Hurricane Harvey pummeled the Gulf Coast over the weekend, causing extensive flooding in the Houston area. According to CoreLogic, around 233,000 homes in Texas are at risk of storm damage.
Realtor.com reports that the total cost of the storm’s damage to Texas homes could approach $40 billion. Two-thirds of the homes in the Houston metro area, along with 57 percent of properties in Bay City, 55 percent in Beaumont, and 35 percent in both Corpus Christi and Victoria, are considered to be at moderate to high risk of flooding. Worse yet, the vast majority of homeowners in the region do not have a form of flood insurance.
If the aftermath of Harvey is anything like the aftermath of Katrina, many homeowners may walk away from their properties at a loss. ... Others will sell at a loss.
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