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NAR, House Financial Services Committee reach agreement on flood insurance legislation

Jul 21, 2017
The National Association of REALTORS recently said that significant improvements to the “21st Century Flood Reform Act,” key legislation aimed at strengthening and reauthorizing the National Flood Insurance Program, have cleared the way for endorsement of the bill. Among the changes, REALTORS support the House Financial Services Committee’s commitment to retaining “grandfathering” – a policy that protects homeowners from significant rate increases when a flood map changes.

The most recent draft will also limit proposed increases to fees and rate hikes that policyholders faced under previous iterations of the legislation. Earlier versions of the legislation included more dramatic cost increases for homeowners and eliminated grandfathering protections beginning in 2021.

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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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