Thoughts on Houston floods and the effects on area real estate

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I have been watching the news coming out of Houston non stop and it is truly heart breaking to hear some of the stories. Obviously my thoughts and prayers go out to all the Houstonians suffering through this. 

I am starting to think about the effects this will have on the Houston RE market and also the surrounding cities. As an investor I think about all of the houses that were not covered by flood insurance. What does someone do in that situation? Do you think that there will be a huge amount of "flood distressed" properties in the coming months? I wonder about the Austin, San Antonio and DFW markets. Will people leave houses behind and move to other cities?

Can any of the community here on BP who may have been investing during Katrina or other natural disasters give us a history lesson on what has happened in the past?