IRVINE, Calif., Oct. 27, 2012 /PRNewswire/ --CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released data showing potential exposure to residential property damage from hurricane-driven storm-surge flooding as Hurricane Sandy makes its way toward the U.S. Atlantic Coast.
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"On its current projected track, Sandy is likely to make landfall along the northeastern Atlantic coast early next week," said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. "This is a large, slow-moving, persistent and dangerous storm. Its impacts are going to be far-reaching and no doubt very costly. 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 data shows nearly 284,000 total residential properties valued at almost $88 billion at risk for potential storm-surge damage among the coastal Mid-Atlantic states, assuming the storm hits the coast as a Category 1 hurricane. Within that region, more than 238,000 total properties valued at nearly $75 billion stand at risk in eight major metro areas from Virginia to New England.
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 | |
Massachusetts | 21,770 | $7,761,235,023 | |
Pennsylvania | 246 | $24,131,496 | |
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 | |
Boston-Cambridge-Quincy, MA-NH | 10,491 | $2,959,837,038 | |
Philadelphia-Camden- Wilmington, PA-NJ-DE-MD | 8,747 | $1,417,862,696 | |
Ocean City, NJ | 8,080 | $3,444,625,200 | |
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.
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://www.corelogic.com/about-us/researchtrends/storm-surge-report-2012.aspx.
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 visitwww.corelogic.com.
CORELOGIC the stylized CoreLogic logo are registered trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No trademark of CoreLogic shall be used without the express written consent of CoreLogic.
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 Saturday, October 27.
SOURCE CoreLogic
