More Than Half of States Still Show Improving Housing Markets
April 23 2014 - 10:00AM
Marketwired
More Than Half of States Still Show Improving Housing Markets
MCLEAN, VA--(Marketwired - Apr 23, 2014) - Freddie Mac (OTCQB:
FMCC) today released its Multi-Indicator Market Index(SM)
(MiMi(SM)) for February showing the U.S. housing market overall
recovering at a slightly slower pace from the previous month.
However, more than half of all states, as well as more than half of
the top 50 metro areas, continue to show an improving trend. Eleven
states and the District of Columbia, and four metro areas, are in
their stable range of housing activity, unchanged from last month.
One year ago, seven states and the District of Columbia, and zero
metro areas, were in their stable range.
News Facts:
- The national MiMi value stands at -3.11 points indicating a
weak housing market overall and declining by 0.03 points from
January to February. However, on a year-over-basis, the U.S.
housing market has improved by 0.67 points, and the 3-month trend
(+0.12 points) shows an improving housing market. The nation's
all-time MiMi low of -4.49 was in November 2010 when the housing
market was at its weakest.
- Eleven of the 50 states plus the District of Columbia are in
their stable range of housing activity with North Dakota, Wyoming,
the District of Columbia, Alaska, and Louisiana ranking in the top
five. Wyoming moved up to the second place ranking. The District of
Columbia declined one spot to third place.
- Four of the 50 metro areas are stable and in range, San
Antonio, Houston, New Orleans and Austin with the latter two
switching between third and fourth place rankings.
- The five most improving states month-over-month were South
Carolina (+0.14), Louisiana (+0.7), Ohio (+0.07), Tennessee (+0.05)
and Nevada (+0.07). From one year ago the most improving states
remained unchanged: Florida (+1.87), Nevada (+1.65), California
(+1.08), South Carolina (+0.96) and Texas (+0.93).
- The five most improving metro areas month-over-month were
Charlotte (+0.10), Columbus (+0.09), Nashville (+0.07), New Orleans
(+0.07), and Las Vegas (+0.05) which tied with Memphis (+0.05) and
Miami (+0.05). From one year ago the most improving metros remained
unchanged: Miami (+2.33), Orlando (+1.91), Las Vegas (+1.64),
Riverside (+1.60), and Tampa (+1.49).
- Overall, in February, 28 of the 50 states plus the District of
Columbia are improving based on their three month trend and 27 of
the 50 metros are improving. Kansas City, St. Louis and Minneapolis
metro area housing markets slipped in their three month trend after
seeing declines in their purchase application activity and local
employment picture.
Quote attributable to Freddie Mac Chief Economist Frank
Nothaft:
"Despite a slowdown over the winter months, the housing market
continues to show improvement in most states, although at a
somewhat slower pace. And while not all the MiMi indicators are
trending in a better direction -- in particular, home-purchase
applications have weakened in many areas -- gains in local
employment and loan performance have really helped many markets
across the country, especially those that were hardest hit. Outside
of these areas we also are seeing positive improvement from the
Carolinas and Tennessee as their local unemployment rates fall
further."
MiMi monitors and measures the stability of the nation's housing
market, as well as the housing markets of all 50 states, the
District of Columbia, and the top 50 metro markets. MiMi combines
proprietary Freddie Mac data with current local market data to
assess where each single-family housing market is relative to its
own long-term stable range by looking at home purchase
applications, payment-to-income ratios (changes in home purchasing
power based on house prices, mortgage rates and household income),
proportion of on time mortgage payments in each market, and the
local employment picture. The four indicators are combined to
create a composite MiMi value for each market. Monthly, MiMi uses
this data to show, at a glance, where each market stands relative
to its own stable range of housing activity. MiMi also indicates
how each market is trending, whether it is moving closer to, or
further away from, its stable range. A market can fall outside its
stable range by being too weak to generate enough demand for a
well-balanced housing market or by overheating to an unsustainable
level of activity.
For more detail on MiMi see the FAQs. MiMi is released at 10
a.m. EDT monthly. The most current version can be found at
FreddieMac.com/mimi.
Freddie Mac was established by Congress in 1970 to provide
liquidity, stability and affordability to the nation's residential
mortgage markets. Freddie Mac supports communities across the
nation by providing mortgage capital to lenders. Today Freddie Mac
is making home possible for one in four home borrowers and is one
of the largest sources of financing for multifamily housing.
Additional information is available at FreddieMac.com, Twitter
@FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
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