This presentation will show where the highest concentration of sales have been in Morris County NJ in the past 45 days and will include Broker Market Penetration Charts through June for Morris County.

1. The Tide Has Turned July 29 th Corp HQ Sales Meeting Welcome

2. MLS Active Listing Inventory NJ, NY, CT and LeHigh Valley, PA

3. Foreclosure Activity -3.60% Since Dec Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Var% Chappell (MD/DC) 16,953 19,078 20,277 21,103 20,611 20,755 22,690 33.84% Ashby/Doepper 12,001 13,867 14,504 14,650 14,566 15,933 15,324 27.69% Minsky 14,411 15,591 16,154 16,111 16,110 16,804 16,447 14.13% Williams 6,158 6,224 8,065 7,910 9,629 7,200 6,932 12.57% Prevete 8,425 8,056 10,717 9,742 9,400 8,756 8,824 4.74% McDonald 7,064 7,319 7,857 8,229 7,674 7,357 7,354 4.11% Waters 9,627 9,430 10,891 10,629 10,241 10,014 9,918 3.02% Green (VA) 23,722 23,438 22,844 22,421 21,741 20,535 21,068 -11.19% Bixon 6,844 6,376 6,904 7,086 6,514 5,643 5,065 -25.99% Totals 105,205 109,379 118,213 117,881 116,486 112,997 113,622 8.00% Variance since 12/22/08 3.97% 12.36% 9.87% 6.42% -4.62% -3.60%

4. 51.3% Increase in Sales $300,000 & Under Recovery Has Begun June YTD reported internal revenue units

5. Sales by Price Range

6. Sales by Price Range

9. June, 2009 Best Month since October, 2004 4,970 Revenue Units Best Month in 22 Months!

10. Morris County Closed Units As of 6/30/2009 Source: GSMLS via R.E. Stats Inc. (1/1/09 - 6/30/09)

11. Essex County Closed Units As of 6/30/2009 Source: GSMLS via R.E. Stats Inc. (1/1/09 - 6/30/09)

12. Sussex County Closed Units As of 6/30/2009 Source: GSMLS via R.E. Stats Inc. (1/1/09 - 6/30/09)

13. Warren County Closed Units As of 6/30/2009 Source: GSMLS via R.E. Stats Inc. (1/1/09 - 6/30/09)

14. Thank you for attending our meeting today!