With the release of MiMi today we continue to see the U.S. housing market stabilizing as more local markets continue to shake off the summer lull and the interest rate spike from a year ago. This month three more states and three more metro areas saw a positive three month trend. That makes nearly half of all the markets MiMi tracks now showing positive momentum. Compared to the same time last year, all 50 states plus DC, and 49 of the 50 metros were showing a positive three month trend. Clearly, there's more work to be done.
We've also seen California return to what would historically be its stable range of housing activity, the first time since September 2008. However, at that time, the state’s housing market was heading in the wrong direction. And while the state has made a strong comeback, we already see one of its four indicators elevated and showing that the typical family continues to have to stretch to buy a median priced house, especially in the Los Angeles metro area. That said, far fewer homeowners are delinquent on their homes, the employment situation continues to improve and even purchase applications are beginning to turn around.
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