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Welcome to the Industry page of FHFA’s website.  This page provides consolidated resources for small and large companies, trade groups, advocacy organizations, vendors, originators, servicers, investors, and mortgage insurers, among others who are interested in the nation’s housing finance system. 


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  1. Read the latest FHFA News.

  2. Download the latest HPI data

  3. Download historical MIRS data. (Discontinued as of 5/29/2019. FHFA designated an adjusted version of Freddie Mac’s 30-yr FRM Primary Mortgage Market Survey (PMMS), called “PMMS+”, as the replacement for the MIRS ARM Index. FHFA will be announcing this index value on the final Thursday of every month.)

  4. Provide Comment on Rulemaking action.

  5. Understand how to Do Business with FHFA.

  6. Read our latest Foreclosure Prevention Report, Refinance Report or Annual Report to Congress.

  7. Understand how FHFA conducts its examinations - read our FHFA Examination Manual and learn about our Housing Finance Examiner Commission Program.




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 Related Information



Credit Risk Transfer Progress Report 4Q201931224<p>​The Report provides a comprehensive picture of how Fannie Mae and Freddie Mac (the Enterprises) transfer a substantial portion of credit risk to the private sector through a variety of transactions in both the single-family and multifamily markets. </p><p>From the beginning of the Enterprises’ Single-Family CRT programs in 2013 through the end of 2019, Fannie Mae and Freddie Mac have transferred a portion of credit risk on $3.5 trillion of unpaid principal balance (UPB), with a combined Risk in Force (RIF) of about $115 billion, or 3.3 percent of UPB. An additional $1.6 trillion of UPB and $398 billion of RIF has been transferred to primary mortgage insurers from 2013 through the end of 2019.</p><p>Through the end of 2019, Fannie Mae and Freddie Mac transferred 85 percent and 89 percent, respectively, of the allocated credit risk capital on 2018 acquisitions covered by credit risk transfer.</p>4/3/2020 7:00:22 PMHome / About FHFA / Reports / Credit Risk Transfer Progress Report 4Q2019 Credit Risk Transfer Progress 240https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Directs Enterprises to Grant Flexibilities for Appraisal and Employment Verifications31078<p><strong>Washington, D.C.</strong> – Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac (the Enterprises) to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020.​&#160; <br></p><p>To allow for homes to be bought, sold, and refinanced as our nation deals with the challenges of the coronavirus, the Enterprises will leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages.<br></p><p>In addition, in the event lenders cannot obtain verbal verification of the borrower's employment before loan closing, the Enterprises will allow lenders to obtain verification via an e-mail from the employer, a recent year-to-date paystub from the borrower, or a bank statement showing a recent payroll deposit. Lenders should continue to utilize sound underwriting judgment to ensure these alternatives are appropriate to the borrower's circumstances.&#160;<br></p><p>Today's announcement is the latest action that FHFA has taken to ensure the Enterprises fulfill their mission of providing market liquidity during the coronavirus national emergency. Other actions include a suspension of foreclosures and evictions for at least 60 days and offering forbearance for borrowers facing hardship due to coronavirus.<br></p><p>FHFA and the Enterprises are monitoring the coronavirus national emergency's effect on the housing market and will continue to update our policies when necessary.<br></p><p><a href="/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx">Link to FHFA Webpage on Coronavirus Actions&#160;</a></p>3/23/2020 2:48:49 PMWashington, D.C. – Today, to facilitate liquidity in the mortgage market during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae 29368https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA Moves to Provide Eviction Suspension Relief for Renters in Multifamily Properties31087<p> <strong>Washington, D.C. </strong>– Today, to keep renters in multifamily properties in their home and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) is announcing that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus. The eviction suspensions are in place for the entire duration of time that a property owner remains in forbearance. The forbearance is available to all multifamily properties with an Enterprise-backed performing multifamily mortgage negatively affected by the coronavirus national emergency.&#160;</p><p>“Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus. The multifamily forbearance and eviction suspension offered by the Enterprises should bring peace of mind to millions of families during this uncertain and difficult time,&quot; said Director Mark Calabria. “The Enterprises are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need.