As forecasters become more certain about where Hurricane Sandy will reach shore, one research firm has increased its estimates of potential damage to up to 284,000 homes with an aggregate value of $88 billion.
CoreLogic's latest report:
The data shows nearly 284,000 total residential properties valued at almost $88 billion at risk for potential storm-surge damage among the coastal Mid-Atlantic states, assuming the storm hits the coast as a Category 1 hurricane. Within that region, more than 238,000 total properties valued at nearly $75 billion stand at risk in eight major metro areas from Virginia to New England.
The greatest financial exposure it to residences within the state of New York where value of potential properties which could be potentially damaged is just above $35 billion. Next comes New Jersey at $22 million.
The greatest metro area risk in the New York City-Northern New Jersey-Long Island, NY-NJ-PA MSA with the CoreLogic estimate at over $48 billion.
For more information on CoreLogic storm-surge methodology, data and analysis, download a copy of the more in-depth 2012 CoreLogic Storm Surge report click here.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Economy Tagged: featured