In a rather embarrassing episode of Freddie Mac’s history, we all can learn a little about checking our websites. Freddie Mac finally fixed an online calculator that’s supposed to help people choose between renting and buying a home. Until now, the calculator had a fundamental (and revealing) flaw: It assumed home prices could never fall.
Jacob Kosoff, an economist who was responsible for the calculator when he worked at Freddie Mac apologized.
“I’m sorry that I didn’t send an e-mail or work a little harder to get that fixed so the calculator can allow for the possibility of reality,” The reality that housing prices sometimes decline.
As of last month, the calculator still returned an error if you tried to assume that home prices would fall.
But today, Kosoff wrote: The Rent vs Buy calculator on the Freddie Mac website has been fixed. Though I wasn’t able to get it fixed while I worked there, I am very relieved it is working properly now.
As a reminder – check the mortgage and other calculators on your website – make sure they are working correctly. Check all of your links. And my personal favorite – make agents check their profiles. There is not better time than the holidays to update your About Us page.