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FHFA Research Paper – Revisions to FHFA's House Price Index in the Recent National House Price Boom and Bust

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Revisions to FHFA’s House Price Index in the Recent National House Price Boom and Bust February 2010

  • “Each Federal Housing Finance Agency (FHFA) House Price Index (HPI) release revises previous estimates of house price appreciation contained in previous releases (Box A provides a primer on how FHFA estimates and revises the HPI). This paper examines the history of those revisions over the recent national boom-bust cycle in house prices. Using information from quarterly HPI releases since the fourth quarter of 2004 and monthly releases since December of 2007, the paper constructs “unrevised” HPI series consisting of the initial estimates for each quarterly and monthly index level. For example, the unrevised HPI value for the first quarter of 2005 is equal to the HPI value for that quarter published in the first quarter 2005 release. The paper compares those unrevised HPI series to the most current HPI release, which is the third quarter of 2009 and September of 2009 for the quarterly and monthly releases, respectively.”
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