CoreLogic Forecasts Potential Residential Gulf Coast Property Damage From Tropical Storm Isaac – NMP Skip to main content

CoreLogic Forecasts Potential Residential Gulf Coast Property Damage From Tropical Storm Isaac

NationalMortgageProfessional.com
Aug 27, 2012

CoreLogic has released updated data showing potential exposure to residential property damage from storm-surge flooding should Tropical Storm Isaac strike the Gulf Coast as a Category 2 hurricane. "It's clear now that Isaac is heading into the Gulf, and according to recent forecasts, will potentially make landfall as a Category 2 hurricane," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. "Though the forecasted path is still changing, at this point, Isaac seems to be poised to strike the southwest coast of Florida late Sunday as a tropical storm and move on land as a Category 2 hurricane early Wednesday. The current cone of uncertainty puts the coast of Louisiana, Alabama, Mississippi and Florida at risk. Major metro areas that could potentially feel the impact of hurricane-driven storm surge include.; New Orleans, La.; Biloxi, Miss.; Pascagoula, Miss.; Mobile, Ala.; Pensacola, Fla. Panama City, Fla.; and Ft. Walton, Fla., depending on where the storm makes landfall." The data shows 269,081 total residential properties valued at approximately $36 billion in seven major metro areas along the Gulf Coast could be at risk for storm-surge related flooding, assuming the storm hits as a Category 2 hurricane. The number of residential properties in each metro area and their respective potential exposure to damage are as follows: Metro Area Number of Properties at Risk Value of Properties at Risk Biloxi-Gulfport  8,279 $773,903,525 Ft. Walton-Destin-Crestview 3,930 $859,421,147 Mobile 7,121 $703,234,200 New Orleans 222,672 $30,437,136,681 Panama City 7,668 $1,173,131,460 Pascagoula 13,006 $1,164,094,330 Pensacola-Ferry Pass-Brent 6,405 $942,180,625 Hurricane-driven storm-surge flooding can cause significant property damage when high winds, forward movement of the storm and low pressure causes water to amass in front of the storm, pushing a powerful rush over land when the hurricane moves on shore. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
Published
Aug 27, 2012
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