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.
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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.
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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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Justin Contat; William D. Larson
We develop a framework for estimating city-level repeat-sales house price indices that are robust to submarket appreciation and sampling heterogeneity, two issues that confound classic approaches. A new algorithm ensures feasible estimation in all periods, despite cases of low transactions counts in some submarkets. With the geometric Laspeyres index as our target, numerical simulations show this algorithm uncovers the population index even when house prices, quantities, and transaction sampling vary across locations and over time. Then, using 40 million repeat-purchase transactions in the United States, we show differences exist between this index and transaction-weighted indices over certain periods and locations, especially in large cities.
