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The Senate passed another short term extension of the National Flood Insurance Program (NFIP) that would keep the NFIP funded through May 31, 2012. The measure awaits action in the House. The current extension expires in one week, on December 16th. While the new extension provides more time, it is imperative that a [...] The United States House and Senate restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 percent, up to a maximum of $729,750, from $625,500. [...] Time is running out on the temporary extension of the National Flood Insurance Program (NFIP). After November 18, the NFIP will expire, if a longer term plan is not approved. The House has endorsed a five year plan which Congresswoman Matsui was very involved in and includes important updates for areas of Sacramento like [...]  October 10, 2011 Dear REALTORS®, Important news on the housing policy front. Despite efforts by C.A.R. and NAR to fight for an extension of Fannie Mae, Freddie Mac, and FHA conforming loan limits, Congress failed to extend the $729,750 loan limits and allowed them to expire Sept. 30. This means the maximum loan amount that Fannie, Freddie, and FHA will buy or guarantee is $625,500, and anything above that amount will be non-conforming and will require a jumbo loan. These loans typically carry a higher mortgage interest rate and require a higher down payment, increasing the monthly payment, which will particularly be hard on middle-class buyers and sellers. However, I’d like to applaud Rep. Gary Miller (R-Calif.) and Brad Sherman (D-Calif.) for jointly introducing a bill that would have made the current loan limits permanent, and Congressman John Campbell (R-Calif.), who introduced a bill that would have extended the current loan limits. And of course, California Senator Dianne Feinstein, who introduced a bill in the Senate that would have extended the conforming loan limits. C.A.R. and NAR will continue to work with Congress to attempt to restore the higher limits as quickly as possible. Continue reading: C.A.R. Monthly Message from President Beth L. Peerce On September 26, 2011, the Senate passed the Continuing Appropriations Act (H.R. 2608), which also includes a provision extending the National Flood Insurance Program (NFIP) until November 18, 2011. Next week, the House is expected to approve this extension and has ensured that there will be no lapse in NFIP authority in the interim. [...] Throughout 2010, NAR made significant progress educating Congress and the Obama Administration that a stable and sustainable housing market is the primary building block for any economic recovery. NAR had a series of successes in the regulatory and legislative fields, some of which are highlighted below. As we look ahead to 2011, NAR will [...] National Flood Insurance Extended Through 2011 The National Association of REALTORS® is pleased to report that Congress has unanimously approved a one-year extension, until Sept. 30, 2011, for the National Flood Insurance Program (NFIP). A long-term extension has been a top legislative priority for NAR. Earlier in 2010 the NFIP lapsed, causing major disruptions [...] On July 2, President Obama signed into law H.R. 5569, an extension of National Flood Insurance Program (NFIP) authority until September 30. The bill is retroactive and will cover the lapse period from June 1 to the date of enactment. NAR will continue to work with Congress on the 5-year NFIP Reform bill and [...]  To: All REALTORS® Dear fellow REALTOR®, I am happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for REALTORS® and homebuyers, and NAR worked closely with members of Congress to make it happen. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law. Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts. Continue reading: NAR Update: Tax Credit Deadline Extended; Flood Insurance Program Reinstated  It appears the black cloud over California is being lifted by the PMI (Private Mortgage Insurance) companies. When the housing market started to decline, the PMI companies retreated from the “sand” states (California, Florida, Arizona, and Nevada), or at least pulled back on the maximum loan-tovalue (LTV) they would guarantee. They still have a lot of areas they are avoiding (flips, non-owner occupied and condos – just to name a few). April was the first month mortgage rates were not artificially stimulated by the Fed. (The Federal government bought $1.25 trillion of mortgagebacked securities (MBS) over the past 15 months.) Rates initially jumped up mainly due to the long Easter weekend after a shortened trading day on Good Friday. Rates settled down the following week mainly attributed to the safer mortgages being produced now than were before. (Meaning that the quality is better and the risk of default is less.) Hopefully the appetite will continue. The Mortgage Bankers Association believes the 30 year mortgage rate will increase to 5.5% by mid-to-late summer and then possibly 6% by year end. Kudos to the SAR Housing Opportunities Committee for hosting the “Show Me the Money” seminar held on April 29. There is an amazing amount of money being allotted to energy upgrades in the form of rebates, tax breaks and incentives. The REALTOR® community needs to stay current with this information in order to effectively educate clients on how to utilize the available programs. On April 15, Congress reauthorized and the President signed into law an act that includes reauthorization of the National Flood Insurance Program (NFIP) through May 31, 2010. This temporary measure is retroactive to March 28, 2010, the date the NFIP’s authority expired, and provides the NFIP the ability to issue new and renewal flood insurance policies and increased coverage on existing policies. |
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Friday, December 9th, 2011
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