Massachusetts Association of REALTORS® Applauds Passage of State Flood Insurance Bill that helps Massachusetts homeowners
The Massachusetts Association of REALTORS® (MAR) celebrated yesterday the work done by Governor Patrick, Attorney General Coakley and Speaker DeLeo to address the devastating impacts of the changes to National Flood Insurance Program at the state level with the passage of H3783, An Act relative to flood insurance.
“Due to the older and coastal housing stock in Massachusetts, we have been working tirelessly with the National Association of REALTORS® on a federal level to seek relief for Bay State homeowners after major changes to the National Flood Insurance Program,” said MAR 2014 President Peter Ruffini, regional vice president for Jack Conway REALTORS® in Norwell. “We greatly appreciate that Governor Patrick, Attorney General Coakley and Speaker DeLeo not only recognized this as a serious issue, but also crafted legislation that will help some of those homeowners impacted to prevent default or foreclosure.”
This new law will provide homeowners with the option of purchasing flood insurance in an amount that would only cover the outstanding amount of a mortgage or equity loan. Previously, these homeowners would be required to purchase full replacement value regardless of the value of the mortgage owed.
Read the rest of the release here.
Recently, the Federal Emergency Management Agency (FEMA) announced that they will begin issuing refunds October 1 to those that paid increased flood insurance rates based on the Biggert-Waters Flood Insurance Reform Act of 2012. FEMA estimates that rebates are due to 13.8% of policy holders nationwide. The rebates largely apply to those who purchased homes after Biggert-Waters took effect in 2012 or whose coverage lapsed after the law took effect. The Write Your Own companies that sell and help administer the program will be issuing the rebates.
Please see FEMA’s website for more information.
MAR is officially challenging you! We want you to get creative and make a video with MAR Conference themed lyrics. You can choose any song!
Film the short video (30 seconds-1:30) with your smart phones, computers, video cameras, etc. and upload them to Facebook and be sure to tag Massachusetts Association of REALTORS®. You can have as many people in your video as you’d like, but only three free tickets will be given to the winning group/person.
Here are the articles and posts that resulted in the release of our June 2014 Future Indicators Report (a combination of our pending sales and REALTOR Confidence Indexes data.) We’ll continue to update this post as more articles come in.
Tuesday, July 15, 2014
MAR: Pending Sales Up, Realtor Confidence Down
Banker & Tradesman
Despite rising prices, pending home sales homes reached record levels in June
Boston Business Journal
Mass. Realtors: pending home sales up in June as price and market confidence indexes down
Cape & Plymouth Business
Wednesday, July 16, 2014
Single-family home sales up 20 percent
Cape Cod Today