New home closings fell year-over-year in August in the Kankakee, IL market, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to none after the figure moved from 3 in July 2014 to 2 in July 2015.
Last year, 4 of 193 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 153 total closings. Following a year-over-year increase in July, closings of new and existing homes sank year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 34.6% of closings, below 43.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.6% in August from 31.2% a year earlier while REO closings as a percentage of existing home closings gained to 15.0% from 12.7%.