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MGIC Sees a Second Quarter Drop in Housing Market Conditions.(Mortgage Guaranty Insurance)(Brief Article)
While the housing market has held up well compared to some segments of the economy, one mortgage insurer started to see signs of softening in the housing market during the second quarter, well before the economic slump became serious in September.
Mortgage Guaranty Insurance Corp. reported that its National Market Trends Index fell to 7.22 in the second quarter, from 7.47 in the first quarter.
MGIC's index, a barometer of single-family real estate market conditions with readings ranging from one to ten, in the second quarter stood at its lowest point since the third quarter of 1996, the company said. A reading of one indicates a weak market with no signs of improvement while a reading of ten indicates a strong market with no signs of deterioration.
MGIC said that the reading of 7.22 "reflects generally stable housing market conditions."
The national Market Trend Index is based on MGIC's quarterly analysis of market trends compiled by the company's credit policy department using lagging three-month market data.
Neil Siegel, senior market analyst at MGIC, said the index shows that housing conditions across the nation remain stable, ...
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Source: HighBeam Research, MGIC Sees a Second Quarter Drop in Housing Market...