In January, there was a fall year-over-year in new home closings in the South Bend, IN market, and the decline was by a larger percentage than the December 2015. New home closings moved from 5 a year earlier to none after the figure moved from 6 in December 2014 to 1 in December 2015.

New home closings represented none out of the 335 total closings, which is a smaller percentage than the 5 of 360 total closings a year earlier. Following a year-over-year increase in December, closings of new and existing homes dropped year-over-year in January.

Other Market Trends

Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, represented 26.9% of existing closings, lower than 37.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 11.9% in January from 18.9% a year earlier while REO closings as a percentage of existing home closings declined to 14.9% from 18.6% a year earlier.

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