The housing market’s recovery has been a gradual one, with many ups-and-downs along the way. Of late, the news has been optimistic and generally positive with many analysts forecasting stronger gains ahead. But despite the rosy outlook, there is still a lot of room for improvement. In fact, according to Freddie Mac’s Multi-Indicator Market Index – which measures the stability of the housing market based on several indicators such as home purchase applications, payment-to-income ratios, and proportion of on-time mortgage payments – the national housing market has only made a 31 percent rebound since its all-time low in October 2010. However, over the last year, it has improved an additional 3.53 percent and, according to the most recent data, 60 percent of the top 100 metro areas are showing an improving three-month trend. Len Kiefer, Freddie Mac’s deputy chief economist, says the improvement is good news. “Of the top 100 metro areas, over 60 are showing purchase applications up from the same time last year with over 20 of those metro areas showing double-digit percentage increases,” Kiefer said. “Likewise, the employment picture continues to improve in most markets helping to support greater interest in purchasing a home.” Among the states showing the most improvement, Oregon, Michigan, Florida, California, and Kentucky topped the list. More here.