Acting despite herculean efforts by the real estate and homebuilding industries, the House Banking Committee Nov. 4 passed legislation mandating increased availability and regulation of flood insurance.

But passage of the legislation this year by the full Congress is still unlikely, given the fact that the Senate Banking Committee has not acted on similar legislation, and less than three weeks remain before Congress' scheduled adjournment date. Such a delay into next year would give the real estate and homebuilding industry additional time to reduce the impact of the bill on their businesses. Congress has not succeeded in dealing, even though it began trying in 1989.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.