New home closings declined year-over-year in December in the Michigan City, IN market, sliding after a growth in November 2015. New home closings moved from 1 a year earlier to none after the figure moved from 1 in November 2014 to 2 in November 2015.

None of the 221 total closings were new home closings, a shift on a percentage basis from 1 out of 167 a year earlier. Following a year-over-year increase in November, closings of new and existing homes also gained year-over-year in December.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings made up 23.5% of closings, below 26.5% a year earlier. The percentage of existing home closings involving foreclosures went from 14.5% in December 2014 to 13.6% in December 2015 and REO closings as a percentage of existing home closings slid to 10.0% from 12.0% a year earlier.

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