Closings of new homes in the Terre Haute, IN market dropped year-over-year in February, falling after remaining level in January from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in January 2015 to none in January 2016. Closings stood at 0 in February after being 1 a year earlier and remaining unchanged at 0 in January from a year earlier.

New home closings were none out of the 185 total closings, a move on a percentage basis from 1 of 233 a year earlier. For new and existing homes, closings slid in February after also declining in January year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 21.1% of closings, below 31.9% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.6% in February from 19.8% a year earlier while REO closings as a percentage of existing home closings rose to 13.5% from 12.1%.

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