New Home Closings Fall in Altoona According to Recent Figures
Posted on: Jul 06, 2014 07:01:00 AM
In the Altoona, PA market, new home closings declined year-over-year in March, declining after staying relatively stable in February from the year earlier. Closings stood at 0 in March after being 1 a year earlier and remaining unchanged at 0 in February from a year earlier. 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.
New home closings were none out of the 86 total closings, a move on a percentage basis from 1 of 110 a year earlier. After rising year-over-year in February, closings of new and existing homes slid 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 burden on the market. Combined, foreclosures plus REO closings made up 29.1% of existing home closings, above 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 jumped to 12.8% from 11.0%.
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