New Home Closings Steady in Niles According to Newest Figures
Posted on: Feb 11, 2014 07:26:46 AM
Closings of new homes in the Niles, MI market remained steady year-over-year in November, staying level after a year-over-year increase in October from a year earlier. Closings remained level at none from a year earlier after the figure moved from none in October 2012 to 2 in October 2013. New home closings moved from none a year earlier to none after the figure moved from none in October 2012 to 2 in October 2013.
After dropping in October from a year earlier, closings of new and existing homes rose year-over-year in November.
Other Market Trends
Foreclosures and real estate owned (REO) closings decreased in November from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 45.6% of existing home closings, below 55.6% a year earlier. The percentage of existing home closings involving foreclosures went from 24.8% in November 2012 to 23.8% in November 2013 and REO closings as a percentage of existing home closings slid to 21.8% from 30.8% a year earlier.
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