ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 03/25/2013

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 03/25/2013

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Existing-home sales and prices posted strong year-over-year gains in February, while inventory remained tight but eased slightly, according to a monthly report released today by the National Association of Realtors (NAR).

Existing homes, which include single-family, townhomes, condominiums and co-ops, sold at a seasonally adjusted annual rate of 4.98 million during February, up 0.8 percent from January and 10.2 percent from a year ago. That's the fastest pace of sales since November 2009 when the first-time homebuyer tax credit boosted purchases.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The national median existing-home price remained level at $173,600 from January but was up 11.6 percent from a year ago, continuing a 12-month string of consecutive year-over-year price increases not seen since May 2006.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Existing-home inventory rose 9.6 percent from January to 1.94 million units in February but remained tight, at 19.2 percent below the inventory level from a year ago.

With the month-over-month growth, the months' supply of inventory -- the amount of time it would take to sell all homes now on the market at the current rate of sales -- rose to 4.7 months, up from 4.2 months in January.

Some analysts view a six-month supply of homes as a more even balance of buyer and seller demand -- anything less than that indicates a seller's market.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Existing homes were on the market for a median of 74 days in February -- up from 71 days in January and 24 percent below February 2012's mark of 97 days.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

First-time buyers accounted for 30 percent of purchases, unchanged from January.

Distressed homes accounted for 25 percent of all existing-home sales in February -- down from 34 percent in February 2012 but up from January's mark of 23 percent.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Foreclosures made up 15 percent of February's existing-home sales and sold for an average of 18 percent below market value, while short sales, which made up 10 percent of February's sales, sold for 15 percent below market value.

All-cash deals accounted for 32 percent of February's sales, up from 28 percent in January. Investors accounted for 22 percent of existing-home sales in February.