New Home Closings Drop in Niles According to Newest Figures
Posted on: Apr 06, 2014 07:29:59 AM
In the Niles, MI market, new home closings dropped year-over-year in January, falling after remaining level in December from the year earlier. Closings stood at 0 in January after being 2 a year earlier and remaining unchanged at 0 in December from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in December 2012 to none in December 2013.
Last year, 2 of 149 total closings were new homes, and this percentage saw a decline as new home closings this year made up none of the 117 total closings. Following a year-over-year increase in December, closings of new and existing homes fell year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to rise in January from a year earlier and remained a burden on the market. Combined, foreclosures plus REO closings made up 62.4% of existing home closings, above 56.5% a year earlier. The percentage of existing home closings involving foreclosures went from 27.2% in January 2013 to 27.4% in January 2014 and REO closings as a percentage of existing home closings jumped to 35.0% from 29.3%.
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