

15. Condo Share of Multifamily Starts
52.6%
11.5%
0%
10%
20%
30%
40%
50%
60%
2000-Mar
2000-Oct
2001-May
2001-Dec
2002-Jul
2003-Feb
2003-Sep
2004-Apr
2004-Nov
2005-Jun
2006-Jan
2006-Aug
2007-Mar
2007-Oct
2008-May
2008-Dec
2009-Jul
2010-Feb
2010-Sep
2011-Apr
2011-Nov
2012-Jun
2013-Jan
2013-Aug
2014-Mar
2014-Oct
1975-1999 Average = 25%
- - - - - - - - - - - - -
Average=8.2%

16. Median Size of New Homes
Expanding size as first time home buyer share declines
2,139
2,414
2,000
2,100
2,200
2,300
2,400
2,500
2,600
2010-Mar
2010-Jun
2010-Sep
2010-Dec
2011-Mar
2011-Jun
2011-Sep
2011-Dec
2012-Mar
2012-Jun
2012-Sep
2012-Dec
2013-Mar
2013-Jun
2013-Sep
2013-Dec
2014-Mar
2014-Jun
2014-Sep
2014-Dec

17. First-time Home Buyer Share of
Existing Home Sales
2/15:
[VALUE]
0%
10%
20%
30%
40%
50%
60%
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15

18. First-time Home Buyer Share of
New Home Market
16%
15%
20%
25%
30%
35%
40%
2001 2003 2005 2007 2009 2011 2013* 2014*
* Source: AHS 2001 – 2011, NAHB 2013 & 2014

19. Home Sale Shares
5,265,441
5,517,492
6,247,978
5,324,690
4,214,734
3,253,301
4,081,213
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2001 2003 2005 2007 2009 2011 2013
1st Time New Repeat New 1st Time Existing Repeat Existing New Share

20. Inventory of New Homes For Sale
143
210
100
120
140
160
180
200
220
240
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
50 year average = 313K
(000s)

21. SUPPLY – LAND & LABOR

22. Lot Supply
Shortage indicators rise and fall with level of starts, except most recently
0%
10%
20%
30%
40%
50%
60%
0
500
1,000
1,500
2,000
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Low SupplyStarts (000s)
HOUSING STARTS (AREA) AND
LOW/VERY LOW LOT SUPPLY (BARS)

23. AD&C Access
Improved access for builders
-40
-30
-20
-10
0
10
20
30
40
50
60
70
80
90
100
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fed SLOS*
NAHB
BetterWorse
*SLOS – Senior Loan Officer Survey
% Seeking
% Seeing Better
Availability
1st Q
2009
1st Q
2014
1st Q
2009
1st Q
2014
Land Development Loans by Developers 33 46 6 31
Single-family Construction Loans by SF Builders 46 66 1 47
Multifamily Rental Construction Loans by MF Builders 26 69 6 25

24. (*) Carpenter-Rough, Carpenter-Finished, Electricians, Excavators,
Framing crews, Roofers, Plumbers, Bricklayers/Masons, Painters.
0%
10%
20%
30%
40%
50%
60%
0
500
1,000
1,500
2,000
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
ShortageStarts (000s)
Housing Starts (area) and Labor Shortage
(bars) Share of builders reporting shortage

25. Availability of following types of labor (Directly employed by your firm)
(Percent of Respondents)
23%
24%
26%
26%
32%
31%
31%
33%
39%
46%
45%
52%
2%
5%
3%
3%
5%
6%
7%
5%
10%
12%
15%
11%
0% 20% 40% 60% 80% 100%
Building maintenance manager
Excavators
HVAC
Weatherization workers
Electricians
Roofers
Painters
Plumbers
Bricklayers/Masons
Carpenters-finished
Framing crews
Carpenters-rough
Some shortage
Serious shortage
Source: NAHB HMI survey, June 2014

28. In Like a Lion and Out Like a Lamb? The
Residential Real Estate Market in 2015
Nela Richardson
Chief Economist
Redfin Corp.

