In the Battle Creek, MI market, new home closings slid year-over-year in July, falling after remaining level in June from the year earlier. Closings stood at 0 in July after being 3 a year earlier and remaining unchanged at 0 in June from a year earlier. New home closings moved from 3 a year earlier to none after the figure moved from none in June 2014 to none in June 2015.
New home closings were 1.5% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up none of the 122 total closings. For new and existing homes, closings sank in July after also declining in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in July from a year earlier and remained a drag on the market. Together, foreclosures plus REO closings made up 37.7% of existing home closings, up from 32.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 21.3% in July from 15.4% a year earlier and REO closings moved from 16.9% of existing home closings in July 2014 to 16.4% in July 2015.