Note to Media: The CoreLogic storm-surge analysis provided below was developed based on the projected path of Hurricane Sandy as of 2:00 p.m. ET Monday, October 29. – UPDATE: CoreLogic® Analysis Shows Top 10 Zip Codes in Atlantic City, Ocean City and Philadelphia Areas at Risk of Property Damage From Hurricane Sandy Storm Surge
IRVINE, Calif., October 29, 2012 – CoreLogic (NYSE: CLGX), ), a leading provider of information, analytics and business services, today released data showing the top 10 zip codes in the Atlantic City, Ocean City and Philadelphia metro areas that are at risk of exposure to residential property damage from hurricane-driven storm-surge flooding when Hurricane Sandy hits the Atlantic coast later today.
In Atlantic City-Hammonton, NJ, the island community of Margate City faces the highest risk with 4,465 residential structures valued at more than $1.4 billion exposed to Sandy storm-surge damage. The top 10 local Atlantic City areas at risk are as follows:
|
Rank |
ZIP Code – Area Name |
Properties Affected |
Total Structure Value |
| 1 | 08402 – MARGATE CITY, NJ | 4,465 | $1,407,941,777 |
| 2 | 08203 – BRIGANTINE, NJ | 5,009 | $1,207,217,952 |
| 3 | 08403 – LONGPORT, NJ | 1,505 | $633,280,808 |
| 4 | 08401 – ATLANTIC CITY, NJ | 4,545 | $625,291,142 |
| 5 | 08406 – VENTNOR CITY, NJ | 2,032 | $466,709,648 |
| 6 | 08244 – SOMERS POINT, NJ | 1,327 | $172,455,160 |
| 7 | 08221 – LINWOOD, NJ | 449 | $124,620,162 |
| 8 | 08234 – EGG HARBOR TOWNSHIP, NJ | 426 | $75,433,164 |
| 9 | 08232 – PLEASANTVILLE, NJ | 316 | $40,694,332 |
| 10 | 08330 – MAYS LANDING, NJ | 51 | $16,812,833 |
The coastal resort area of Ocean City, NJ appears to face the greatest potential exposure to storm-surge damage, with 6,246 homes worth a combined $2.5 billion at risk. The top 10 local Ocean City areas at risk are as follows:
|
Rank |
ZIP Code – Area Name |
Properties Affected |
Total Structure Value |
| 1 | 08226 – OCEAN CITY, NJ | 6,246 | $2,508,197,400 |
| 2 | 08202 – AVALON, NJ | 661 | $510,127,600 |
| 3 | 08247 – STONE HARBOR, NJ | 242 | $150,548,400 |
| 4 | 08243 – SEA ISLE CITY, NJ | 225 | $80,988,800 |
| 5 | 08223 – MARMORA, NJ | 219 | $66,797,800 |
| 6 | 08260 – WILDWOOD, NJ | 195 | $50,098,400 |
| 7 | 08210 – CAPE MAY COURT HOUSE, NJ | 146 | $29,667,600 |
| 8 | 08270 – WOODBINE, NJ | 62 | $18,289,600 |
| 9 | 08204 – CAPE MAY, NJ | 28 | $15,813,600 |
| 10 | 08251 – VILLAS, NJ | 40 | $6,702,000 |
In the Philadelphia-Camden-Wilmington, PA-NJ-DE metro area, Pennsville, NJ holds the top spot with more than 1,600 homes at risk valued at more than $297 million. The top 10 local Philadelphia areas exposed to Hurricane Sandy storm-surge damage are as follows:
|
Rank |
ZIP Code – Area Name |
Properties Affected |
Total Structure Value |
| 1 | 08070 – PENNSVILLE, NJ | 1,682 | $297,040,322 |
| 2 | 08027 – GIBBSTOWN, NJ | 1,333 | $202,067,100 |
| 3 | 08065 – PALMYRA, NJ | 965 | $107,934,829 |
| 4 | 08077 – RIVERTON, NJ | 315 | $85,291,330 |
| 5 | 08066 – PAULSBORO, NJ | 748 | $79,955,600 |
| 6 | 08063 – NATIONAL PARK, NJ | 373 | $79,877,200 |
| 7 | 08016 – BURLINGTON, NJ | 596 | $70,032,997 |
| 8 | 08086 – THOROFARE, NJ | 376 | $68,501,400 |
| 9 | 08093 – WESTVILLE, NJ | 450 | $61,093,000 |
| 10 | 08069 – PENNS GROVE, NJ | 259 | $48,577,665 |
*An extended analysis of the top 25 zip codes in the metro areas listed above is available upon request.
In a report issued Saturday, CoreLogic also provided an estimate of the total number of residential properties at risk among the coastal Mid-Atlantic states overall, assuming Sandy hits the coast as a Category 1 hurricane. Within that seven-state region, nearly 284,000 total residential properties valued at almost $88 billion stand at risk:
|
State |
Number of Properties at Risk |
Value of Properties at Risk |
| New York | 81,078 | $35,128,036,406 |
| New Jersey | 75,314 | $22,601,229,263 |
| Virginia | 66,544 | $11,311,646,410 |
| Maryland | 30,131 | $8,983,837,253 |
| Massachusetts | 21,770 | $7,761,235,023 |
| Delaware | 8,894 | $2,069,493,600 |
| Pennsylvania | 246 | $24,131,496 |
The number of residential properties in eight major metro areas and their respective potential exposure to damage are as follows:
|
Metro Area |
Number of Properties at Risk |
Value of Properties at Risk |
| New York City-Northern New Jersey-Long Island, NY-NJ-PA | 119,312 | $48,064,953,474 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 59,042 | $10,029,968,947 |
| Atlantic City-Hammonton, NJ | 20,283 | $4,807,676,476 |
| Boston-Cambridge-Quincy, MA-NH | 10,491 | $2,959,837,038 |
| Baltimore-Towson, MD | 10,010 | $3,508,329,420 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8,747 | $1,417,862,696 |
| Ocean City, NJ | 8,080 | $3,444,625,200 |
| Washington-Arlington-Alexandra, DC-VA | 2,207 | $734,901,116 |
Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm, releasing a powerful rush over land when the hurricane moves on shore. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
To view a map showing hurricane-driven storm-surge risk through Google Earth, visit here. To download the map as a KML file, visit here. Static maps depicting storm surge in the Northeast are available upon request.
For more information on CoreLogic storm-surge methodology, data and analysis, download a copy of the more in-depth 2012 CoreLogic Storm Surge report at http://cl.internal.cvic.com/corelogic/url.php?cin=2d2f1x2a1y1z.
To schedule interviews with CoreLogic subject-matter experts, contact:
|
Lauren Salay |
Andrea Hurst |
Methodology
CoreLogic generates storm surge data using the company’s comprehensive parcel database of property-level data for more than 131 million parcels nationwide. After identifying a region’s vulnerability to storm surge given on-shore and off-shore geographic attributes and population density, CoreLogic identifies all residential properties within a predicted storm surge area and analyzes it against the associated property value of each home.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading residential property information, analytics and services provider in the United States and Australia. Our combined data from public, contributory and proprietary sources spans over 700 million records across 40 years including detailed property records, consumer credit, tenancy, hazard risk and location information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. We deliver value to our clients through unique data, analytics, workflow technology, advisory and managed services. Our clients rely on us 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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