Closings of new homes in the Battle Creek, MI market saw no change year-over-year in May, staying flat after advancing year-over-year in April from the year earlier. Closings remained level at none from a year earlier after the figure moved from none in April 2015 to 1 in April 2016. New home closings moved from none a year earlier to none after the figure moved from none in April 2015 to 1 in April 2016.
Closings of new and existing homes slid year-over-year in May after also falling in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in May from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings represented 38.1% of existing home closings, above 33.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 9.7% in May from 11.8% a year earlier while REO closings as a percentage of existing home closings climbed to 28.4% from 21.5%.