Just 10 States Have A ‘Stable’ Housing Market, Report Finds

The housing markets in just 10 states and four of 50 metro areas are stable, according to a recent report.

The national housing market is also weak overall, according to the assessment by the mortgage giant Freddie Mac, but there are positive signs, too. Thirteen states and 20 metro areas had housing markets in March that were trending positively over a three-month period, according to the report from the quasi-governmental firm.

The firm assesses the housing markets using its Multi-Indicator Market Index — MiMi — score, which is based on four indicators. Freddie Mac considers home purchase applications; home purchasing power based on house prices, mortgage rates and household income; the rate of on-time mortgage payments in each market; and local employment. The score is used to compare each market’s current conditions to its long-term stable range.

More