REAL ESTATE NEWS: THE GOOD AND THE NOT SO GOOD

Today’s Friday Facts is a mix of good and not-so-good news:

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.

NOT-SO-GOOD NEWS

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

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