Federal Housing Finance Agency

Mission Statement:

To promote a stable and liquid mortgage market, affordable housing and community investment through safety and soundness oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

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HPI Focus Pieces

FHFA’s quarterly HPI Releases typically include a “Highlights” article that analyzes house price trends or specific methodological issues related to the HPI’s construction. The downloadable articles are listed below with the corresponding HPI release dates.

Rural Area House Prices Appreciate More Rapidly than Metro Areas in 1990s (1Q2000) [Pages 24-31 of 1Q2000 HPI Release]
Bay Area Continues to Dominate Top 10 MSAs for Most Rapid Appreciation (2Q2000) [Pages 24-25 of 2Q2000 HPI Release]
How the Use the Price to Income Ratio to Determine the Presence of Housing Bubbles (4Q2000) [Pages 7-10 of the 4Q2000 HPI Release]
Maryland and Virginia Suburbs Begin to Reflect DC Growth (1Q2001) [Pages 2-3 of the 1Q2001 HPI Release]
2001 Average Implied Annual Growth High (2Q2001) [Pages 2-3 of the 2Q2001 HPI Release]
Spotlight on California-Silicon Valley-Northern Bay Area (3Q2001) [Page 2 of the 3Q2001 HPI Release]
Housing Prices Slow Substantially in Fourth Quarter 2001 (4Q2001) [Pages 4-5 of the 4Q2001 HPI Release]
Housing Prices Continue to Grow at Healthy Rates (1Q2002) [Pages 3-4 of the 1Q2002 HPI Release]
A Closer Look at 'Bubble Areas' (2Q2002) [Pages 4-7 of the 2Q2002 HPI Release]
Regional Performance and Comparison (3Q2002) [Pages 3-6 of the 3Q2002 HPI Release]
Spotlight on California's Continued Stellar Housing Markets (2Q2003) [Pages 3-4 of the 2Q2003 HPI Release]
Focus on Hawaii, Mountain States, Northeast (3Q2003) [Pages 3-5 of the 3Q2003 HPI Release]
House Prices Take Off--Almost Everywhere (4Q2003) [Pages 3-4 of the 4Q2003 HPI Release]
Regional Highlights (North Carolina and California) (3Q2004) [Pages 6-9 of the 3Q2004 HPI Release]
Quarterly Price Slowdown in Many Areas (4Q2004) [Pages 6-7 of the 4Q2004 HPI Release]
HPI Revisions (1Q2005) [Pages 6-7 of the 1Q2005 HPI Release]
Inclusion of Expensive Homes in the HPI (2Q2005) [Pages 6-12 of the 2Q2005 HPI Release]
Home Prices and Hurricanes (3Q2005) [Pages 7-14 of the 3Q2005 HPI Release]
Initial Indications of Hurricane Katrina's Effects on Housing Markets
Cash-Out Refinances and Estimated Appreciation Rates (1Q2006) [Pages 5-7 of the 1Q2006 HPI Release]
Appreciation Rate Declines (2Q2006) [Pages 7-9 of the 2Q2006 HPI Release]
Home Price Appreciation in Rural Areas [Pages 8-14 of the 3Q2006 HPI Release]
The Market Slowdown and Home Prices in the Suburbs and Exurbs (4Q2006) [Pages 8-12 of the 4Q2006 HPI Release]
New "Purchase-Only” House Price Indexes: Comments and Statistics (1Q2007) [Pages 8-17 of the 1Q2007 HPI Release]
Monthly House Price Indexes (2Q2007) [Pages 9-17 of the 2Q2007 HPI Release]
Foreclosures and House Prices (3Q2007) [pages 11-17 of 3Q2007 HPI]
Technical Changes in the Construction of the U.S. Index and New Monthly House Price Indexes (4Q2007) [pages 9-17 of 4Q2007 HPI]
Technical Note on Future Plans to Update OFHEO HPI-S&P/Case-Shiller Reconciliation Analyses (1Q2008) [page 11 of 1Q2008 HPI]
Discussion of Relationship between Price Trends and Borrower and Financing Types(2Q2008) [pages 11-12 of 2Q2008 HPI]
Assessing the Weights used in the Construction of the National House Price Index(3Q2008) [pages 11-17 of 3Q2008 HPI]
Evaluation of the National Weighting System (Update) and Release of Purchase-Only Indexes for Select Metro Areas (4Q2008) [pages 11-14 of 4Q2008 HPI]

*See respective HPI for quarter(s) mentioned for full HPI reports.