Homes With $39.6 Billion of Value Are in Harvey's Path in Texas
Homes With $39.6 Billion of Value Are in Harvey's Path in Texas
(Bloomberg) -- More than 230,000 homes on the Texas coast, with a combined reconstruction value of about $39.6 billion, are at risk of damage from storm surge if Hurricane Harvey strikes at Category 3 intensity, according to analytics company CoreLogic Inc.
The Houston area has the biggest number of houses at risk, the real estate data firm said Thursday in a statement. The hurricane would be the first to hit Texas since 2008, when Ike caused about $29.5 billion in damage, according to a 2009 National Hurricane Center report.
Cars are also vulnerable, given the risk of flooding.
And unlike in the movie “Risky Business,” when a Porsche survived a bath in Lake Michigan, “That doesn’t actually happen in real life,” David Havens, a debt analyst with Imperial Capital who covers insurers, said in a note. “In real life, the car is totaled.”
To contact the reporter on this story: Sonali Basak in New York at sbasak7@bloomberg.net.
To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net, Steven Crabill