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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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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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