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.

Tax tips for a tanking market--reappraise your home!

Q. When can I appeal my assessed value?

A. Under State law, if the current market value of your property (recent comparable sales) falls below the assessed or taxable value as shown on your tax bill, the Assessor's Office is required to lower the assessment. This type of property tax relief generally applies to recently purchased property. There are two periods during the year in which the taxpayer may appeal their assessed value for a temporary reduction:

(1) Between March through May:
During this period, the taxpayer may submit a written request to the Assessor, indicating their opinion of value and providing supporting documentation, such as sales of comparable properties or a recent appraisal. For more information, call (858) 505-6262.
(2) Between July 2 and November 30:
During this period, the taxpayer must file an application form. Appeal forms can be obtained and must be filed with the Clerk of the Board at 1600 Pacific Highway, Room 402, San Diego, CA 92101-2471. For more information, call (619) 531-5777.