According to Irvine- California based data company CoreLogic, 52 percent of residential and commercial properties in the Houston metro are at "High" or "Moderate" risk of flooding, but are not in a Special Flood Hazard Area (SFHA) as identified by the Federal Emergency Management Agency (FEMA).
Properties within SFHA zones, categorized as Extreme or Very High Risk, require flood insurance if the property has a federally insured mortgage. Properties outside SFHA zones are not required to carry flood insurance.
Table 1 below shows the levels of flood risk according to CoreLogic data for properties in seven metro areas likely to get severe rain and flooding as a result of Hurricane Harvey.
Table 2 shows only the total and percent of properties in the High and Moderate risk categories that are not in an SFHA and therefore not required to carry flood insurance.
The National Association of Home Builders is reporting this week that U.S. home builder confidence in the market for newly-built single-family homes fell three points to a level of 64 in September 2017.
Hurricane Harvey's impact on Houston's commercial real estate market was significant.
. Houston's commercial real estate market is resilient after weathering Hurricane Harvey and the largest rainfall the area has recorded in decades.
According to global property advisor CBRE, increased investor demand from both international and domestic buyers contributed to further capitalization rate compression in the U.S. industrial real estate sector over the first half of 2017.
According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released this week, rising U.S. home prices offset a quarter-point drop in mortgage interest rates to move housing affordability slightly lower in the second quarter of 2017.