DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1529211
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 70 November 2024 J O U R N A L HURRICANE HELENE'S IMPACT ON MIGRATION CHOICES A s news continues to break in the aftermath of Hurricane Helene, Redfin polled U.S. residents aged 18-34 to gauge migration patterns in the wake of the storm. The poll found that 32% of U.S. residents aged 18-34 said they would reconsider where they want to move in the future after seeing or hearing about the dam- age caused by Hurricane Helene. That compares to 15% of respondents aged 35 and older. Redfin's report is based on a commis- sioned survey conducted by Ipsos on Oct. 2-3, 2024. The nationally representative survey was sent to 1,005 U.S. adults. Redfin's report focuses on responses to the following question: "Which of the fol- lowing apply to you after seeing/hearing about the damage caused by Hurricane Helene?" Respondents were asked to consider nine situations. After making landfall in Florida in late September, Hurricane Helene wreaked havoc across the Appalachia region, becoming the deadliest storm to hit mainland America in almost two decades. AP reports the death toll currently over 225 from Helene. "Scores of Americans flocked to the Sun Belt during the pandemic because remote work allowed them to take ad- vantage of the region's relatively low cost of living. Some thought Appalachia was insulated from hurricane risk, not realiz- ing that the area is prone to flooding and that hurricanes can sometimes cause flash flooding far away from the ocean," Redfin Chief Economist Daryl Fair- weather said. "Americans are beginning Market Trends to realize that nowhere is truly immune to the impacts of climate change, and we're starting to see that impact where people want to live—even people who haven't experienced a catastrophic weather event firsthand." CoreLogic Hazard HQ Command Central has updated industry-insured and uninsured loss estimates using newly available observed wind speed, storm surge depth, and precipitation data. The CoreLogic team estimates that Hurricane Helene caused $30.5–$47.5 billion in total wind and flood damage (including both insured and uninsured losses) across 16 states. The insurance industry, including both private compa- nies and the National Flood Insurance Program (NFIP), will provide funds for recovery to home and business owners across the impacted states. Total insured wind and flood losses are expected to be between $10.5–$17.5 billion. Redfin states that it's worth noting that many people say the storm hasn't changed their perspective on where to live, as 45% of overall respondents (and 40% of respondents in the South) said the news of Hurricane Helene hasn't impacted how they think about their housing situation. Respondents Think Insurance Costs Will Rise in Their Area After Hurricane Helene Of those polled, 23% of respondents expect insurance premiums in their area to increase after Hurricane Helene. The share was highest among respondents in the South (32%). Nearly one in seven (13%) respondents overall said they think it will be harder to get insurance for homes in their area after the storm. That