The housing market is recovering, and although it is at a slower pace than last month, more than half of the top 50 metro areas continue to record improving trends.
According to Freddie Mac’s newest housing metric, the national February Multi-Indicator Market Index value stands at -3.11 points, down from -3.08 in January, indicating a weak housing market overall.
However, on a year-over-year basis, the U.S. housing market has improved by 0.67 points, and the 3-month trend shows an improving housing market.
This is compared to the nation’s all-time MiMi low of -4.49 in November 2010 when the housing market was at its weakest.
MiMi merges four economic indicators -- purchase applications, payment-to-income, current on mortgage and employment -- with data from multiple sources, including Freddie’s daily business with more than 2,000 mortgage lenders across the country.
“Despite a slowdown over the winter months, the housing market continues to show improvement in most states, although at a somewhat slower pace," Freddie Mac Chief Economist Frank Nothaft said." And while not all the MiMi indicators are trending in a better direction–in particular, home-purchase applications have weakened in many areas-- gains in local employment and loan performance have really helped many markets across the country, especially those that were hardest hit."
So which states soared and which tanked? See next page for answers.