Freddie Mac: Housing Market Weak But Stabilizing

first_imgHome / Daily Dose / Freddie Mac: Housing Market Weak But Stabilizing Servicers Navigate the Post-Pandemic World 2 days ago Previous: FHFA Approves Merger Application for Federal Home Loan Banks of Des Moines, Seattle Next: Mortgage Default Risk Index Hits Highest Level in Two Years Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago About Author: Scott Morgan Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Subscribe Freddie Mac’s latest Multi-Indicator Market Index (MiMi) report finds the U.S.  housing market weak but stabilizing at year’s end. The index, released Tuesday, shows that 70 markets are inching upwards, including San Jose and Pittsburgh, which have finally joined the forward momentum.The national MiMi value stands at 74.5, which is up 0.12 percent from September to October and up 0.42 percent over the past three months. Year-over-year, the national housing market has improved 4.48 percent.While still well short of the all-time MiMi high of 122.5, reached in June 2006, the national index is markedly better than it was in September 2011, when the housing market was at 60.3.”When we look at the stability of the housing market we’ve seen a modest 0.5 percent improvement since the beginning of the year in the national index,” said Frank Nothaft, Freddie Mac’s chief economist. “Housing markets continue to heal across the country with those hardest hit showing the biggest improvement.”The most improved metro areas month-over-month were Kansas City, Memphis, and Atlanta, each up more than 3 percent. Charlotte and Denver—which also improved more than 12 percent year-over-year—were close behind. Year-over-year, Las Vegas improved by nearly 24 percent, while Chicago, Miami, and Riverside, California, each improved more than 12 percent.Statewise, Colorado, Kentucky, Idaho, Maryland, and North Carolina led month-to-month improvement, each growing by a least 1 percent. Year-over-year Nevada grew 18.95 percent), while Illinois, Florida, Rhode Island, and Colorado each grew by around 10 percent.According to the index, 13 states, plus the District of Columbia, have MiMi values in a stable range (above 80). North Dakota (95.9) the District of Columbia (94.1), Montana (91.2), Wyoming (91.0), and Hawaii (89.2) made up the top five. Eight of the 50 metro areas Freddie tracks, all west of the Mississipi, have MiMi values in a stable range: San Antonio (89.9), Austin (87.0), Houston (85.3), Los Angeles (84.4), and Salt Lake City (83.1) made up the top five.According to Nothaft, the news is encouraging, but hardly a cause for champagne just yet.”Low mortgage rates have helped, but we also need better household income growth,” he said. “The employment picture needs to improve more to strengthen wage growth. The good news is we’re slowly starting to see this happen in areas like Denver, San Jose, Nashville, and Pittsburgh.”Freddie also is seeing better purchase application activity on a monthly basis in these areas, he said. December 24, 2014 1,085 Views  Print This Post Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago in Daily Dose, Featured, Market Studies, News Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago Share Save Freddie Mac: Housing Market Weak But Stabilizing The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Freddie Mac Housing Market Multi-Indicator Market Index Freddie Mac Housing Market Multi-Indicator Market Index 2014-12-24 Scott Morganlast_img

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