National Flood Insurance Program Set to Expire

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NFIP to Expire

NFIP or National Flood Insurance Program is set to expire in one week at midnight on March 14, 2025, and its future remains uncertain. As Congress works on a Continuing Resolution to extend federal funding, the NFIP could be extended as part of that package. However, the National Association of Realtors, or NAR, is pushing for a long-term reauthorization of the program to ensure stability for homeowners and businesses in flood-prone areas.

In the event of a lapse, NFIP will not be able to issue new or renewal policies, though existing policies will remain in effect until their expiration dates. Homebuyers can still assume existing policies through a process called ‘assignment of policies,’ allowing them to take over the seller’s coverage. However, without NFIP insurance, lenders may choose not to issue loans in high-risk flood zones.

NAR says the have been actively working with lawmakers, urging a solution that ensures uninterrupted flood insurance coverage. For now, property buyers and homeowners are encouraged to explore private insurance options while the issue continues to be debated in Washington.

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Real Reports Earnings

The Real Brokerage Inc. (REAX) reported a fourth-quarter loss of $0.03 per share, beating analysts’ expectations of a $0.05 loss. This marks a significant improvement from last year’s loss of $0.07 per share. Revenue for the quarter came in at $350.63 million, surpassing the consensus estimate by nearly 17%.

The company has now exceeded earnings expectations three out of the last four quarters, with a 40% earnings surprise this time around. Despite the positive revenue performance, Real Brokerage’s outlook remains mixed, earning a Zacks Rank #3 ‘Hold,’ indicating it is expected to perform in line with the market.

Looking ahead, the company is projecting a loss of $0.02 per share on $301 million in revenue for the next quarter, and $0.08 loss on $1.51 billion for the year.

While Real Brokerage has outperformed the S&P 500 this year, its future stock performance will largely depend on changes in earnings estimates and management’s guidance during the upcoming earnings call. Investors should keep a close eye on these revisions for clues on what’s next. An important note as many of their agents hold vested stock.

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$21M ‘Grandparent Scam

In a major bust, 25 Canadians have been charged for swindling hundreds of American seniors out of more than $21 million through a scheme known as the ‘grandparent scam.’ Federal prosecutors announced the charges today, revealing that the operation began in the summer of 2021 and targeted elderly victims across 46 states. The perpetrators, mostly based in Montreal, used high-tech call centers and technology to make it appear as though the calls were coming from the U.S.

The scam was devious: the suspects posed as relatives, usually grandchildren, claiming they were in jail after a car accident and needed money for bail. Victims were pressured into sending funds, often through cryptocurrency or by handing cash to a ‘bail bondsman’ sent to their homes. Some victims were called multiple times, with the scammers increasing the amount needed for bail.

The indictment lists 25 suspects who face conspiracy to defraud charges, with five also charged with money laundering. These charges carry up to 40 years in prison. Many of the suspects used aliases like ‘Muscles,’ ‘Elvis,’ and ‘Blondie’ as part of the operation. Some of them remain at large.

Authorities say this scam is part of a growing trend, with scammers using AI to clone voices and prey on the fears of grandparents. If you or a loved one receives a suspicious call, experts advise verifying the story before sending money.

Source: Link

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