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The HPI is a broad measure of the movement of single-family house prices. It serves as a
timely, accurate indicator of house price trends at various geographic levels. It also provides housing economists
with an analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and
housing affordability in specific geographic areas. The HPI is published by the Federal Housing Finance Agency (FHFA) using data provided by
Fannie Mae and Freddie Mac. The Office of Federal Housing Enterprise Oversight (OFHEO) began publishing the HPI in the fourth quarter of 1995.
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