News from the National Association of Realtors®
“The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Strong December Home sales may indicate the market is turning
The National Association of Realtors called the December gain "a good finish to a very tough year."Sales of previously owned homes rose in December for the third straight month, bringing the supply of homes listed for sale to the lowest level since 2006 and offering a glimmer of hope that the housing market could be starting to climb out of a profound downturn.
for the whole story, go to The Wall Street Journal, Real Estate
National Flood Insurance Program (NFIP)
The National Flood Insurance Program (NFIP) ensures affordable
coverage for home buyers in flood-prone areas. Congress Extended Flood
Insurance until May 31, 2012. This latest extension was a part of H.R.
2055, the so-called megabus conference report combining the remaining
nine appropriations bills to fund the federal government for FY2012. NAR
continues to urge Congress to complete work on a 5-year NFIP
re-authorization bill.
Realtors® Applaud Congress for Reinstating FHA Loan Limits
Washington, DC, November 18, 2011
WASHINGTON (November 17, 2011) – The National Association of Realtors® commends Congress for reinstating the loan limit formula and maximum cap for Federal Housing Administration-insured loans for two years.
The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets. The floor will remain at $271,050.The loan limits for Fannie Mae- and Freddie Mac-backed mortgages will remain at 115 percent of local area median home prices, up to $625,500.
NAR believes therein stated loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families throughout the country, not just wealthy individuals or those in costly markets. Nearly two-thirds of buyers who will be helped by the loan limits provision have incomes below $100,000.
The bill also provides for a short-term extension of the National Flood Insurance Program through December 16, 2011. NAR strongly urges Congress to use the additional time to complete work on a five-year reauthorization of the program, which ensures access to affordable flood insurance for millions of home and business owners across the country.
