MortgageReal Estate

Here’s how many homes are currently threatened by Hurricane Michael

The storm has an estimated reconstruction cost value of approximately $13.4 billion

Hurricane Michael is expected to make landfall Wednesday, threatening 57,002 homes along the Florida Gulf Coast.

An early analysis by CoreLogic indicates that the Category 3 storm has an estimated reconstruction cost value of approximately $13.4 billion.

“Hurricane-driven storm surge can cause significant property damage when high winds and low-pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore,” the CoreLogic report explained.

The storm has the potential to be the Florida panhandle’s strongest landfall in the last 13 years, resulting in the mandatory evacuation of 120,000 people, according to the Weather Channel.

"If you are in an evacuation order, leave. Don't wait," Governor Rick Scott said. "If you are on the fence, don't think about it. Do it. This storm can kill you."

Michael is just one of the many storms to terrorize the country in 2018.

Last month, Hurricane Florence threatened nearly 759,000 homes, devastating North Carolina, South Carolina and Virginia.

In these states, top-end property damage has now been estimated at the total of 45 billion, according to CNN.

Fannie Mae borrowers impacted by Florence were eligible to refrain from making mortgage payments up to 12 months, preventing their homes from falling into foreclosure during a financially stressful time.

As of now, Fannie has yet to announce eligibility for Hurricane Michael victims. HousingWire will update if this changes.

The table below shows the total number of properties at risk of storm surge, representing the worst case scenario for each of the cities that could be affected by Michael.  

Hurricane Michael

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please