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 percent from May and 1.08 percent during the three months prior. Chicago’s MiMi increased 2.04 percent year-over-year.
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Chicago had struggling scores in purchase applications (64.2) and payment-to-income (54.3). Purchase applications rose month-over-month by 2.07 percent, but payment-to-income declined 0.73 percent during the same period.
For Chicago, current-on-mortgage rating and employment both scored in the healthy range, at 82.6 and 99.5, respectively.
