In the Springfield, OH market, closings of new homes declined year-over-year in November, dropping after staying level in October. Closings stood at 0 in November after being 2 a year earlier and remaining unchanged at 0 in October from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in October 2014 to none in October 2015.
New home closings represented none out of the 156 total closings, which is a smaller percentage than the 2 of 156 total closings a year earlier. After declining in October from a year earlier, closings of new and existing homes remained level in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in November from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings accounted for 40.4% of existing home closings, up from 37.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.9% in November from 16.9% a year earlier while REO closings as a percentage of existing home closings jumped to 22.4% from 20.1%.