Hurricane Laura Damage Estimates in the Billions

first_img Hurricane Laura Damage Estimates in the Billions Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save August 28, 2020 1,121 Views Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Previous: Tracking Hurricane Laura’s Impact on Homeowners Next: COVID-19 Drives Suburban Migration The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, News Related Articlescenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Hurricane Laura 2020-08-28 Christina Hughes Babb Hurricane Laura, which made landfall last Wednesday, was the most intense storm to hit the northwestern Gulf Coast since 1856. According to a report from CoreLogic, storm-related damage “brings threat of further economic uncertainty to the region.”Said report included residential and commercial wind and storm surge loss estimates for Laura.According to this new data analysis, insured wind and storm surge losses for residential and commercial properties in Louisiana and Texas are estimated to be between $8 billion and $12 billion, with insured storm surge losses estimated to contribute less than $0.5 billion to this total. In addition to property damages, the ability to make loan payments can become compromised following a hurricane. Overall home mortgage delinquency rates (30 or more days past due, including those in foreclosure) in the Beaumont, Texas (9.3%) and Lake Charles, Louisiana (9.5%) metropolitan areas were already above the national rate (7.3%) based on the May 2020 CoreLogic Loan Performance Insights report. CoreLogic data has shown “natural disasters cause a spike in mortgage delinquencies, which suggests Hurricane Laura will add to the economic hardship families are already experiencing during the pandemic.” As Laura struck land, the storm center reportedly missed some of Texas and Louisiana’s more heavily populated cities, instead striking sparsely inhabited areas. “There is never a good place for a hurricane to make landfall. But this was the best possible outcome because it spared the major population centers of Houston and New Orleans,” said Curtis McDonald, Meteorologist and Senior Product Manager of CoreLogic. The CoreLogic post-landfall estimates have been updated based on the August 27, 11 a.m. Eastern Standard Time National Hurricane Center (NHC) advisory of the storm. As of last Friday, the storm was not expected to pose an extreme flood risk as it moves east across the country. Wind and storm surge are likely to be the primary causes of property loss initially while tornado activity could occur as the storm progresses. The analysis includes residential homes and commercial properties, including contents and business interruption and does not include broader economic loss from the storm. Hurricane Laura weakened as it moved over land, which safeguarded some metropolitan areas from the full impact of a landfalling Category 4 hurricane. This is represented in the “Hurricane Laura Total Residential Properties Affected by Wind and/or Storm Surge by Saffir-Simpson Hurricane Wind Scale Category” table above as zero values. Certain metropolitan areas will experience multiple categories of storm intensities as properties closer to the coast are likely to experience stronger winds relative to the more inland properties. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Hurricane Laura About Author: Christina Hughes Babb Home / Daily Dose / Hurricane Laura Damage Estimates in the Billions The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

Woman trapped in New York City elevator rescued after three days

first_imgJeffrey Greenberg/UIG via Getty Images(NEW YORK) — A woman was rescued Monday morning after spending three nights trapped inside a New York City elevator, according to the New York Fire Department.The woman, a cleaning employee, became stuck between the second and third floors while working in a private townhouse on Manhattan’s Upper East Side on Friday.Firefighters forced open the elevator’s doors just after 10 a.m. Monday and the woman was taken to a hospital, the FDNY said. Copyright © 2019, ABC Radio. All rights reserved.last_img