In the wake of the recent "bomb cyclone" storm system that hit the Midwest, flooding in Iowa and Nebraska caused roughly $1.3 billion in damage, putting the fate of local housing markets in question for the foreseeable future.
Many of the affected real estate markets were already experiencing supply shortages, and as flooding is expected to continue, experts anticipate that home values will be negatively impacted. Randall Bell, CEO of real estate damage economics advisory firm Landmark Research Group, tells Realtor.com, "It's going to be bad. There's no way to sugarcoat it or understate it." Those seeking to rebuild will have to continue to pay their housing costs in the interim, along with the costs that go along with temporary housing, which typically increases during such events due to skyrocketing demand.
The flooding, caused by a deadly combination of heavy rains and large accumulations of snowmelt overwhelming rivers, will likely continue through May as the weather warms up, meteorologists say. Flood warnings have affected more than 8 million residents in 14 states. The devastation was so extensive that Vice President Mike Pence traveled to Nebraska and Iowa on Tuesday to take stock, along with the governors of those states.
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