The U.S. House of Representatives has passed a 60-day extension of the National Flood Insurance Program (NFIP), giving the U.S. Senate more time to act on the National Association of REALTORS® (NAR) supported 5-year reauthorization and reform bill this June, NAR reports. Why is a flood insurance program so vital?
Flood insurance is required by law to obtain a mortgage in more than 21,000 communities nationwide. A lapse would have affected 1,300 transactions a day or nearly 40,000 a month, a potentially devastating blow to the nascent market recovery, according to NAR.
In other news:
Refurbished homes available to first-time buyers through Quincy’s Fix or Flatten program. (KHQA-TV)
Return of real estate as a source of retirement income? (Chicago Tribune)