Despite the majority of the housing market losing momentum, there are a handful of divergent regions that haven’t slowed.
"We didn’t notice a large decline in any one market this month, but more of softening across the board,” said Freddie Mac deputy chief economist Len Kiefer.
The latest Freddie Mac Multi-Indicator Market Index recorded the national MiMi value at 73.4, indicating a weak housing market overall and showing a slight decline (-0.45%) from June to July and a 3-month decline of (-0.98%).
However, there were a few anomalies that shared one commonality.
“The one area where momentum hasn’t slowed is among the hardest hit markets. Places like Las Vegas, Miami, Chicago and Riverside, among others, are still showing double-digit yearly improvements, but that’s largely a reflection of significant gains in the local employment picture as well as a real improvement in borrowers making timely mortgage payments,” Kiefer continued.
Click the next page for the top 5 improving metro areas month-over-month.