FEMA Releases Refund Guidance

FEMA has released information FEMA-Logo-DHSon 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.

June Future Indicators Report: Pending home sales up as Market Confidence Indexes go down

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:

Confidence Index
June 2014
June 2013
% Change
 Market  63.89 76.40  -16%
 Price 74.60 75.00  -0.5%
  • 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