Good News for Monterey County Property Owners in Flood Zones

House Passes Flood-Insurance Rate Rollback
The U.S. House of Representatives passed legislation that would trim premiums for government-sponsored flood insurance that proponents say have dampened real-estate markets in coastal areas.

Proponents said the 2012 law’s mandate that the Federal Emergency Management Agency reset premiums at actuarially sound rates has caused unexpectedly steep increases in policies that middle-class homeowners can’t afford.

The legislation repeals a provision of the 2012 law that triggered premium increases if property were sold to a new owner.

The measure would limit premium increases to 18 percent per policy or 15 percent of an average of premiums in a particular flood zone. Read more .....

An interesting article was recently published by the NAHB on the decreased geographic mobility in the U.S. over the past 3 decades.

 I was just talking with friends recently about how several of us have experienced the same phenomenon.
With the decline in housing values until recently, slow economic recovery, reduced job mobility, and uncertainty some of us have decided to stay put in our humble abodes rather than move.

I've also notice clients taking more time to consider their options before selling their primary residence to upsize or downsize as the financial and market conditions must be carefully assessed. Your local Realtor is best suited to help with the market analysis of your home and your CPA to discuss the financial impact of selling.

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Aging Boomers to Boost Demand for Apartments, Condos and Townhouses
Source: Wall Street Journal 

Aging baby boomers could reshape the U.S. housing market if many move out of the houses where they raised families in order to move into cozier multifamily units, such as apartments, condominiums and townhouses. This could present a huge shift in the country’s housing demand.
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