&quot;&#160;</p><p>The multifamily mortgage forbearance and eviction suspension programs are the latest actions that FHFA has announced to ensure the Enterprises fulfill their missions during the coronavirus national emergency. Other actions include&#58;</p><ul><li> <a href="/Media/PublicAffairs/Pages/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx"> Suspending foreclosures and evictions for Enterprise-backed single-family mortgages at least 60 days</a>;</li><li> <a href="/Media/PublicAffairs/Pages/Statement-from-FHFA-Director-Mark-Calabria-on-Coronavirus.aspx"> Forbearance for Enterprise-backed single-family borrowers facing hardship due to coronavirus</a>; </li><li> <a href="/Media/PublicAffairs/Pages/FHFA-Directs-Enterprises-to-Grant-Flexibilities-for-Appraisal-and-Employment-Verifications.aspx"> Flexibilities for appraisal and employment verifications for single family homes</a>; and</li><li> <a href="/Media/PublicAffairs/Pages/FHFA-Authorizes-the-Enterprises-to-Support-Additional-Liquidity-in-the-Secondary-Mortgage-Market.aspx"> Additional dollar roll transactions for the Enterprises</a>.&#160;</li></ul><p>FHFA and the Enterprises will continue to monitor the impact of the coronavirus national emergency on the housing finance market and update our policies as necessary.</p><p> <a href="/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx">FHFA's Webpage on Coronavirus Actions</a></p>3/23/2020 5:30:07 PMHome / Media / FHFA Moves to Provide Eviction Suspension Relief for Renters in Multifamily Properties News 43689https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
FHFA House Price Index Frequently Asked Questions21869​ <table width="75%" class="ms-rteTable-4" bgcolor="#f1f1f1" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-4"><td class="ms-rteTableEvenCol-4" style="width&#58;100%;"><h2 style="text-align&#58;center;">​​​Table of Contents<br></h2><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest1"><strong>1. What is the value of the FHFA House Price Index (HPI)?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest2"><strong>2. What transactions are covered in the FHFA HPI?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest3"><strong>3. How is the FHFA HPI computed?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest4"><strong>4. How often is the FHFA HPI published?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest5"><strong>5. How is the FHFA HPI updated?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest6"><strong>6. How do I interpret “four-quarter,” “one-year,” “annual,” and “one-quarter” price changes?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest7"><strong>7. How are Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions defined and what criteria are used to determine whether an MSA index is published?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest8"><strong>8. Does FHFA use the September 2018 revised Metropolitan Statistical Areas (MSAs) and Divisions?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest9"><strong>9. What geographic areas are covered by the FHFA HPI?&#160;</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest10"><strong>10. What is the methodology used in computing the FHFA HPI?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest11"><strong>11. How does the FHFA HPI differ from the Case-Shiller®&#160;Index?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest12"><strong>12. How does the FHFA House Price Index differ from the Census Bureau’s Constant Quality House Price Index (CQHPI)?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest13"><strong>13. Where can I access MSA index numbers and standard errors for each year and quarter?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest14"><strong>14. What role do Fannie Mae and Freddie Mac play in the FHFA HPI?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest15"><strong>15. Why is the FHFA HPI based on Fannie Mae or Freddie Mac mortgages?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest16"><strong>16. When are the indexes normalized in the downloadable ASCII data?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest17"><strong>17. Is the FHFA HPI adjusted for inflation?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest18"><strong>18. How do I use the manipulatable data (in TXT files) on the Web site to calculate appreciation rates?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest19"><strong>19. How is&#160;the FHFA HPI constructed for MSAs?...</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest20"><strong>20. How can the FHFA HPI for an MSA be linked to ZIP codes within that MSA?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest21"><strong>21. How and why is the FHFA HPI revised each quarter?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest22"><strong>22. What transaction dates are used in estimating the index?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest23"><strong>23. Are foreclosure sales included in the FHFA HPI?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest24"><strong>24. How are the monthly FHFA House Price Indexes calculated?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest25"><strong>25. How are the Census Division and U.S. FHFA HPIs formed?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest26"><strong>26. What weights are used in forming the Census Division and U.S. FHFA HPIs?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest27"><strong>27. For those FHFA HPIs that are seasonally-adjusted, what approach is used in performing the seasonal adjustment?