The housing market's recovery has been gradual and, at times, volatile. But, according to new data from Freddie Mac, most local housing markets are showing improvement. In fact, 36 of 50 states are showing an improving three-month trend and 77 of the 100 cities tracked by Freddie Mac's Multi-Indicator Market Index continue to see gains. The Index – which tracks employment, home purchase application, and delinquency data and compares it to historical norms – is further evidence that the residential real-estate market is getting back to normal. “Better employment prospects, rising home values, and increased purchase activity are all driving improvements in housing markets across the country,” Freddie Mac's deputy chief economist, Len Kiefer, said. “In this month's MiMi, three more states and seven metro areas moved within range of their benchmark level of activity.” On a year-over-year basis, the most improved states were Nevada, Oregon, Colorado, Florida, and Michigan. The most improved metro areas were Stockton, Detroit, Denver, Las Vegas, and Palm Bay, Florida. Although not noted above, one area that was on its benchmark and that has showed month after month that the housing market is recovering nicely, is Greenville, NC. This area is having a great start to the spring and summer season and shows no signs of slowing down. More here.
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