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 2017 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.
Goal: Help restore confidence, enhance capacity to fulfill mission, and mitigate systemic risk that contributed directly to instability in financial markets.
MAINTAIN foreclosure prevention activities and credit availability, REDUCE taxpayer risk, and BUILD a new single-family securitization infrastructure. Read more in the 2018 Scorecard and Conservatorships Strategic Plan.
Plans and Reports
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.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossary - Spanish / English
Language Translation Disclosure
1. What is the value of the FHFA House Price Index (HPI)?
2. What transactions are covered in the FHFA HPI?
3. How is the HPI computed?
4. How often is the HPI published?
5. How is the HPI updated?
6. How do I interpret “four-quarter,” “one-year,” “annual,” and “one-quarter” price changes?
7. How are Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions defined and what criteria are used to determine whether an MSA index is published?
8. Does FHFA use the September 2018 revised Metropolitan Statistical Areas (MSAs) and Divisions?
9. What geographic areas are covered by the HPI?
10. What is the methodology used by FHFA in computing the HPI?
11. How does the FHFA HPI differ from the Case-Shiller® Index?
12. How does the FHFA House Price Index differ from the Census Bureau’s Constant Quality House Price Index (CQHPI)?
13. Where can I access MSA index numbers and standard errors for each year and quarter?
14. What role do Fannie Mae and Freddie Mac play in the FHFA HPI?
15. Why is the FHFA HPI based on Fannie Mae or Freddie Mac mortgages?
16. When are the indexes normalized in the downloadable ASCII data?
17. Is the HPI adjusted for inflation?
18. How do I use the manipulatable data (in TXT files) on the Web site to calculate appreciation rates?
19. How is the FHFA HPI constructed for MSAs?...
20. How can the HPI for an MSA be linked to ZIP codes within that MSA?
21. How and why is the HPI revised each quarter?
22. What transaction dates are used in estimating the index?
23. Are foreclosure sales included in the HPI?
24. How are the monthly House Price Indexes calculated?
25. How are the Census Division and U.S. HPIs formed?
26. What weights are used in forming the Census Division and U.S. HPIs?
27. For those HPIs that are seasonally-adjusted, what approach is used in performing the seasonal adjustment?
28. Do you have an HPI that includes loans which are not purchased or securitized by Fannie Mae or Freddie Mac?
29. Is there an HPI that corrects for distressed sales?
30. Can I use the data in the HPI and, if so, how should the index be cited?
HPI FAQs (PDF) as of 2/26/2019
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