2. CCSR-HRSR 09-04-2012 SPEC JOINT

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ANALYSIS FOR-SALE MARKET p sin Elk River: 2000 to 2011 Median Resale vue al $251,900 $251,500 $249,230 $275,000 $239,250 .-t-.-Single-family 5.X5,950 milt $222,000 $192,900 $2500,p0 ,.� Multrfa $ $181,000 160,000 $225,000 $199,92 $200,000 $1j4 70' $ 775$367,025$164,9 y 172, 7 $162400 $167,123 C $175,0p0 $162,200 $132,5�� -a y $152,197 $3p7 442 000 $150, 5146 400 $100,000 $g0,0p0 5142,580 2010 2011 $125,000 2009 $ 000 2005 2006 2007 2008 100, $75,000 2000 2001 2002 2003 20p4 Year between 2000 es from resales Price ht price rang data. Home Resales I%Y ion of sales within evg visually displays the sales p00 accounted for shows the distribution on the following page ales es priced 3 sh es priced over$ 011,homes Table May 2012• The graph from 2009 to 2 and 2003 to 20061,homes boom years l the period. Ho of total resales • the peak during er for 3%to 9% between Wing ° of resales•• ° to 24%of total resales than 2/° 17/° have accounted for less priced under above rse threshold accou �n or less were p p05 under$1p0,000 of sales and 2 priced and one-third between 2000 nearly betty ore ConVernedl 2,homes However, nually have become m increased annually 2000 a housing prices housing p ter on the chart,the collapsed. Since 2006' market collap household's mon' As illustrated 2012,a househ old be ` before the real estate ma of May ce,and taxed w° annually• Elk River as about h$41,050 e affordable of$150000 in insurance,median price principal/interest, ould be assuming the the u ing 10`)/0 r down and prin a home at this price ino land households) Of Based on afford d ° 5,92 hOU5eh thre • t ass g a their adjusted gross /°l 4 that payment l income required 30%of th In 2012, 050 meaning home in t $1,025' The a home utilizing uityl' riced hom purchasing f debt or existing equity). greater than$a m on porch afford median-priced level O olds had incomes not have a high n households olds in Elk River can on-senior households River s n of non-5en1Or quarters _'WC.