New home closings in the Battle Creek, MI market remained steady year-over-year in April, staying flat after dropping year-over-year in March from the year earlier. New home closings moved from none a year earlier to none after the figure moved from 2 in March 2015 to none in March 2016. Closings remained level at none from a year earlier after the figure moved from 2 in March 2015 to none in March 2016.
For new and existing homes, closings dropped in April after also declining in March year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in April from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, accounted for 43.8% of existing home closings, higher than 38.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 20.0% in April from 18.5% a year earlier while REO closings as a percentage of existing home closings jumped to 23.8% from 19.5%.