According to Freddie Mac’s Multi-Indicator Market Index – which measures how far individual housing markets have rebounded since their post-recession lows – nearly 100 percent of the nation’s top metropolitan areas have shown year-over-year improvement. Additionally, 49 of 50 states have also posted positive annual gains. Len Kiefer, Freddie Mac’s deputy chief economist, says the nation’s housing markets continue to improve and, if global economic uncertainty keeps mortgage rates low for an extended period, there may be more gains to come. “Seven years into the recovery from the Great Recession, most of the nation’s housing markets remain below their historical benchmarks, but continue to grind higher month-by-month,” Kiefer said. “Nationally, MiMi in April 2016 is 84.1, a 7.37 percent year-over-year increase and the 48th consecutive month of year-over-year increases … If global factors like the Brexit put significant downward pressure on long-term mortgage rates, the U.S. housing market could benefit from increased affordability, helping to partially offset the impact of house prices, which are rising around six percentage points year over year nationally.” Compared to last year, the most improved metro areas included Orlando, Tampa, Denver, Cape Coral, and Portland. More here.
Though still below it’s all-time high, Freddie Mac’s most recent Multi-Indicator Market Index shows the housing market continuing to improve. In fact, the index – which compares long-term norms to current data in an effort to measure how quickly markets have bounced back following the housing crash – shows a 7.23 percent overall improvement to the national housing market since last year. Additionally, the market has now rebounded 41 percent from its low in October 2010. Len Kiefer, Freddie Mac’s deputy chief economist, says residential real estate should finish the year strong. “The U.S. housing market is poised to have its best year in a decade and the spring home buying season is off to a strong start,” Kiefer said. “Pent up demand for homes and near record-low mortgage rates are bolstering housing markets across the country. The National MiMi currently stands at 83.8, the highest since September of 2008. Home purchase applications are up nearly 14 percent from one year ago, mortgage delinquencies continue to trend down, and robust employment growth are all positive signs.” According to the release, 36 of 50 states and 65 percent of the included metropolitan areas are now within their long-term normal range. Since last year, the most improved cities were Orlando, Denver, Tampa, Cape Coral, and Portland. More here.