This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
Read about the agency’s 2022 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.
Source: FHFA
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
Saty Patrabansh, Andrew Leventis, and Nayantara Hensel
This Brief provides historical, state-by-state statistics on the share of purchase-money mortgages for primary homes obtained by first-time homebuyers from 1996 to 2013. It also examines the relationship between first-time homebuyer activity and trends in house prices across states. Economic intuition suggests that increasing house prices could motivate potential first-time homebuyers to enter the market. However, rising house prices also suggests decreasing affordability, which affects the ability of first-time homebuyers to purchase a house when they are often just getting started professionally and still saving for a down payment. The Brief shows a weak negative relationship between changes in the relative first-time homebuyer activity and house price growth. That is, the first-time homebuyer share decreases as house price growth increases, or first-time homebuyer share increases as house price growth decreases. This relationship is very strong for certain states that saw the greatest house price swings in the last two decades. In high price-volatility states like California, Nevada, and Florida, first-time homebuyers have tended to account for a diminished share of mortgage borrowing when house price appreciation has been very high.
FHFA State-Level First-Time Homebuyer Share Excel Data (Excel)