Tags: Hurricane Matthew | hurricane matthew | damage | homes | corelogic

CoreLogic: Hurricane Matthew Could Inflict $200 Billion in Damage to Coastal Homes

Image: CoreLogic: Hurricane Matthew Could Inflict $200 Billion in Damage to Coastal Homes

Waves crash against a seawall in Baracoa, Cuba, Tuesday, Oct. 4, 2016, before the arrival of Hurricane Matthew. (AP Photo/Ramon Espinosa)
 

By    |   Thursday, 06 Oct 2016 01:44 PM

 


Hurricane Matthew could potentially cause $200 billion in damage to coastal homes, and that number could skyrocket depending on the path and intensity of the killer storm.


At least 954,000 people are at risk of major storm surge damage, according to CoreLogic. Those homes have a reconstruction value of just more than $189 billion. Add Georgia and South Carolina to the mix, and it rises to more than $200 billion, CNBC reported.

The CoreLogic analysis measures damage just from water. It does not assess additional damage from wind, which will be sustained in some areas at 125 mph.

 

Gaining fury as it closed in, Hurricane Matthew steamed toward Florida with winds of 140 mph Thursday as 2 million people across the Southeast were warned to board up their homes and flee inland to escape the most powerful storm to threaten the Atlantic coast in more than a decade, the Associated Press reported.


"The storm has already killed people. We should expect the same impact in Florida," Florida Gov. Rick Scott said as the skies began darkening from Matthew's outer bands of rain.
 

The last Category 3 storm or higher to hit the U.S. was Wilma in October 2005. It sliced across Florida with 120 mph winds, killing five people and causing an estimated $21 billion in damage.


With hurricane-force winds extending outward up to 60 miles from the storm's center, Matthew could wreak havoc along the coast even if it were to stay just offshore.


Forecasters said it could dump up to 15 inches of rain in some spots and cause a storm surge of 9 feet.


(Newsmax wire services contributed to this report).  

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Hurricane Matthew could potentially cause $200 billion in damage to coastal homes, and that number could skyrocket depending on the path and intensity of the killer storm.
hurricane matthew, damage, homes, corelogic
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2016-44-06
Thursday, 06 Oct 2016 01:44 PM
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