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No lapse in NFIP yet: Congress passed an extension to keep it going until Nov. 21 – the 13th time it’s been extended. President Trump is expected to sign the bill.
WASHINGTON – Don’t expect a lapse – not yet anyway – in the National Flood Insurance Program, the country’s largest flood insurer. The program has been set to expire on Sept. 30, but the U.S. Senate recently passed an extension that would keep the program afloat until Nov. 21. The House had previously passed the extension.
The bill is expected to be signed by President Donald Trump.
This extension will mark the 13th time the program – which is billions of dollars in debt – has been rescued by lawmakers with extensions. The NFIP provides flood insurance coverage to 22,000 communities nationwide and protects property owners against loss from flooding, the most common and costly natural disaster in the U.S.
Federal law requires the purchase of flood insurance for a federally backed mortgage in special flood hazard areas designated by FEMA. Private flood insurance is also available in many high-risk areas, but the NFIP may be the only option for some homeowners.
Any lapse in NFIP funding could jeopardize up to 40,000 home sales a month, the National Association of Realtors® has warned in the past. NAR has long called on long-term reforms to the program. NAR supports reforms to the National Flood Insurance Program, including calls to strengthen flood mapping and mitigation and the development of more private-market flood insurance options.
Meteorologists warn that rising sea levels and increasingly powerful storms will continue to threaten more areas with flooding.
Source: REALTOR® Magazine
© 2019 Florida Realtors®
Pending sales went up 1.6%, reversing the prior month’s decrease, and year-over-year contract signings jumped 2.5%. NAR economist calls it “very encouraging.”
WASHINGTON – Pending home sales reversed course in August after a prior month of declines, according to the National Association of Realtors® (NAR). Each of the four major regions in the study reported both month-over-month growth and year-over-year gains in contract activity.
The Pending Home Sales Index (PHSI) – a forward-looking indicator based on contract signings – climbed 1.6% to 107.3 in August, reversing the prior month’s decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity.
“It is very encouraging that buyers are responding to exceptionally low interest rates,” says Lawrence Yun, NAR chief economist. “The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply.
Regional breakdown: All regional indices were up compared to July, with the highest gain in the West region. The PHSI in the Northeast rose 1.4% to 94.3 and is now 0.7% higher than a year ago. In the Midwest, the index increased 0.6% to 101.7 in August, 0.2% higher than August 2018.
Pending home sales in the South increased 1.4% to an index of 124.4 in August, a 1.8% bump from last August. The index in the West grew 3.1% to 96.4, an increase of 8.0% from a year ago.
Yun says that historically low interest rates will affect economic growth, especially home buying, going forward.
“With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020,” says Yun. “Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity.”
NAR forecasts home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020, which in turn raises GDP to growth at 2.0% in 2020.
© 2019 Florida Realtors®
