New Home Closings Decline in Lynchburg According to Latest Figures
Posted on: May 06, 2013 07:22:14 AM
New home closings in the Lynchburg, VA market slid year-over-year in January, declining after staying relatively stable in December from the year earlier. Closings stood at zero in January after being one a year earlier and the figure was unchanged at zero in December from a year earlier.
A total of five new homes were sold during the 12 months that ended in January, down from six for the year that ended in December.
New home closings accounted for none of the 29 total closings, a smaller percentage compared with one of 92 closings a year earlier. For new and existing homes, closings sank in January after also declining in December year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings remained a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 37.9% of closings. In January 2012, they made up 35.2%. The percentage of existing home closings involving foreclosures went from 20.9% in January 2012 to 20.7% in January 2013 and REO closings as a percentage of existing home closings rose to 17.2% from 14.3%.
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