Michigan City New Home Sales Gain According to Recent Numbers
Posted on: May 06, 2013 07:23:43 AM
The Michigan City, IN market saw an increase in closings of new homes in February year-over-year, rising after staying stable in January from the year earlier. Closings stood at three in February after being zero a year earlier and remaining unchanged at zero in January from a year earlier.
A total of 21 new homes were sold during the 12 months that ended in February, up from 18 for the year that ended in January.
Following a year-over-year increase in January, closings of new and existing homes also increased year-over-year in February.
Other Market Trends
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings represented 49.2% of existing home closings. They accounted for 47.8% in February 2012. The percentage of existing home closings involving foreclosures dipped to 25.0% in February from 31.3% a year earlier while REO closings as a percentage of existing home closings rose to 24.2% from 16.5%.
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