Office of Federal Housing Enterprise Oversight

OFHEO's (http://www.ofheo.gov/) mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).

OFHEO's oversight responsibilities include:

Conducting broad based examinations of Fannie Mae and Freddie Mac; Developing a risk-based capital standard, using a "stress test" that simulates stressful interest rate and credit risk scenarios; Making quarterly findings of capital adequacy based on minimum capital standards and a risk-based standard; Prohibiting excessive executive compensation; Issuing regulations concerning capital and enforcement standards; and Taking necessary enforcement actions.

OFHEO also produces the House Price Index (HPI) at the national and state level. The HPI measures the appreciation rates by fiscal quarter:

Figure one shows California's HPI since 1991 and it ain't pretty: (http://www.ofheo.gov/media/pdf/statepdfs/CA.pdf)

The website also allows you to track HPI by three local areas (http://www.ofheo.gov/hpi_city.aspx) so check it out.