Hurricane Harvey pummeled the Gulf Coast over the weekend, causing extensive flooding in the Houston area. According to CoreLogic, around 233,000 homes in Texas are at risk of storm damage.
Realtor.com reports that the total cost of the storm’s damage to Texas homes could approach $40 billion. Two-thirds of the homes in the Houston metro area, along with 57 percent of properties in Bay City, 55 percent in Beaumont, and 35 percent in both Corpus Christi and Victoria, are considered to be at moderate to high risk of flooding. Worse yet, the vast majority of homeowners in the region do not have a form of flood insurance.
If the aftermath of Harvey is anything like the aftermath of Katrina, many homeowners may walk away from their properties at a loss. ... Others will sell at a loss.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development