The expected storm surge from Hurricane Sandy could result in loss of life and billions in property damages, not to mention delay thousands of mortgage loan approvals and home sales.
With the recent exception of Hurricane Katrina, natural disasters and man-made catastrophes tend to have only limited long-term impacts on housing sales, housing markets, and the real estate industry. Earthquakes that hit California in 1989 and 1994 were also setbacks for housing markets, under different circumstances explored below.
In a report issued Saturday, real estate data aggregator CoreLogic estimated that nearly 284,000 total residential properties valued at almost $88 billion are at risk if Hurricane Sandy hits the East Coast as a Category 1 hurricane.
Core Logic showing the top 25 zip codes in New York City, Northern New Jersey and Long Island markets. Massapequa, located on the South Shore of Long Island, holds the top spot with more than $4.6 billion in total structure value at risk.
Core Logic showing the top 25 zip codes in New York City, Northern New Jersey and Long Island markets. Massapequa, located on the South Shore of Long Island, holds the top spot with more than $4.6 billion in total structure value at risk.
After Hurricane Katrina killed an estimated 1,836 people in the Gulf Coast region, destroying or damaging hundreds of thousands of homes and displacing an estimated 750,000 households, it took years for many housing markets in the region to recover.
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