MGIC Trends Index Holds Steady

The single-family housing market held steady at a reading of 6.66 in the second quarter, according to Mortgage Guaranty Insurance Corp.'s national Market Trends Index.The company looked at 73 metropolitan statistical areas and found eight to be strong, 11 weak, and the rest stable. "Despite the recent rise in interest rates by the Federal Reserve Board, the housing market has expanded," said Neil Siegel, senior market analyst for the Milwaukee-based mortgage insurer. "There is still the expectation that the rate of home price appreciation will slow, even though the supply of homes is relatively low." MGIC said a reading of 6 to 8 indicates a stable market. The company can be found on the Web at http://www.mgic.com.