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest28"><strong>28. Do you have an FHFA&#160;HPI&#160;that includes loans which are not purchased or securitized by Fannie Mae or Freddie Mac?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest29"><strong>29. Is there an FHFA HPI that corrects for distressed sales?</strong></a></p><p> <a href="/Media/PublicAffairs/Pages/House-Price-Index-Frequently-Asked-Questions.aspx#quest29"><strong>30. Can I use the data in the FHFA HPI and, if so, how should the index be cited?</strong></a></p></td></tr></tbody></table><p> <br> &#160;</p><ol><li> <strong><a name="quest1">What is the value of the FHFA House Price Index (HPI)?</a></strong><br><br>The FHFA House Price Index (HPI) is a broad measure of the movement of single-family house prices.&#160; The FHFA HPIs are built on tens of millions of home sales and offer insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code, and census tract levels.&#160; The FHFA HPIs use a fully transparent methodology based upon a weighted, repeat-sales statistical technique to analyze transaction data from Fannie Mae and Freddie Mac.&#160;&#160;The FHFA HPIs also provide housing economists with an analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas.<br><br> Although FHFA constructs several indexes for different geographies and periods, the entire suite of HPIs is often referenced, in a general sense, as the &quot;FHFA HPI&quot;.&#160; The production of the FHFA HPI is statutorily mandated (12 U.S.C. 4542).&#160; The Office of the Federal Housing Enterprise Oversight (OFHEO), one of FHFA's predecessor agencies, began publishing the HPI in the fourth quarter of 1995.&#160; <br> <br>FHFA releases data and reports on a quarterly and monthly basis. The flagship FHFA HPI uses seasonally adjusted, purchase-only data, unless otherwise noted.&#160; Additional indexes are based on other data including refinances,&#160;FHA mortgages, and real property records.&#160; All the indexes can be downloaded from the FHFA website.<br><br>&#160;</li><li> <strong><a name="quest2">What transactions are covered in the FHFA HPI?</a></strong><br><br>The FHFA HPI is based on transactions involving conforming, conventional mortgages purchased or securitized by Fannie Mae or Freddie Mac. Only mortgage transactions on single-family properties are included. Conforming refers to a mortgage that both meets the underwriting guidelines of Fannie Mae or Freddie Mac and that does not exceed the conforming loan limit. For loans originated in the first nine months of 2011, the loan limit was set by Public Law 111-242. That law, in conjunction with prior legislation, provided for loan limits up to $729,750 for one-unit properties in certain high-cost areas in the contiguous U.S. Mortgages originated after September 30, 2011 were no longer subject to the terms of prior initiatives and, under the formula established under the Housing and Economic Recovery Act of 2008, the “ceiling” limit for one-unit properties in the contiguous U.S. fell to $625,500. For 2019-acquired loans, the ceiling limit rose to $726,525 for one-unit homes in the contiguous U.S.<br><br>​Conventional mortgages are those that are neither insured nor guaranteed by the FHA, VA, or other federal government entities. Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded from the FHFA&#160;HPI, as are properties with mortgages whose principal amount exceeds the conforming loan limit. Mortgage transactions on condominiums, cooperatives, multi-unit properties, and planned unit developments are also excluded.<br><br>&#160;</li><li> <strong><a name="quest3">How is the FHFA HPI computed?</a></strong><br><br>The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975. The FHFA HPI is updated as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent period and for each subsequent period&#160;since 1975.&#160; <br> <br>FHFA house price index reports are released on a monthly basis for the United States and regions and on a quarterly basis for a variety of other geographies.&#160; Most statistics in the reports reference price changes computed by FHFA's standard&#160;&quot;purchase-only&quot; HPI.&#160; In some cases, however, the reported statistics reference alternative price measures.&#160; FHFA publishes - and makes <a href="/hpi">available for download</a>&#160;- several additional house price indexes beyond the standard &quot;purchase-only&quot; series.&#160; Although they use the same general methodology, the three alternatives rely on slightly different datasets as follows&#58;&#160; &#160;&#160; &#160;<br>&#160; <ul style="list-style-type&#58;disc;"><li>&quot;All-Transactions&quot; house price index.&#160; Appraisal values from refinance mortgages are added to the purchase-only data sample.&#160;<br></li><li>&quot;Expanded-Data&quot; house price index.&#160; Sales price information sourced from county recorder offices and from FHA-backed mortgages are added to the purchase-only data sample.&#160; This index is used to annually adjust the maximum conforming loan limits, which dictate the dollar amount of loans that can be acquired by Fannie Mae and Freddie Mac.&#160;<br></li><li>&quot;Distress-Free&quot; house price index.&#160; Sales of bank-owned properties and short sales are removed from the purchase-only dataset prior to estimation of the index.