The new “multi-indicator market index”, or MiMi, released by Freddie Mac this week, is a user-friendly tool for looking at the housing stability of markets across the country.
The MiMi uses local market data to calculate a range of equilibrium for each single-family housing market covered (shown in the shaded green band on the accompanying graph). Then the same data is used to show, at a glance, where the market stands relative to its stable range. MiMi also indicates how each market is trending -- whether it is moving closer to, or further away from, it’s stable range. The index includes is a compilation of information pertaining to home purchase application volumes, payment-to-income ratios, proportion of on time mortgage payments and local employment.
Unlike many other states and metro areas, the index shows that Vermont’s market fairly consistently has remained in the “equilibrium range.”
A critical part of VHFA’s mission is to help stabilize Vermont’s housing market during national economic fluctuations, by offering fixed rate, low interest rate financing to qualified home buyers across the state. More information about our programs, recently expanded to serve even more Vermonters, is available on our web site.