In addition to the
With overall weakened mortgage health and
"If a hurricane causes significant storm surge damage during a time when mortgage delinquencies are already high, this could result in additional losses for homeowners, lenders and insurers — and ultimately, delay economic recovery for impacted communities," Frank Nothaft, chief economist at CoreLogic, said in a press release. "For example, our analysis shows that three months after
The places most at-risk also had some of the
Similarly, New York and Miami led in multifamily properties in storm surge danger. New York has 102,076 multifamily residences worth $48.73 billion and Miami has 35,914 valued at $9 billion. Boston followed with 24,474 multifamily properties at-risk with an estimated $8.97 billion in reconstruction value.
The valuations assume the costs of materials, equipment and labor in the case of total property destruction.
"Storm surge has historically been the deadliest and most destructive hazard we deal with," said Thomas Jeffery, principal of science and analytics at CoreLogic. "Now, with hurricane preparedness and response logistics potentially compounded by the pandemic, it has never been more important to pay attention to storm warnings and prepare for the possibility of hurricanes making landfall this year along the Gulf and Atlantic coasts."