U.S Housing market continues to improve, says Freddie Mac
According to the Freddie Mac’s Multi-Indicator Market Index® (MiMi®),U.S. housing market continued to improve in 2015 with additional states Florida and Arizona,entering their outer range of stable housing activity. The MiMi purchase applications indicator improved by nine percent in 2015, its best showing since September 2013.
The national MiMi value stands at 82.7, indicating a housing market that is on its outer range of stable housing activity, while showing an improvement of +0.51 percent from November to December and a three-month improvement of +1.70 percent. On a year-over-year basis, the national MiMi value has improved +7.65 percent. Since its all-time low in October 2010, the national MiMi has rebounded 40 percent, but remains significantly off from its high of 121.7.
Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:
“At the start of 2015, MiMi showed the national housing market in a weak position, but by the end of the year it posted a reading of 82.7, which is just inside the stable range of housing activity. This is good news for the nation’s housing market but there is certainly more work to be done. One encouraging sign is that not only are purchase applications solidly up, but borrowers being current on their mortgage strongly improved in 2015 as well. The Current on Mortgage indicator also moved from a ‘weak’ to ‘in-range’ status in 2015. And of course what’s really anchoring this recovering housing market is the improving employment picture, which is giving more people the confidence to purchase a home, including first-time homebuyers. In fact, Freddie Mac made home possible for more than 230,000 first-time homebuyers last year, the most since 2007.”