Over 1.8 Million Properties at Risk of Storm Surge Flooding from Hurricane Irene, According to Data from CoreLogic
SANTA ANA, Calif., August 25, 2011 – CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released data showing the estimated number of residential and commercial properties that could potentially be impacted by Hurricane Irene storm surge flooding depending on where the storm makes landfall. Among the 12 coastal major metro areas included in the National Oceanic and Atmospheric Association (NOAA) cone of concern and analyzed by CoreLogic, an estimated 1,874,794 properties are at potential risk of storm surge flooding. Long Island, NY faces the highest risk with an estimated 387,813 properties located in the projected path of Irene. Of the properties at risk in Long Island, roughly 66 percent are located outside a hazard flood zone as designated by the Federal Emergency Management Agency (FEMA). Of the total properties at risk in all 12 cities, almost half, or 48 percent, are not in a designated FEMA flood zone. The CoreLogic analysis assumes a scenario for a Category 3 hurricane. See chart below.
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. In some cases, properties located outside of designated FEMA hazard flood zones remain exposed to potential storm-surge damage.
Note to Media: Broadcast quality Google Earth (KML) files and publishable maps depicting potential storm surge risk for targeted areas will be available later today.
The data released from CoreLogic today shows:
|
Metro Area |
Total Properties At Risk for Surge and/or Flood Inundation |
Properties in FEMA Flood and Surge Zones |
Properties in FEMA Flood Zone Only |
Properties in Storm Surge Zone Only |
Percent Not in FEMA Flood Zone |
|
Long Island, NY |
387,813 |
127,357 |
2,908 |
257,548 |
66% |
|
Virginia Beach, VA |
351,478 |
107,814 |
23,404 |
220,260 |
63% |
|
Providence, RI |
255,209 |
38,784 |
207,932 |
8,493 |
3% |
|
Boston, MA |
215,219 |
51,069 |
77,317 |
86,833 |
40% |
|
Philadelphia, PA/Camden, NJ |
179,566 |
20,199 |
15,618 |
143,829 |
80% |
|
Wilmington, NC |
104,263 |
55,932 |
10,533 |
37,798 |
36% |
|
Atlantic City, NJ |
81,301 |
53,687 |
9,797 |
17,817 |
22% |
|
Bridgeport, CT |
61,276 |
16,426 |
17,581 |
27,269 |
45% |
|
Cape Cod, MA |
50,923 |
27,472 |
2,883 |
20,568 |
40% |
|
Cape Hatteras, NC |
41,028 |
36,972 |
346 |
3,710 |
9% |
|
New York, NY |
25,673 |
5,261 |
133 |
20,279 |
79% |
|
Washington, DC |
2,083 |
431 |
1,413 |
239 |
11% |
|
TOTAL |
1,874,794 |
600,959 |
375,466 |
898,369 |
48% |
For interview requests with CoreLogic subject-matter experts, contact Lori Guyton at 901-277-6066 or lguyton@cvic.com.
Methodology
CoreLogic generates storm surge data using the company’s comprehensive parcel database of property-level data to identify a region’s vulnerability to storm surge given on-shore and off-shore geographic attributes and population density.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The company, headquartered in Santa Ana, Calif., has more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic is a registered trademark of CoreLogic.