New Home Closings in Danville Remain at Zero
Posted on: Jan 14, 2013 03:02:23 PM
Closings of new homes in the Danville, VA market saw no change year-over-year in September, staying level after a year-over-year increase in August from a year earlier. Closings remained level at none from a year earlier after the figure moved from none in August 2011 to one in August 2012.
A total of one new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
Following a year-over-year decline in August, closings of new and existing homes also slid year-over-year in September.
Other Market Trends
Foreclosures and real estate owned (REO) closings remained a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 45.2% of closings. In September 2011, they made up 36.6%. The percentage of existing home closings involving foreclosures rose to 25.8% in September from 19.5% a year earlier while REO closings as a percentage of existing home closings rose to 19.4% from 17.1%.
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