&#160;<br></li></ul> <br>Data constraints preclude the production of all types of indexes for every geographic area, but multiple index types are generally available.&#160; For individual states, for instance three types of indexes are available. The various indexes tend to correlate closely over the long-term, but short-term differences can be significant.&#160;&#160;&#160;<br><br><br></li><li> <strong><a name="quest4">How often is the FHFA HPI published?</a></strong><br><br>A comprehensive report is published every three months, approximately two months after the end of the previous quarter. Beginning in March 2008, OFHEO (one of FHFA's predecessor agencies) began publishing monthly indexes for census divisions and the&#160;U.S. FHFA continues publishing and updating these indexes each month.<br><br>&#160;</li><li> <strong><a name="quest5">How is the FHFA HPI updated?</a></strong><br><br>Each month, Fannie Mae and Freddie Mac provide FHFA with information on their most recent mortgage transactions. These data are combined with the data from previous periods to establish price differentials on properties where more than one mortgage transaction has occurred. The data are merged, creating an updated historical database that is then used to estimate the FHFA HPI.<br><br>&#160;</li><li> <strong><a name="quest6">How do I interpret &quot;four-quarter,&quot; &quot;one-year,&quot; &quot;annual,&quot; and &quot;one-quarter&quot; price changes?</a></strong><br><br>The &quot;four-quarter&quot; percentage change in home values is simply the price change relative to the same quarter one year earlier. For example, if the FHFA HPI release is for the second quarter, then the &quot;four-quarter&quot; price change reports the percentage change in values relative to the second quarter of the prior year. It reflects the best estimate for how much the value of a typical property increased over the four-quarter period (FAQ #2 reports the types of properties included in this estimate). &quot;One-year&quot; and &quot;annual&quot; appreciation are used synonymously with &quot;four-quarter&quot; appreciation in the full quarterly FHFA HPI releases.<br><br>Similar to the &quot;four-quarter&quot; price changes, the &quot;one-quarter&quot; percentage change estimates the percentage change in home values relative to the prior quarter. Please note that, in estimating the quarterly price index, all observations within a given quarter are pooled together; no distinction is made between transactions occurring in different months. As such, the &quot;four-quarter&quot; and &quot;one-quarter&quot; changes compare typical values throughout a quarter against valuations during a prior quarter. The appreciation rates do not compare values at the end of a quarter against values at the end of a prior quarter.<br><br>&#160;</li><li> <strong><a name="quest7">How are Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions defined and what criteria are used to determine whether an MSA index is published?</a></strong><br><br> MSAs are defined by the Office of Management and Budget (OMB). If specified criteria are met and an MSA contains a single core population greater than 2.5 million, the MSA is divided into Metropolitan Divisions. The following MSAs have been divided into Metropolitan Divisions&#58; Boston-Cambridge-Newton, MA-NH; Chicago-Naperville-Elgin, IL-IN-WI; Dallas-Fort Worth-Arlington, TX; Detroit-Warren-Dearborn, MI; Los Angeles-Long Beach-Anaheim, CA; Miami-Fort Lauderdale-Pompano Beach, FL; New York-Newark-Jersey City, NY-NJ-PA; Philadelphia-Camden-Wilmington, PA-NJ-DE-MD; San Francisco-Oakland-Berkeley, CA; Seattle-Tacoma-Bellevue, WA; Washington-Arlington-Alexandria, DC-VA-MD-WV. For these MSAs, FHFA reports data for each Division, rather than the MSA as a whole.&#160;<br><br>FHFA requires that an MSA (or Metropolitan Division) must have at least 1,000 total transactions before it may be published. Additionally, an MSA or Division must have had at least 10 transactions in any given quarter for that quarterly value to be published. Blanks are displayed where this criterion is not met. <br>&#160; </li><li> <strong><a name="quest8">Does FHFA use the September 2018 revised Metropolitan Statistical Areas (MSAs) and Divisions?</a></strong><br><br>Yes, FHFA uses the revised Metropolitan Statistical Areas (MSAs) and Divisions as defined by the Office of Management and Budget (OMB) in September 2018. The delineations became effective with the 2018Q4 FHFA HPI release in February 2019. These MSAs and Divisions are based on Census data. According to OMB, an MSA comprises the central county or counties containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county as measured through commuting. For information about the current MSAs, please visit&#58;<br><br><a href="https&#58;//www.whitehouse.gov/wp-content/uploads/2018/09/Bulletin-18-04.pdf">https&#58;//www.whitehouse.gov/wp-content/uploads/2018/09/Bulletin-18-04.pdf</a><br><br>Previously, FHFA produced metropolitan area indexes based on the February 2013 delineations (and as revised in July 2015, August 2017, and April 2018) and, before that release, the December 2009 delineations provided by the OMB.