Home prices have come back, but how strong and for how long? Freddie Mac has created a quick way to get a handle on the national and local housing markets.

On Wednesday the government-sponsored enterprise introduced its Multi-Indicator Market Index, covering all 50 states, Washington, D.C., and the top 50 metropolitan areas. The free interactive tool on Freddie's website combines proprietary company data with current local market information such as home purchase application volume, payment-to-income ratios, the proportion of borrowers current on mortgage payments, and the local employment rate.

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