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96 The Big Finish Wrap your head around the market's leading indicators. HOW HURRICANE SEASON STANDS TO IMPACT HOUSING Almost 8 million homes with more than $1.9 trillion in reconstruction cost value are at risk of storm surge damage in 2021, according to the 2021 Hurricane Report from property data analytics provider CoreLogic. Focused on residences along the Gulf and Atlantic coasts, the report examined how the hurricane damage to a property affects the owner's ability to pay the mortgage. It also explored the impact of hurricanes on the nation's housing supply, which is already alarmingly short. For homeowners, the result of a financial catastrophe results in a significant increase in mortgage delinquency rates as people, crippled by expenses and lost wages, fail to make monthly payments, according to the report. After Hurricane Laura made landfall in Lake Charles, for example, the already-elevated delinquency rate went up from 9.8% in August 2020 to 16.1% in September 2020. "We took a look at the U.S. housing economy after a hurricane strikes and noticed a significant spike in mortgage delinquency rates and loss in housing inventory," said Frank Nothaft, Chief Economist at CoreLogic. According to the report, communities with more homes at risk of surge also will be more sensitive to the effects of climate change. "Granular data and analytics can help us identify those homes most at risk, enabling us the opportunity to fortify those homes," the authors noted. Source: CoreLogic 2021 Hurricane Report 15 Metros Facing Highest Storm-Surge Risk RANK METRO AREA TOTAL SINGLE-FAMILY HOMES AT RISK TOTAL ESTÍMATED RECONSTRUCTION COST VALUE (U.S. DOLLARS IN BILLIONS) 1 NEW YORK CITY, NY 781,823 $304.50 2 MIAMI, FL 738,994 $149.26 3 TAMPA, FL 544,433 $100.80 4 NEW ORLEANS, LA 396,870 $100.59 5 VIRGINIA BEACH, VA 395,653 $94.95 6 FORT MYERS, FL 321,940 $67.02 7 BRADENTON, FL 284,828 $57.46 8 HOUSTON, TX 261,103 $56.89 9 JACKSONVILLE, FL 220,301 $52.71 10 NAPLES, FL 197,265 $44.46 NEW YORK CITY, NY $304.50 MIAMI, FL $149.26 FORT MYERS, FL $321,940 NAPLES, FL $44,46 BRADENTON, FL $57.46 VIRGINIA BEACH, VA $94.95 HOUSTON, TX $56.89 TAMPA, FL $100.80 JACKSONVILLE, FL $52.71