Freddie Mac has confirmed that homeowners and mortgage servicers impacted by Hurricane Ida are eligible for disaster relief options. Hurricane Ida made landfall in Louisiana Monday, leaving about one million homes and businesses without power. Federal officials said it could be weeks before power is fully restored. The storm slammed the Gulf Coast as a Category 4 hurricane, and continued moving through Mississippi as a tropical storm. Ida has caused severe flooding, ripped roofs off buildings, and destroyed power lines. For homeowners, the impact could be catastrophic. A statement from the National Weather Service in New Orleans warned that parts of southeast Louisiana “uninhabitable for weeks or months.” On Tuesday night, Gov. John Bel Edwards (D-La.) urged those forced to…
Good Morning! Today is Monday, Aug. 30. Hurricane Ida made landfall in Lousiana yesterday, leaving more than a million people without power. The U.S. withdrawal from Afghanistan continues, despite multiple reports of American citizens being left behind. The EU seeks to block non-essential travel from the U.S. Millennial professionals are using their savings to take a break from working and explore new career paths. And in mortgage and housing news… Buying Power: Home buyers in June 2021 had 129% more house-buying power than in 2006, according to the June 2021 First American Real House Price Index. Experts Say: A Reuters poll of experts predicts that housing affordability is set to remain stretched or worsen in the next 2-3 years. Ida Makes…
A trifecta of damaging winds between 130-156 mph, dangerous storm surge, and extremely heavy and widespread rainfall between 10-15 inches is expected to put 941,392 homes in the Louisiana, Alabama and Mississippi coastal areas at risk for storm surge damage, according to data analysis for single-family and multifamily homes released by CoreLogic®.
The reconstruction cost value of all at-risk homes totals more than $200 billion.
Storm surge is the abnormal rise in seawater level during a storm, measured as the height of the water above the normal predicted astronomical tide. The surge is caused primarily by a storm’s winds pushing water onshore and can cause significant property damage.
“Atmospheric conditions are highly favorable for rapid intensification after Ida emerges from…
