Watchdog Report – September 19th

Hello REALTORS®,

I know when you read about Flood Insurance, many of you are reminded of the movie Ground Hog Day starring Bill Murray.  I feel your pain, but unfortunately the National Federal Flood Insurance Program (NFIP) is set to expire, again, on September 20, 2023.

The National Association of REALTORS® joined the CCIM Institute, Institute of Real Estate Management, Mortgage Bankers Association, and National Association of Home Builders in a joint letter to Congress on September 8 urging a long-term reauthorization of the NFIP.  Since 2017, the NFIP has been renewed 25 times using continuing resolutions, and it has been allowed to lapse three times since 2017.

The lapsing of the NFIP is very disruptive.  NAR estimates that 13,000 home purchases are impacted when the NFIP authorization expires. 

Unfortunately, flood insurance has been caught up in the same method of budgeting that results in the threat of a government shut down: short-term continuing resolutions.  In fact, according to the Congressional Budget Office, the last time Congress passed a complete budget on time was 1997.  The last time the flood insurance program received a long-term reauthorization was 2012, when it was reauthorized for five years.  That reauthorization expired on September 30, 2017, and since then has been extended by short-term resolutions.

In South Carolina, our members of Congress have been supportive of our position that the NFIP should receive long-term reauthorization.  Your Western Upstate Association of REALTORS® Federal Political Coordinator Team discussed that with Congressman Jeff Duncan in August.  Unfortunately, flood insurance reauthorization is not being held up by opposition, but by Congress’ inability to pass legislation through a regular order process.

Your Realtors Association continues to advocate for this important issue.  For now, there are two important actions Realtors can take. 

  1. Vote
  2. Support RPAC

You can support the RPAC by attending the RPAC Oyster Roast on October 11.  Click here for more information on the RPAC Oyster Roast.  I hope I’ll see you at there.

Michael Dey, Director of Government Affairs

Did you know? 22 home sale transactions are processed each day in the Western Upstate Multiple Listing Service.