Real Estate

More than 1,000 homes at risk in Hawaiian volcanic eruption

CoreLogic estimates potential cost of eruption

The Hawaiian volcanic eruption that began Saturday continues to threaten the Big Island as residents prepare for the worst.

Late Thursday, Hawaii's Kilauea volcano erupted, opening fissures as lava came up from the ground, forcing the evacuation of thousands and destroying several homes.

But now, experts continue to warn against the danger of the volcano, urging residents to evacuate, and thousands of homes reside in high-risk areas.

There are about 5,900 homes in the zipcode 96778, the current site of the Kilauea lava eruption, according to data provided exclusively to HousingWire by CoreLogic. And of those homes, 1,029 are considered in high-risk areas, or areas where lava has flowed in the recent past.

CoreLogic explained most of these high-risk homes are in the Hawaiian neighborhood, Leilani. In this neighborhood, the average home value is about $230,000, bringing the aggregate value for all high-risk homes to a full $239 million.

And while Hawaii Gov. David Ige requested President Donald Trump to issue a disaster declaration for the state in order to allow federal funds to help state and local efforts, so far, the White House has remained silent.  

Since Wednesday, no lava has been reported from any of the current 15 vents, however the U.S. Geological Survey’s Hawaiian Volcano Observatory said additional outbreaks of lava are likely.

What’s more, scientists warn that acid raid, falling ash and even new eruptions could still occur at any minute, and will likely provide very little warning.

To see photos of the eruptions earlier this week, click here.

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