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 2016 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.
HARP - the Home Affordable Refinance Program was created by FHFA specifically to help homeowners current on their mortgage payments, but underwater on their mortgages.
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector.
Meet the experts...
Key Topics pages provide information about FHFA's work on a range of issues facing the nation and highlight the most relevant related news releases, reports, statements and web pages on the respective topics.
The Honorable Melvin L. Watt of Charlotte, NC sworn in on January 6, 2014 to a 5-year term as the first Senate-confirmed Director of FHFA.
Read more about Director Watt
1. What is the value of the HPI?
2. What transactions are covered in the 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 February 2013 revised Metropolitan Statistical Areas (MSAs) and Divisions?
9. What geographic areas are covered by the House Price Index?
10. What is the methodology used by FHFA in computing the Index?
11. How does the HPI differ from the S&P/Case-Shiller® Home Price indexes?
12. How does the 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 House Price Index?
15. Why is the 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 FHFA’s House Price Index constructed for MSAs?...
20. How can the House Price Index 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 United States House Price Indexes formed?
26. What weights are used in forming the Census Division and United States Indexes?
27. For those house price indexes that are seasonally-adjusted, what approach is used in performing the seasonal adjustment?
28. How is the Expanded-Data HPI calculated?
29. What is the “distress-free” index?
The weights used in constructing the indexes are estimates for the shares of one-unit detached properties in each state. 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. 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.
For years since 2000, state shares are calculated as follows:
The year-specific estimates of the state shares of U.S. detached housing stock can be accessed at
HPI FAQs as of 11/28/2017 (PDF)
© 2018 Federal Housing Finance Agency