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74 According to the National Hurricane Center, Hurricane Harvey caused $125 billion in damage, a higher toll than any previous U.S. natural disaster other than Hurricane Katrina. Harvey damaged more than 200,000 homes in south Texas, destroyed more than 12,000 homes, and displaced nearly 40,000 people. e Texas Real Estate Year in Review report from the Texas Association of Realtors found home sales and home prices in Texas soaring to all-time highs for the third year in a row during 2017. Texas home sales increased four percent, and the median sales price increased 6.7 percent year-over-year. But while the market might have taken less of a hit than you might expect given the enormous financial and damage impact of Hurricane Harvey on Houston and the Gulf Coast, that hit is still being felt by many of the homeowners struggling to rebuild. "e industry is looking at different modification strategies," said Tim Neer, Director of Loan Servicing, Colonial Savings. "We provide a great deal of forbearance to these consumers, so now they're 90 days behind and we're trying to figure out how to get them back on track. For the next quarter, probably quarter and a half, that's where everybody's focus is going to be." FEMA has allocated $1 billion for Texas coastal communities to put toward hazard mitigation against future storms, such as buying out flood-prone homes or repairing seawalls. But for many homeowners who watched their homes invaded by floodwaters, the recovery is much more personal, much more complicated, and often involves questions they simply don't know the answers to. To help answer these questions and guide these homeowners, the National Mortgage Servicing Association has partnered with HOPE NOW, an alliance between counselors, mortgage companies, investors, regulators and other mortgage market participants. According to HOPE NOW, the alliance "was encouraged by the Department of the Treasury and the U.S. Department of Housing and Urban Development to bring together diverse stakeholders to address challenges in the mortgage market and create collaborations to solve problems." A few weeks before Hurricane Harvey, HOPE NOW held a Housing Roundtable in Houston co-sponsored with the FDIC for nearly 100 local housing professionals. Many concerns were raised over whether the local communities in flood-prone areas were prepared for a major flood. "Unfortunately, the challenges we discussed were very evident when the hurricane hit," said Eric Selk, Executive Director of HOPE NOW Alliance. "e industry response from the hurricane Months after Hurricane Harvey made landfall in Texas, the National Mortgage Servicing Association is partnering with HOPE NOW to help affected homeowners continue working toward recovery. I N D U S T R Y I N S I G H T / D A V I D W H A R T O N WHEN THE WATERS RECEDE

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