As events continue to unfold in Texas, NAR President Bill Brown reiterated that the immediate focus of the Association and its 1.2 million REALTOR® members is to support those affected by this tragic natural disaster. To help those in need, the REALTOR® Relief Foundation is collecting donations at www.nar.realtor/programs/realtors-relief-foundation/donate.
 
In addition to supporting relief efforts NAR is engaged in legislative advocacy to ensure the National Flood Insurance Program does not expire on September 30, 2017.  Without Congressional action, the program will lapse adding confusion and uncertainty for current and future NFIP policyholders.  The current NAR Call for Action asks REALTORS® to contact their Member of Congress and urge passage of HR 2874, the 21st Century Flood Reform Act. 
 
Why NAR Supports the 21st Century Flood Reform Act:

• Extends NFIP for 5 years
• Preserves the practice of grandfathering for remapped property owners who build to code
• The bill would enable repetitive loss property, if an owner mitigates to code, to grandfather 
• Limits rate increases to no more than 15 percent per year with a new ceiling of $10,000 maximum
• Authorizes $1 billion in pre-flood mitigation assistance grants to elevate, flood proof, buyout or mitigate high risk properties
• Addresses issues with repeatedly flooding properties that account for 2 percent of NFIP policies but 25 percent of the claim payments over the history of the program

UNLV’s Lied Institute for Real Estate Studies recently released the latest report in its series on the Nevada Housing market. The reports provide monthly updates on housing market trends for stakeholders throughout Nevada. The state-wide numbers were up to date through May of 2017. Some key trends were pointed out in the report.

• Existing home sales saw a large month to month increase for the second consecutive month as both Northern and Southern Nevada saw large increases in existing home sales. Rural Nevada saw a very large month to month decrease in existing home sales.

• The distress share continued to decrease as Northern and Rural Nevada saw their distress share decrease to prerecession levels. The distress share in Southern Nevada was nearly unchanged since April 2017.

• Statewide single-family starts were the highest they had been since October 2007.

• Both Southern and Northern Nevada saw monthly price increases in all home types. Distress homes saw the largest monthly price increase as all three regions saw large increases in average distress home prices.

To view the complete report, click here.

NAR lobbyists are optimistic that the House of Representatives will pass a bill reauthorizing the National Flood Insurance Program set to expire Sept. 30 . The House bill meets all of NAR’s objectives, Jamie Gregory, NAR’s deputy chief lobbyist, told attendees on Monday at NAR’s Leadership Summit for local association executives and presidents held in Chicago. He is hopeful that passage in the House will help spur Senate action to improve its version of the bill. The Senate six-year extension bill does not address access to private market insurance and several other reforms supported by NAR. “The most critical thing is to get the House bill moving,” he said. NAR on Aug. 22 will issue a Call for Action to REALTORS® in support of the critical need for long-term reauthorization of the flood insurance program.  T​alking points.