BOAR D OF GOVERNOR S OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

The ongoing problems in the U.S. housing market continue to impede the economic recovery. House prices have fallen an average of about 33 percent from their 2006 peak, resulting in about $7 trillion in household wealth losses and an associated ratcheting down of aggregate consumption. At the same time, an unprecedented number of households have lost, or are on the verge of losing, their homes. The extraordinary problems plaguing the housing market reflect in part the effect of weak demand due to high unemployment and heightened uncertainty. But the problems also reflect three key forces originating from within the housing market itself: a persistent excess supply of vacant homes on the market, many of which stem from foreclosures; a marked and potentially long-term downshift in the supply of mortgage credit; and the costs that an often unwieldy and inefficient foreclosure process imposes on homeowners, lenders, and communities.

Spotlight

City of Santa Rosa

Just 55 miles north of San Francisco, you’ll find a vibrant city overflowing with all you love about California. Welcome to Santa Rosa, where everything comes together. Wine country and farm country, redwood forests and rivers, lakes and ocean. And in the center, our charming, thriving downtown, lined with intriguing shops and restaurants that delight casual diners and epicureans alike.

OTHER WHITEPAPERS
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A New US Strategy for Economic Competition with China

whitePaper | November 5, 2019

This final report of the Taskforce on Transforming the Economic Dimension of U.S. China Strategy outlines a four-part strategy for an effective U.S. response to the economic challenges presented by China.

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Levelling Up the United Kingdom

whitePaper | February 2, 2022

The United Kingdom is an unparalleled success story – a multi-cultural, multi-national, multi-ethnic state with the world’s best broadcaster; a vibrantly creative arts sector; a National Health Service which guarantees care for every citizen; charities and voluntary groups which perform a million acts of kindness daily; globally renowned scientists extending the boundaries of knowledge every year; entrepreneurs developing the products and services which bring joy and jobs to so many; and millions of citizens whose kindness and compassion has been so powerfully displayed during the COVID-19 pandemic.

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Core Security Principles for Edge Computing in Government

whitePaper | June 27, 2022

As government agencies become digitally transformed, they are incorporating more edge technology into their operations to help improve application performance and meet mission outcomes. An IDC survey indicates that 37% of U.S. federal agency decision makers have workloads deployed at the edge and 50% have firm plans to deploy workloads at the edge within this year. Edge is fast becoming the new frontier of innovation and responsiveness, making edge data management, processing, and protection central to any agency's digital processes and customer engagements.

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Restoring trust in audit and corporate governance

whitePaper | June 1, 2022

These are challenging times for the UK, but the economy is recovering well, with record job vacancies and unemployment back at pre-crisis levels. A diverse range of companies and entrepreneurs continue to identify the UK as a great place to start and grow a business. The UK continues to be Europe’s most attractive location for international investment in financial services and is well positioned for continued growth1. To help people cope with rises in the cost of living, we want to see businesses thrive across the whole of the UK, sustaining employment and the economic health of communities.

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A digital workplace enables next-generation public service experiences

whitePaper | May 15, 2022

Long before the pandemic created a worldwide retreat from physical workplaces, governments around the world recognised the need to undertake a digital transformation of some kind. Many governments had started to build transformation strategies that would support the gradual adoption of digital technologies to improve efficiency, increase productivity and enable better resource management. The main goal behind these strategies was to create the next generation digital infrastructure that would improve the delivery of services to citizens, from personalised administrative services to tailored health services, safer care for all and customised education. Some governments had started the transformation process. Then the pandemic changed everything. Almost overnight, governments were forced into a new reality that didn’t fit with mid- and long-term digital transformation objectives. Shutdowns changed the world from a largely in-person experience to a virtual experience for government workers and citizens. Government workforces had to quickly move entirely to remote working and governments had to adapt to find new ways to deliver services to citizens. Luckily, the availability of digital tools made the shift possible. So, while the pandemic continued to impact society, governments at all levels were able to shift operations and service delivery online.

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Securing the Internet of Things for the US Public Sector

whitePaper | November 26, 2019

The adoption of Internet of Things (IoT) technologies by public sector entities can result in many benefits: increased public safety with video surveillance or street lights, traffic management systems to control vehicle flow, and enhanced medical experience with connected infusion pumps and monitoring systems that communicate with patient records systems. Providing these and other new capabilities, all while increasing employee productivity, is one of the key reasons we are seeing an explosion of IoT deployment in the public sector.

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Spotlight

City of Santa Rosa

Just 55 miles north of San Francisco, you’ll find a vibrant city overflowing with all you love about California. Welcome to Santa Rosa, where everything comes together. Wine country and farm country, redwood forests and rivers, lakes and ocean. And in the center, our charming, thriving downtown, lined with intriguing shops and restaurants that delight casual diners and epicureans alike.

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