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• Sandy Said to Threaten 284,000 Homes

Nearly 284,000 homes are at risk of property damage from Hurricane Sandy, according to an estimate by the real estate data firm CoreLogic.

More than $87 billion in residential property through the Mid-Atlantic states is at risk of storm damage, according to the company's analysis, with the biggest danger being flooding that comes along with the hurricane's storm surge.

"This is a large, slow-moving, persistent and dangerous storm. Its impacts are going to be far-reaching and no doubt very costly," said Dr. Howard Botts, CoreLogic director of database development. "Sandy could pose an enormous threat to major metropolitan areas in the Northeast, from Virginia Beach and Washington, D.C. to New York City and Boston."

The vast majority of residential property at risk is in the greater New York City region, with nearly 120,000 homes worth an estimated $48 billion exposed. The Virginia Beach/Newport News region has nearly 60,000 homes worth an estimated $10 billion at risk, while the state of Massachusetts has 22,000 homes worth nearly $8 billion exposed.

The analysis focuses on potential storm surge damage and not additional damage that may occur from high winds and rain brought by the hurricane. The storm surge occurs from a combination of low air pressure that produces higher water levels and strong winds that push large volumes of water onshore and back up rivers and inlets. The fact the hurricane is arriving in conjunction with a full moon also means it is occurring at a high point in the monthly cycle of tides.

First published at: http://www.mortgageloan.com/sandy-said-threaten-284000-homes-9278

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