Freddie Mac said Wednesday the housing recovery continues to be a primarily local phenomenon. While markets with strong economies and favorable demographics are continuing to improve at a strong pace most markets are still generally weak and the housing market as a whole continues to plod along, reports Jann Swanson of Mortgage News Daily.
The company released its most recent Multi-Indicator Market Index (MiMi)on Wednesday, with a current value of 73.7. This indicates a weak housing market overall, with only a slight improvement (0.04 percent) from May to June and a 3-month positive trend of 0.16 percent. On a year-over-year basis the MiMi has risen by 7.67 percent.
The nation’s all-time MiMi high of 121.87 was June 2008; its low was 59.8 in September 2011, when the housing market was at its weakest. Since that time, the housing market has made a 23.3 percent rebound.
In June, 21 of the 50 states and 25 of the 50 metros are showing an improving three month trend. The same time last year, every state plus the District of Columbia, and every metro was showing an improving three-month trend.
Thirteen of the 50 states plus the District of Columbia are considered to be in a stable range with North Dakota (96.2) the District of Columbia (94.3), and Wyoming (92.3), ranking as the top three. Six of the 50 metro areas are also considered stable with San Antonio (92.0), Austin (87.4), and New Orleans (84.8), leading the list.
Arizona was listed in the weak range, according to the MiMi.
