Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  July 16, 2010  |   House Passes Flood Insurance Reform Bill
The U.S. House of Representatives approved a flood insurance reform bill that would reauthorize the National Flood Insurance Program to Sept. 30, 2015, a provision strongly supported by the National Association of REALTORSŪ.

Passage of H.R. 5114, the Flood Insurance Reform Priorities Act, would strengthen the NFIP and bring certainty to many real estate markets that are much in need, NAR said, and commended Rep. Maxine Waters (D-Calif.) for marshalling the bill through House passage.

“This longer-term reauthorization of the NFIP is critical to millions of taxpaying American families who rely on the program for flood insurance, which is required to obtain a mortgage in nearly 20,000 communities across the nation. This would restore flagging confidence in a vital program by ensuring its continuation for several years without further disruption to real estate markets upon which our nation’s economic recovery depends,” said Vicki Cox Golder, NAR president.

Golder noted that the authority has been allowed to expire twice in the past two years while Congress approved eight short-term extensions, resulting in multi-week delays if not cancellation of thousands of real estate transactions. Such stop-gap measures have caused many hardships and lost sales for property buyers, sellers and their communities, she said.

The bill now heads to the Senate, where the prospects of passage are not clear.

Source: NAR

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!