CoreLogic® Shows More Than 163,000 Homes with a Reconstruction Value of $37.5 Billion at Risk of Property Damage from Hurricane Arthur Storm Surge
IRVINE, Calif., July 3, 2014 – CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and business services provider, today released data showing potential exposure to residential property damage from hurricane-driven storm-surge flooding as Hurricane Arthur makes its way toward the U.S. Atlantic Coast.
"On its current forecasted track, Arthur is aiming for the Carolinas on a projected path along the East Coast and will likely make landfall today," said Dr. Tom Jeffery, senior hazard scientist for CoreLogic Spatial Solutions. "It’s unfortunate that the first official hurricane of the season is happening on such a big holiday weekend, and residents are advised to be aware and take watches and warnings seriously. Although Arthur is classified as a Category 1 storm, strong winds, heavy rain and rip currents caused by storm surge may have far-reaching effects into New England and even Canada."
The data shows 163,274 total residential properties with a reconstruction value of $35,734,348,993 are in the area currently known as the "cone of uncertainty" and at risk of potential storm-surge damage, assuming the storm hits the coast as a Category 1 hurricane.
Total number and total reconstruction value of residential properties by projected affected CBSA are:
|CBSA||Number of Homes||Reconstruction Cost|
|Elizabeth City, NC||5,015||988,121,561|
|Kill Devil Hills, NC||9,745||2,138,749,416|
|Morehead City, NC||13,470||2,636,637,926|
|Myrtle Beach-Conway-North Myrtle Beach, SC-NC||23856||4532276306|
|New Bern, NC||6,818||1,231,681,635|
|Virginia Beach-Norfolk-Newport News, VA-NC||84,717||19,833,426,716|
Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore. This exclusive CoreLogic analysis measures exposure to damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
Static maps depicting storm surge in the region affected are available upon request.
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The data reported represents the company’s analysis and interpretation of potential storm-surge risk in the U.S. based on publically available information combined with internal research and application of CoreLogic tools and information. It is not meant as a probabilistic evaluation of the potential for a hurricane to occur, projected economic losses or to address the risk determination of any particular property.
The estimation of property values CoreLogic uses for single-family residences includes Marshall & Swift/Boeckh™ (MSB) reconstruction valuation data. CoreLogic acquired MSB in March 2014 and values in this media alert are derived from MSB reconstruction costs estimates, which reflect the actual cost of damage or destruction of residential buildings that would occur from hurricane-driven storm surge since they include cost of materials and labor needed to rebuild. They also factor in geographical pricing differences. In the event reconstruction costs were not available for the purposes of the analysis, market-assessed values were used
CoreLogic (NYSE: CLGX) is a leading property information, analytics and services provider in the United States and Australia. The company’s combined data from public, contributory and proprietary sources includes over 3.3 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries. For more information, please visit www.corelogic.com.
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