The Biggert-Waters Flood Insurance Reform Act of 2012 will drastically increase insurance premiums for current and future homeowners. Since having a mortgage requires flood insurance, this Act will force a great number of homeowners into selling their home or into foreclosure. Selling a home will be unlikely as the new insurance rates will make the cost of buying a home unattainable.
Even if you are not directly effected by The Biggert-Waters Act, you are likely to see your home values drop. Homeowners in your community are who are unable to stay in their homes, due to increased insurance rates, will be forced to reduce the selling price of their home. These reduced sales prices are very likely to reduce the value of a majority of homes in a community.