📢 What a Government Shutdown Means for Real Estate
As of Oct 1st, Congress couldn’t reach a funding deal, and the federal government has shut down.
🔹 Flood Insurance Impact (NFIP):
- The NFIP can’t issue new policies right now.
- About 1,400 property sales per day could be affected.
- Current policies stay valid for 30 days and can transfer to new owners, but the longer this lasts, the more uncertainty it brings.
🔹 Other Delays You Might See:
- IRS income verifications
- FHA & VA loan processing
- Federal housing program funding
These disruptions could impact hundreds of thousands of buyers, sellers & renters, slowing transactions in an already tight market.
🏡 The National Association of REALTORS® is pushing Congress to reauthorize NFIP and end the shutdown quickly.
