In terms of stable and affordable housing markets, Florida’s recovering pretty well, according to Freddie Mac’s Multi-Indicator Market Index® (MiMi®). The MiMi® uses current housing data to measure the stability of housing markets in all 50 states and the District of Columbia, the top 100 metro areas, and the nation as a whole.

The report released on July 22, 2015, shows that the US housing market is continuing to stabilize. The data is derived from measuring four metrics:

  • purchase applications
  • homeowner payment-to-income
  • number of homeowners current on their mortgages
  • percentage of the labor force that’s employed

The four indicators are combined to create a composite MiMi score for each market, and the monthly totals show how each market is trending. Florida mortgage provider, Embrace Home Loans, explains.

  • How We Ranked: Overall, Florida’s housing market is classified as weak, but improving. Significantly, though, three Florida metro areas are ranked in the top five most improved metros month-over-month, with Cape Coral at number one, Orlando at number three, and Miami at number five. On a year-over-year improvement basis, four Florida metro areas are in the top five, with Orlando at number one, followed by Palm Bay, Cape Coral, and Miami.
  • Also on a year-over-year basis, Florida is the second most improved state, following Oregon. Nationally, 43 of the 50 states and 95 of the 100 metro areas are showing an improving three-month trend.
  • Talk to the Experts: The improving real estate market stability in Florida is a positive sign if you’re thinking of buying a home. Low mortgage rates, programs to reduce down payments, and affordable pricing can combine to provide you with a great opportunity to buy a home.

If you’re thinking of buying or refinancing a home and want to find out more about ways to obtain a Florida mortgage, browse the rest of the Embrace Home Loan’s website, or call 407-733-6425.

No related content found.