Continuity check....

I KNOW nothing runs on continuity...but how else does one check for a broken wire??
A broken wire will not carry any voltage. A damaged or loose wire may show voltage unloaded but not carry any current (amperage). If the battery cable in your car was damaged and all but one strand of wire was broken it would show continuity but it certainly will not carry the amperage load to crank the engine.

You responded to 67Dart273 that you are checking between each power feed and ground, correct? If so, you need to check between each power feed and neutral. As I stated, the neutral is the return path for the current. The ground is only a local equipment ground to prevent any stray voltage from being on the chassis of the unit being powered. It may be that your power distribution panel has the neutral tied to ground, as many are. The problem there is that in the case of a failed or faulty neutral the power has to return to the generating plant through the ground, which is clearly not efficient.

If I understand your other post correctly, it does indeed sound like you have one power feed that is faulty, since you showed continuity on the ground, the neutral and one power feed line, but that does not explain how or why you had a problem in the house at the water heater and now you do not. Very odd.