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Journal Article
House price indexes: methodology and revisions
Accurate measurements of house prices are important for a number of reasons. Housing is usually the most important investment a household ever makes, and home equity is typically the largest component of household wealth. In addition, housing is an important source of collateral for household borrowing, and, as we have seen, its value can be subject to considerable fluctuation. Also, research has shown that having a mortgage that is larger than the value of the underlying house is associated with an elevated risk of default.
Discussion Paper
Nonmetro Homeownership Affordability in Decline
In recent years, home price growth exceeded household income growth nationally and in the Fifth District. Paired with rising interest rates over the past two years, this has considerably reduced affordability of homes on the market for the typical household.