DataIndustry News

Freddie Mac: Chicago market is frail, but boosting

Report uses purchase applications, payment-to-income, employment and mortgage health to measure markets
  • The national MiMi reached a healthy score of 85 in June, up 5.76 percent year-over-year.
  • Chicago’s market index is weak but improving, with a score of 75.2 for the month of June.
  • Chicago's current-on-mortgage rating and employment categories both scored in the healthy range.

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Freddie Mac released its latest Multi-Indicator Market Index (MiMi) based on June housing market activity. MiMi numerically details national, state and metro-level market activity to illustrate market stability and instability across the nation. On a national level, MiMi falls in the healthy range of 85 in June. This is a .08 percent rise from May and a 1.37 percent jump over the previous three months. Annually, the national MiMi is up 5.76 percent. The Freddie Mac MiMi is calculated using four key indicators: purchase applications, payment-to-income ratios, mortgage health and employment rates. Markets in-range are scored between 80 and 120, while numbers below 80 are considered weak. Scores above 120 are elevated. In national highlights, South Carolina and the Georgia metros of Atlanta and Augusta reached historic activity levels in June. Chicago’s market index is weak but improving, Freddie Mac reports. The Windy City scored 75.2 for the month of June, up 0.27 pe...