Posts Tagged ‘hurricane irma’

A Tale of Two Hurricanes: Equity Disparity in Harvey/Irma Housing Markets

Posted on October 03, 2017 by Laura Lam

The majority of borrowers impacted by Hurricane Harvey have a significant amount of equity, while about 350,000 in Hurricane Irma disaster areas have either limited or negative equity, according to Black Knight Financial Services.  Less than 0.5% of borrowers impacted by Hurricane Harvey were in negative equity positions before the storm hit, and less than 4% have below 10% equity.  In contrast, of borrowers in counties impacted by Hurricane Irma, 5.3% still owe more than the value of their home, and an additional 5.6% have less than 10% equity.  Nationwide, 1.4 million borrowers, or 2.8% of homeowners with mortgages, had negative equity in…

Irma Affected More than 90% of Florida Mortgages

Posted on September 21, 2017 by Laura Lam

More than 90% of all mortgaged properties in Florida are in a FEMA-designated disaster area following Hurricane Irma, nearly three times the number impacted by Hurricane Harvey, according to Black Knight.  “While the total extent of the damage from Hurricane Irma is still being determined, it is clear that the size and scope of the disaster is immense,” said Ben Graboske, Black Knight data & analytics executive vice president. Irma significantly outpaces even the number of borrowers impacted by Hurricane Harvey.  “More than 3.1 million properties are now included in FEMA-designated Irma disaster areas, representing approximately $517 billion in unpaid…

Hurricanes Weigh on Consumer Confidence

Posted on September 19, 2017 by Laura Lam

Americans became less confident in the economy after Hurricane Harvey and Hurricane Irma swept across Florida and South Texas, according to the Survey of Consumers conducted by the University of Michigan.  The Index of Consumer Sentiment decreased to 95.3 in the first part of September. This is down 1.5% from 96.8 in August, but still up 4.5% from 91.2 in September last year. “Consumer confidence edged downward in early September due to concerns over the outlook for the national economy,” said Survey of Consumers Chief Economist Richard Curtin.  “Consumers’ assessments of current economic conditions improved, however, with the Current Conditions…