Niles, MI - Recent New Home Closings Increase Year-Over-Year in May After Falling Year-Over-Year in April
Posted on: Sep 05, 2013 07:33:13 AM
Rebounding from a year-over-year decline in April 2013. New home closings moved from none a year earlier to 1 after the figure moved from 6 in April 2012 to 1 in April 2013.
For new and existing homes, closings climbed year-over-year in May after also increasing in April year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in May from a year earlier, but remained a burden on the market. Together, foreclosures plus REO closings accounted for 45.9% of existing home closings, down from 58.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 24.0% in May from 29.6% a year earlier while REO closings as a percentage of existing home closings slid to 21.9% from 28.7% a year earlier.
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