29. Existing home sales are far
from peak
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
NAR Existing Home Sales
YOY Change in
Existing Home Sales
NAR 1.2%
Redfin Markets 3.2%

30. Price growth has remained steady
at between 4.9 and 5.4 percent

31. Fewer homes are selling above
list price

32. Sellers are dropping prices
sooner in the sales cycle

33. New median home prices are
slowing faster than existing
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
NAR EHS New Home Sales Redfin 50 Major Metros
YOY Change in
Median Sales Price
New Homes 2.6%
Redfin Markets 5.4
NAR 7.5%
Source: NAR and Census

34. The number of sales above list
price has declined from last year

35. Early stage demand is strong
in 2015
March 2015 YOY Change
Home Tour Requests 44.6%
Signed Offers 36.4%

36. In most major market sales are
up and inventory is down
-30%
-20%
-10%
0%
10%
20%
30%
Inventory Versus Homes Sold
February YOY percent change
Homes sold YoY Inventory YoY

37. First-time buyers are (slowly)
entering the market

38. Cash is no longer King as more
traditional buyers enter the market
35.1%
39.5%
41.0% 41.0% 41.0%
37.8%
35.1%
2009 2010 2011 2012 2013 2014 2015
All Cash Purchases

39. New inventory is the X-Factor
for 2015

40. The views, opinions, forecasts and estimates herein are those of the CoreLogic Office of the Chief Economist, are subject
to change without notice and do not necessarily reflect the position of CoreLogic or its management. The Office of the
Chief Economist makes every effort to provide accurate and reliable information, however, it does not guarantee
accuracy, completeness, timeliness or suitability for any particular purpose.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
40
Where to find more information
Look for regular updates to our housing forecasts, commentaries and data at:
www.corelogic.com www.housingeconomics.com www.redfin.com
@CoreLogicEcon www.eyeonhousing.org @NelaRichardson
fnothaft@corelogic.com dcrowe@nahb.org nela.richardson@redfin.com

41. Housing Finance: Ripe for
Reform?
Laurie Goodman, Director
Housing Finance Policy Center
Urban Institute

42. Taxonomy of risk sharing transactions
JPMMS
CAS
STACR
Redwood transaction
MBA proposal
ARCH Reinsurance
Front end Back end
Capital
markets
Insurer or
originator

43. GSE risk-sharing continues to bring in private capital
Freddie Mac – Structured Agency Credit Risk (STACR)
Date Transaction Reference Pool Size ($ millions)
July-13 STACR Series 2013 - DN1 $22,584.40
November-13 STACR Series 2013 - DN2 $35,327.30
February-14 STACR Series 2014 - DN1 $32,076.80
April-14 STACR Series 2014 - DN2 $28,146.98
August-14 STACR Series 2014 - DN3 $19,746.23
August-14 STACR Series 2014 – HQ1 $9,974.68
September-14 STACR Series 2014 – HQ2 $33,434.43
October-14 STACR Series 2014 – DN4 $15,740.71
October-14 STACR Series 2014 – HQ3 $8,000.61
January-15 STACR Series 2015 – DN1 $27,600.00
March-15 STACR Series 2015 - HQ1 $16,551.60
Freddie Mac Total Reference Collateral $249,183.74
Percent of Freddie Mac’s Total Book of Business 16.10%
Fannie Mae – Connecticut Avenue Securities (CAS)
Date Transaction Reference Pool Size ($ millions)
October-13 CAS 2013 – C01 $26,756.40
January-14 CAS 2014 – C01 $29,308.70
May-14 CAS 2014 – C02 $60,818.48
July-14 CAS 2014 – C03 $78,233.73
November-14 CAS 2014 – C04 $58,872.70
February 2015 CAS 2015 - C01 $50,192.00
Fannie Mae Total Reference Collateral $299,182.00
Percent of Fannie Mae’s Total Book of Business 11.40%
Sources: Fannie Mae, Freddie Mac, and Urban Institute.

44. SIFMA actions and their consequences
for the single security
SIFMA Action Result
Advance the single security agenda: allow for
Freddie Mac and Fannie Mae securities to both be
good delivery in an “agency MBS” TBA.
Price convergence clearly
achieved.
Preserve the existing structure: Freddie Mac and
Fannie Mae securities not good delivery into
the other.
Price convergence achieved because Freddies
have the option to be delivered into Fannie
Megapools, which are good delivery.
Take the existing structure one step backward:
Freddie Mac and Fannie Mae securities not good
delivery into the other; Fannie resecuritizations that
contain Freddie securities or Freddie
resecuritizations that contain Fannie securities no
longer TBA deliverable.
Price convergence not
achieved.