Each summer, NAR surveys thousands of recent home buyers. Highlights of the recently released survey results are:

• The typical buyer was 45 years old.
• 64% of recent home buyers were married couples -- the highest share since 2001.
• 39% of recent home buyers were first time buyers.
• 89% purchased their home through a real estate agent. 41% found their agent through a referral from a friend or family member. 9% used an agent they have used before to buy or sell a home.
• 35% began the home buying process online. 88% used the Internet at some point in the process.
• The search process remains at 12 weeks, with the typical buyer seeing 12 homes before finding the right home.
• Buyers expect to live in their newly purchased home for 15 years -- substantially longer than seen in previous surveys. First-time buyers and younger buyers expect their tenure to be shorter, while older buyers expect their tenure to be longer.

The National Flood Insurance Program (NFIP) was set to expire on May 31st. On May 30th, Congress passed a 60-day extension. Passage required a compromise.  Congress agreed to a provision that creates a 4-year phase-out of rate subsidies on non-primary residences. The phase-out provision means that insurance rates on some non-primary residences could increase by 25% per year until premiums reach the full (actuarial) cost. While the first step increase is currently scheduled to take effect on July 1, 2012, the rest of the increases would be not fully phased-in for a minimum of 4 years.