Flood risk seen as high

This month’s unusual record-breaking rains have prompted the Federal Emergency Management Agency to remind California homeowners that they are at high risk for flooding this season because of ground damage from past wildfires and future possible El Nino weather effects.

The agency noted homeowners insurance policies do not cover flood and mudflow damage. The federally backed National Flood Insurance Program covers both in communities that adopt and enforce flood plain management ordinances. There is a 30-day waiting period before new flood policies take effect.

To help consumers learn how to protect their homes and to assess their flood risk, FEMA is sponsoring a FloodSmart campaign. The information can be found at www.floodsmart.gov, or by calling (800) 427-2419 to locate a nearby insurance agent.

Briefly

* Interest rates nationwide on 30-year mortgages averaged 5.64% last week, down from 5.69% the week before and the lowest since 5.52% on April 1. The 15-year mortgage rates also fell to their lowest levels since 4.84% on that same date to an average 5.01% from 5.07%. One-year adjustable rates also declined in the last week, averaging 3.96%, compared with 4.02% the week before.

* After two straight months of decline, sales of previously owned homes rose 3.1% in September from August to a seasonally adjusted annual rate of 6.75 million units, the third-highest showing ever, the National Assn. of Realtors reported Monday.

* Sales of new-single family homes unexpectedly rose 3.5% in September to 1.206 million from a revised 1.165 million rate in August, the Commerce Department reported Wednesday.

* New applications for U.S. home loans eased in the week ended Oct. 22 even though average 30-year mortgage rates decreased, the Mortgage Bankers Assn. said Wednesday.

From Times wire reports