In the Kankakee, IL market in December, closings of new homes fell year-over-year, and the decline was by a larger percentage than the November 2015. New home closings moved from 4 a year earlier to none after the figure moved from 5 in November 2014 to 1 in November 2015.
New home closings represented none out of the 106 total closings, which is a smaller percentage than the 4 of 124 total closings a year earlier. For new and existing homes, closings declined in December after also declining in November year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in December from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, represented 39.6% of existing home closings, up from 30.8% a year earlier. The percentage of existing home closings involving foreclosures went from 13.3% in December 2014 to 13.2% in December 2015 and REO closings as a percentage of existing home closings rose to 26.4% from 17.5%.