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uptick in the role investors play in its housing market. Also, since the foreclosure crisis, the investors��� activities and strategies in the market have shifted, according to a new report from Harvard���s Joint Center for Housing Studies. At the start of the foreclosure crisis, investors stepped into the Atlanta market to buy up REO properties and flip them. However, starting in 2008, more investors began shifting their focus to renting their REO purchases. Investor activity tended to vary somewhat by neighborhood, according to the Harvard study. Investors appeared to be more active in the south and southwest parts of Atlanta, where poverty and vacancy rates are high and median home values are low. REOs in these lower-income neighborhoods have also been slower to resell after being purchased by an investor. REOs in neighborhoods with 90 to 100 percent REO-investor tracts were 60 percent less likely to resell within one year than neighborhoods with at most 50 percent REO-investor tracts. Additionally, the type of investor varied by neighborhood with smaller investors more likely to purchase properties in areas with lower percentages of REO-investor tracts, and larger investors tending to be more active in more distressed neighborhoods with higher REO-investor tracts. Investors also tended to sell to other investors more often in more distressed neighborhoods. In neighborhoods with at most 50 percent REO investment, investors only flipped properties to other investors 10 percent of the time. In neighborhoods in the 90 to 100th percentile, 64 percent of flipped homes were resold to other investors. STAT INSIGHT 122,913 Total home sales in Georgia from December 2011 to December 2012. Source: CoreLogic 88 The majority of investors in Atlanta properties are based in Georgia or have Georgia addresses, according to the Harvard study. In fact, in 2011, 84 percent of REOs that had been likely purchased by investors were owned by companies with Georgia addresses. Investors noted a perceived increase in out-of-state investors in 2012 with much of their activity concentrated in less-distressed neighborhoods. Investors cited several concerns to the Harvard researchers, including possible negative impacts of bulk purchases, ���difficulties posed by current appraisal and home lending practices when trying to sell to owneroccupants,��� and the ���challenges of renting properties to low-income tenants who are highly vulnerable to economic shocks and without substantial financial reserves.��� Idaho rank: 27 90+ Day Delinquency Rate 1.92% Unemployment Rate 2.52% 6.6% year ago 2.26% 2.65% 8.3% percent point change -15.3% -4.9% -20.5% Top County LInCoLn CounTy 90+ Day Delinquency Rate december 2012 5.14% Foreclosure Rate 4.54% year ago 6.14% 5.55% percent point change -16.3% -18.1% Top Core-Based Statistical Area 90+ Day Delinquency Rate Freddie Mac Opens Three Walk-in Help Centers for Borrowers Freddie Mac partnered with nonprofits to open up three walk-in centers for borrowers who are facing mortgage troubles. The centers were opened Atlanta, Las Vegas, and Los Angeles. Through the centers, borrowers receive free, holistic financial counseling to stay in their homes as they pursue workout options such as loan modifications and repayment plans. In 2010, Freddie Mac opened borrower help centers in Chicago, Phoenix, Washington, D.C., and San Bernardino. The local organizations participating in the opening of the new centers are D&E Financial Education and Training Institute in Forest Park, Georgia; Chicanos Por La Causa in Las Vegas; and the West Angeles Community Development Corporation in Los Angeles. ���Freddie Mac���s Borrower Help Centers are a proven tool for helping more borrowers stay in their homes and protecting more communities from the destabilizing effects of avoidable foreclosures,��� said Dwight Robinson, SVP of the outreach, diversity, and human resources division and chief diversity officer at Freddie Mac. ���We are committed to reducing the risk of a family losing their home because they didn���t know who to call and trust.��� Borrowers can call a local help center to schedule a free appointment. A complete list of the borrower help centers can be found online. Foreclosure Rate december 2012 BurLey, ID Foreclosure Rate december 2012 2.20% 3.75% year ago 2.32% 2.68% percent point change -5.3% 39.9% note: The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services. Hawaii rank: 4 90+ Day Delinquency Rate Foreclosure Rate december 2012 2.43% Unemployment Rate 5.89% 5.2% year ago 2.94% 5.84% 6.6% percent point change -17.3% 0.9% -21.2% Top County Hawaii CounTy 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.32% 10.54% year ago 3.87% 10.60% percent point change -14.1% -0.5% Top Core-Based Statistical area Hilo, Hi 90+ Day Delinquency Rate Foreclosure Rate december 2012 3.32% 10.54% year ago 3.87% 10.60% percent point change -14.1% note: -0.5% The 90+ Day delinquecy rate is the percentage of outstanding mortgage loans that are 90plus days delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the December 2012 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary December 2012 figures released by the Bureau of Labor Statistics. All other data courtesy of Lender Processing Services.

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