Amid Hurricane Harvey and now a looming threat from Hurricane Irma, the National Association of REALTORS® warns Congress that letting the National Flood Insurance Program expire at the end of the month could have dire consequences. NAR says thousands of homeowners, consumers, and commercial property owners could soon find themselves unprotected and unable to get a mortgage.The NFIP is set to expire on Sept. 30.The NFIP helps to pay for and pro
If you or your clients have sustained a major loss from Harvey, prepare for months of disruptionWhether it’s Hurricane Harvey, a flood, tornado, earthquake or fire, it can take years to resolve a major insurance claim and restore your property. Here is a must-have guide to follow if you have a major insurance loss on your home.In 1994, I sustained over $100,000 of damage to my house from the Northridge earthquake. My insurance company gave me
Homeownership remains the number one accomplishment of achieving the American dream, according to the 2017 Hearth State of the American Dream Report, based on a survey of 2,000 Americans.The consumers surveyed said the most important elements of the American dream are:#1. Owning a home I love (19%)#2. Affording rent and living expenses without hardship (15%)#3. Starting a family (14%)#4. Finding a fulfilling career (14%)#5. Sending my child to
Crystal McDowell told her boyfriend she was fleeing Houston ahead of Hurricane Harvey, but no one has heard from the real estate agent since Aug. 25. Police are still searching for her.The last time anyone had heard from McDowell—a sales associate with Virginia Malone & Associates in Baytown, Texas—was “about 24 hours before the worst of the catastrophic hurricane hit the Houston area,” CBS News reports.McDowell, 37, was scheduled
Self-driving cars will have a big impact on real estate, writes Rick Palacios Jr., director of research for John Burns Real Estate Consulting, in a recent column. As consumers take their hands off the wheel, they may find different needs in housing over the next 10 to 20 years, which is when self-driving vehicles are expected to make their mark.For example, distant suburbs areas may grow in demand as driverless cars ease commutes.“Outlying driv
Coastal flooding, wildfires, and extreme weather events are posing an increasing risk to real estate. Last week’s Hurricane Harvey will likely go down as one of the costliest hurricanes in U.S. history with projections, so far, coming in at $10 billion to $20 billion in damages. Texas homeowners are left picking up the pieces from record levels of flooding.The threats of weather-related disasters continues to grow. Freddie Mac’s chief econo
Prior to the housing crisis, many consumers were in the mindset of buying a “starter home” to stay in for five or six years and then move on to a larger space as their family grew. But the idea of the starter home has become a fading memory.Homeowners don’t want to give up their ultralow mortgage interest rates that they have secured in recent years. They’re also finding fewer larger homes to move into. As a result, many are making the b
Ten finalists have been chosen for REALTOR® Magazine’s 2017 Good Neighbor Awards, selfless real estate professionals who have cumulatively raised more than $48 million for a variety of charitable causes. Now in its 18th year, the Good Neighbor Awards recognize members of the National Association of REALTORS® who have donated their time and passion to improve and enrich the lives of the people in their communities.“The Good Neighbor Awards r
Call your mortgage servicer if you've been hit, agency saysKey Takeaways Fannie Mae, Freddie Mac and the FHA are offering housing relief to Hurricane Harvey disaster victims, including a 90-day moratorium on foreclosures.Hurricane Harvey has caused thousands in and around the Houston area to flee from the rising waters engulfing their homes and killed at least 14 people to date.In this time of crisis, federal mortgage agencies Fannie Mae, Freddie
It's one month before the NFIP is set to expire and a few days before new weather-related claims rules start in TexasKey Takeaways The federal flood insurance program is set to expire at the end of September; if it does, homeowners with federally insured loans in high-risk flood areas will be affected first. Houston homeowners should get their insurance claims filed before Friday, if possible.Harvey’s timing couldn’t be more interesting from
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