Meanwhile, the lapse comes at a time when climate change is intensifying the water cycle and making severe flooding more likely. The disruption comes at a tenuous time for the housing market, which has seen mortgage interest rates soar to their highest level in 23 years, suppressing demand. That could force builders to hold on to properties longer than expected and also leave buyers in the lurch and waiting on Congress. “It’s going to have some lasting effects, really putting a lot of real estate transactions on hold for a time.”
“Closings are going to stop” in flood-prone areas, said Jim Tobin, the organization’s chief executive officer.
