By Jann Swanson | Mortgage News Daily
When Freddie Mac introduced its Multi-Indicator Market Index (MiMi) in March 2014 only 11 of the 50 states plus the District of Columbia were deemed stable and in range of their historic benchmarks. That was also the case for only four of the 50 leading metropolitan areas. Further, the index itself stood at -3.08 points, indicating a week housing market overall and not much improved from the all-time low of -4.49 in late 2010 when the housing market was at its weakest.
This week Freddie Mac released the most recent MiMi, covering October 2016. The index stood at 86.4, indicating a housing market “that’s on the outer edge of its historic benchmark range of housing activity.” This is a 0.42 percent improvement from September and a year-over-year gain of 5.88 percent. The index has recovered by 46 percent from that 2010 low.
Related: Zillow: Total value of U.S. housing reaches all-time high
