Property damage caused by Hurricane Harvey is projected by Moody’s Analytics to be between $51 billion and $75 billion, but there are immense unknown costs. Given the dense population of the impacted region, stats given to DS News by Black Knight Financial Services project Harvey’s effect on the mortgage market to be greater than that of Hurricane Katrina.
In Houston and the surrounding areas, there are over twice as many mortgaged properties and four times the unpaid principal balances compared to Katrina’s FEMA disaster zones.
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