Housing Markets Continued to Improve in November: Freddie

The U.S. housing market continued to improve in November, as some local economies continued to bounce back from the recession, according to Freddie Mac.

The national Multi-Indicator Market Index rose 0.82% from October to November to 82.5. The index is a compendium of home-purchase applications, payment-to-income ratios and current mortgage rates. The index increased 7.23% from last year.

The most stable areas during the month were the District of Columbia, North Dakota, Hawaii, Montana and Utah. Oregon improved the most in November, followed by Colorado, Nevada, Florida and Maine.

"We're still seeing declines in oil-dependent housing markets, whereas the hardest-hit metros from the Great Recession continue to see some of the best improvement as they recover," Len Kiefer, Freddie Mac's deputy chief economist, said in a news release.