RISMedia

With a government shutdown seemingly avoided, buyers, sellers and real estate professionals alike should be aware of how exactly a shutdown could affect the industry, with another bill needed to fund the government again in September.

The NFIP is essential to approximately 1,360 daily home sale closings, or 41,300 monthly transactions nationwide, according to the National Association of REALTORS® (NAR). Without the NFIP, NAR estimates that total income losses could reach $69.7 billion annually, based on the income generated by each home sale in each state.

Florida’s housing market would take the biggest hit from an NFIP lapse, per NAR’s analysis. It would impact about 14,870 home sale closings per month, either delaying or canceling them entirely. In Texas and California, the market would bring 3,590 and 1,680 home sale closings into a gray area, respectively.

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