Builders say the main issue in Houston’s recovery will be the lack of labor to build and rebuild homes
FEMA director Brock Long said that the recovery from Hurricane Harvey, which hit Houston last weekend, will be among the largest in U.S. history.
CNBC’s Diana Olick did a video report outlining the state of the housing industry in the aftermath of the storm.
- For Lennar, a major home builder in the Houston area, most properties are unaffected, but the key challenge will be the lack of labor to build and rebuild homes. Taylor Morrison and Tri Pointe also have stakes in the region
- Houston is set to receive HUD disaster funds. The city received $87 million in HUD disaster funding after floods suffered two years ago, and the unused $66 million may help with the current situation.
- Camden Properties, a Houston-based firm, said that all of its properties are still operational. It may be able to assist with temporary housing.
- Manufactured homes and trailers are being thought of as a last resort for temporary housing, so do not expect to see them.
- Mortgage lenders are waiving payments for 90 days, but obviously homes will not be worth as much as they were before floods. In Katrina, homeowners walked away from damaged properties, but Houston homeowners have more equity in their homes.