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Recent Changes in Mortgage-Related Housing Consumption Costs: Evidence from the National Mortgage Database
Measuring housing consumption cost is challenging because homeowners (about two thirds of U.S. households) do not face an explicit price for housing in their consumption bundle. [1] To measure housing consumption cost, the Consumer Price Index (CPI) calculates Owners’ Equivalent Rent (OER) using...
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2024Q1 UAD Aggregate Statistics: Volume and Median Appraised Value for Both Purchase and Refinance Appraisals Rose over the Past Year and Quarter
The number of U.S. home appraisals increased both between the first quarters of 2023 and 2024 and the fourth quarter of 2023 and the first quarter of 2024. The median appraised value for both purchase and refinance appraisals also increased between the same periods. The Federal Housing Finance...
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Measuring Price Effects from Disasters Using Public Data: A Case Study of Hurricane Ian
What happens to home values after a disaster? In a recent working paper, we address this question with a combination of readily available public data sources that track insurance claims and house prices. Focusing on a specific storm, Hurricane Ian, we use leading statistical estimation approaches...
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Mortgage Debt and the Response to Fiscal Transfers
Lump-sum cash transfers are occasionally used by policymakers with the goal of temporarily increasing household consumption. These policies will be ineffective if the transfer is used to save or pay off debts instead of purchasing goods. Because of this, macroeconomic policies are usually evaluated...
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Does residential location affect applications to top public schools?
Are students willing to endure long commutes for access to good schools? Little is known about how much families are willing to let students travel between home and school, especially if they have an opportunity to attend one of the best public schools. In a FHFA working paper, we show that...
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2023Q4 UAD Aggregate Statistics: The Median Appraised Value for Both Purchase and Refinance Appraisals Increased from a Year Ago
The number of U.S. home appraisals declined between the fourth quarters of 2022 and 2023 as well as between the third and fourth quarters of 2023. For purchase appraisals, the median appraised value increased from the fourth quarter of 2022 to the year-later period while decreasing slightly...
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Fannie Mae and Freddie Mac Support for Manufactured Housing
This blog discusses Fannie Mae and Freddie Mac acquisitions of mortgages secured by real estate titled manufactured homes, with a particular focus on the period since the introduction of the Duty to Serve program in 2018. Manufactured housing is one of the identified Duty to Serve underserved...
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The Enterprises’ Multifamily Support in Areas of Concentrated Poverty
Financing of multifamily properties by Fannie Mae and Freddie Mac in areas of concentrated poverty, as well as their financing of mixed-income housing in these areas, reached a five-year high in 2022. However, absolute dollar financing of mixed-income housing remains small compared to all other...
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FHFA Publishes 2023Q3 UAD Aggregate Statistics
The number of U.S. home appraisals declined between the third quarters of 2022 and 2023 as well as between the second and third quarters of 2023. For purchase appraisals, the median appraised value remained unchanged from the third quarter of 2022 to the third quarter of 2023 while decreasing...
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Enterprises’ Financing for Affordable Units Increases
Affordable units (those having rents for households in the very low-income range) accounted for over 20 percent of the Enterprises’ financings in 2022, the highest level in over a decade. Introduction On September 25, 2023, the Federal Housing Finance Agency (FHFA) released the annual Public Use...