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Hurricane season takes toll on over 270,000 homes, report finds

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

This year's brutal Atlantic hurricane season is being recorded as one of the top 10 most active of all time. In documenting the aftermath, a new report from mortgage lender Freddie Mac assesses the total damage and details how the storms will put pressure on critical housing needs in both the short and long term. Starting in late August, over the course of just a few months Hurricanes Harvey, Irma and Maria had little mercy as they battered parts of Texas, Florida, Puerto Rico and the U.S. Virgin Islands. According to Moody’s Analytics, the early forecast predicts the total economic loss from Hurricanes Harvey and Irma (in Texas and Florida, respectively) will be approximately $168 billion, with roughly $51-56 billion worth of residential real estate affected by Harvey and $30-40 billion affected by Irma. In Puerto Rico, which got hit by both Irma and Maria, the numbers are less clear due the island’s logistical challenges and ongoing recovery, but damage estimates fall so...