Markets & Economy

Freddie Mac MiMi shows Chicago weak and declining

Nationally, all indicators are on the rise but only two are "in-range"

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Freddie Mac released its Multi-Indicator Market Index (MiMi) February 24 for December 2015. The MiMi indicates that the nation’s 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 82.7, which is a monthly change of 1.7 percent and an annual change of 7.65 percent.

The MiMi is gauged by four indicators: purchase applications, payment-to-income, current on mortgage and employment.

All four of these indicators are on the rise, but only current on mortgage and employment are considered “in-range.”

In Chicago, the housing market is below range at 74.8 and is declining. The index for December shows a 0.66 percent monthly dip over November and

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Out of the four indicators, purchase applications, current on mortgage and payment-to-income are on the rise. Current on mortgage and employment are considered “in-range.”