New Home Closings in St. Cloud Fall to Zero
Posted on: May 06, 2013 07:35:27 AM
In the St. Cloud, MN market in January, new home closings fell year-over-year, and the decline was by a larger percentage than the December 2012. New home closings moved from two a year earlier to none after the figure moved from seven in December 2011 to one in December 2012.
A total of 37 new homes were sold during the 12 months that ended in January, down from 39 for the year that ended in December.
New home closings accounted for none of the 24 total closings, a smaller percentage compared with two of 119 closings a year earlier. Closings of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings stayed a drag on the market. Combined, foreclosures plus REO closings made up 29.2% of existing home closings. They accounted for 30.8% in January 2012. The percentage of existing home closings involving foreclosures went from 0.9% in January 2012 to no part in January 2013 and REO closings moved from 29.9% of existing home closings in January 2012 to 29.2% in January 2013.
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