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Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
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...
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Jessica Shui, Economist; Shriya Murthy, Economist
In this paper, we study whether first-time homebuyers overpay for their homes and whether the magnitude of overpayment varies with the diligence of appraisers involved. We investigate whether sales price renegotiation mitigates the overpayment problem and assess the connection between renegotiation and the characteristics of the appraisers involved in the underlying mortgage transactions. This research is among the first to contribute both theoretically and empirically to the existing literature on first-time homebuyers.
This paper was recognized with “Practitioner Research Awards” in 2017 by the American Real Estate Society. A revised version of this paper has undergone external peer-review and is published in an academic journal. Citation: Jessica Shui, Shriya Murthy. 2019. "Under What Circumstances do First-time Homebuyers Overpay?—An Empirical Analysis Using Mortgage and Appraisal Data." Journal of Real Estate Research, 41(1), 107-145. https://www.aresjournals.org/doi/abs/10.5555/0896-5803.41.1.107
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