BLACK KNIGHT HPI REPORT

DECEMBER 2015

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

1 DECEMBER 2015 OVERVIEW

2 NATIONAL OVERVIEW

3 LARGEST STATES AND METROS

4 DECEMBER’S BIGGEST MOVERS

5 20 LARGEST STATES

6 40 LARGEST METROS

7 ADDITIONAL INFORMATION

CONTENTS

HPI REPORT

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

Each month, the Data & Analytics division of Black Knight Financial Services releases its Home Price Index (HPI) report. This month we look at data on December 2015 residential real estate transactions.

The Black Knight HPI utilizes repeat sales data from the nation’s largest public records data set as well as its market-leading loan-level mortgage performance data to produce one of the most complete and accurate measures of home prices available.

The Black Knight HPI provides essential micro-level valuation data by covering nearly 90 percent of U.S. residential properties at the ZIP-code level in both disclosure and non-disclosure states. Black Knight’s HPI is available with or without seasonal adjustments, although numbers cited throughout this report are not seasonally-adjusted.

Some highlights from December’s data:

» U.S. home prices were up 0.1 percent for the month, and have gained 5.5 percent from one year ago

» At $253K, the national level HPI remains 5.3 percent off its June 2006 peak of $268K, and up 27 percent from the market’s bottom in January 2012

» Florida and New York led gains among the states with 0.8 percent month-over-month appreciation

» In fact, Florida accounted for every one of the top 10 best performing metro areas in December, with Sarasota leading the way at 1.4 percent month-over-month growth

» Connecticut again topped the list of 10 most negative price movements among the states, with home prices falling by 0.7 percent from November

» Together, New Jersey and Michigan accounted for 8 of the nation’s 10 worst performing metro areas, with Trenton and Atlantic City leading at -1.1 and -1.0 percent respectively

» Among the 20 largest states tracked by Black Knight, New York and Texas both hit new peaks in December

» Of the nation’s 40 largest metros, 8 hit new peaks – Austin, TX; Dallas, TX; Denver, CO; Houston, TX; Nashville, TN; Portland OR, San Antonio, TX and San Francisco, CA

To download high-resolution versions of the images and charts contained in this report, please click here.

DECEMBER 2015 OVERVIEW

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

PEAK DATE

FROM PEAK

FROM TROUGH

YEAR AGO

START OF YEAR

MONTH AGO

DECEMBER 2015

June 2006 $268 -5.3%

$200 27%

$240 5.5%

$240 5.5%

$253 0.1% $253

NATIONAL OVERVIEW

Below, we look at national level home price trends. All dollar figures shown are in thousands. Percentages are relative changes of HPI from dates shown to December 2015. You may click on each table and/or infographic to see its contents in high-resolution.

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

HPI CHANGES FR0M LAST MONTH

Largest States Largest MetrosCalifornia 0.0% New York, NY 0.6%

Texas 0.2% Los Angeles, CA 0.0%

Florida 0.8% Chicago, IL 0.1%

New York 0.8% Dallas, TX 0.3%

Illinois 0.1% Houston, TX 0.1%

Pennsylvania -0.3% Philadelphia, PA -0.5%

Ohio 0.1% Washington D.C. -0.2%

Georgia 0.1% Miami, FL 0.9%

North Carolina -0.3% Atlanta, GA 0.2%

Michigan -0.6% Boston, MA 0.2%

LARGEST STATES AND METROS

Here we look at monthly HPI changes for each of the ten largest states and metro areas, ranked by population. Percentages are relative changes of HPI from November 2015 to December 2015. You may click on each table and/or infographic to see its contents in high-resolution.

