1. Sales are down by 9.6% from January to February

2. Sales are down 2.8% year-over-year

3. Strict lending practices are slowing sales

4. Sales are getting cancelled because properties aren't "appraising out" - they're not appraising for the negotiated contract amount

5. 9% of contracts were cancelled in January because of low appraisals

6. 10% of closings were delayed in January for various reasons

7. 15% of contracts in January had to lower their price becuase of low appraisals

8. Median home prices fell 5.2% nationwide

9. Distressed homes accounted for 39% of all sales in February

10. Available inventories of homes for sale are up by 3.5% from last month to an 8.6 month supply

NAR cheif Economist Lawrence Yun's take on this data is that it represents a "gradual but uneven recovery". Lawrence, if this is a gradual recovery, then what does a bad month look like?