<br><br>The 2018Q4 FHFA HPI report has a Technical Note which explains the transition to the newest definitions. The accompanying tables are posted on the FHFA HPI Downloadable Data page under the “Additional Data” section then the “Utility Files and Background Information for Index Construction” subsection. Information for the prior delineations are also posted on that page.​ <br> <br></li><li> <strong><a name="quest9">What geographic areas are covered by the FHFA HPI?</a></strong><br><br> The FHFA HPI includes indexes for all nine census divisions, the 50 states and the District of Columbia, and every Metropolitan Statistical Area (MSA) in the U.S., excluding Puerto Rico. OMB recognizes 384 MSAs, 11 of which are subdivided into a total of 31 Metropolitan Divisions.&#160; As noted earlier, FHFA produces indexes for the divisions where they are available, in lieu of producing a single index for the MSA. In total, 404 indexes are released&#58; 373 for the MSAs that do not have Metropolitan Divisions and 31 Division indexes. The starting dates for indexes differ and are determined by a minimum transaction threshold; index values are not provided for periods before at least 1,000 transactions have been accumulated.<br><br>In each release, FHFA publishes rankings and quarterly, annual, and five-year rates of changes for the MSAs and Metropolitan Divisions that have at least 15,000 transactions over the prior 10 years. In this release, 23​1 MSAs and Metropolitan Divisions satisfy this criterion. For the remaining areas, MSAs and Divisions, one-year and five-year rates of change are provided. <br>&#160; </li><li> <strong><a name="quest10">What is the methodology used in computing the FHFA HPI?</a></strong><br><br>The methodology is a modified version of the Case-Shiller® geometric weighted repeat- sales procedure. A detailed description of the FHFA HPI methodology is available upon request at (202) 649-3195 or online at&#58; <a href="http&#58;//go.usa.gov/8BBT"> http&#58;//go.usa.gov/8BBT</a>.<br><br>&#160;</li><li> <strong><a name="quest11">How does the FHFA HPI differ from the Case-Shiller®&#160;Index?</a></strong><br><br>Although both indexes employ the same fundamental repeat-valuations approach, there are a number of data and methodology differences. Among the dissimilarities&#58;</li><ol><li>The Case-Shiller Indexes® only use purchase prices in index calibration, while the all-transactions FHFA HPI also includes refinance appraisals. FHFA's purchase-only series is restricted to purchase prices.</li><li>FHFA's valuation data are derived from conforming mortgages provided by Fannie Mae and Freddie Mac. The Case-Shiller Indexes use information obtained from county assessor and recorder offices.</li><li>The Case-Shiller Indexes are value-weighted, meaning that price trends for more expensive homes have greater influence on estimated price changes than other homes. FHFA's index weights price trends equally for all properties.</li><li>The geographic coverage of the indexes differs. The Case-Shiller National Home Price Index, for example, does not have valuation data from 13 states. FHFA's U.S. index is calculated using data from all states.<br><br>For details on these and other differences, consult the FHFA HPI Technical Description (see <a href="http&#58;//go.usa.gov/8BBT"> http&#58;//go.usa.gov/8BBT</a>) and the Case-Shiller methodology materials (see <a href="http&#58;//us.spindices.com/index-family/real-estate/sp-corelogic-case-shiller"> https&#58;//us.spindices.com/index-family/real-estate/sp-corelogic-case-shiller</a>).<br><br>A paper that analyzes in detail the methodological and data differences between the two price metrics can be accessed at <a href="http&#58;//go.usa.gov/8BBJ"> http&#58;//go.usa.gov/8BBJ</a>.<br><br>&#160;</li></ol><li> <strong><a name="quest12">How does the FHFA HPI differ from the Census Bureau's Constant Quality House Price Index (CQHPI)?</a></strong><br><br>The FHFA HPI covers far more transactions than the Commerce Department survey. The CQHPI covers sales of new homes and homes for sale, based on a sample of about 14,000 transactions annually, gathered through monthly surveys.&#160;The quarterly purchase-only FHFA HPI is based on more than&#160;nine&#160;million repeat transaction pairs over 44&#160;years. This gives a more accurate reflection of current property values than the Commerce Department index. The FHFA HPI also can be updated efficiently using data collected by Fannie Mae and Freddie Mac in the normal course of their business activity.<br><br>&#160;</li><li> <strong><a name="quest13">Where can I access MSA index numbers and standard errors for each year and quarter?</a></strong><br><br>In addition to the information displayed in the MSA tables, FHFA makes available MSA indexes and standard errors. The data are available in ASCII format and may be accessed at <a href="http&#58;//go.usa.gov/8kXz"> http&#58;//go.usa.gov/8kXz</a>.<br><br>&#160;</li><li> <strong><a name="quest14">What role do Fannie Mae and Freddie Mac play in the FHFA HPI?</a></strong><br><br>FHFA uses data supplied by Fannie Mae and Freddie Mac in compiling the FHFA HPI. Each of the Enterprises had previously created a weighted repeat-transactions index based on property matches within its own database. In the first quarter of 1994, Freddie Mac began publishing the Conventional Mortgage Home Price Index (CMHPI). The CMHPI was jointly developed by Fannie Mae and Freddie Mac. The CMHPI series covers the period 1970 to the present.