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

LARGEST STATES AND METROS

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

LARGEST STATES AND METROS

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

LARGEST STATES AND METROS

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

LARGEST STATES AND METROS

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

LARGEST STATES AND METROS

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

BIGGEST MOVERS: METROS

�Top 10 �Bottom 10Sarasota, FL 1.4% Trenton, NJ -1.1%

Punta Gorda, FL 1.3% Atlantic City, NJ -1.0%

Port St.Lucie, FL 1.2% Vineland, NJ -0.9%

Naples, FL 1.2% New Haven, CT -0.9%

Cape Coral, FL 1.1% Hartford, CT -0.8%

Homosassa Springs, FL 1.1% Ocean City, NJ -0.8%

Sebring, FL 1.1% Muskegon, MI -0.7%

Panama City, FL 1.0% Flint, MI -0.7%

Lakeland, FL 0.9% Niles, MI -0.7%

Miami, FL 0.9% Jackson, MI -0.7%

BIGGEST MOVERS: STATES

�Top 10 �Bottom 10Florida 0.8% Connecticut -0.7%

New York 0.8% Michigan -0.6%

Washington 0.4% Louisiana -0.4%

South Dakota 0.4% Wisconsin -0.4%

Arizona 0.4% Virginia -0.4%

North Dakota 0.4% North Carolina -0.3%

Wyoming 0.4% New Hampshire -0.3%

Kansas 0.3% Pennsylvania -0.3%

Alabama 0.3% New Jersey -0.3%

Kentucky 0.3% Missouri -0.3%

DECEMBER’S BIGGEST MOVERSBelow, we examine the top and bottom 10 largest monthly HPI changes among all U.S. states and metropolitan areas tracked by the Black Knight HPI. Percentages are relative changes of HPI from November 2015 to December 2015. You may click on each table to see its contents in high-resolution.

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

STATES DATE OF PEAK

FROM PEAK

FROM TROUGH

YEAR AGO

START OF YEAR

MONTH AGO

DECEMBER2015

Arizona May 2006 $296 -25.3%

$156 41.9%

$208 6.3%

$208 6.3%

$220 0.4% $221

California May 2006 $522 -13.7%

$297 51.8%

$417 8.1%

$417 8.1%

$450 0.0% $450

Florida April 2006 $294 -25.2%

$158 39.7%

$205 7.4%

$205 7.4%

$218 0.8% $220

Georgia June 2007 $204 -8.9%

$139 33.9%

$176 5.2%

$176 5.2%

$185 0.1% $186

Illinois August 2006 $269 -20.1%

$177 21.3%

$208 3.6%

$208 3.6%

$2150.1% $215

Indiana July 2015 $146 -0.5%

$131 10.9%

$141 3.1%

$141 3.1%

$146-0.1% $146

Maryland July 2006 $352 -17.0%

$256 14.3%

$2843.2%

$284 3.2%

$293-0.3% $292

Massachusetts August 2005 $363 -2.4%

$287 23.6%

$340 4.3%

$340 4.3%

$354 0.1% $354

Michigan July 2005 $181 -15.0%

$113 36.0%

$147 5.0%

$147 5.0%

$155 -0.6% $154

Missouri June 2007 $177 -10.5%

$151 4.6%

$163 -3.0%

$163 -3.0%

$159 -0.3% $158

New Jersey June 2006 $382 -17.7%

$282 11.7%

$307 2.4%

$307 2.4%

$315 -0.3% $315

New York December 2015

$353 0.0%

$293 20.4%

$336 5.3%

$336 5.3%

$351 0.8% $353

North Carolina June 2007 $201 -4.7%

$173 11.0%

$1872.3%

$187 2.3%

$192 -0.3% $192

Ohio June 2006 $157 -6.9%

$130 12.7%

$142 3.2%

$142 3.2%

$146 0.1% $147

Pennsylvania July 2007 $222 -3.5%

$198 7.9%

$209 2.5%

$209 2.5%

$214 -0.3% $214

Tennessee November 2015

$178-0.1%

$154 15.4%

$169 5.0%

$169 5.0%

$178 -0.1% $178

Texas December 2015

$2160.0%

$169 27.9%

$202 7.3%

$202 7.3%

$216 0.2% $216

Virginia June 2006 $361 -12.5%

$282 12.1%

$311 1.7%

$311 1.7%

$317 -0.4% $316

Washington June 2007 $320 -3.3%

$232 33.6%

$284 9.3%

$284 9.3%

$308 0.4% $310

Wisconsin June 2007 $192 -5.5%

$162 12.3%

$175 3.8%

$175 3.8%

$183 -0.4% $182

20 LARGEST STATES

Below we present an expanded look at details for the largest 20 states covered by Black Knight data, listed in alphabetical order. Percentages are relative changes of HPI from dates shown to December 2015. Trough refers to national market bottom in January 2012. All dollar figures shown are in thousands. You may click on each table to see its contents in high-resolution.

