According to new data from CoreLogic, residential and commercial property storm surge and wind loss estimates for Hurricane Delta in Louisiana and Texas are estimated to be between $0.5 billion and $0.9 billion. Insured storm surge losses are estimated to be an additional $0.2 billion to $0.3 billion. Damage to offshore structures ranges from $0.8 billion to $1.5 billion.
Hurricane Delta made landfall near Creole, Louisiana, on Friday, October 9, as a mid-Category 2 storm with a maximum sustained surface wind speed of 100 miles per hour, making Delta the second hurricane in six weeks to make landfall along the southwestern coast of Louisiana. As Hurricane Delta approached the western Louisiana coast, the storm encountered an environment of high wind shear and weakened just before landfall in Cameron Parish, about 15 miles east of where Hurricane Laura devastated communities in late August.
"Recovery from Hurricane Delta will likely be exacerbated due to ongoing rebuilding efforts following Hurricane Laura," said Tom Larsen, principal, insurance solutions at CoreLogic. "Damage from Hurricane Laura extended inland and concentrated on roofs and exterior building cladding, and Delta's impact could have a double-jeopardy impact. For homeowners, it is critical to work hand-in-hand with insurers to understand their coverage and financial responsibility."
According to the Mortgage Bankers Association's latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, the level of commercial/multifamily mortgage debt outstanding rose by $43.6 billion (1.2 percent) in the second quarter of 2020.
According to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in August 2020 topped the 1 million mark and reached their highest pace since September 2006.