New Home Closings in Decatur Fall to Zero
Posted on: May 06, 2013 07:09:15 AM
The Decatur, IL market saw a drop in new home closings year-over-year in February, falling after a rise in January 2013. New home closings moved from one a year earlier to none after the figure moved from one in January 2012 to two in January 2013.
A total of 13 new homes were sold during the 12 months that ended in February, down from 14 for the year that ended in January.
New home closings were none of the 114 total closings, down on a percentage basis from one of 83 a year earlier. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but remained a drag on the market. Combined, foreclosures plus REO closings made up 28.1% of existing home closings, below 40.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.5% in February from 20.7% a year earlier while REO closings as a percentage of existing home closings declined to 17.5% from 19.5% a year earlier.
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