No Major Improvement in the Housing Market Despite Growing Sales

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Even though the increase in home sales in May 2014 made many analysts optimistic about the performance of the housing market in the United States, it is still far away from stability. The Multi Indicator Market Index (MiMi) is still weak, even though the situation with employment and income is improving while mortgage rates remain near historic low. Uncertainty and fear still play a major role in preventing prospect home buyers from entering the market.

MiMi is an index which measures the stability of the housing market by comparing current performance to the long-term stable range. The indicators which it is based on include mortgage rates, house purchase applications, debt-to-income ratios, mortgage payment and employment. The index measures the housing market stability nationwide, in all 50 states and in the 50 major metro areas.

At present, MiMi stands at -3.01 points. It went up by 0.05 points from April to May 2014. It increased by 0.07 in three months and this increase is considered to be insignificant. This indicates that the higher sales and lower mortgage rates in May have not played as significant role as economists would like to think. Still, MiMi rose by 0.65 from May 2013 to May 2014. The housing market is heading towards stability but at a slower pace. Currently, MiMi is 1.48 points higher than its all time low reached in November 2010, when the market showed its worst performance since the introduction of the index.

The index shows that currently the housing markets in ten states plus the District of Columbia have stability. The top three are North Dakota, Wyoming and the District of Columbia. The states with the greatest improvement in the housing market on a monthly basis are Illinois, Nevada and Tennessee. On an annual basis, the states whose housing markets have improved the most are Florida, Nevada and Texas.

The housing market is recovering, but the process may take longer than expected.

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