McLEAN, Va. – March 28, 2014 – Freddie Mac released its first-ever Multi-Indicator Market Index (MiMi), a new tool that monitors and measures the stability of the nation’s housing market.MiMi strives to calculate a range of equilibrium for each single-family housing market covered; it will be released monthly. Freddie Mac says the goal is for MiMi to show, at a glance, where each housing market stands relative to its own stable range – how close it is to “normal” – and how its trending.According to the inaugural edition of MiMi, Florida showed the most improvement month-to-month in January, up 0.11 points. It’s followed by Tennessee (up 0.11), Michigan (up 0.09), Louisiana (up 0.07), Nevada (up 0.07), and Texas (up 0.07).The Sunshine State also showed the most improvement year-to-year rising 2.12 points. It’s followed by, Nevada (up 1.84), California (up 1.26), Texas (up 1.06) and D.C. (up 1.05).When Freddie Mac analyzed metro areas by level of improvement, Florida cities also did well with two of the top five spots month-to-month and three of the top five spots year-to-year. By month, Miami led (up 0.11), followed by Detroit (up 0.10), Orlando (up 0.09), San Antonio (up 0.09) and Chicago (+0.08).Year-to-year, Miami improved 2.54 points, followed by Orlando (up 2.08), Riverside (up 1.87), Las Vegas (up 1.81) and Tampa (up 1.77).Other key findings for Jan. 2014
“In many markets a better employment picture, along with some income growth, makes it possible for more people who are considering buying a home to stay within reasonable payment-to-income ratios on their monthly mortgages,” says Freddie Mac Deputy Chief Economist Len Kiefer. “But some high cost markets are already starting to feel an affordability pinch. … Out of the 50 metro areas that MiMi tracks, only four are in range in January, but 35 are improving.”The index draws from four indicators: long-term stable ranges for home purchase applications, payment-to-income ratios, portion of on-time mortgage payments and the state of local employment.© 2014 Florida Realtors®
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