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DECEMBER 2015BLACK KNIGHT HPI

REPORT

METROS DATE OF PEAK

FROM PEAK

FROM TROUGH

YEAR AGO

START OF YEAR

MONTH AGO

DECEMBER2015

Atlanta, GA June 2007 $213 -9.4%

$137 40.5%

$182 5.8%

$182 5.8%

$192 0.2% $193

Austin, TX December 2015

$288 0.0%

$209 37.7%

$264 9.2%

$264 9.2%

$288 0.3% $288

Baltimore, MD June 2007 $328 -14.4%

$253 11.1%

$273 3.0%

$273 3.0%

$282 -0.3% $281

Boston, MA August 2015 $408 -0.4%

$318 28.0%

$387 5.0%

$387 5.0%

$406 0.2% $407

Charlotte, NC August 2007 $204 -2.7%

$168 18.5%

$191 3.7%

$1913.7%

$199 -0.2% $199

Chicago, IL August 2006 $284 -20.7%

$183 23.2%

$216 3.9%

$216 3.9%

$225 0.1% $225

Cincinnati, OH June 2006 $174 -6.4%

$14710.8%

$159 2.2%

$159 2.2%

$162 0.0% $162

Cleveland, OH June 2006 $163 -15.4%

$123 12.5%

$134 3.2%

$134 3.2%

$138 0.0% $138

Columbus, OH July 2015 $183 -1.5%

$150 20.5%

$173 4.4%

$173 4.4%

$180 0.3% $180

Dallas, TX December 2015

$222 0.0%

$169 31.0%

$202 9.5%

$202 9.5%

$221 0.3% $222

Denver, CO December 2015

$331 0.0%

$229 44.8%

$298 11.4%

$298 11.4%

$331 0.3% $331

Detroit, MI July 2005 $195 -21.4%

$107 43.9%

$146 5.1%

$146 5.1%

$154 -0.6% $153

Houston, TX December 2015

$221 0.0%

$168 31.7%

$209 5.8%

$2095.8%

$ 220 0.1% $221

Jacksonville, FL June 2006 $247 -24.2%

$147 27.5%

$176 6.1%

$176 6.1%

$186 0.5% $187

Kansas City, MO June 2007 $173 -0.7%

$154 12.0%

$167 3.2%

$167 3.2%

$172 0.1% $172

Las Vegas, NV May 2006 $334 -37.2%

$129 62.5%

$1985.8%

$198 5.8%

$209 0.2% $210

Los Angeles, CA May 2006 $628 -8.6%

$393 45.7%

$534 7.4%

$534 7.4%

$573 0.0% $573

Memphis, TN September 2006

$173 -11.8%

$139 9.8%

$149 2.4%

$149 2.4%

$153 -0.4% $152

Miami, FL May 2006 $351 -22.4%

$181 50.3%

$256 6.6%

$256 6.6%

$270 0.9% $273

Milwaukee, WI June 2007 $214 -13.0%

$168 10.5%

$182 2.4%

$182 2.4%

$187 -0.7% $186

40 LARGEST METROSBelow we present an expanded look at details for the nation’s 40 largest metropolitan areas covered by Black Knight data, listed in alphabetical order. Percentages are relative changes of HPI from dates shown to December 2015. Trough refers to national market bottom in January 2012. All dollar figures shown are in thousands. You may click on each table to see its contents in high-resolution.

