Should I buy a house that has been flooded in Houston?

[Undrea King]

With the recent floods in Houston, there have been floods in areas that have not been flooded before.  I recently came across a house on a golf course in a desirable neighborhood.  However, the homes (about 125) all took in water with this last flood.  This particular house had a pending sale on it for 225K the day before the floods and of course the buyers backed out. The house had about a foot of water (just below the outlets) and the owners took the appropriate measures to have the house dried out and mold remediation done.  This was a 500 hundred year flood are, but the owner did mention that the house received about and inch of water about 10 years ago as well.  

Question--Should I consider this house, or will the resale of this house be impossible, regardless of price?

[Jerry Ta]

After Allison in 2001, Houston underwent massive civil works projects for flood control.  These projects had not really been tested until last year.

For areas that never flooded prior to last year and has since flooded, the issue is not weather patterns but has more to do with man made issues.