Hurricane Matthew Could Inflict $200-B in Damage to Coastal Homes
$DIA, $SPY, $QQQ, $VXX
Hurricane Matthew could potentially cause $200-B in damage to coastal homes, and that number could rise depending on the path and intensity of the Category 4 storm.
At least 954,000 people are at risk of major storm surge damage, according to CoreLogic.
Those homes have a reconstruction value of just more than $189-B. Add Georgia and South Carolina to the mix, and it rises to more than $200-B.
The CoreLogic analysis measures damage just from water. It does not assess additional damage from wind, which will be sustained in some areas at 125 to 140 mph.
Gaining fury as it closed in, Hurricane Matthew moved toward Florida with winds of 140 mph Thursday as 2-M people across the Southeast were warned to board up their homes and flee inland to escape the most powerful storm to threaten the Atlantic coast in more than a decade.
“The storm has already killed people.
We should expect the same impact in Florida,” Florida Gov. Rick Scott said as the skies began darkening from Matthew’s outer bands of rain.
The last Category 3 storm or higher to hit the US was Wilma in October 2005. It ravaged Florida with 120 mph winds, killing 5 people and causing an estimated $21-B in damage.
With hurricane-force winds extending outward up to 60 miles from the storm’s center, Matthew could wreak havoc along the coast even if it were to stay just offshore.
Forecasters said it could dump up to 15 ins of rain in some spots and cause a storm surge of 9 to 10 ft.
US President Barack Hussein Obama on Thursday declared a State of Emergency in the State of Florida.
Thursday, the US major stock market indexes finished at: DJIA -12.53 at 18268.50, NAS Comp -9.17 at 5306.85, S&P 500+1.04 at 2160.77
Volume: Trade was below average as 795.5-M/shares were exchanged on the NYSE
- Russell 2000: +9.9% YTD
- NAS Comp +6.2% YTD
- S&P 500: +5.7% YTD
- DJIA +4.9% YTD
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