Mortgage

Hurricane Delta threatens 294,000 Gulf Coast houses valued at $ 63 billion

If a Category 2 storm breaks out on Friday night, the surge in Hurricane Delta could destroy 293,685 residential properties, the cost of rebuilding a total of $ 63 billion on the Gulf Coast, according to CoreLogic.

However, the total triples to 802,370 homes valued at $ 183.5 billion if the hurricane climbs to a Category 3 at the time of landing and they decrease to 91,401 and $ 19.2 billion as a Category 1, respectively.

As of Friday morning, the National Weather Service forecast that the storm would hit southwest Louisiana that evening and move inland into the Mississippi Valley by Sunday.

"After Hurricane Delta struck the Yucat√°n Peninsula near Cancun, Mexico, it is only a few weeks after Hurricane Laura on its way to the Gulf Coast, which caused significant wind and storm surge damage to the coasts of Texas and Louisiana" said Curtis McDonald, meteorologist and senior product manager for CoreLogic. said in a press release. "The residents of these coastal areas are already trying to recover from their losses and are facing a second major storm. This season has been relentless and the Louisians should be prepared for the long recovery road."

CoreLogic's Category 2 estimates show that the Houma-Thibodaux, La. Metro area is the highest number of vulnerable homes exposed to surge damage at 64,721 homes valued at approximately $ 13.4 billion. New Orleans follows with 54,385 homes and the highest rebuilding costs of just over $ 13.5 billion. Beaumont-Port Arthur, Texas comes next with 39,752 units and $ 6.92 billion in RCV.

Before the storm, Fannie Mae and Freddie Mac released announcements of their disaster relief efforts so that affected borrowers can access mortgage assistance programs and forbearance options. Eligible homeowners can get up to 12 months deferred payments without incurring any penalty or late fees.

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