Local Housing Markets Continue To Improve
Though still below it’s all-time high, Freddie Mac’s most recent Multi-Indicator Market Index shows the housing market continuing to improve. In fact, the index – which compares long-term norms to current data in an effort to measure how quickly markets have bounced back following the housing crash – shows a 7.23 percent overall improvement to the national housing market since last year. Additionally, the market has now rebounded 41 percent from its low in October 2010. Len Kiefer, Freddie Mac’s deputy chief economist, says residential real estate should finish the year strong. “The U.S. housing market is poised to have its best year in a decade and the spring home buying season is off to a strong start,” Kiefer said. “Pent up demand for homes and near record-low mortgage rates are bolstering housing markets across the country. The National MiMi currently stands at 83.8, the highest since September of 2008. Home purchase applications are up nearly 14 percent from one year ago, mortgage delinquencies continue to trend down, and robust employment growth are all positive signs.” According to the release, 36 of 50 states and 65 percent of the included metropolitan areas are now within their long-term normal range. Since last year, the most improved cities were Orlando, Denver, Tampa, Cape Coral, and Portland. More here.