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Bipartisan legislation introduced to delay flood insurance rate increases

Oct 31, 2013
The bipartisan “Homeowner Flood Insurance Affordability Act” was recently introduced in the U.S. Senate with the intent of helping millions of homeowners who are facing sudden extreme increases in flood insurance premiums. The large rate hikes are an unintended consequence of legislation to reform the National Flood Insurance Program. 

The bill takes the crucial first step toward delaying further implementation of some rate increases in the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). This will allow the Federal Emergency Management Agency to complete an affordability study that was mandated by BW-12, propose targeted regulations to address any affordability issues found in the study, and give Congress adequate time to review those regulations.

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NYS home sales post second-highest May total

Homebuyer activity remained strong in May, driving the New York State housing market to the second-highest sales total for the month with 10,348 closings. May 2018 closed sales were 8.6 percent lower than the record of 11,322 set in May 2017. The median sales price growth trend continued, increasing by 11.5 percent compared to last May, ending the month at $262,000. Click here to read more.

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