RealtyTrac: Natural Disaster Risk ‘Very High’ for 10.6M Housing Units

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Is this a useful and trustworthy tool for gauging the threat from natural disasters or is it just a listing of when they have happened  in the past ?  Does past occurrences necessary mean they will happen in the future? Is this another way to raise insurance rates and for lenders to require additional insurance?  For a more detailed look at this subject – please read the article below.

 

The FHA Condos Approval Company, Inc.

 

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RealtyTrac released its first-ever Natural Disaster Housing Risk Report Thursday, which assigns a risk score for a natural disaster to more than 3,000 county housing markets nationwide. Scores were based on risk data for three natural disasters—hurricanes, tornadoes, and earthquakes—and each county was assigned to one of five categories based on their score: Very High Risk, High Risk, Medium Risk, Low Risk, and Very Low Risk.

 

The company analyzed 3,138 U.S. counties, and found that 373 were classified as Very High Risk, representing roughly 12 percent of all counties. Housing units in the Very High Risk counties totaled 10.6 million—8 percent of total U.S. housing units.

 

The Very Low Risk category had 271 counties, representing 3.9 million housing units—a mere 3 percent of total U.S. housing units.

 

The company found, “The biggest percentage of counties and housing units fell into the High Risk Category: 1,118 counties with a combined housing unit total of 61 million—representing 47 percent of total U.S. housing units.”

 

“The potential risk of a natural disaster may not be the first item on most homebuyer checklists for a dream home, but prudent buyers will certainly take this into consideration along with myriad other factors that could affect home value,” said Daren Blomquist, VP at RealtyTrac. “In the past natural disaster data was technically available, but difficult for buyers and homeowners to dig up; however, now the data is readily available online for virtually any U.S. property, and buyers should take advantage of this.

 

To read the complete article – please use the link below.

Natural Disaster Risk 

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