Today’s Friday Facts is a mix of good and not-so-good news:
Realtor magazine reports that foreclosures continue to fall by big numbers. The number of Americans in the foreclosure process has fallen almost 25% in the past year. Loans that are 30 days or more past due are at their lowest levels since July 2008, below 6.5% and down 9.1% from a year ago.
Provisions in the five-year renewal of National Flood Insurance will impact over 25,000 homeowners on Cape Cod. One look at a map is all it takes to see how and why this is: we’re surrounded by water.
- Subsidized rates for non-primary residences are being phased out now. Other subsidized rates will be eliminated over time.
- New policies sold after July 6, 2012 to cover previously uninsured properties, purchase of a property, allowing a policy to lapse; repetitive loss or cumulative damage could all trigger rate changes beginning this year.
- When a community adopts a new flood map, discounts like grandfathering will be phased out.
“Residents and and potential residents of coastal areas on Cape Cod should be cognizant of these upcoming changes as it will affect them the most of anybody in our region.” – Lynette