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Economy

Hurricane Damage May Hit 76,000 Homes

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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Hurricane Damage May Hit 76,000 Homes

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As Tropical Storm Nate moves ashore on the Gulf Coast, possibly as a hurricane, tens of thousands of homes are at risk for severe damage. The total amount of the damage could rise as high $16 billion in reconstruction costs for as many as 76,000 homes. This will raise the huge count from hurricanes Harvey and Irma, which have already caused tens upon tens of billions in damages.

According to real estate research firm CoreLogic:

The 2017 hurricane season continues to remain in full swing, and Tropical Storm Nate is the latest storm that the country is monitoring, as it is projected to reach hurricane strength over the weekend. The current hurricane warning for Nate extends from New Orleans to Lake Pontchartrain and Grand Island, Louisiana. The storm is expected to make landfall close to midnight on Saturday, east of New Orleans, which was devastated 12 years ago by Hurricane Katrina.

CoreLogic analysis shows that more than 76K U.S. homes are at risk of storm surge damage in Louisiana, Mississippi, Alabama and Florida, with an estimated $16B in total reconstruction cost value.

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A quarter of this damage would most likely be in the Houma-Thibodaux, Louisiana, metro area, and with a total as high as $5.9 billion and 30,000 homes. The next highest total is likely to be in the New Orleans-Metairie, Louisiana, with $4.6 billion in damage to as many as 20,000 homes. The figures are based on a strike by a Category 1 hurricane.

[nativounit]

Corelogic

Hurricane season is not over. Climate experts put the season’s end as November 30, which means another seven weeks.

The new CoreLogic damage estimate may not be the last one it issues this year.

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Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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