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