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How Hurricane Sandy Will Affect The Housing Market

By Patrick   2012 Nov 1, 10:24am   1,692 views   8 comments   watch (0)   quote

Hurricane Sandy pummeled the East Coast on Monday, leaving a trail of devastating destruction in its wake. Damages could run as high as $50 billion, according to Eqecat, and hundreds of thousands of homeowners are expected to file claims for flood and wind damage, according to the Consumer Federation of America.


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1   thomaswong.1986     2012 Nov 1, 11:13am  ↑ like   ↓ dislike   quote    

How Hurricane Sandy Will Affect The Housing Market

only 8 billion is insured.. therefore the difference will be paid by the tax payers...

does it again make sense that people go ape shit over real estate.. how irresponsible!

2   KILLERJANE     2012 Nov 1, 3:09pm  ↑ like   ↓ dislike   quote    

Insured homeowners will NOT have to pay hurricane deductible because that has been decided by the governors and then some insurance commissioner somewhere. They say sandy did not make landfall at mote than 74 mph.

So heres the punchline...
If homeowner has a mortgage or heloc, then the bank has control over the insurance payout. Hardy har har. That's the way it was explained to me by wells fargo for a floruda gulf property.

So they banks get the booty for the delinquents. I would guess.

3   KILLERJANE     2012 Nov 1, 3:11pm  ↑ like   ↓ dislike   quote    

Punchline #2 banks don't have to fork over the deductable which can be 5-15%

4   thomaswong.1986     2012 Nov 1, 3:22pm  ↑ like   ↓ dislike   quote    

IDDQD says

Can banks continue to pretend that their assets are performing when they lay in ruins?

casualty loss! there isnt anything to pretend.

5   thomaswong.1986     2012 Nov 1, 3:24pm  ↑ like   ↓ dislike   quote    

Call it Crazy says

so who takes the loss... the owner or the bank??

home owners... there are provisions on the tax return.

6   thomaswong.1986     2012 Nov 1, 3:27pm  ↑ like   ↓ dislike   quote    

Call it Crazy says

It will be a HUGE economic hit to the businesses, banks and the population, so who will get stuck with the final bill???

in the case of public property repairs.. just like the CA earthquake of early 90s.. you can certainly expect a temp increase in sales taxes for New York.

7   curious2   515/515 = 100% civil   2012 Nov 14, 12:54am  ↑ like   ↓ dislike   quote    

Renters find options pricey after Sandy

"Cantor misses her home in Toms River. She would like to find another place in that area, or maybe a little north, but she will not live by the water again.

"No more water," she said. "I think I've seen enough to last a lifetime.""

8   zzyzzx   559/559 = 100% civil   2012 Nov 14, 9:29am  ↑ like   ↓ dislike   quote    

curious2 says

Renters find options pricey after Sandy

I'm sure that it wasn't cheap before! That's one reason why I don't live there any more.

You know they can stay in those hotels in the touristy areas in NJ pretty much until next summer.

Some (maybe all) Atlantic City casinos are housing some of their employees, but I would not be surprised if this in only Sun-Thursday nights.

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