Hurricane Ida leaves nearly 1 million homes damaged

Hurricane Ida leaves nearly 1 million homes damaged

Hurricane Ida leaves nearly 1 million homes damaged
Given the designation as the fifth-strongest hurricane to ever make landfall in the U.S., Hurrican Ida is expected to leave nearly one million homes damaged or destroyed in its wake. This figure is preliminary as experts warn it could take weeks to fully assess the extent of the impact. In total, damages are expected to top $40 billion according to CoreLogic.

Ida made landfall on the coast of Louisiana on August 29 and has made its way north. As the impact to homeowners grows, the National Association of Realtors has established a disaster resources page on their website to help real estate professionals and their clients who need assistance. Other housing industry brokerages are taking action as well. Keller Williams announced this week that it was distributing grants to their associated and families affected by the storm.

While only 40 to 50 percent of damages are expected to be covered by homeowner’s insurance policies, this is an improvement since 2005 when Hurricane Katrina battered many of the same areas as Ida but left millions without safe places to live.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.