Freddie Mac's latest monthly Multi-Indicator Market Index shows a weak but improving housing sector.
The index, which measures home purchase applications, payment-to-income ratio, the percentage of homeowners current on their mortgage and employment, shows a national improvement of 14 basis points from March to April.
On a year-over-year basis the index improved 3.57 percentage points, much of it (2.1%) in the last three months. Overall the index has improved 33% since its all-time low in October 2010, the mortgage giant said. The index remains far off its high of 121.7.
Indiana, Tennessee, Washington, Oregon and Mississippi were the most improved states on a month-over-month basis in Freddie Mac's index while states hit hardest by the mortgage crisis — Florida and Nevada — led the way in year-over-year improvement.
"Unlike a year ago, when the most improving markets were those hardest hit by the Great Recession, we're now seeing stable markets among the most improving as well," said Freddie Mac deputy chief economist Len Kiefer in a statement released with the latest index.
"So the strong housing markets are getting stronger, which reflects the better employment picture, rising home values and increased purchase activity in these markets with the spring home-buying season in full swing."
