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I appreciate the wealth of information on your website about the Charlotte area. As a real estate analyst with projects nationwide, it is nice to see information for the area "as is", without spins and sugar-coating. Thanks again for all of your help, research, and knowledge. D.S. Denver, Colorado

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CHARLES G. GRAHAM, AIA, LAI, MIRM

Charlotte Real Estate Market Report
CHARLOTTE MARKET              
Cabarrus, Iredell, Mecklenburg, York, Union, Gaston, Lincoln, and Lancaster Counties              
                   
Key Builders                  
1Q08                  
                   
Percentage Market Shares                
Ranked by Market Share Twelve Months Ending 1Q08                
() Place Rankings for the Twelve Months Ending 1Q07                
                   
            12 Months 12 Months   Average
            Ending Ending   Price
  Rank Builder     1Q08 1Q08 1Q07 2007 - 2008 12M1Q08
                   
Condominiums                  
  1 NOVARE(NIC)     27.23 18.64 NIC NIC $    307,062
  2 TRADEMARK PTNRS(NIC)     4.58 9.71 NIC NIC 351,416
  3 HILLS COMM(5)     3.05 5.00 5.72 0.87 151,708
  4 GATEWAY HOMES(6)     0.25 3.65 5.14 0.71 216,485
  5 COURT 6 LLC(19)     0.00 3.14 1.43 2.20 148,893
                   
  TOTAL       35.11 40.14 12.29 3.27  
                   
                   
Town Homes                  
  1 NVR HOMES(2)     18.71 19.90 17.09 1.16 $    259,503
  2 PORTRAIT HOMES(1)     22.51 18.10 26.03 0.70 142,298
  3 HORTON DR/TORREY(3)     7.60 10.39 9.39 1.11 164,834
  4 STANDARD PACIFIC(4)     6.14 7.94 7.74 1.03 203,405
  5 PULTE HOME CORP(5)     3.80 5.17 3.68 1.40 216,735
                   
  TOTAL       58.76 61.50 63.93 0.96  
                   
                   
Single Family                  
  1 MORGAN CP CO(1)     7.84 7.84 6.47 1.21 $    169,704
  2 NVR HOMES(2)     6.50 5.76 4.97 1.16 353,571
  3 PULTE HOME CORP(4)     5.50 5.45 4.13 1.32 307,849
  4 KB HOME(5)     3.16 4.82 4.12 1.17 213,877
  5 CENTEX HOMES(3)     5.38 4.65 4.88 0.95 281,179
  6 HORTON DR/TORREY(8)     4.16 3.38 2.90 1.17 231,234
  7 RYLAND GROUP(6)     2.75 3.02 3.22 0.94 259,257
  8 EASTWOOD CONST CO(7)     2.08 2.90 3.19 0.91 190,899
  9 M/I HOMES(12)     1.89 2.54 2.19 1.16 304,694
  10 MCCAR HOMES(9)     2.60 2.42 2.76 0.88 263,262
                   
  TOTAL       41.86 42.78 38.83 1.10  
                   
Key Builders   Single Family Builders Quintile Ranked
Page 2                
                 
                 
            12 Months 12 Months  
            Ending Ending  
  Rank Builder     1Q08 1Q08 1Q07 2007 - 2008
                 
First Quintile: < $ 164,500                
  1 MORGAN CP CO(1)     18.11 19.69 12.73 1.55
  2 LIBERTY HOMES(2)     3.53 3.84 4.55 0.84
  3 REGENT BLDRS(11)     3.85 3.74 2.11 1.77
  4 ATREUS HOMES(3)     3.21 3.46 4.29 0.81
  5 HABITAT/HUMANITY(9)     3.37 3.33 2.61 1.28
                 
  TOTAL       32.07 34.06 26.29 1.30
                 
  10 KB HOME(4)     0.64 2.33 4.07 0.57
  15 TARA PROP(5)     1.28 1.60 3.94 0.41
                 
                 
Second Quintile: >= $ 164,500 - < $ 209,000                
  1 MORGAN CP CO(1)     12.69 14.10 11.99 1.18
  2 EASTWOOD CONST CO(2)     6.82 9.17 10.06 0.91
  3 KB HOME(5)     7.77 8.82 5.14 1.72
  4 HORTON DR/TORREY(6)     5.68 6.01 3.96 1.52
  5 ATREUS HOMES(4)     4.17 5.00 6.25 0.80
                 
  TOTAL       37.13 43.10 37.40 1.15
                 
  6 CENTEX HOMES(3)     6.06 3.76 6.62 0.57
                 
                 
Third Quintile: >= $ 209,000 - < $ 268,000                
  1 KB HOME(2)     7.11 10.36 7.22 1.43
  2 PULTE HOME CORP(1)     10.16 7.24 8.16 0.89
  3 NVR HOMES(4)     5.28 6.46 5.80 1.11
  4 CENTEX HOMES(7)     7.52 5.30 4.08 1.30
  5 MORGAN CP CO(3)     5.49 5.12 6.99 0.73
                 
  TOTAL       35.56 34.48 32.25 1.07
                 
  8 RYLAND GROUP(5)     4.07 3.96 4.93 0.80
                 
                 
Fourth Quintile: >= $ 268,000 - < $ 375,000                
  1 NVR HOMES(1)     12.60 9.72 7.87 1.24
  2 PULTE HOME CORP(2)     10.85 9.68 6.52 1.48
  3 M/I HOMES(5)     4.84 6.88 5.36 1.28
  4 CENTEX HOMES(6)     5.04 6.47 4.94 1.31
  5 SHEA HOMES(3)     6.59 5.77 6.44 0.90
                 
  TOTAL       39.92 38.52 31.13 1.24
                 
  6 MCCAR HOMES(4)     5.23 4.29 5.54