New home closings in the Kankakee, IL market fell year-over-year in August, and the decline was by a larger percentage than the July 2015. New home closings moved from 4 a year earlier to none after the figure moved from 3 in July 2014 to 2 in July 2015.
New home closings represented none out of the 153 total closings, which is a smaller percentage than the 4 of 193 total closings a year earlier. After rising year-over-year in July, closings of new and existing homes declined year-over-year in August.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in August from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings represented 34.6% of existing home closings, below 43.9% a year earlier. The percentage of existing home closings involving foreclosures declined to 19.6% in August from 31.2% a year earlier while REO closings as a percentage of existing home closings grew to 15.0% from 12.7%.