—Reconstruction Cost Values Total Almost $40 Billion—
IRVINE, Calif. — (BUSINESS WIRE) — August 24, 2017 — CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released data analysis which shows that 232,721 homes along the Texas coast with a reconstruction cost value (RCV) of approximately $39.6 billion are at potential risk of hurricane-driven storm surge damage from Hurricane Harvey, based on Category 3 predictions. Current projections do not expect Hurricane Harvey to exceed a Category 3 storm.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170824006344/en/
Total Number and RCV of Residential Properties for Hurricane Harvey (Graphic: Business Wire)
The table below shows the total number of properties at risk of storm surge damage for each of the five hurricane categories as well as the accompanying RCV for the Core Based Statistical Areas (CBSAs) located along the Texas coast that could potentially be affected. The RCV is the cost to completely rebuild a property in case of damage, including labor and materials by geographic location, assuming a worst case scenario at 100-percent destruction.
Total Number and RCV of Residential Properties for Hurricane Harvey
Categories represent cumulative totals
| CBSA |
At-Risk Homes |
Cat 1 | Cat 2 | Cat 3 | Cat 4 | Cat 5 | ||||||||||||
| Bay City |
Total Homes at Risk |
1,539 | 2,482 |
4,213 |
4,507 | 4,737 | ||||||||||||
|
Total RCV |
$199,720,425 |
$324,652,618 |
$574,205,313 |
$618,164,094 |
$654,399,578 |
|||||||||||||
|
Beaumont- Port Arthur |
Total Homes at Risk |
8,006 | 38,259 |
75,567 |
101,754 | 117,645 | ||||||||||||
|
Total RCV |
$992,144,728 |
$5,856,970,623 |
$12,081,775,805 |
$16,415,613,650 |
$18,987,325,909 |
|||||||||||||
|
Corpus Christi |
Total Homes at Risk |
4,341 | 14,784 |
34,802 |
57,640 | 76,242 | ||||||||||||
|
Total RCV |
$729,597,679 |
$2,614,403,134 |
$6,172,039,671 |
$10,267,141,322 |
$13,665,695,670 |
|||||||||||||
|
Houston-The Woodlands- Sugar Land |
Total Homes at Risk |
24,398 | 52,928 |
118,138 |
190,939 | 283,380 | ||||||||||||
|
Total RCV |
$3,851,603,902 |
$8,200,894,257 |
$20,820,079,983 |
$36,464,099,616 |
$53,376,561,689 |
|||||||||||||
| Victoria |
Total Homes at Risk |
0 | 0 |
1 |
13 | 32 | ||||||||||||
|
Total RCV |
$0 |
$0 |
$167,096 |
$1,573,750 |
$5,141,760 |
|||||||||||||
Hurricane-driven storm surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. This CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
Methodology
The analysis encompasses single-family residential structures less than four stories, including mobile homes, duplexes, manufactured homes and cabins, among other non-traditional home types. This does not infer that there will be no damage to residential units greater than four stories, as there may be associated wind or debris damage. However, including all high-rise residential units in the CoreLogic analysis would inaccurately inflate the number of homes at risk of storm surge flooding by including homes that are elevated above the potential for damage from surge waters.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170824006344/en/
Contact:
For CoreLogic
Lori Guyton, (901) 277-6066
Email Contact
or
Alexandra
Hayes, (484) 888-4412
Email Contact