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Faye Riccitelli
friccitelli@remax440.com
Faye Riccitelli
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Housing Market Progresses toward Stability

January 5, 2016 12:36 am

The housing market continues to move toward stability, most recently with the addition of two more states, Kansas and New York, to the outer range of stable housing activity, according to the Freddie Mac Multi-Indicator Market Index® (MiMi®). The most recent MiMi value indicates the overall national market is in the outer stable range, as well.

“The strong annual change of 6.31 percent is the best improvement we've seen in the MiMi on a year-over-year basis since July 2014,” explains Len Kiefer, Freddie Mac’s deputy chief economist. “While strong home purchase applications and rising home values in some markets are contributing to this improvement, it’s largely more of a reflection of mortgage delinquencies continuing to decline at a steady pace, especially in those hardest hit markets, and a better employment picture overall.”

According to the Index, 32 of the 50 states, plus the District of Columbia, have MiMi values in stable range; 53 of the top 100 metro areas have MiMi values in a stable range; and 43 of the 50 states and 89 of the 100 metros have shown an improving trend over the last three months.

Source: Freddie Mac

Published with permission from RISMedia.