New home closings sank year-over-year in February in the Lewiston, ME market, falling after remaining level in January from the year earlier. Closings stood at 0 in February after being 1 a year earlier and remaining unchanged at 0 in January from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in January 2015 to none in January 2016.

New home closings were 1.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up none of the 82 total closings. Closings of new and existing homes gained year-over-year in February following a drop in January year-over-year.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings represented 19.5% of existing home closings, down from 27.0% a year earlier. The percentage of existing home closings involving foreclosures dropped to 2.4% in February from 9.5% a year earlier and REO closings moved from 17.5% of existing home closings in February 2015 to 17.1% in February 2016.

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