Of the top 100 metropolitan areas included in Freddie Mac’s Multi-Indicator Market Index, 84 percent are showing an improving three-month trend. The index – which compares current housing conditions to long-term norms – also found 42 of the 50 states on the upswing. Len Kiefer, Freddie Mac’s deputy chief economist, says it was the 50th straight month the index registered year-over-year gains. “Nationally, MiMi in June was largely unchanged at 85, marking a 5.76 percent year-over-year increase and the 50thconsecutive month of year-over-year increases,” Kiefer said. “Low mortgage rates and consistent job gains are helping to bolster home buyer demand, which is reflected in the MiMi purchase applications indicator. Purchase applications, as measured by MiMi, rose 1.75 percent month-over-month in June to the highest level since December 2007.” But though the index’s results are definitely positive, the upward trend was even stronger last year at this time when all of the top 100 metros were showing gains. Also in the report, the most improved metropolitan areas since last year at this time include Orlando, Denver, Tampa, Chattanooga, and Dallas. Among states, Oregon, Colorado, Florida, Tennessee, and New Jersey lead the list. More here.
