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Len & Leslie Marma's Blog

By Len and Leslie Marma | Agent in Marshfield, MA

Morning Radar: Housing Crisis in Hurricane Sandy Aftermath

Morning Radar: Housing crisis in Hurricane Sandy aftermath

Morning Radar takes a look at Monday Morning Cup of Coffee on HousingWire.

As winter rushes in along following Hurricane Sandy, New York-area officials are concerned about the residents left after last week’s storm. 30,000 to 40,000 people in New York alone will be forced to find new homes, reported Mayor Michael R. Bloomberg on Sunday.

“I don’t know that anybody has ever taken this number of people and found housing for them overnight,” the mayor said. “We don’t have a lot of empty housing in this city. We are not going to let anybody go sleeping in the streets or go without blankets, but it’s a challenge, and we’re working on that as fast as we can.”

Unfortunately, New York is not the only area that will be affected by the cold weather. Residents in New Jersey and Connecticut can expect a similar problem. “This is going to be a massive, massive housing problem,” Gov. Andrew M. Cuomo said.

To read the entire New York Times article, click here.

Fitch Ratings is currently retrieving preliminary information in order to assess the impact of Hurricane Sandy. Although gathering a complete list of damaged properties could take some time due to the size of impacted areas, CMBS loan defaults could rise as quickly as the November 2012 distribution date.

Fitch doesn’t predict significant rating actions, as most commercial properties maintain property/casual insurance, windstorm insurance and 12 to 24 months of business interruption insurance. It is expected that some properties even have flood insurance coverage.

As FEMA continues to increase the number of disaster zones, preliminary lists will begin pouring in this week and early next week. It is expected that the damage will be significant and there is a potential for a large amount of business interruption claims as offices struggle with flooding issues.

Ongoing analysis by Fitch will reveal details on insurance coverage and ongoing assessment on the amount of time it will take for areas to fully recover.

HUD will accelerate federal disaster aid and offer assistance to homeowners and low-income renters who were vacated from their homes during Hurricane Sandy, U.S. Housing and Urban Development Secretary Shaun Donovan stated Sunday.

2013 could see a boost in the economy as a result of post-Sandy construction hiring, analysts report. With $50 billion in estimated losses, it is inevitable that damaged homes, building, roads and bridges be rebuilt.

mhopkins@housingwire.com

 
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