According to the Freddie Mac’s new Multi-Indicator Market Index (MiMi), the American housing market continues to be weak.
MiMi monitors the condition of the housing markets in the nation, including the top 50 metro markets.
It usually mixes Freddie Mac data with local market data to determine where the single-family market can be a stable entity in the long run. The factors taken under consideration are payment-to-income ratios, home purchase applications, what’s the percentage of mortgage payments made on time as well as the local employment situation.
All these factors put together comprise the MiMi value for each market, which can range from -12 and 12.
MiMi has identified most of the states and metro areas as “weak and flat” or “weak and declining.” The top five stable states, unchanged from last month, are North Dakota, Wyoming, the District of Columbia, Alaska and Louisiana. The four stable metro areas are San Antonio, New Orleans, Austin and Houston.
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