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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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Empire State housing market stays hot in January

New York State home sales remained strong to start the new year with 8,698 closed sales, falling just shy of the 2017 record for January, according to the annual housing market report released by the New York State Association of REALTORS. The January statewide median sales price of $266,000 represented an increase of 8.4 percent from a year ago. Click here to read more.