New home closings sank year-over-year in October in the Glens Falls, NY market, declining after staying relatively stable in September from the year earlier. Closings stood at 0 in October after being 2 a year earlier and remaining unchanged at 0 in September from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in September 2014 to none in September 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.3% a year earlier. Following a year-over-year rise in September, closings of new and existing homes fell year-over-year in October.
Other Market Trends
Foreclosures and real estate owned (REO) closings rose in October from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 19.6% of existing home closings, up from 12.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 10.1% in October from 8.4% a year earlier while REO closings as a percentage of existing home closings climbed to 9.5% from 4.5%.