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
FEMA has released information on providing refunds to property owners who overpaid for flood insurance. Refund amounts will be determined using rates made available in Bulletin W-14026 issued on May 29, 2014. The Homeowner Flood Insurance Affordability Act requires FEMA to restore Pre-Flood Insurance Rate Map (FIRM) subsidized rates and issue refunds of excess premiums collected for: pre-FIRM properties not insured when the Biggert-Waters Flood Insurance Act of 2012 was enacted; pre-FIRM properties purchased after Biggert-Waters was enacted; and policies for Pre-FIRM properties that were rated full-risk under Biggert-Waters due to a lapse in coverage, but only for policies where the lapse was due to a property owner no longer being required to purchase flood insurance.
The issuance of refunds will begin on Oct. 1 and must be completed by Dec. 31, 2014. For more information. For more information, click here.
The Massachusetts Association of REALTORS® (MAR) announced the results of its Future Indicators Report today for the month of June. This report is a combination of our previous Pending Homes Sales and the REALTOR® Confidence Indexes data into one succinct monthly document. The June data found that pending home sales for single-family homes had its biggest June since MAR began tracking pending home sales in 2004. The REALTOR® Market and Price Confidence Indexes, however,
Here are the June 2014 Highlights:
Pending home sales:
- Single-family pending home sales were up 19.8% compared to June 2013
- Single-family median price up 4.0% from June 2013 (to $365,000)
- Condo pending home sales were up 13.2% compared to June 2013
- Condo median price up 3.1% compared to June 2013 (to $330,000)
- 16th straight month of single-family year-over-year increases.
- The most homes put under agreement in June since MAR has been tracking this data.
REALTOR® Market and Price Confidence Indexes:
- The eighth straight month that the RMCI has gone down.
- The fifth straight month that the RMCI has been over the 60-point mark.
- The 16th straight month the RPCI was over the 70-point mark.
- Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition.
Click link to read the full release: June Future Indicators Report: Pending Sales Up as Price and Market Confidence Indexes Down