Introduction

Property ownership helps families build and maintain generational wealth and is often considered a cornerstone of the American dream. Many families, however, are excluded from fully recognizing these benefits because of an unstable form of property ownership known as heirs’ property. Heirs’ property refers to land or real estate that is inherited without clear title or documentation of ownership.

​​The Federal Housing Finance Agency (FHFA or Agency) is committed to fostering a diverse workforce at all levels of the Agency. In 2023, for the first time in the Agency’s history, racial and ethnic minorities¹ represented the majority of FHFA’s workforce. This commitment also extends to the Agency’s contracting and procurement efforts, where, in 2023, FHFA awarded the most contracting dollars to Minority- and Women-Owned Businesses (MWOBs) in the Agency’s history.

​​​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 between the third and fourth quarters of 2023. For refinance appraisals, the median appraised value increased between the fourth quarters of 2022 and 2023 as well as between the third and fourth quarters of 2023.