New Home Closings Decline in Danville According to Latest Figures
Posted on: Aug 08, 2014 11:17:13 AM
Closings of new homes in the Danville, IL market sank year-over-year in April, declining after staying relatively stable in March from the year earlier. Closings stood at 0 in April after being 1 a year earlier and remaining unchanged at 0 in March from a year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in March 2013 to none in March 2014.
None of the 89 total closings were new home closings, a shift on a percentage basis from 1 out of 105 a year earlier. For new and existing homes, closings fell in April after also declining in March year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but remained a burden on the market. Foreclosures and REO closings, taken together, made up 42.7% of existing closings, lower than 54.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 13.5% in April from 21.2% a year earlier while REO closings as a percentage of existing home closings dropped to 29.2% from 33.7% a year earlier.
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