CORPUS CHRISTI, Texas (Realty News Report) – The CoreLogic real estate information firm said an estimated 14,000 Texas homes were at risk of storm surge damage from Hurricane Hanna.
The Category 1 storm made landfall Saturday afternoon about 33 miles south of Corpus Christi.In Nueces County, where the city of Corpus Christi is located some 1,645 houses were in danger of storm surge damage, CoreLogic said.
The storm represented a double whammy of sorts because Corpus Christi has been a Covid-19 hot spot.
“Any hurricane is an enormous challenge,” Gov. Greg Abbott said Saturday. “This challenge is complicated and made even more severe, seeing that it is sweeping through an area that is the most challenged area in the state for COVID-19.”
The combination of the coronavirus and storm disasters will combine for extra financial stress for homeowners who live in communities impacted by hurricanes this year. CoreLogic said.
Natural catastrophes are known to have an impact on mortgage delinquencies. “If a hurricane causes significant storm surge damage during a time when mortgage delinquencies are already high, this could result in additional losses for homeowners, lenders and insurers – and ultimately, delay economic recovery for impacted communities,” said Dr. Frank Nothaft, chief economist at CoreLogic. “For example, our analysis shows that three months after 2018’s Hurricane Florence made landfall, serious delinquency rates had doubled in major metros affected by the storm.”
Weakened to a tropical storm, Hanna moved into northern Mexico on Sunday afternoon. Some parts of South Texas had over eight inches of rain.
July 26, 2020 Realty News Report Copyright 2020
File: Hurricane Hanna Hits Texas . File (2) Hurricane Hanna Hits Texas as 14,000 Homes Face Surge
Image: National Hurricane Center