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How Hurricane Sandy Will Affect The Housing Market

By Patrick (190/190 = 100% civil)   2012 Nov 1, 10:24am   ↑ like   ↓ dislike   1,650 views   9 comments   watch (0)   share   quote  

http://www.forbes.com/sites/morganbrennan/2012/11/01/how-hurricane-sandy-will-affect-the-housing-markets-nascent-recovery/

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   top   bottom   home   share  


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   Ironman (126/134 = 94% civil)   2012 Nov 1, 12:30pm  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  

thomaswong.1986 says

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

IDDQD says

What happens when property is so damaged, it's no longer suitable even for squatting? Can banks continue to pretend that their assets are performing when they lay in ruins? Who gets the insurance/govt relief money - bank or deadbeat "owner"?

Two good points.... someone is going to get it good up the rear. I believe a large chunk of these houses won't be covered by insurance, so who takes the loss... the owner or the bank??

Many are most likely underwater (both mortgage and real water) so I can see a lot of "strategic defaults"... a lot of the "squaters" just lost their housing...

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

3   KILLERJANE   2012 Nov 1, 3:09pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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.

4   KILLERJANE   2012 Nov 1, 3:11pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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

5   thomaswong.1986   2012 Nov 1, 3:22pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

IDDQD says

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

casualty loss! there isnt anything to pretend.

6   thomaswong.1986   2012 Nov 1, 3:24pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Call it Crazy says

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

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

http://www.irs.gov/publications/p584/ar02.html

7   thomaswong.1986   2012 Nov 1, 3:27pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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.

8   curious2 (18/18 = 100% civil)   2012 Nov 14, 12:54am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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.""

9   zzyzzx (40/40 = 100% civil)   2012 Nov 14, 9:29am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

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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