By Ian McKendry
WASHINGTON (MNI) – Hurricane Sandy, which is due to hit the US
Atlantic Coast Monday and Tuesday will put billions of dollars of
residential property at risk of being damaged.
“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,” CoreLogic Vice President Dr. Howard Botts said in a statement
released Saturday.
According to CoreLogic data, 284,000 residential properties valued
at nearly $88 billion are at risk from potential storm surge and 238,000
properties valued at nearly $75 billion are at risk in eight metro areas
between Virginia and New England.
“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,” CoreLogic said.
** MNI Washington Bureau: 202-371-2121 **
[TOPICS: M$$AG$,M$U$$$,MAUDS$]
