New home closings moved from none a year earlier to 2 after the figure moved from 1 in May 2015 to 2 in May 2016.

Following a year-over-year rise in May, closings of new and existing homes declined year-over-year in June.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to rise in June from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings made up 28.6% of existing home closings, up from 23.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.9% in June from 11.8% a year earlier while REO closings as a percentage of existing home closings increased to 15.7% from 12.1%.

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