Freddie Mac released an update of its Multi-Indicator Market Index (MiMi), showing the U.S. housing market continuing to stabilize as 70 of the markets tracked are showing positive momentum.
According to the report, the national MiMi value stands at 74.5, indicating a weak housing market overall but showing slight improvement from September to October. Freddie Mac Chief Economist Frank Nothaft notes: “When we look at the stability of the housing market we've seen a modest 0.5 percent improvement since the beginning of the year in the national index. Housing markets continue to heal across the country with those hardest hit showing the biggest improvement. Low mortgage rates have helped, but we also need better household income growth.”