Hurricane Delta puts 294K Gulf Coast homes worth $63B at risk

If it touches down as a Category 2 storm on Friday night, Hurricane Delta's surge could potentially devastate 293,685 residential properties totaling about $63 billion in reconstruction cost value across the Gulf Coast, according to CoreLogic.

However, the totals nearly triple to 802,370 homes worth $183.5 billion if the hurricane climbs to a Category 3 by the time it makes landfall and they decline to 91,401 and $19.2 billion as a Category 1.

As of Friday morning, the National Weather Service projected the storm would hit southwestern Louisiana by that evening, moving inland to the Mississippi Valley through Sunday.

"After battering the Yucatán Peninsula near Cancún, Mexico, Hurricane Delta is headed for the Gulf Coast just weeks after Hurricane Laura brought significant wind and storm surge damage to the Texas and Louisiana coastlines," Curtis McDonald, meteorologist and senior product manager of CoreLogic, said in a press release. "Residents in these coastal areas are already trying to recover from their losses and are now faced with a second substantial storm. This season has been relentless, and Louisianans should be prepared for the long recovery road ahead."

CoreLogic's Category 2 estimates show the Houma-Thibodaux, La., metro area accounting for the highest amount of at-risk homes facing surge damage with 64,721 properties valued at about $13.4 billion. New Orleans follows with 54,385 homes and the highest reconstruction costs of just over $13.5 billion. Beaumont-Port Arthur, Texas, comes next with 39,752 units and $6.92 billion in RCV.

Ahead of the storm, Fannie Mae and Freddie Mac released announcements of their disaster relief policies so that impacted borrowers can access mortgage assistance programs and forbearance options. Eligible homeowners can get up to 12 months of payment deferrals without penalty or incurring late fees.