New Home Closings in Saginaw Fall to Zero
Posted on: May 06, 2013 07:31:49 AM
The Saginaw, MI market saw a drop in new home closings year-over-year in February, and the decline was by a larger percentage than the January 2013. New home closings moved from two a year earlier to none after the figure moved from four in January 2012 to three in January 2013.
A total of 26 new homes were sold during the 12 months that ended in February, down from 28 for the year that ended in January.
None of the 141 total closings were new home closings, a shift on a percentage basis from two out of 241 a year earlier. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Other Market Trends
Foreclosures and real estate owned (REO) closings remained a burden on the market. Combined, foreclosures plus REO closings represented 72.3% of existing home closings. In February 2012, they accounted for 75.7%. The percentage of existing home closings involving foreclosures fell to 36.2% in February from 38.9% a year earlier and REO closings moved from 36.8% of existing home closings in February 2012 to 36.2% in February 2013.
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