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House passes 5-year flood insurance extension

Nov 15, 2017
The House passed legislation Tuesday to reauthorize the National Flood Insurance Program for five years, which would include reforms backed by NAR. The bill still needs Senate approval, however, before the NFIP expiration date of Dec. 8, 2017.

Flood insurance is required for any property that’s in a flood zone and has a federally related mortgage. Any loan backed by Fannie Mae, Freddie Mac, the FHA, the VA, or the Rural Housing Services is a federally related mortgage.

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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.