Visalia homeowners whose homes were not in a flood zone under the previous FEMA map but find themselves now in a flood zone due to FEMA's changes to the Visalia flood zones can find relief. This also helps home buyers and sellers who are considering a purchase or sale of a home that is in a flood zone that requires flood insurance. A property that meets the criteria may be eligible to receive flood insurance at a discounted rate if the property is grandfathered in, due to the previous flood zone not having required flood insurance.
President Obama on Friday signed HR 5569, the National Flood Insurance Program Extension Act of 2010, funding the program through Sept. 30, 2010. The bill is retroactive and covers from June 1, 2010 to the date of enactment of the extension. Flood insurance is required for mortgages on properties in the 100-year floodplain. Congress has allowed the program to lapse three times this year, forcing many real estate transactions to be placed on hold and, in some instances, canceled.
With the recent changes made by FEMA many homes in Visalia that were previously not in a flood zone are now in a flood zone, and many homes that were previously in a flood zone are no longer in a flood zone. To find out where you are currently located in the FEMA flood zone map just use this handy link.
For more information about FEMA, FEMA's Visalia flood zones, flood insurance, and related topics just click here.
The Tulare County Multiple Listing Service has published its December 2009 report. This report features statistics for the sales activities for all types of real estate. Here are the details regarding Single Family Residences:
Active Properties
Total Number: 1000
Average Price: $241,611
Median Price: $185,450
Pending Properties
Total Number: 243
Average Price: $154,133
Median Price: $134,900
Sold Properties
Total Number: 291
Average Price: $150,329
Median Price: $140,000
Average Market Time: 48 days
Click here for a handy printable PDF document of the complete report for all types of properties. For additional current monthly reports from The Tulare County Multiple Listing Service visit Market Reports in our Resource section of Visalia Fine Living each month.
