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NAR is continuing to work with Capitol Hill lawmakers to pass legislation to reauthorize the National Flood Insurance Program, which is set to expire on Nov. 30. The association is also engaging with federal officials on ways to reform the program and remove regulatory obstacles to the issuance of private flood insurance policies. NAR President John Smaby outlined the association’s position on flood insurance in a Nov. 26 op-ed piece in The Hill newspaper.
The maximum conforming loan amount that Fannie Mae and Freddie Mac can back will increase to $484,350 from $453,100 in 2019, a 6.9 percent increase, the Federal Housing Finance Agency announced. For high-cost areas, the limits—which are also used to define FHA limits—will rise to $726,525 from $679,650. “Without this assurance that loan limits keep up with home price growth, borrowers across the country risk being pushed out of the market altogether as mortgage rates and rising home prices continue to hold back potential homebuyers,” NAR President John Smaby said in a statement applauding the government’s announcement. Determine your area’s limit.
Mississippi REALTORS® #1 Legislative Priority for 2019 is to Expand Internet Access to Rural Areas in Mississippi. REALTORS® believe communities flourish when they offer a high quality of life at a reasonable cost. Livable communities offer a variety of affordable housing choices, nearby employment opportunities, an economically viable commercial sector, great schools, and infrastructure that provide the framework for the quality of life we enjoy in our communities. To promote livable communities, the government should encourage quality growth by amending outdated laws that prohibit Electric Cooperatives from providing high speed internet access to rural areas of Mississippi. Read More
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation have released a proposed rule that would increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000. Read More
November 2018 Housing Minute
Home price growth has slowed due to a slight rise in inventory heading into the winter season. Home sales rose slightly over the previous month, but remain down year-over-year. Click here
Why mortgage debt surpassing borrowing that occurred before the housing crash isn't a problem. Read more
Real estate pros throughout the industry — from residential agents to property managers — are facing growing challenges when it comes to people's assistance animals. Here are tips from a panel of experts at NAR's Annual Conference in Boston.
October 2018 Housing Minute
Despite rising interest rates and high home prices, increases in inventory and job gains led to a rise in pending home sales in September. Click Here
So proud of our state and national REALTOR® Associations for providing Disaster Relief ♥️