Documentation: | House Price Index 2004 |
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Publisher: Federal Housing Finance Agency House Price Index (HPI)
Survey: House Price Index 2004
Document: | House Price Index Technical Documentation |
citation: | Social Explorer; Federal Housing Finance Agency House Price Index (HPI). |
Historical estimates of the HPI revise for three primary reasons:
- The HPI is based on repeat transactions. That is, the estimates of appreciation are based on repeated valuations of the same property over time. Therefore, each time a property "repeats" in the form of a sale or refinance, average appreciation since the prior sale/refinance period is influenced.
- Fannie Mae and Freddie Mac (the Enterprises) purchase seasoned loans, providing new information about prior quarters.
- Due to a 30- to 45-day lag time from loan origination to Enterprise funding, FHFA receives data on new fundings for one additional month following the last month of the quarter. These fundings contain many loans originating in that most recent quarter, and especially the last month of the quarter. This will reduce with subsequent revisions, however data on loans purchased with a longer lag, including seasoned loans, will continue to generate revisions, especially for the most recent quarters.