The Senate needs to act on passing the Flood Insurance Program's extension
I've heard it time and again about the dysfunction on Capitol Hill but rarely does it strike at the center of our economy at the time and rarely does it seem so poorly timed.
Right now the National Flood Insurance Program is, well, lapsed and if nothing short of a play to the ironic, it occurred the same day hurricane season began, June 1st, thus no new policies can be issued, which means many a new home loan is being held up.
Now the program has been underwater (pun intended) since Hurricane Katrina resulted in $16.1 billion dollars in claims and has been under the microscope ever since. Maybe rightfully so but it doesn't change the fact that basically every home sale that is in a flood zone is on hold with very few exceptions. A NAR spokesman thinks that we're talking about thousands of home sales delayed per day.
With housing in the center of the firestorm and trying to get legs since the expiration of the tax credit for purchases, now is most certainly not the time to dicker over the program and keep the gears from trying mightily to turn.