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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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New York statewide home sales remain strong in February

The New York State housing market continued to post solid numbers in February, reaching 7,328 closed sales despite a 6.2-percent decline from February 2017. The February statewide median sales price of $260,000 represented an increase of 8.8 percent from a year ago. Click here to read more.

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