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

METROS DATE OF PEAK

FROM PEAK

FROM TROUGH

YEAR AGO

START OF YEAR

MONTH AGO

DECEMBER2015

Minneapolis, MN May 2006 $264 -9.2%

$189 27.0%

$230 4.3%

$230 4.3%

$240 -0.2% $240

Nashville, TN December 2015

$222 0.0%

$175 26.9%

$204 9.0%

$204 9.0%

$222 0.2% $222

New York, NY July 2006 $470-6.8%

$361 21.2%

$417 5.1%

$417 5.1%

$435 0.6% $438

Orlando, FL June 2006 $279 -30.7%

$139 39.1%

$183 6.0%

$183 6.0%

$192 0.6% $194

Philadelphia, PA July 2007 $279 -10.3%

$231 6.9%

$243 2.0%

$243 2.0%

$2490.2% $248

Phoenix, AZ May 2006 $311-25.3%

$155 49.6%

$217 7.2%

$217 7.2%

$232 0.3% $232

Pittsburgh, PA July 2015 $189 -0.8%

$164 14.2%

$181 3.9%

$181 3.9%

$188 -0.2% $188

Portland, OR December 2015

$325 0.0%

$227 43.1%

$291 11.6%

$291 11.6%

$323 0.4% $325

Providence, RI June 2006 $310 -17.6%

$214 19.3%

$244 4.5%

$244 4.5%

$255 0.0% $255

Riverside, CA June 2006 $415 -27.1%

$200 51.0%

$284 6.5%

$284 6.5%

$303 -0.3% $302

Sacramento, CA September 2005

$434 -22.7%

$216 55.3%

$308 8.6%

$308 8.6%

$334 0.3% $335

San Antonio, TX December 2015

$196 0.0%

$164 19.8%

$184 6.6%

$184 6.6%

$195 0.3% $196

San Diego, CA August 2005 $562 -10.3%

$354 42.3%

$472 6.8%

$472 6.8%

$503 0.2% $504

San Francisco, CA December 2015

$727 0.0%

$420 73.1%

$647 12.4%

$647 12.4%

$725 0.3% $727

San Jose, CA July 2015 $862 -0.6%

$506 69.3%

$769 11.6%

$769 11.6%

$856 0.2% $857

Seattle, WA June 2007 $387 -3.4%

$264 41.7%

$338 10.4%

$338 10.4%

$372 0.6% $374

St. Louis, MO June 2007 $189 -14.8%

$159 1.6%

$171 -6.0%

$171 -6.0%

$162 -0.5% $161

Tampa, FL May 2006 $256 -24.7%

$140 37.1%

$178 7.8%

$179 7.8%

$191 0.7% $192

Virginia Beach, VA June 2007 $267 -12.4%

$220 6.5%

$231 1.4%

$232 1.4%

$235 -0.4% $234

Washington D.C. May 2006 $452 -14.2%

$328 18.1%

$378 2.7%

$378 2.7%

$389 -0.2% $388

40 LARGEST METROS

Confidential, Proprietary and/or Trade SecretTM SM ® Trademark(s) of Black Knight IP Holding Company, LLC, and/or an affiliate.© 2016 Black Knight Financial Technology Solutions, LLC. All Rights Reserved.

DECEMBER 2015BLACK KNIGHT HPI

REPORT

About the Black Knight HPI:

The Black Knight HPI is one of the most complete and accurate measures of home prices available, providing essential micro-level valuation data by covering nearly 90 percent of U.S. residential properties at the ZIP-code level. The Black Knight HPI provides the most timely updates possible, without the disruptive volatility of frequent historical revisions, for ZIP codes, cities, counties, states, the nation and statistical areas as defined by the White House Office of Management and Budget.

The Black Knight HPI utilizes repeat sales data from the nation’s largest public records data set as well as its market-leading loan-level mortgage performance data to capture home price data from both disclosure and non-disclosure states. Each month the Black Knight HPI reports five price levels (quintiles), along with REO discount rates for each of 18,000+ U.S. ZIP codes. This level of detail is provided for three property groupings in every ZIP code: i) all residential properties, ii) condominiums, and iii) single-family housing. Black Knight’s HPI is available with or without seasonal adjustments (numbers cited in this report are not seasonally-adjusted).

For more information about gaining access to Black Knight’s full HPI dataset for your business, please send an email to dataanalyticsinfo@bkfs.com.

ADDITIONAL INFORMATION