In October, the Kankakee, IL market saw a fall year-over-year in new home closings, declining after staying relatively stable in September from the year earlier. Closings stood at 0 in October after being 7 a year earlier and remaining unchanged at 4 in September from a year earlier.
On a percentage basis, new home closings as a part of total closings decreased to no part from 6.0% a year earlier. Following a year-over-year increase in September, closings of new and existing homes also climbed year-over-year in October.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in October from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings represented 34.6% of existing home closings, below 37.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.4% in October from 13.6% a year earlier while REO closings as a percentage of existing home closings declined to 19.2% from 23.6% a year earlier.