<br><br>&#160;</li><li> <strong><a name="quest15">Why is the FHFA HPI based on Fannie Mae or Freddie Mac mortgages?</a></strong><br><br>FHFA has access to this information by virtue of its role as the federal regulator responsible for these government-sponsored enterprises. Chartered by Congress for the purpose of creating a reliable supply of mortgage funds for homebuyers, Fannie Mae and Freddie Mac are the largest mortgage finance institutions in the U.S. representing a significant share of total outstanding mortgages.<br><br>&#160;</li><li> <strong><a name="quest16">When are the indexes normalized in the downloadable ASCII data?</a></strong><br><br>The ASCII data for metropolitan areas are normalized to the first quarter of 1995. That is, the FHFA HPI equals 100 for all MSAs in the first quarter of 1995. States and divisions are normalized to 100 in the first quarter of 1980. The purchase-only indexes are normalized to 100 in the first quarter of 1991. Note that normalization dates do not affect measured appreciation rates.<br><br>&#160;</li><li> <strong><a name="quest17">Is the FHFA HPI adjusted for inflation?</a></strong><br><br>No, the FHFA HPI is not adjusted for inflation. For inflation adjustments, one can use the Consumer Price Index &quot;All Items Less Shelter&quot; series. The Bureau of Labor Statistics' price index series ID# CUUR0000SA0L2, for example, has tracked non-shelter consumer prices since the 1930s. That series and others can be downloaded at&#58; <a href="http&#58;//data.bls.gov/cgi-bin/srgate"> http&#58;//data.bls.gov/cgi-bin/srgate</a>.<br><br>&#160;</li><li> <strong><a name="quest18">How do I use the manipulatable data (in TXT files) on the website to calculate appreciation rates?</a></strong><br><br>The index numbers alone (for census divisions and U.S., individual states, and MSAs) do not have significance. They have meaning in relation to previous or future index numbers, because you can use them to calculate appreciation rates using the formula below.<br><br>To calculate appreciation between any 2 quarters, use the formula&#58;<br><br>(QUARTER 2 INDEX NUMBER - QUARTER 1 INDEX NUMBER) / QUARTER 1 INDEX NUMBER<br><br>You can generate annual numbers by taking the four quarter average for each year or monthly numbers by finding the difference between two months.<br><br>&#160;</li><li> <strong><a name="quest19">How is the FHFA HPI constructed for MSAs? The website says that FHFA uses the 2018 definitions based on the American Community Survey and Census Bureau population estimates for 2015 to define each MSA. Is this true for all time periods covered by each index? Or do the definitions change over time as the Census expanded its MSA definitions? For example, if the definition of an MSA added three counties between 1980 and 2000, would the value of the index in 1980 cover the three counties that were not included in the 1980 SMSA definition?</a></strong><br><br>The FHFA HPI is recomputed historically each quarter. The MSA definition used to compute the 1982 (for example) index value in Anchorage, AK would be the most recent definition. The series is comparable backwards.<br><br>&#160;</li><li> <strong><a name="quest20">How can the FHFA House Price Index for an MSA be linked to ZIP codes within that MSA?</a></strong><br><br>Although&#160;FHFA has&#160;published experimental house price indexes for some&#160;ZIP codes, those indexes are annual (i.e. quarterly index values are not provided). Researchers needing quarterly values for ZIP codes may be interested in using index values for the applicable metropolitan&#160;area.<br>&#160;<br>Because ZIP codes sometimes overlap county boundaries, a single ZIP code can be located partially inside and outside of a Metropolitan Area. Thus, the development of a crosswalk between ZIP codes and Metropolitan Areas is not a straightforward exercise. The Department of Housing and Urban Development has released a lookup table that maps ZIP codes to the Metropolitan Area(s) that they fall within. That lookup file, as well as a discussion of the underlying technical issues, can be found here&#58; <a href="http&#58;//www.huduser.org/portal/datasets/usps_crosswalk.html">http&#58;//www.huduser.org/portal/datasets/usps_crosswalk.html</a>.<br><br>&#160;</li><li> <strong><a name="quest21">How and why is the FHFA HPI revised each quarter?</a></strong><br><br>Historical estimates of the FHFA HPI revise for three primary reasons&#58;</li><ol><li>The FHFA HPI is based on repeat transactions. That is, the estimates of appreciation are based on repeated valuations of the same property over time. Therefore, each time a property &quot;repeats&quot; in the form of a sale or refinance, average appreciation since the prior sale/refinance period is influenced.<br><br></li><li>Fannie Mae and Freddie Mac (the Enterprises) purchase seasoned loans, providing new information about prior quarters.<br><br></li><li>Due to a 30- to 45-day lag time from loan origination to Enterprise funding, FHFA receives data on new fundings for one additional month following the last month of the quarter. These fundings contain many loans originating in that most recent quarter, and especially the last month of the quarter. This will reduce with subsequent revisions, however data on loans purchased with a longer lag, including seasoned loans, will continue to generate revisions, especially for the most recent quarters.