Even Though The Country Is In Trouble, Congress Adjourns Without Extending Flood Insurance Program
If you're on a first name basis with any member of the United States Congress, please ask them this very simple question: How in the world could you be taking your spring recess without having extended the national flood insurance program?
Do you political types have any idea how important that program is to any kind of real estate recovery?
Do you even care?
Here is the simple fact: Without flood insurance, many real estate transactions can not close.
True, congress is scheduled to take up the renewal of flood insurance when it comes back into session on April 12th. But in the meantime, properties requiring flood insurance can not close because no new flood policies can be written. Sure, it's only a two week delay (we hope), but a lot can happen in a real estate transaction in two weeks -- and many of those things are not good.
This is the third time in the last few months that the flood insurance program has temporarily expired. The reason? Political wrangling. This time it is because the renewal of the flood insurance program is connected to some new legislation that extends programs for the unemployed.
I'll make you a bet. I'll bet that support for the legislation is divided along party lines. Seems like everything in Washington comes down to party lines, doesn't it? In Washington, even if something is a good idea, if one party supports it the other party will oppose it without offering anything better in its place. Who suffers? The American people.
Well, here's my two cents worth. Congress should make the national flood insurance program a permanently funded program that is always part of the national budget. Don't give legislators a chance to muck around with it or play politics with it anymore. Without flood insurance it is very hard to sell property in places that have beaches, rivers, lakes, ponds, creeks, rain, or even drainage ditches. And after all, we are trying to make real estate recover. So, make flood insurance a permanent program and make its funding permanent.
That's as far as I'm willing to go in writing about a politically sensitive matter. I don't want to get anybody upset with me.
Happy Selling!
-30-
Do you political types have any idea how important that program is to any kind of real estate recovery?
Do you even care?
Here is the simple fact: Without flood insurance, many real estate transactions can not close.
True, congress is scheduled to take up the renewal of flood insurance when it comes back into session on April 12th. But in the meantime, properties requiring flood insurance can not close because no new flood policies can be written. Sure, it's only a two week delay (we hope), but a lot can happen in a real estate transaction in two weeks -- and many of those things are not good.
This is the third time in the last few months that the flood insurance program has temporarily expired. The reason? Political wrangling. This time it is because the renewal of the flood insurance program is connected to some new legislation that extends programs for the unemployed.
I'll make you a bet. I'll bet that support for the legislation is divided along party lines. Seems like everything in Washington comes down to party lines, doesn't it? In Washington, even if something is a good idea, if one party supports it the other party will oppose it without offering anything better in its place. Who suffers? The American people.
Well, here's my two cents worth. Congress should make the national flood insurance program a permanently funded program that is always part of the national budget. Don't give legislators a chance to muck around with it or play politics with it anymore. Without flood insurance it is very hard to sell property in places that have beaches, rivers, lakes, ponds, creeks, rain, or even drainage ditches. And after all, we are trying to make real estate recover. So, make flood insurance a permanent program and make its funding permanent.
That's as far as I'm willing to go in writing about a politically sensitive matter. I don't want to get anybody upset with me.
Happy Selling!
-30-
posted by Terry Ward at 4:34 AM
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