The Muskegon, MI market saw no change in new home closings year-over-year in December, staying level after a year-over-year decline in November from the year earlier. New home closings moved from none a year earlier to none after the figure moved from 4 in November 2014 to none in November 2015. Closings remained level at none from a year earlier after the figure moved from 4 in November 2014 to none in November 2015.
After remaining steady in November from a year earlier, closings of new and existing homes rose in December.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in December from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 37.4% of existing home closings, down from 47.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.6% in December from 24.5% a year earlier while REO closings as a percentage of existing home closings gained to 25.8% from 23.1%.