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 2022 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.
As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.
1.
Operate the business in a safe and sound manner.
2.
Promote sustainable and equitable access to affordable housing.
2023 Scorecard
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.
Source: FHFA
FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...
Glossaries
COVID-19 Resources
Justin Contat; William D. Larson
The major issue which we address in this paper is the one-size-fits-all nature of the typical city-level house price index. In this vein, we make two contributions. First, we develop a new algorithm to ensure feasible estimation of geographically granular repeat-sales house price indices in cases of low transactions counts. This facilitates the estimation of a balanced panel of 63,122 Census tract-level repeat-sales house price indices (2010 definitions) at an annual frequency between 1989 and 2021, which we release alongside this paper. Second, we use these indices to estimate city-level house price indices that are robust to heterogeneous submarket appreciation and non-random sampling, two issues that confound classic approaches. Numerical simulations show this algorithm uncovers population indices even when house prices, quantities, and transaction sampling vary across locations and over time. This approach can be used in a flexible manner to calculate canonical price indices such as Lowe and Laspeyres, and more tailored summary indices on a variety of topics, including collateral valuation, climate risk assessment, or tracking changes to minority housing wealth over time.
The supertract-based census tract HPIs constructed in this staff working paper are available below. Our FAQs address common questions about the indices. Please cite this working paper when using the supertract HPIs. The data files can be downloaded in a compressed format saved in the following file types:
A revised version of this paper has undergone external peer-review and has been accepted for publication in Real Estate Economics (forthcoming).
Related papers: FHFA Working Paper 16-01: Local House Price Dynamics: New Indices and Stylized Facts
