The storm is expected to make landfall on October 10, threatening more than 84,241 homes located on the Gulf Coast in Florida.
CoreLogic's early analysis says that the storm's estimated reconstruction cost will be about $13.4 billion, though their study evaluates the storm at a Category 3 level, while more current data puts the storm at Category 4 strength, heightening the severity of the threat to life and property in the area. HousingWire reports that the storm may be the strongest landfall in the Florida panhandle since 2005. Currently, 120,000 people have been evacuated. "If you are in an evacuation order, leave. Don't wait," says Governor Rick Scott, "If you are on the fence, don't think about it. Do it. This storm can kill you."
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 affected 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.
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