In the Saginaw, MI market, new home closings slid year-over-year in November, sliding after a growth in October 2015. New home closings moved from 2 a year earlier to none after the figure moved from 1 in October 2014 to 3 in October 2015.
None of the 228 total closings were new home closings, a shift on a percentage basis from 2 out of 219 a year earlier. Following a year-over-year increase in October, closings of new and existing homes also increased year-over-year in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in November from a year earlier, but remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 42.5% of existing closings, lower than 49.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 15.8% in November from 23.5% a year earlier and REO closings moved from 26.3% of existing home closings in November 2014 to 26.8% in November 2015.