In the Champaign, IL market in July, new home closings declined year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 15 a year earlier to none after the figure moved from 12 in June 2014 to 11 in June 2015.
New home closings represented none out of the 24 total closings, which is a smaller percentage than the 15 of 406 total closings a year earlier. For new and existing homes, closings declined in July after also declining in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 33.3% of existing home closings, up from 13.3% a year earlier. The percentage of existing home closings involving foreclosures went from 8.7% in July 2014 to 8.3% in July 2015 and REO closings as a percentage of existing home closings jumped to a quarter from 4.6%.