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 D. Larson, Senior Economist; Jessica Shui, Senior 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. Estimated land values for developed parcels are nearly double when estimated using vacant land due to lot size plattage effects and other unobserved factors, calling into question use of vacant land sales to estimate the value of land under structures within our study area. Growth rates are similar, however, facilitating the possible 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
βs with respect to national house prices of 3.7 and 2.3, respectively. By 2018, houses had recovered 96% of pre-crisis (2007) values, but land had only recovered 63%. These findings demonstrate a source of risk of dependence on public revenues from land value taxes versus a base-period revenue-neutral property tax.
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