Freddie Mac released it’s monthly Multi-Indicator Market Index (MiMi) last week, measuring housing activity on a national and state scale and providing relative data for the top 100 metro areas in the nation.

Freddie Mac released it’s monthly Multi-Indicator Market Index (MiMi) last week, measuring housing activity on a national and state scale and providing relative data for the top 100 metro areas in the nation.

MiMi ranks each state and city based on four indicators: purchase application rate, which is based solely on applications for single-family homes in the relative market; payment-to-income (PTI), which measures payment on 30-year fixed mortgages as it relates to a homebuyer’s income; whether or not homebuyers are current on their mortgage payments; and employment, an indicator that separates a weak market from an in-range market (ideal) to an elevated market.

According to MiMi, the U.S. is on the low end of in range and improving. Purchase applications are up 1.7 percent but are still considered weak. PTI is down 1.05 percent, which is also considered weak, while homeowners who are current on their mortgage are considered in range. Employment is down 0.2 percent, but still comfortably in range.

On the Freddie Mac scale, “in range” refers to markets situated between 80 and 120. Numbers below 80 are considered weak, and numbers over 120 are considered elevated. In range is the ideal balance, but the indicators are what determine the final MiMi.

The arrows in the graphs point to the direction the market is moving regardless of the various indicator directions.

MiMi

Freddie Mac MiMi for Chicago, Illinois.

Chicago’s market is considered weak by Freddie Mac, with a MiMi rating of 73.9 — and it’s going down. Purchase applications are up 0.82 percent month-over-month, but still situated in the weak category because of a 61.7 rating. PTI dropped 1.44 percent to a rating of 54.7, which also considered weak. Those that are current on mortgages increased 0.12 percent to 83.6, and employment is down 1.75 percent for a ranking of 95.4.

Email Britt Chester

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top