Freddie Mac released its Multi-Indicator Market Index (MiMi) January 27 for November 2015. The MiMi shows that the housing market continues to improve.
The MiMi judges a market as in-range if it’s between 80 and 120. Nationally, the market is in-range at 82.5, which is a monthly change of 0.82 percent and an annual change of 7.23 percent.
The MiMi is gauged by four indicators: purchase applications, payment-to-income, current on mortgage and employment. While purchase applications, payment-to-income and employment are on the rise, only employment is considered “in-range.”
In Chicago, the housing market is below range at 75.4 and is improving. This is the same as the previous month and 8.49 percent over the same time last year.
Out of the four indicators, purchase applications and payment-to-income are on the rise. Current on mortgage and employment are considered “in-range.”