FHFA HPI, OH MY!
Understanding market prices
The Federal Housing & Finance Administration (FHFA) has maintained the Housing Price Index (HPI) since 1975. This index records home sales by state every quarter to determine how house prices have risen or fallen.
+Plus leverages this index when a claim is submitted in order to determine if a house is sold for less than surrounding homes. Since we do not require home appraisals, this ensures that the home was not unnecessarily sold for less, was in disrepair or used as a frat house (which is probably not a good use for a primary residence).
Here are some state-level education sheets with example claims scenarios
Here is an analysis tool you can use to better understand the index (selectable by state)