Monthly premiums for approximately 1 million homeowners living in flood zones have increased due to the new flood insurance plan many coastal states require their homeowners to have. According to the Federal Emergency Management Agency, Florida, Louisiana, New Jersey, California, and Texas account for approximately two-thirds of all flood insurance policies causing monthly premiums to skyrocket. Many homeowners can not afford the increase in flood insurance and are being forced to move inland. More here

Existing home sale contracts dropped considerably, falling to the lowest level seen in over three years. Mortgage rates have also continued to increase over the past months, though rates have recently leveled off. According to the National Association of Realtors’ Pending Home Sales Index, contracts dropped 5.6% last month, averaging 101.6. Although experts suggest the housing market may be in a temporary slump, it has shown considerable improvement since the recession of 2007-2009. More here

As the reverse mortgage rules have changed, many older Americans are unsure of what the changes actually mean. The program was initially intended to help senior homeowners keep their homes by turning their mortgages into usable money, although the strategy seemed to backfire for many who used the program improperly. The new rule changes made to the reverse mortgage program will help seniors regulate their up-front and accessible principle through the life of the mortgage. Senior homeowners can now draw more money from a reverse mortgage than available in the past, but over a lengthier amount of time. The changes may seem more complicated for many, but experts say that this change is good and will help many seniors financially over time. More here