After 52 inches of rain fell on Houston during Hurricane Harvey late last month, residents have to make the choice of whether to repair or demolish their flooded homes.
According to U.S. News & World Report, homeowners will face difficulties with selling their homes, as buyers aren’t too motivated to purchase damaged properties, especially ones that could flood again if and when another hurricane hits.
Rebuilding will be an issue too, as many homes are still flooded. The region is expected to face a shortage of both labor and material in the coming months. Sheetrock, for example, will be hard to come by.
Advertisement
Related Stories
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady