OK... Freddie Mac has an Index called
MiMi - Multi-Indicator Market Index that:
'Draws From Multiple Data Sources to
Measure Housing Market Stability and Trends.
Monthly, MiMi uses this data to show, at a glance,
where each market stands relative to its own stable range.'
I have read that 10 times and I'm still not sure what it is.
The Good News is that, according to their calculations,
Both Las Vegas and Nevada are the Most Improved.