Sandy’s Surge Seen Causing $67 Billion in Damage | Armonk NY Homes

CoreLogic today warned that storm surges generated by Hurricane Sandy could ruin more than 210,000 homes valued at over $67 billion among the coastal Mid-Atlantic states  as the storm makes its way inland today and tomorrow.
“Based on current forecasts, Sandy is likely to make landfall along the northeastern Atlantic coast early Monday,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “Though it is still early and the projected path is constantly changing, Sandy could pose an enormous threat to major metropolitan areas in the Northeast, like New York City and Long Island, Atlantic City and Baltimore.”
Total number and total value of residential properties by coastal Mid-Atlantic state are:
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
Delaware             8,894     $2,069,493,600
Maryland             30,131   $8,983,837,253
Virginia 66,544   $11,311,646,410
The number of residential properties in each metro area 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
Atlantic City-Hammonton, NJ     20,283   $4,807,676,476
Washington-Arlington-Alexandra, DC-VA             2,207     $734,901,116
Baltimore-Towson, MD 10,010   $3,508,329,420
Virginia Beach-Norfolk-Newport News, VA-NC  59,042   $10,029,968,947

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. CoreLogic today warned that storm surges generated by

via realestateeconomywatch.com