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2014 CoreLogic Storm Surge Analysis Identifies More Than 6.5 Million US Homes with Total Reconstruction Value of Nearly 1.5 Trillion Dollars at Risk of Hurricane Storm Surge Damage

July 14, 2014 Comments off

2014 CoreLogic Storm Surge Analysis Identifies More Than 6.5 Million US Homes with Total Reconstruction Value of Nearly 1.5 Trillion Dollars at Risk of Hurricane Storm Surge Damage
Source: CoreLogic

CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its 2014 storm surge analysis featuring estimates on both the number and reconstruction value of single-family homes exposed to hurricane-driven storm surge risk within the United States. According to the findings, more than 6.5 million homes along the U.S. Atlantic and Gulf coasts are at risk of storm surge inundation, representing nearly $1.5 trillion in total potential reconstruction costs. More than $986 billion of that risk is concentrated within 15 major metro areas. This exposure could constitute significant risk for homeowners and financial services companies, as many at-risk homes lack protection from insurance coverage.

The analysis examined homes along the coastlines of 19 states and the District of Columbia in the Gulf and Atlantic regions, extending as far west as Texas and as far north as Maine. Florida ranks number one for the highest number of homes at risk of storm surge damage, with nearly 2.5 million homes at various risk levels and $490 billion in total potential exposure to damage. At the local level, the New York metropolitan area, which encompasses northern New Jersey and Long Island as well, contains not only the highest number of homes at risk for potential storm surge damage (687,412), but also the highest total reconstruction value of homes exposed, at more than $251 billion.

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2013 CoreLogic Storm Surge Report Estimates 4.2 Million U.S. Homes Valued at an Estimated $1.1 Trillion at Risk of Hurricane Storm-Surge Damage

June 7, 2013 Comments off

2013 CoreLogic Storm Surge Report Estimates 4.2 Million U.S. Homes Valued at an Estimated $1.1 Trillion at Risk of Hurricane Storm-Surge Damage

Source: CoreLogic

CoreLogic®, a leading residential property information, analytics and business services provider, today released its 2013 CoreLogic Storm Surge Report featuring updated estimations on both the number and value of single-family homes exposed to hurricane-driven storm-surge damage within the United States. According to this year’s analysis, more than 4.2 million homes along the U.S. Atlantic and Gulf coasts are located within storm-surge risk zones, totaling more than $1.1 trillion in property exposure.

The CoreLogic Storm Surge Report, issued annually, provides a breakdown of residential property risk along the Atlantic and Gulf coasts at five key geographic levels – national, regional, state, metro and ZIP code. The 2013 findings reflect a significant increase in both the number of total properties at risk, as well as total value. This year’s report features an enhanced methodology using CoreLogic Automated Valuation Model (AVM) data that improves the accuracy of the analysis. New this year, the report also provides an estimation of the potential increase in risk based on theoretical future rises in sea level.

Free registration required to access full report.

Corelogic (R) Reports 1.4 million borrowers returned to “positive equity” Year to date through the end of th e third quarter 2012

January 31, 2013 Comments off

CoreLogic ® Reports 1.4 million borrowers returned to “positive equity” Year to date through the end of the third quarter 2012 (PDF)

Source: CoreLogic

CoreLogic, a leading provider of information, analytics and business services, today released new analysis showing approximately 100,000 more borrowers reached a state of positive equity during the third quarter of 2012, adding to the more than 1.3 million borrowers that moved into positive equity through the second quarter of 2012. This brings the total number of borrowers who moved from negative equity to positive equity September YTD to 1.4 million. 10.7 million, or 22 percent, of all residential properties with a mortgage were in negative equity at the end of the third quarter of 2012. This is down from 10.8 million properties, or 22.3 percent, at the end of the second quarter of 2012. An additional 2.3 million borrowers had less than 5 percent equity in their home, referred to as near-negative equity, at the end of the third quarter.

Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in value, an increase in mortgage debt or a combination of both.

Together, negative equity and near-negative equity mortgages accounted for 26.8 percent of all residential properties with a mortgage nationwide in the third quarter of 2012, down from 27 percent at the end of the second quarter in 2012. Nationally, negative equity decreased from $689 billion at the end of the second quarter in 2012 to $658 billion at the end of the third quarter, a decrease of $31 billion. This decrease was driven in large part by an improvement in house price levels.This dollar amount represents the total value of all homes currently underwater nationally.

2012 CoreLogic Storm Surge Report Reveals More Than Four Million U.S. Homes at Risk for Hurricane Storm Surge Flooding

August 28, 2012 Comments off

2012 CoreLogic Storm Surge Report Reveals More Than Four Million U.S. Homes at Risk for Hurricane Storm Surge Flooding
Source: CoreLogic

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released its annual Storm Surge Report detailing exposure of single-family homes to storm-surge damage within several predefined geographic areas in the United States. The 2012 CoreLogic Storm Surge Report provides the first-ever property-level analysis of residential property risk along the Atlantic and Gulf Coasts broken down by region and by individual state, in addition to a snapshot of risk within previously reported major metro areas.

This year’s report indicates that just over four million homes in the U.S. along the Atlantic and Gulf Coasts are at risk of hurricane-driven storm-surge damage, with more than $700 billion in total property exposure. In the Atlantic Coast region alone, there are approximately 2.2 million homes at risk, valued at more than $500 billion. Total exposure along the Gulf Coast is nearly $200 billion, with just under 1.8 million homes at risk for potential storm-surge damage.

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