I just came across another derogatory term for ill-fitting pants in a book I am currently reading. The book is "Dark Objects" by Gillian Flynn and following is a direct quote from the book:
"Nice highwaters was the first thing Trey ever said to him. Ben was wearing jeans that were maybe, possibly, half an inch too short. Maybe an inch."
A brief Wikipedia entry classifies both floods and highwaters in the same category as three quarter pants, pedal pushers, shants, shpants, clam diggers and jams and defines the terms as "expressions to mean pants that are longer than shorts but are not as long as pants."
Urban Dictionary, on the other hand, defines floods as "pants that are unintentionally too short in the hem, so named because you can walk in a flood with them and they won't get wet. aka high waters."
I think the Wikipedia entry needs to be amended as the terms floods and highwaters are both clearly derogatory in their usage.