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Sandy’s surge seen causing $67 billion in damage

By STEVE COOK, Real Estate Economy Watch   |   Oct. 29, 2012 at 5:11 PM   |   Comments

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“Based on current forecasts, Sandy is likely to make landfall along the northeastern Atlantic coast early Monday,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions.

“Though it is still early and the projected path is constantly changing, Sandy could pose an enormous threat to major metropolitan areas in the Northeast, like New York City and Long Island, Atlantic City and Baltimore.”

Total number and total value of residential properties by coastal Mid-Atlantic state are:

State Number of Properties at Risk Value of Properties at Risk

New York 81,078 $35,128,036,406

New Jersey 75,314 $22,601,229,263

Delaware 8,894 $2,069,493,600

Maryland 30,131 $8,983,837,253

Virginia 66,544 $11,311,646,410

The number of residential properties in each metro area and their respective potential exposure to damage are as follows:

Metro Area Number of Properties at Risk Value of Properties at Risk

New York City-Northern New Jersey-Long Island, NY-NJ-PA 119,312 $48,064,953,474

Atlantic City-Hammonton, NJ 20,283 $4,807,676,476

Washington-Arlington-Alexandra, DC-VA 2,207 $734,901,116

Baltimore-Towson, MD 10,010 $3,508,329,420

Virginia Beach-Norfolk-Newport News, VA-NC 59,042 $10,029,968,947

Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm, releasing a powerful rush over land when the hurricane moves on shore. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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