Closings of new homes in the Battle Creek, MI market remained steady year-over-year in January, remaining relatively stable after moving north year-over-year in December from the year earlier. Closings remained level at none from a year earlier after the figure moved from none in December 2014 to 1 in December 2015. New home closings moved from none a year earlier to none after the figure moved from none in December 2014 to 1 in December 2015.
After rising year-over-year in December, closings of new and existing homes dropped year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in January from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings accounted for 43.8% of existing home closings, below 51.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 29.2% in January from 32.7% a year earlier while REO closings as a percentage of existing home closings declined to 14.6% from 19.0% a year earlier.