February 2012 Housing Market Roundup

The National Association of Realtors (NAR) released some interesting information about last month (February 2012).  If you’re wondering where the housing market is now, here are some little tidbits for you:

1)   33% of contracts to purchase real estate were canceled last month (for any reason).
2)   A third of homes that closed last month were bought by first-time homebuyers.
3)   23% of homes bought last month were bought by investors. 
4)   Home sales were up in the midwestern and in the southern regions of the country.
5)   The Northeast and West did not fare so well.  Home sales were down there. 
6)   The backlog of unsold homes went up another 4.3% last month.
7)   Foreclosures, short sales, and other distressed properties accounted for a third of properties sold last month. 

Let’s hope that the spring and summer months bring better news!