<br><br>In connection with the release of the 2012Q2 FHFA HPI results, a special revision was made to two historical FHFA HPI values. In prior releases, the all-transactions index values for Vermont-1976Q1 and West Virginia-1982Q1 were both reported to be 100.01.&#160;Those values were not correct; index values for those respective periods should have been set to missing because no modeling data were available in the underlying sample. The FHFA HPI releases for 2012Q2 and later periods reflect the change. With the release of the 2019Q1 FHFA HPI results, modeling data became available for Vermont-1976Q1.&#160;The FHFA HPI releases for 2019Q1 and later periods reflect the change.<br><br>&#160;</li></ol><li> <strong><a name="quest22">What transaction dates are used in estimating the index?</a></strong><br><br>For model estimation, the loan origination date is used as the relevant transaction date.<br><br>&#160;</li><li> <strong><a name="quest23">Are foreclosure sales included in the FHFA HPI?</a></strong><br><br>Transactions that merely represent title transfers to lenders will not appear in the data. Once lenders take possession of foreclosed properties, however, the subsequent sale to the public can appear in the data. As with any other property sale, the sales information will be in FHFA's data if the buyer purchases the property with a loan that is bought or guaranteed by Fannie Mae or Freddie Mac.<br><br>&#160;</li><li> <strong><a name="quest24">How are the monthly FHFA HPIs calculated?</a></strong><br><br>The monthly indexes are calculated in the same way the quarterly indexes are constructed, except transactions from the same quarter are no longer aggregated. To construct the quarterly index, all transactions from the same quarter are aggregated and index values are estimated using the assigned quarters. In the monthly indexing model, all transactions for the same month are aggregated and separate index values are estimated for each month.<br><br>&#160;</li><li> <strong><a name="quest25">How are the Census Division and U.S.&#160;FHFA HPIs&#160;formed?</a></strong><br><br>As discussed in the Highlights article accompanying the 2011Q1 FHFA HPI Release (available for download at <a href="http&#58;//go.usa.gov/8k5d">http&#58;//go.usa.gov/8k5d</a>), the census division indexes are constructed from statistics for the component states. For the quarterly all-transactions and purchase-only indexes, the census division indexes are constructed from quarterly growth rate estimates for the underlying state indexes. Census division index estimates are &quot;built-up&quot; from quarterly growth rate estimates (monthly growth rates for the monthly index) for the component states.<br><br>The census division indexes are set equal to 100 in the relevant base periods. Then, the index values for subsequent periods are increased (or decreased) by the weighted average quarterly (or monthly) price change for the underlying states. Index values for periods before the base period are calculated in a similar fashion; beginning with the base period value, the preceding index values are sequentially determined so that the growth rate in each period always reflects the weighted average growth rate for the component states.<br><br>The national FHFA HPI is constructed in an analogous fashion, except that the weighted components are census divisions. Because the census divisions measures are themselves weighted averages of state metrics, the U.S. index is equivalent to a state-weighted metric.<br><br>&#160;</li><li> <strong><a name="quest26">What weights are used in forming the Census Division and U.S. FHFA HPIs?</a></strong><br><br>The weights used in constructing the indexes are estimates for the shares of one-unit detached properties in each state.&#160; For years in which decennial census data are available, the share from the relevant census is used. For intervening years, a state’s share is the weighted average of the relevant shares in the prior and subsequent censuses, where the weights are changed by ten percentage points each year.&#160;For example, California’s share of the housing stock for 1982 is calculated as 0.8 times its share in the 1980 census plus 0.2 times its share in the 1990 census. For 1983, the Pacific Division’s share is 0.7 times its 1980 share plus 0.3 times its 1990 share.&#160;<br><br>For years since 2000, state shares are calculated as follows&#58;<br><br> <ul><li>For the 2001-2005 interval, shares are straight-line interpolated based on the state shares in the 2000 decennial Census and the 2005 values from the American Community Survey (ACS).</li><li>For 2006-2017, the estimates are from the annual ACS.</li><li>Until 2018 ACS estimates become available, shares from the 2017 ACS are used for subsequent periods.<br></li></ul> <br> </li><li> <strong><a name="quest27">For those HPIs that are seasonally adjusted, what approach is used in performing the seasonal adjustment?</a></strong><br><br>The Census Bureau's X-12 ARIMA procedure is used, as implemented in the SAS software package. The automated ARIMA model-selection algorithm in X-12 is employed, which searches through a series of seasonality structures and selects the first that satisfies the Ljung-Box test for serial correlation.