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.
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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...
William D. Larson, Senior Economist; Jessica Shui, Supervisory Economist
We construct land values for each parcel in Maricopa County
(Phoenix), Arizona, from 2000 through 2018 using a novel administrative dataset
containing the universe of land sales and parcel records in the county. We then
compare residential land values constructed using two classes of source data,
vacant land sales and land under existing structures. Between 2012 and 2018,
estimated land values for developed parcels are, on average, 14% higher when
estimated using vacant land due to plattage effects and other unobserved
factors. Growth rates are similar, facilitating the use of vacant land price
indices to trace valuations over time from an accurate base year valuation.
Dynamics between prices of Maricopa County land and housing suggest
hypothetical land value tax revenues are more pro-cyclical than property tax
revenues, with Betas with respect to national house prices of 3.3 and 2.3,
respectively. By 2018, houses had recovered 96% of pre-crisis (2007) values,
but land had only recovered 66%. These findings demonstrate a source of risk of
dependence on public revenues from land value taxes versus a base-period
revenue-neutral property tax.
Note: An earlier version of this paper was posted in March
2020. The May 2021 update includes a refresh of external data sources used in
the paper and refinements to some of the underlying methods.
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