Freddie Mac’s Multi-Indicator Market Index measures the real estate recovery by comparing current data to long-term norms in local markets across the country. The index tracks home purchase application data, payment-to-income ratios, proportion of on-time mortgage payments, and the local job market in all 50 states and the top 100 metropolitan markets. According to the most recent results, the housing market’s rebound is on track and has entered the outer range of stable housing activity. In fact, 29 of 50 states are now in a stable range, along with 47 percent of the top metro areas. Freddie Mac’s deputy chief economist, Len Kiefer, says housing markets across the country are getting back to their long-term benchmark averages. “The nation’s housing market continues to improve, riding the wave of the best year in home sales since 2007,” Kiefer said. “With the MiMi purchase applications indicator at its highest level in more than seven years, we expect home sales to remain strong. Low mortgage rates are fueling the recovery across the country. Places like Denver, Austin, and Salt Lake City, and most markets in California, are seeing robust home purchase demand and, in many cases, double-digit growth over last year.” Despite the rosy outlook, however, Kiefer also cautions that there’s still room for improvement and income growth will have to be stronger to sustain the gains throughout 2016. More here.