Time Adjustment

As indicated in this report and on the 1004MC addendum, the subject property was in a declining market and an adjustment for market conditions (time) was necessary.  The adjustment was derived by calculating the percentage decline in median sale prices at the time of the sale of the comparable property and the effective date of the appraisal.  Prices have declined approximately 0.5% per month resulting in a -3.0% adjustment for sale #2 and a -2.5%.  Sale #1 closed recently enough that no adjustment was warranted.