New Home Closings in Glens Falls Fall to Zero
Posted on: May 06, 2013 07:13:29 AM
New home closings in the Glens Falls, NY market dropped year-over-year in January, a decline following a rise in December 2012. New home closings moved from two a year earlier to none after the figure moved from one in December 2011 to two in December 2012.
A total of 10 new homes were sold during the 12 months that ended in January, down from 12 for the year that ended in December.
New home closings were none out of the 88 total closings, down on a percentage basis from two of 101 a year earlier. After rising year-over-year in December, closings of new and existing homes fell year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Together, foreclosures plus REO closings made up 10.2% of existing home closings. In January 2012, they represented 12.1%. The percentage of existing home closings involving foreclosures rose to 6.8% in January from 2.0% a year earlier while REO closings as a percentage of existing home closings declined to 3.4% from 10.1% a year earlier.
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