CINCINNATI AREA BOARD OF REALTORS®

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Nationwide, 20-Metro City Price Declines by 6.1%;
Cincinnati Dips 2.5%

A 20-city housing study, reported by the S&P Case-Schiller group, showed the average
metro city declined in average home selling price in October by 6.1% compared to October
of last year.

The Cincinnati MLS average home selling price dipped by 2.5% during the same 1-year time
period.
Home Sale Price Variance

Metro Area Oct. 2007 Compared to Oct. 2006
----------------- --------------------------------------------
Miami -12.4% Boston -3.6%
Detroit -11.2% Chicago -3.2%
San Diego -11.1% Denver -1.8%
Tampa -11.8% Atlanta -0.7%
Las Vegas -10.7% Dallas -0.1%
Phoenix -10.6% Portland +1.9%
Los Angeles -8.8% Seattle +3.3%
Wash, DC -7.0% Charlotte +4.3%
San Francisco -6.2% ----------
Minneapolis -5.5% All 20 Cities -6.1%
Cleveland -4.5%

New York -4.1%

Cincinnati -2.5%

“We’ve said throughout the year that all real estate is local,” said Tom Steele, 2007 president
of the Cincinnati Area Board of REALTORS®. “You get the impression from media stories
that real estate sales nationwide have fallen apart. That’s just not true. Sure, the market is
down in most areas, but it’s not universal.

In the Cincinnati area, we were off 2.5% in
October vs. one year earlier. That’s less than one half the nationwide average downfall,
which slipped 6.1%.”
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