Latest Figures Indicate New Home Closings in Altoona Decrease
Posted on: Aug 08, 2014 11:06:25 AM
In the Altoona, PA market in March, new home closings slid year-over-year, dropping after staying level in February. New home closings moved from 1 a year earlier to none after the figure moved from none in February 2013 to none in February 2014. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 0 in February from a year earlier.
None of the 86 total closings were new home closings, a shift on a percentage basis from 1 out of 110 a year earlier. Following a year-over-year rise in February, closings of new and existing homes fell year-over-year in March.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in March from a year earlier and remained a drag on the market. Foreclosures and REO closings, taken together, accounted for 29.1% of existing home closings, up from 17.4% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.3% in March from 6.4% a year earlier while REO closings as a percentage of existing home closings rose to 12.8% from 11.0%.
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