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  • FHFA Insights

    Underappraisal Disparities and Time Adjustments

    Several studies document racial and ethnic disparities in underappraisal. Racial disparities in appraisers’ use of time adjustments for local house price growth are one important factor driving these results.​ Introduction Mortgage lenders typically have safeguards against appraisals above market...

  • FHFA Statistics

    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...

  • FHFA Insights

    Underutilization of Appraisal Time Adjustments

  • FHFA Statistics

    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...

  • FHFA Insights

    Geographic Disaggregation of House Price Stress Paths

    Financial managers calculate the risk of holding single-family mortgages to understand what expected losses (or gains) they may anticipate in the future, and, when applicable, how much capital they should potentially set aside to cover future losses. Usually, this is done by running a pool of loans...

  • FHFA Insights

    Recapping FHFA’s Inaugural TechSprint

    ​​​Recapping FHFA’s Inaugural TechSprint From Monday, July 10 to Thursday, July 13, 2023, FHFA held its first-ever TechSprint. N​amed “Velocity,” the TechSprint brought together experts and practitioners from the technology and mortgage finance sectors to participate in a team-based, problem-solving...

  • FHFA Statistics

    FHFA Publishes 2023Q2 UAD Aggregate Statistics

    ​​While the number of U.S. home appraisals and median appraised values declined year-over-year between the second quarters of 2022 and 2023, both indicators increased between the first and second quarters of 2023.​ This blog summarizes key findings from the Federal Housing Finance Agency’s (FHFA)...

  • FHFA Statistics

    Homeowners’ Equity Remains High

    ​​​​​​Around 97 percent of outstanding first-lien, closed-end residential mortgages in the United States, and 98.5 percent of those the Enterprises acquired, have home equity above 10 percent. Only 0.2 percent of these mortgages have negative equity, the lowest level in the past 10 years.​...

  • FHFA Statistics

    The Need to Address Climate Risk

    ​​​​Introduction Climate risk poses a serious threat to the housing finance system in the United States, and its effects are being felt in CLIMATE RISK TO HOUSING FINANCE The Need to Address Climate Risk Understanding the Climate’s Impact on Vulnerable Populations communities across the country...

  • FHFA Statistics

    New Measures in the UAD Aggregate Statistics: Opportunities to Explore Data on Comparable Properties and Structural, Lot, and Neighborhood Characteristics

    ​​​​Introduction The Uniform Appraisal Dataset (UAD) Aggregate Statistics are the first comprehensive publicly available data on appraisals. The data from the first quarter of 2023, released in June 2023, provide new statistics and new property characteristics for the first time since the data were...