New home closings in the Danville, VA market remained steady year-over-year in October, staying level after a year-over-year increase in September from a year earlier. Closings remained level at none from a year earlier after the figure moved from none in September 2014 to 1 in September 2015. New home closings moved from none a year earlier to none after the figure moved from none in September 2014 to 1 in September 2015.

After rising year-over-year in September, closings of new and existing homes dropped year-over-year in October.

Other Market Trends

Foreclosures and real estate owned (REO) closings continued to increase in October from a year earlier and remained a burden on the market. Together, foreclosures plus REO closings accounted for 53.2% of existing home closings, up from 36.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 46.8% in October from 27.3% a year earlier while REO closings as a percentage of existing home closings fell to 6.4% from 9.1% a year earlier.

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