Housing market is days away from a major disruption

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'What the housing market needs now is stability and certainty,' NAHB told Congress in a letter urging lawmakers to extend the National Flood Insurance Program.

is moving ahead with its bipartisan stopgap measure that would temporarily fund federal agencies until November 17, there's little to no chance that the House would bring that bill to the floor in its current form. Even if it did, House Speaker, many are preparing for a vast variety of federal programs and services to halt, including the National Flood Insurance Program which nearly 5 million homeowners use to protect themselves from the financial risks of flooding.

An American flag flies near new home construction at a housing development in the Phoenix suburbs on June 9, 2023. The looming government shutdown could delay thousands of home closings.The National Home Builder Association estimates that 1,300 property sales will be impacted every day by an NFIP lapse.

 

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