DataMarkets & Economy

Freddie Mac releases Chicago market indicator

Market index studies employment, purchase applications, mortgage failures and payment-to-income ratio

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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 sti...