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Market Conditions Addendum to the Appraisal Report File No 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 i3 a required addendum for all appraisal reports with an effective date on or after April 1, 2009. Property Address 4740 58TH AV City VERO BEACH State FL zIPCode 32967 BORROWER N/A 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 ail 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 klentify 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. Inventory Analysis Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend Total # of Comparable Sales (Settled) Increasing 1 Stable Declining Absorption Rate (Total Sales/Months) Increasing J Stable Declining M Total # of Comparable Active Listings N/A N/A Declining IN Stable Increasing A Months of Housing Supply (Total Listirgs/Ab.Rate) N/A N/A Declining IN Stable Increasing R K Median Sale & List Price, DOM, Sale/List % Pdor 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend E Median Comparable Sale Price Increasing _ I Stable Declining T Median Comparable Sales Days on Market Declining Stable Increasing Median Comparable List NCO Increasing Stable Declining R E Median Comparable Listings Days on Market N/A N/A N/A Declining N Stade Increasing S Median Sale Price as % of List Price Increasing 1X Stable Declining E Seiler -(developer, builder, etc.) paid financial assistance prevalent? 1 1 Yes I No Declining I Stable Increasing R 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 C fees, options, etc.). H & A N Are foreclosure sales (REO sales) a factor in the market? 1 1 Yes I I No If yes, explain (Including the trends in listings and sales of foreclosed properties). A L Y S I S Che data sources for above Information. 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. THERE IS NOT SUFFICIENT DATA IN THE NEIGHBORHOOD TO SUPPORT MEANINGFUL STATISTICAL CONCLUSIONS FROM THE ABOVE ANALYSIS. THE APPRAISER RELIED ON EXPERIENCE IN THE LOCAL MARKET AND OBSERVATIONS IN OTHER AREAS OF THE COUNTY FOR INFORMATION REPORTED IN THE DESCRIPTION OF THE NEIGHBORHOOD. THE ABOVE DATA HOWEVER DOES SHOW THAT SUPPLY HAS BEEN TRENDING LOW AND TO SUCH A DEGREE THAT SALES HAVE BEEN FEWER IN NUMBER, BUT ESTIMATED NOT TO BE FROM LACK OF DEMAND. ALSO NOTE THAT THE DATA ABOVE IS NOT DIRECTLY LINKED TO THE SALES RANGES REPORTED ABOVE THE SALES GRID DUE TO LIMITATIONS ON ABILITY TO PARSE THE DATA SET AVAILABLE. Ifthesubject is a unit in acondominiumorcooperative project,completethefollowing: P eject Name: Subject Project Data Prior 7-12 Months Prior 4-6 Months Current - 3 Months Overall Trend C Total # of Comparable Sales (Settled) Increasing Stable Declining 0 Absorption Rate (Total Sales/Months) Increasing Stable Declining N Total # of Active Comparable Listings Declining Stable Increasing DMonths of Unit Supply (Total Listings/Ab. Rate) Declining Stable Increasing / Are foreclosure sales (REO sales) a factor in the project? U Yes Ii No If yes, indicat the number of REO listings and explain the trends in listings and sales of C foreclosed properties. 0 0 P P R 0 j Summarize the above trends and address the impact on the subject unit and project. E C T S A • PSignature R Appraiser Name PETER D. ARMFIELD A Company Name ARMFIELD & WAGNER $ Company Address 1940 10TH AVENUE, VERO BEACH, FL 32960 E State License/Certification#CERT GEN RZ524 State FL R Email Address PARMFIELD@ARMFIELD-WAGNER.COM Signature Appraiser Name Company Name Company Address State License/Certification# State Email Address 111 Freddie Mac Form 71 March 2009 Page 1 of 1 ARMFIELD & WAGNER Fannie Mae Fonn 1004MC March 2009 Page 20 of 21