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
"The first quarter saw strong and widespread home price growth throughout most of the country," said FHFA Principal Economist Andrew Leventis. "Home prices are now, on average, roughly 20 percent above where they were three years ago. This run-up has been historically exceptional and is particularly notable in light of the limited household income growth and modest rate of overall inflation observed during that same time period."
The seasonally adjusted, purchase-only HPI rose 5.0 percent from the first quarter of 2014 to the first quarter of 2015 while prices of other goods and services fell 1.5 percent. The inflation-adjusted price of homes thus rose approximately 6.5 percent over the latest year.
Other Significant Findings
The attached packet provides tables and graphs showing home price statistics for metropolitan areas, states, census divisions, and the U.S. as a whole.
Other Price Indexes
Most statistics in the attached release reference price changes computed with FHFA's basic "purchase-only" HPI. In some cases, however, the reported statistics reference alternative price measures. FHFA publishes--and makes available for download--three additional varieties of home price index beyond the basic "purchase-only" series. Although they all use the same basic methodology, the three alternatives rely on slightly different datasets in index estimation. The alternative measures include:
For some geographic areas, multiple index types are available. For instance, for individual states, three types of indexes are available. The various series tend to correlate closely over the long-term, but short-term differences can be significant.
FHFA's HPI tracks changes in average home prices by analyzing changes in home values for the individual properties. The underlying "repeat-transactions" methodology constructs index estimates by statistically evaluating price appreciation (or depreciation) for homes with multiple values over time. The purchase-only HPI uses sales price information from mortgages purchased and guaranteed by Fannie Mae and Freddie Mac over the past 40 years. More than seven million repeat sales transactions are used in the estimation of the purchase-only HPI.
© 2019 Federal Housing Finance Agency