<br>&#160;<br>To obtain more information on the FHFA HPI contact us via the Data and Research Contact page at <a href="http&#58;//go.usa.gov/8kN3">http&#58;//go.usa.gov/8kN3</a>.<br><br>&#160;</li><li> <strong> <a name="quest28">Do you have an FHFA HPI that includes loans which are not purchased or securitized&#160;by Fannie Mae or Freddie Mac?</a></strong><br><br>Yes, the expanded-data index includes purchase-money mortgages from other sources.&#160;The approach to estimating the expanded-data HPI is detailed in the Highlights article published with the 2011Q2 FHFA HPI at <a href="http&#58;//go.usa.gov/8kNm"> http&#58;//go.usa.gov/8kNm</a>. In general, the methodology is the same as is used in the construction of the standard purchase-only FHFA HPI, except a supplemented dataset is used for estimation. The augmented data include sales price information from Fannie Mae and Freddie Mac mortgages as well as two new information sources&#58; (1) transactions records for houses with mortgages endorsed by FHA and (2) county recorder data licensed from CoreLogic. The licensed county recorder data do not include records in many U.S. counties—particularly rural ones. To ensure that the addition of the CoreLogic data to the estimation sample does not unduly bias index estimates toward price trends in urban areas, the expanded-data index for certain states is estimated by weighting price trends in areas with CoreLogic coverage and other areas. Details on this sub-area weighting can be found in the text of the Highlights piece referenced above.<br><br>&#160;</li><li> <strong><a name="quest29">Is there an FHFA HPI that corrects for distressed sales?</a></strong><br><br>FHFA released a &quot;distress-free&quot; HPI in 2012Q2 along with the Highlights article at <a href="http&#58;//go.usa.gov/8kNJ"> http&#58;//go.usa.gov/8kNJ</a>. The index is a version of the purchase-only index that removes short sales and sales of bank-owned properties from the transactions data used to compute that traditional index. The index is still in a developmental stage. An analysis of how distressed sales affect the FHFA HPI is provided in an FHFA Working Paper released August 2013 at <a href="http&#58;//go.usa.gov/8kRB"> http&#58;//go.usa.gov/8kRB</a>.&#160;<br><br><br></li><li> <strong><a name="quest30">Can I use the data in the FHFA&#160;HPI and, if so, how should the index be cited?</a></strong>&#160;<br><br>Yes. The FHFA HPI data are freely available for download at <a href="/hpi">https&#58;//www.fhfa.gov/hpi</a>. To cite the index in an article or story, we suggest at least an attribution like &quot;Source&#58; FHFA HPI&quot; or &quot;Source&#58; Federal Housing Finance Agency House Price Index (HPI)&quot;. Additional clarifications could be helpful to denote the type of index (purchase-only, all-transactions, expanded-data) and whether the data are adjusted for seasonality or inflation. A more&#160;detailed citation might be &quot;Source&#58; FHFA HPI (purchase-only, seasonally-adjusted, nominal)&quot;.<br><br> <a href="/Media/PublicAffairs/PublicAffairsDocuments/FHFA-HPI-FAQs_11262019.pdf"> <strong>FHFA HPI FAQs (PDF) as of 11/26/2019</strong></a><br></li></ol>2/24/2020 11:52:17 PMHome / Media / FHFA House Price Index Frequently Asked Questions X Search FAQs mail icon Contact Data and Research Contact Form download icon Download 19813https://www.fhfa.gov/Media/PublicAffairs/Pages/Forms/AllItems.aspxhtmlFalseaspx
U.S. House Price Index Report - 2019Q4 / December30738<p><span style="font-style&#58;normal;">​​U.S. house prices rose in the fourth quarter of 2019, up</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">1.3</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">percent</span><span style="font-style&#58;normal;">&#160;</span><span style="font-style&#58;normal;">according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI).&#160; House prices rose</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">5.1</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">&#160;percent</span><span style="font-style&#58;normal;">&#160;</span><span style="font-style&#58;normal;">from the fourth quarter of 2018 to the fourth quarter of 2019.&#160; FHFA's seasonally adjusted monthly index for December was up</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">0.6</span><span style="font-style&#58;normal;">&#160;</span><span style="font-family&#58;inherit;font-size&#58;inherit;font-style&#58;normal;font-weight&#58;700 !important;">percent&#160;</span><span style="font-style&#58;normal;">from November.</span><br></p><p style="font-style&#58;normal;">View highlights video featuring Dr. Lynn Fisher at&#160;<a title="Link goes to an external web page." class="external-link" href="https&#58;//youtu.be/mrdRTTV7xlk" target="_blank">https&#58;//youtu.be/mrdRTTV7xlk​</a>.​</p><p style="font-style&#58;normal;"><a href="/Media/PublicAffairs/Pages/US-House-Prices-Rise-1pt3-Percent-in-Fourth-Quarter-Up-5pt1-Percent-from-Last-Year.aspx">Related News Release</a>​<br></p>2/25/2020 2:02:10 PMHome / About FHFA / Reports / U.S. House Price Index Report - 2019Q4 / December House Price Index 6684https://www.fhfa.gov/AboutUs/Reports/Pages/Forms/AllItems.aspxhtmlFalseaspx

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