New Home Closings Fall in Lynchburg According to Newest Figures
Posted on: Feb 11, 2014 07:22:33 AM
In the Lynchburg, VA market, closings of new homes declined year-over-year in October, declining after staying relatively stable in September from the year earlier. New home closings moved from 1 a year earlier to none after the figure moved from none in September 2012 to none in September 2013. Closings stood at 0 in October after being 1 a year earlier and remaining unchanged at 0 in September from a year earlier.
None of the 33 total closings were new home closings, a shift on a percentage basis from 1 out of 127 a year earlier. For new and existing homes, closings slid in October after also declining in September year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to increase in October from a year earlier and stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 42.4% of existing home closings, above 19.0% a year earlier. The percentage of existing home closings involving foreclosures rose to 18.2% in October from 13.5% a year earlier while REO closings as a percentage of existing home closings gained to 24.2% from 5.6%.
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