Housing Markets Struggle to Keep Stable Momentum

MCLEAN, VA--(Marketwired - Sep 24, 2014) -  Freddie Mac (OTCQB: FMCC) today released its newly updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market struggling to keep stable momentum as housing prices continue to moderate and purchase applications fall. The slight decline in the national MiMi value this month appears to be broad-based, and not concentrated in a handful of state or metro markets.

News Facts:

• The national MiMi value stands at 73.4, indicating a weak housing market overall and showing a slight decline (-0.45%) from June to July and a 3-month decline of (-0.98%). On a year-over-year basis, the U.S. housing market has improved (+5.39%). The nation's all-time MiMi high of 121.9 was June 2008; its low was 59.8 in September, 2011, when the housing market was at its weakest. Since that time, the housing market has made a 22.7 percent rebound.
• Thirteen of the 50 states plus the District of Columbia have MiMi values in a stable range, with North Dakota (95.9) the District of Columbia (94.4), Wyoming (91.3), Montana (89.5) and Alaska (88.4) ranking in the top five.
• Six of the 50 metro areas have MiMi values in a stable range, with San Antonio (91.3), Austin (87.5), New Orleans (83.9), Salt Lake City (83.6), and Houston (83.5) ranking in the top five.
• The most improving states month-over-month were Illinois (+0.92%), Rhode Island (+0.72%), Washington (+0.53%), Nevada (+0.38%) and Florida (+0.31%). On a year-over-year basis, the most improving states were Nevada (+20.51%), Illinois (+12.16%), Florida (+11.75%), California (9.15%) and South Carolina (+8.01%).
• The most improving metro areas month-over-month were Miami (+0.88%), Chicago (+0.64%) Las Vegas (0.62%), Providence (+0.56%) and Seattle (+0.27%). On a year-over-year basis the most improving metro areas were Las Vegas (+23.35%), Riverside, (+14.97%), Chicago (+14.73%), Miami (+13.70%) and Orlando (+11.93%).
• In July, 8 of the 50 states and 11 of the 50 metros are showing an improving three month trend. The same time last year, every state plus the District of Columbia, and every metro was showing an improving three month trend.

Quote attributable to Freddie Mac Chief Economist Frank Nothaft: