Fannie: Economy Likely to 'Spring Forward'

DAILY REAL ESTATE NEWS | TUESDAY, APRIL 21, 2015

Economic activity weakened in the first quarter of the year, mostly attributed to bad weather conditions across the Northeast and West Coast port disruptions. But the economy will likely gain momentum throughout the spring, which is expected to give a lift to the ongoing housing recovery, according to Fannie Mae’s Economic & Strategic Research Group.

Eye on the Economy

Fed Sets the Stage for Rate Hikes

Top Employment States and Metros

Responding to Buyers: 'What If We Had Another Recession?'

"We have downsized our first-quarter economic growth expectations in light of several transitory factors that weighed on consumption," says Doug Duncan, Fannie Mae's chief economist. "Although some momentum was lost in the first quarter as consumers remained cautious in their spending, perhaps putting an emphasis on repairing their personal balance sheets and replenishing savings, we expect that consumer spending will catch up during the second quarter and continue in subsequent months, supporting our forecast of 2.8 percent growth for the year. We believe this momentum will carry over into the housing market, as well, particularly if strong consumer income growth continues."

However, Fannie Mae economists caution that there could be some volatility, particularly with consumer spending and the financial markets, leading up to the Federal Reserve’s first expected rate hike in the coming months. 

Source: "Q1 Economic Growth Measures Downsized, But Expected to Spring Forward," Fannie Mae (April 20, 2015)

http://realtormag.realtor.org/daily-news/2015/04/21/fannie-economy-likely-spring-forward

www.KallhoffTeam.com

Price Jumps Are Leading to More House Flips

DAILY REAL ESTATE NEWS | TUESDAY, APRIL 21, 2015

More investors are flipping properties again, a trend that started last year and is building momentum across the country, according to Auction.com's First Quarter 2015 Real Estate Investor Activity Report.

Read more: Where the House Flippers Are: 10 Markets

Investors lately are showing more interest in purchasing a home to flip than renting it out. In fact there was a 6.5 percent quarter-over-quarter increase in favor of flipping in the first quarter of 2015.

"It seems clear that the unusually low inventory of homes for sale has led to higher home prices, which makes it challenging for investors to rent homes out at a rate that’s profitable, and still affordable for tenants," says Rick Sharga, Auction.com's executive vice president. "So in states like California, Washington, Nevada, and Arizona a large number of investors have decided that the best opportunity today is to meet the demand of prospective home owners by buying, fixing, and re-selling investment properties."

Survey respondents indicated a preference toward flipping over a rent-to-hold strategy in every state Auction.com conducts live auction events. The West and Midwest had the largest margins of investors favoring flipping over renting. The five states that had some of the largest numbers of investors in favor of flipping over renting were Nevada, California, Washington, Idaho, and North Carolina.

However, the preference depends on investor profile, Auction.com’s survey found. Survey respondents who said they were making a one-time purchase still tended to prefer a hold-to-rent strategy. On the other hand, survey respondents who identified themselves as full-time “real estate investors” and those who work on behalf of another investor showed a preference toward flipping.

Source: Auction.com

http://realtormag.realtor.org/daily-news/2015/04/21/price-jumps-are-leading-more-house-flips

www.KallhoffTeam.com

Mortgage Rates Hover Near 2015 Lows

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 17, 2015

Fixed-rate mortgages were mostly unchanged this week, remaining near the lowest averages of the year, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reports the following national averages with mortgage rates for the week ending April 16:

• 30-year fixed-rate mortgages: averaged 3.67 percent, with an average 0.7 point, rising slightly from last week's 3.66 percent average. Last year at this time, 30-year rates averaged 4.27 percent.
• 15-year fixed-rate mortgages: averaged 2.94 percent, with an average 0.5 point, rising from last week's 2.93 percent average. A year ago, 15-year rates averaged 3.33 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.88 percent this week, with an average 0.5 point, rising from last week's 2.83 percent average. Last year at this time, 5-year ARMs averaged 3.03 percent.
• 1-year ARMs: averaged 2.46 percent this week, with an average 0.4 point, holding the same average as last week. A year ago, 1-year ARMs averaged 2.44 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2015/04/17/mortgage-rates-hover-near-2015-lows

www.KallhoffTeam.com

Home Owners, Appraisers Align on Price

DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 18, 2015

Appraisers’ opinions of home values are mostly falling in line with home owners’ estimates, according to the latest reading of Quicken Loans' Home Price Perception Index. Indeed, appraisers’ opinions of home values were only 0.18 percent higher than home owners – the closest the two opinions have been since September 2013. The previous month, the difference between appraiser and home owners’ price opinions was 1.43 percent.

While the value perception is closing, home values have also been on the rise. The national median single-family home price at $208,700 in the fourth quarter, up 6 percent year-over-year, according to the National Association of REALTORS®. 

Quicken Loans, the nation’s second largest retail mortgage lender, uses its index to evaluate perceptions of the housing market. Appraisers in more than 74 percent of the metro areas the company examined continued to have higher opinions of home values than the home owners – which means that many may have more equity in their home than they realize.

“Interest rates have dropped and we have seen more and more Americans refinance their mortgage,” says Bob Walters, chief economist for Quicken Loans. “These consumers have been watching their local housing market and realizing their home’s true value more accurately than any time in the last year and a half. This is encouraging, but I urge home owners to continue to watch the ebbs and flows of the market, especially in their neighborhood, so they understand the direction of home values in their community when it comes time to sell.”

Source: “Quicken Loans Study Shows Appraiser and Homeowner  Opinions in January Nearly Equal,” Quicken Loans Press Room (Feb. 10, 2015)

http://realtormag.realtor.org/daily-news/2015/02/18/home-owners-appraisers-align-price

www.RebeccaSellsAZ.com

Pending Home Sales Up, But Credit an Issue

DAILY REAL ESTATE NEWS | TUESDAY, OCTOBER 28, 2014

Pending home sales inched up slightly in September, and for the first time in 11 months, they were above year-ago levels, according to the National Association of REALTORS®' Pending Home Sales Index. However, tight credit conditions continue to be a barrier for many borrowers, NAR notes.

The Pending Home Sales Index rose 0.3 percent in September to 105. That's 1 percent above the September 2013 reading and the second-highest level since that time.

Opening the Credit Box

• QRM Rule Opens More Doors for Consumers
• Fannie, Freddie to Loosen Up on Lending
• Learn More About the Qualified Mortgage Rule

But sales are being held back because of potential buyers who are still unable to qualify for a mortgage. About 15 percent of REALTORS® in September indicated that the main reason for not closing on a deal was because their clients could not obtain financing.

Lawrence Yun, NAR's chief economist, says the final qualified residential mortgage rule will likely improve access to credit next year.

"The rule provides clarity for lenders and is a win for creditworthy consumers by ensuring they continue to have access to safe and affordable loan products without overly burdensome down payment requirements," Yun says.

Also, low mortgage rates, moderating price growth, and sustained inventory levels should help more buyers enter the market, Yun says.

"Housing supply for existing homes was up in September by 6 percent from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year," Yun notes.

In September, the Pending Home Sales Index rose in the South and Northeast but decreased in the Midwest and West.

Pending home sales were up by the highest percentage in the South — 1.4 percent month-over-month to a reading of 118.5. That was 1.7 percent above September 2013. Pending home sales also rose in the Northeast by 1.2 percent to 87.5 and are 2.9 percent above year-ago levels.

Meanwhile, pending home sales fell 1.2 percent in the Midwest to 101.2 in September and are now 4 percent below year-over-year levels for that region. Pending sales also fell in the West, dropping 0.8 percent last month to 101.3 but are still 3.6 percent above a year ago.

Source: National Association of REALTORS®

http://realtormag.realtor.org/daily-news/2014/10/28/pending-home-sales-up-credit-issue

www.RebeccaSellsAZ.com

Rates Haven’t Been This Low Since 2013

DAILY REAL ESTATE NEWS | FRIDAY, OCTOBER 24, 2014

The 30-year fixed-rate mortgage took another dip this week, staying below the 4 percent threshold and keeping borrowing costs at the lowest rate in more than a year. It marks the fifth consecutive week that mortgage rates decreased.

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 23:

• 30-year fixed-rate mortgages: averaged 3.92 percent, with an average 0.5 point, reaching a new low for the year and dropping from last week’s 3.97 percent. Last year at this time, 30-year rates averaged 4.13 percent.
• 15-year fixed-rate mortgages: averaged 3.08 percent, with an average 0.5 point, dropping from last week’s 3.18 percent average. A year ago, 15-year rates averaged 3.24 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.91 percent, with an average 0.5 point, dropping from last week’s 2.92 percent average. Last year at this time, 5-year ARMs averaged 3 percent.
• 1-year ARMs: averaged 2.41 percent, with an average 0.4 point, rising from last week’s 2.38 percent average. A year ago, 1-year ARMs averaged 2.60 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2014/10/24/rates-haven-t-been-low-2013

www.RebeccaSellsAZ.com

Markets Still Plagued by Inventory Crunch

DAILY REAL ESTATE NEWS | TUESDAY, OCTOBER 21, 2014

The number of homes for sale is still low in many markets: Supply nationwide in September was at five and a half months; most economists consider a normal level to be six to seven months. The supply of new homes was even lower, at nearly five months, according to realtor.com®'s September National Housing Trend Report.

Inventories Show Signs of Improvements

• Strengthening Job Market, Rising Inventories Lift Home Sales
• The Real Reason for an Inventory Shortage?
• Shadow Inventories Are Quickly Vanishing, Report Says

"To truly relieve the inventory shortage on a sustained basis, new-home construction needs to rise by at least 50 percent from the current levels," says Lawrence Yun, chief economist for the National Association of REALTORS®. 

The following markets have posted some of the biggest drops in listings year-over-year:

• Las Vegas: -37.9%
• San Jose, Calif.: -36.2%
• Columbus, Ohio: -29%
• Cincinnati: -26.5%
• Houston: -25.2%
• Washington, D.C.: -25%
• San Francisco: -23.4%
• Chicago: -22.8%

Meanwhile, in some markets, home buyers have found more choices in the past year. These markets have seen the biggest growth in inventory levels year-over-year:

• Honolulu: +27.5%
• Orlando, Fla.: +25.8%
• Miami: +22%
• Charleston, W.Va.: +20.1%

Nationwide, the median age of inventory fell slightly year-over-year in September due to the reduced number of homes on the market, according to realtor.com®. Homes spent about 90 days on the market in September, three days less than a year ago.

Also, median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year. The median list price in September was $214,900 nationwide.

Source: realtor.com®'s September National Housing Trend Report

http://realtormag.realtor.org/daily-news/2014/10/21/markets-still-plagued-inventory-crunch

www.RebeccaSellsAZ.com

Landscaping Boosts Home Values Up to 12%

DAILY REAL ESTATE NEWS | TUESDAY, OCTOBER 14, 2014

You might want to take a closer look at your listing's curb appeal: Upgrading a home's landscape from average to excellent can raise its overall value by 10 percent to 12 percent, according toresearch from Virginia Tech.

Up Your Curb Appeal

• 6 Landscaping Tricks That Wow Buyers
• Landscaping That Sells
• Wintertime Tips to Keep Landscaping Safe

Researcher Alex X. Niemiera with the Department of Horticulture at Virginia Tech found that a $150,000 home with no landscaping could fetch an additional $8,300 to $19,000 by adding a landscape with color and large plants.

The value of landscaping differed greatly from state to state. For example, the change in value from a home with no landscape to well-landscaped ranged from 5.5 percent in Louisiana to 11.4 percent in South Carolina. Michigan homes saw the biggest difference in landscaping appeal, with a home's value being increased by 12.7 percent.

"The most preferred landscape included a sophisticated design with large deciduous, evergreen, and annual color plants and colored hardscape," according to Niemiera. Adding different plant sizes to a front yard, for example, can boost curb appeal, as well as mixing fruit trees and flowers for added color.

The following landscape elements were found to be most important to survey respondents:

• Design sophistication
• Plant size
• Diversity of plant material type

"Survey results showed that relatively large landscape expenditures significantly increase perceived home value and will result in a higher selling price than homes with a minimal landscape," Niemiera writes in the paper. "Design sophistication and plant size were the landscape factors that most affected value. The resulting increase in 'curb appeal' of the property may also help differentiate a home in a subdivision where house styles are similar and thereby attract potential buyers into a home. This advantage is especially important in a competitive housing market."

Source: “Does Landscaping Increase Your Homes Value?” Realty Times (Oct. 13, 2014)

http://realtormag.realtor.org/daily-news/2014/10/14/landscaping-boosts-home-values-up-12

www.RebeccaSellsAZ.com

Another Dip in Home Affordability, But...

DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 16, 2014

Housing affordability nationwide creeped lower once again, as home prices continue to outpace incomes, according to the National Association of REALTORS®' Monthly Housing Affordability Index. Nevertheless, price gains are slowing and mortgage rates are hovering near yearly lows, which is helping to keep homes more affordable to the average family.

A Growing Problem

• Most States Face Long-Term Affordability Crisis
• Brown, Castro Discuss Housing Affordability and Access
• Spring Sees Dive in Housing Affordability

The median single-family home price in July was $223,900, rising 5.1 percent year-over-year.

Affordability in July fell from the previous month in all regions, excluding the Midwest. NAR researchers note that the Midwest was the only region to experience a slight gain in affordability because of lower home prices and qualifying incomes.

However, affordability has fallen from year-ago levels in all regions, with the West seeing the largest decline — 4.6 percent.

"The rise in mortgage rates was modest this month, so purchases at this time are still favorable when you compare the locked-in monthly payment of a mortgage to the rise in rents," according to NAR's affordability analysis. "New-home construction and an increase in inventory during a time of low rates could lead to more manageable price growth and more sales."

Source: “The Latest Housing Affordability Index Data,” National Association of REALTORS® Economists’ Outlook Blog (Sept. 15, 2014)

http://realtormag.realtor.org/daily-news/2014/09/16/another-dip-in-home-affordability

www.RebeccaSellsAZ.com

More Households Optimistic About Home Prices, Finances

DAILY REAL ESTATE NEWS | THURSDAY, AUGUST 28, 2014

The majority of households believe home prices will rise within the next 12 months, according to the Federal Reserve’s newly released Report on the Economic Well-Being of U.S. Households. The survey is based on more than 4,000 American responses from 2013 about their household finances, including housing.

Public Perceptions:

• Survey: 70% Say Housing Crisis Isn't Over
• Young Renters Say They Want to Own, But ...
• Consumers More Optimistic About Home Values

“The outlook for the housing market among home owners appeared generally positive, as many home owners expected house prices in their neighborhoods to increase,” the report notes.

Twenty-six percent of home owner respondents say they expect an increase in their home value by 5 percent or less, and 14 percent expect an increase in values of greater than 5 percent. Less than 10 percent of home owners expect home prices in their neighborhoods to decline over the 12 months, according to the survey.

Many home owners are still banking on home prices. After all, 46 percent of households believe the value of their home is lower than the value in 2008, according to the report. On the other hand, 27 percent of households felt their home’s value is higher than in 2008; 20 percent say their home’s value is likely about the same; and 7 percent say they weren’t sure.

Overall, the survey found that while many households are faring well financially, a great deal are still showing signs of financial stress. More than 60 percent of respondents said that their families were either “doing OK” or “living comfortably” financially, while one-fourth of respondents said they were “just getting by” financially and 13 percent said they were struggling. The Great Recession is still being felt by many: 34 percent reported they were somewhat worse off or much worse off financially than they had been five years earlier in 2008.

Many renters expressed an interest in home ownership, but said they are facing several barriers, such as saving for a down payment and the inability to qualify for a mortgage.

For example, 49 percent of renters in the 18-to-29 age group say the biggest reason why they rent rather than own a home is because they cannot afford the down payment; it was the age group that was most likely to report down payment woes. Meanwhile, 45 to 59 year old renters were the largest share of renters to say they could not qualify for a mortgage and that’s why they are renting. 

Source: Federal Reserve

http://realtormag.realtor.org/daily-news/2014/08/28/more-households-optimistic-about-home-prices-finances

www.RebeccaSellsAZ.com

Commercial Sectors Surge on Improved Economy

DAILY REAL ESTATE NEWS | WEDNESDAY, AUGUST 27, 2014

After several false starts, the economy is finally gaining ground, and stronger growth is boosting the outlook for all of the major commercial real estate sectors, according to the National Association of REALTORS®’ quarterly commercial real estate forecast.

A Bright Spot for Commercial

• NAR: Commercial Recovery Slow But Steady
• Big Year Predicted for Commercial Success
• Commercial Market Posts Gains Across the Board

“The job market has been the bright spot of the economy this year, as employers are feeling more confident about their growth prospects and adding to their payrolls,” says Lawrence Yun, NAR’s chief economist. “This gradual turnaround from being overly cautious to more optimistic should slightly boost the demand for leasing and purchase activity as well as new-construction projects in the upcoming year. … The economy can handle the inevitable rise in interest rates as long as commercial rents steadily rise to generate investor returns.”

Here’s an overview of the four major commercial real estate sectors from NAR’s latest quarterly Commercial Real Estate outlook.

Office Markets

Vacancy rates for the office market is expected to remain unchanged at 15.7 percent in the third quarter of 2015. Office rents are forecasted to rise 2.6 percent this year and 3.2 percent next year.

Markets with the lowest office vacancy rates (third quarter 2014): Washington, D.C. (9.3%); New York City (9.6%); Little Rock, Ark. (11.5%); San Francisco (12.4%); and New Orleans (12.7%).

Industrial Markets

The industrial vacancy rate is projected to drop from 8.9 percent in the third quarter of this year to 8.5 percent in the third quarter of 2015. Annual rents are expected to rise 2.4 percent this year and 2.8 percent next year.

Markets with lowest industrial vacancy rates: Orange County, Calif. (3.5%); Los Angeles (3.8%); Seattle (5.9%); Miami (6.1%); and Palm Beach, Fla. (6.6%). 

Retail Markets

The retail vacancy rate is forecasted to fall from 9.8 percent currently to 9.6 percent in the third quarter of 2015. Retail rents are projected to increase 2 percent this year and another 2.4 percent next year.

Markets with the lowest retail vacancy rates: San Francisco (3.5%); Fairfield County, Conn. (3.9%); San Jose, Calif. (4.6%); Long Island, N.Y. (5.2%); and Orange County, Calif. (5.3%).

Multifamily Markets

The apartment rental market is expected to see vacancy rates decline from 4.1 percent today to 4 percent in the third quarter of 2015. (Vacancy rates below 5 percent are considered a landlord’s market, and the high demand often justifies the higher rents.) Average apartment rents are forecasted to increase 4 percent this year as well as in 2015.

“New construction for multifamily housing has picked up in recent months and looks to be alleviating the short supply,” says Yun. “However, the demand for rental housing continues to show strength. As a result, rent growth will outpace broad consumer inflation in upcoming years.”

Markets with lowest multifamily vacancy rates: Orange County, Calif. (2.2%); Providence, R.I. (2.2%); Sacramento, Calif. (2.2%); New Haven, Conn. (2.5%); and Hartford, Conn. (2.5%). 

Source: National Association of REALTORS®

http://realtormag.realtor.org/daily-news/2014/08/27/commercial-sectors-surge-improved-economy

www.RebeccaSellsAZ.com

Mortgage Rates Hover Near Yearly Lows

DAILY REAL ESTATE NEWS | FRIDAY, JULY 25, 2014

Fixed-rate mortgages remained mostly unchanged this week, with borrowing costs just slightly above their lows for 2014, Freddie Mac reports in its weekly mortgage market survey.

Are low interest rates spooking your potential move-up buyers? Read this:Understanding and Combatting the Rate Lock-in Threat

Freddie Mac reports the following national averages with mortgage rates for the week ending July 24:

• 30-year fixed-rate mortgages: averaged 4.13 percent, with an average 0.6 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.31 percent.
• 15-year fixed-rate mortgages: averaged 3.26 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. A year ago, 15-year rates averaged 3.39 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 2.99 percent, with an average 0.5 point, rising from last week’s 2.97 percent average. Last year at this time, 5-year ARMs averaged 3.16 percent.
• 1-year ARMs: averaged 2.39 percent, with an average 0.4 point, unchanged from last week. A year ago, 1-year ARMs averaged 2.65 percent.

Source: Freddie Mac

http://realtormag.realtor.org/daily-news/2014/07/25/mortgage-rates-hover-near-yearly-lows

www.RebeccaSellsAZ.com

JPMorgan Threatens to Stop FHA Loans

DAILY REAL ESTATE NEWS | TUESDAY, JULY 22, 2014

JPMorgan Chase & Co., one of the nation's largest mortgage lenders, is threatening to stop originating mortgages insured by the Federal Housing Administration.

JPMorgan, the second-largest securitizer of FHA loans, recently paid more than $600 million in federal fines for originating $200 million in flawed FHA loans that were later found out not to meet underwriting requirements. The bank's CEO, Jamie Dimon, is asking FHA to issue clearer rules of when the government will hand down such penalties. Without such rules in place, Dimon said JPMorgan would consider getting out of the FHA mortgage originating business altogether.

Lobbying for FHA

• FHA and NAR: Partners for 80 Years
• REALTORS® Discuss FHA's Future at White House Event
• Brown: FHA's Insurance Premiums Sidelining Buyers

"The real question to me is, should we be in the FHA business at all?" Dimon said during a conference call last week. "And we're still struggling with that."

JPMorgan is already greatly reducing its FHA lending and its purchases of FHA mortgages for securities, according to Inside Mortgage Finance data.

"There should be a commercial resolution of this dispute, where you don't have triple damages if something goes wrong," Dimon said during last week's call. He urged the FHA to come up with "some real bright lines that make it easy for us to try to do what the government wants us to do."

Some housing analysts are skeptical that Dimon's threat will stick, since banks are usually under pressure to issue FHA mortgages to help meet federal laws requiring them to serve minority and low-income borrowers, Bloomberg reports.

"My guess is that it's probably gotten people's attention that he signaled that maybe he's had enough," Brian Montgomery, former FHA commissioner and vice chairman of the Collingwood Group in Washington, told Bloomberg. "I suspect that every one of his competitors feels the same."

Many mortgages originated during the housing bubble turned sour, and the Department of Justice has been issuing penalties to banks who approved loans for borrowers with missing or falsified documents of their incomes and other qualifications. The high number of loan defaults prompted the FHA to take out a $1.7 billion taxpayer bailout, its first ever in its 80-year history.

But lenders argue the penalties have been excessive and inconsistent. So far, banks have settled about $4 billion in claims with the federal government over FHA and other government-insured loans, Montgomery estimates.

"There are egregious violations, and there are minor technical foot faults, and both of those can cause a triple-damage claim by the DOJ," says David H. Stevens, president of the Mortgage Bankers Association. He also served as FHA commissioner from 2009 to 2011. "Without getting that balance back into play, we're going to be continuing to face an overly tight credit market."

Source: “Dimon's Threat to Quit FHA Seen as Pressure Move on Rules,” Bloomberg (July 21, 2014)

http://realtormag.realtor.org/daily-news/2014/07/22/jpmorgan-threatens-stop-fha-loans

www.rebeccasellsaz.com

Report: Hurricanes Could Put 6.5 Million U.S. Homes at Risk

DAILY REAL ESTATE NEWS | FRIDAY, JULY 11, 2014

More than 6.5 million homes along the U.S. Atlantic and Gulf coasts could be at risk of a storm surge from a hurricane, which could amount to nearly $1.5 trillion in potential reconstruction costs, according to the 2014 storm surge analysis conducted by CoreLogic. The analysis estimates the number and reconstruction value of single-family homes that could be exposed to a potential hurricane-driven storm surge.

When natural disaster strikes:

• After the Storm
• Will You Be Ready?
• CoreLogic: 1.2M Homes at Risk for Wildfires in West

“This exposure could constitute significant risk for home owners and financial services companies, as many at-risk homes lack protection from insurance coverage,” CoreLogic’s report notes.

Florida has the highest number of homes at risk of storm surge damage, with nearly 2.5 million homes potentially in harms way, representing $490 billion in potential damages, according to the report. At the metro level, the New York metro area, which includes northern New Jersey and Long Island, contained the highest number of homes at risk for potential storm surge damage – 687,412 – as well as the highest reconstruction value at more than $251 billion.

The reconstruction value of homes exposed to storm surge damage was found to be much greater in the Atlantic region than the Gulf. The total reconstruction cost value of homes along the Atlantic coast is nearly $951 billion – nearly double the value of properties at-risk in the Gulf Region, at slightly over $545 billion, according to the report.

The CoreLogic analysis includes single-family homes, mobile homes, duplexes, manufactured homes and cabins. View the full report at CoreLogic. 

Source: CoreLogic

http://realtormag.realtor.org/daily-news/2014/07/11/report-hurricanes-could-put-65-million-us-homes-risk

www.RebeccaSellsAZ.com

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