Sandy's storm surge threatens $3.5 billion in Baltimore homes

October 29, 2012|By Steve Kilar | The Baltimore Sun

More than 10,000 homes in the metro Baltimore region -- valued at a total of $3.5 billion -- are at risk for potential storm-surge damage, according to housing market analysis firm CoreLogic. 

"Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm, releasing a powerful rush over land when the hurricane moves on shore," said CoreLogic, which made its forecast of at-risk properties based on the predicted track of Hurricane Sandy on Saturday.

Since CoreLogic's prediction, the storm's path has shifted north, but powerful storm surges are still predicted along the coastal Baltimore metro region. CoreLogic's assessment is also based on the assumption that Sandy will reach land at Category 1 strength, which it was predicted to do as of Monday morning.

In the coastal Mid-Atlantic states, CoreLogic has concluded that 284,000 homes valued at almost $88 billion are at risk for damage related to the storm-surge: 

StateNumber of Properties at RiskValue of Properties at RiskMassachusetts21,770$7,761,235,023Pennsylvania246$24,131,496New York81,078$35,128,036,406New Jersey75,314$22,601,229,263Delaware8,894$2,069,493,600Maryland30,131$8,983,837,253Virginia66,544$11,311,646,410

Most of the homes theatened are in metropolitan areas. In eight major metro areas on the Atlantic Ocean, from Virginia to Massachusetts, more than 238,000 total properties valued at nearly $75 billion are at risk, according to CoreLogic:

Metro AreaNumber of Properties at RiskValue of Properties at RiskBoston-Cambridge-Quincy, MA-NH10,491$2,959,837,038Ocean City, NJ8,080$3,444,625,200New York City-Northern New Jersey-Long Island, NY-NJ-PA119,312$48,064,953,474Atlantic City-Hammonton, NJ20,283$4,807,676,476Philadelphia-Camden-Wilmington, PA-NJ-DE-MD8,747$1,417,862,696Washington-Arlington-Alexandra, DC-VA2,207$734,901,116Baltimore-Towson, MD10,010$3,508,329,420Virginia Beach-Norfolk-Newport News, VA-NC59,042$10,029,968,947

"The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes," the firm said in a statement Saturday.

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