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 2019 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.
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...
William Larson (FHFA), Jessica Shui (FHFA), Morris Davis (Rutgers), Stephen Oliner (AEI)
We use data on appraised land value from a data set of more than 14 million appraisals to produce annual estimates of the average price of land used in single-family housing and the average share of house value attributable to land. We generate results for a balanced panel of more than 1,000 counties, 9,000 ZIP codes, and 19,000 census tracts in the United States between 2012 and 2018, covering 87% of the population and 85% of all single-family homes; we also produce cross-section results using pooled data for 2012-2018 that have even broader geographic coverage. The cross-section results confirm predictions about land prices from canonical models of urban economics and provide a number of other stylized facts. The panel results show that land prices rose faster than house prices over 2012-2018 in large metro areas, boosting the land share of house value, while the land share fell in smaller metros. For the U.S. as a whole, the land share increased notably over 2012-2018, reflecting the outsized influence of the largest metro areas. The land prices and land shares we generate are intended to aid researchers in urban and regional economics and policy-makers monitoring the health of the nation's single-family housing market and are available for free download at
Note: These indices are works in progress and all data, tables, figures, and other results in this working paper are subject to change.
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