$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas – Stillness in the Storm

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Major Disaster Declaration declared on August 25, 2017. Subscribe to our email list to receive timely Texas Hurricane Harvey recovery.

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$700B unpaid mortgage balances in Harvey and irma disaster areas. Putting the Harvey damange in context, after Hurricane Katrina mortgage delinquencies in Louisiana and Mississippi disaster areas spiked by 25%. The same could happen in Houston, as borrowers without flood insurance weigh their options and decide to walk away from the property.

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In comparison, Harvey-related disaster areas held 1.18 million properties – more than twice as many as with Hurricane Katrina in 2005 – with a combined unpaid principal balance of $179 billion. Irma-related disaster areas now contain nearly seven times as many mortgaged properties as those connected to Katrina, with more than 11 times the.

In dollar terms, this means that there is some $517 billion in unpaid principal balances in Irma-related disaster areas, nearly three times the amount as in those related to Harvey and more than 11 times of those connected to Katrina.

Hurricanes Harvey, Irma and Maria combined with devastating Western. The disasters caused $306 billion in total damage in 2017, with 16 separate. and the surrounding area in August and September, caused $125 billion in damage, The storms also caused 251 combined deaths, the report found.

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Hurricane Irma Lessons Learned – One Year Later (FL) On September 10th, 2017 Hurricane Irma struck Florida and caused damage that is still being addressed. What lessons did your community learn? Were you prepared before the storm with adequate hurricane protection on your property and emergency procedures and requirements already in place?