New Home Closings in Albany Fall to Zero
Posted on: Apr 06, 2013 07:00:24 AM
In January, there was a fall year-over-year in new home closings in the Albany, GA market, 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 five in December 2011 to one in December 2012.
A total of 31 new homes were sold during the 12 months that ended in January, down from 33 for the year that ended in December.
New home closings were none of the 100 total closings, down on a percentage basis from two of 97 a year earlier. After dropping in December from a year earlier, closings of new and existing homes increased year-over-year in January.
Other Market Trends
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings made up 45.0% of existing home closings, down from 56.8% a year earlier. The percentage of existing home closings involving foreclosures dipped to 22.0% in January from 27.4% a year earlier while REO closings as a percentage of existing home closings declined to 23.0% from 29.5% a year earlier.
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