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U.S. housing market continues to stabilize

The U.S. housing market continues to stabilize but the majority of markets have not yet returned to normal when factors like employment, housing sales and on-time mortgage payments are considered together, according to Freddie Mac’s latest Multi-Indicator Market Index (MiMi).

The national MiMi stood at 81.3 at the end of September, which is on the outer range of stable, Freddie reported. In evaluating a market, Freddie considers home-purchase activity, payment-to-income ratios with mortgages, the proportion of on-time mortgage payments and employment. A score above 80 indicates that a market is in the stable range, and a score above 120 suggests a market is beginning to overheat.

The MiMi increased by 0.67 percent in the month and is up by 1.85 percent for the three-month period. Year-over-year, the MiMi value has jumped 5.8 percent, Freddie said.

"When we observe MiMi's annual improvement, it's clear housing markets continue to recover with some markets firing on all cylinders, others inching along, and the vast majority still working to get back to their long-term benchmark normal range,” Freddie Mac’s Deputy Chief Economist Len Kiefer said in a news release. 


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