Natural Disasters And Housing Markets
Natural Disasters And Housing Markets

Author: Sharonda Vollucci

Publisher:

Published: 2021-06-29

Total Pages: 140

ISBN-13:

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The author, a self-described "real estate nerd", has taken on an ambitious topic -the impact that natural disasters have on coastal real estate communities, and how to identify steps that can be taken to lessen potential future risks. By including personal anecdotes, case studies, and top-notch research, from both primary and secondary sources, he has created a work that is compelling and insightful, albeit alarming. He includes commentary from a broad range of industry experts (including a delightfully cloak and dagger source commenting on the NFIP), and presents thoughtful short and long-term approaches, convincing the reader of the importance of considering risk-mitigating initiatives in all future development projects. A must-read for anyone interested in the future of real estate, changing coastlines and weather patterns, and the countless numbers of us who can't exist without the sea in our backyards. The book provides an in-depth analysis of natural disasters in coastal real estate communities. In this book, he asks the terrifying question--How will natural disasters continue to impact coastal real estate? He brings together the perspectives of real estate industry experts, members of FEMA's disaster response team and the National Flood Insurance Program, insurance companies, and the world's leading nonprofits to come up with a comprehensive response strategy. By analyzing past natural disaster preparation and response tactics, the book is able to provide the strategic and proactive measures necessary to ensure the safety and longevity of our cherished coastal cities.

How Hurricanes Sweep Up Housing Markets
How Hurricanes Sweep Up Housing Markets

Author: Joshua S. Graff Zivin

Publisher:

Published: 2020

Total Pages: 0

ISBN-13:

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This paper examines the impacts of hurricanes on the housing market and the associated implications for local population turnover. We first characterize the post-hurricane equilibrium dynamics in local housing markets using microdata from Florida during 2000-2016. Our results show that hurricanes cause an increase in equilibrium prices and a concurrent decrease in transactions in affected areas, both lasting up to three years. Together, these dynamics imply a negative transitory shock to the housing supply as a consequence of the hurricane. Furthermore, we match buyer characteristics from mortgage applications to provide the first buyer-level evidence on population turnover. We find that incoming homeowners in this period have higher incomes, leading to an overall shift in the local economic profile toward higher-income groups. Our findings suggest that market responses to destructive natural disasters can lead to uneven and lasting demographic changes in affected communities, even with a full recovery in physical capital.

Post-Katrina Recovery of the Housing Market Along the Mississippi Gulf Coast
Post-Katrina Recovery of the Housing Market Along the Mississippi Gulf Coast

Author: Kevin F. McCarthy

Publisher: Rand Corporation

Published: 2008

Total Pages: 103

ISBN-13: 0833042939

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In the immediate aftermath of the devastation wrought by Hurricane Katrina, Mississippi Governor Haley Barbour appointed the Commission on Recovery, Rebuilding, and Renewal. In summer 2006, the commission asked the RAND Gulf States Policy Institute to describe the state of the pre-Katrina housing markets in Mississippi's three coastal counties, to estimate the damage the storm did to their housing markets, to describe the status of the recovery effort, and to identify problems that might inhibit that recovery. The authors found that Katrina damaged about 60 percent of the three counties' housing stock, but the extent and intensity of that damage varied substantially, depending on the source of that damage. The recovery process then got off to a slow start; the pace seems to have moved more rapidly for single-family than for multifamily units and for moderately than for severely damaged units. Recovery will take at least another two to three years, and the final costs will exceed $4 billion. Three issues will be critical to short-term recovery: construction-sector capacity; availability of funds to finance recovery; and an adequate supply of housing, especially affordable housing, for those whom the storm displaced from their residences. Finally, following through on intentions to implement longer-term mitigation plans seems to become more difficult as time passes since the storm.

Economics Of Natural Disasters
Economics Of Natural Disasters

Author: Suman Kumari Sharma

Publisher: World Scientific

Published: 2018-12-12

Total Pages: 299

ISBN-13: 981472324X

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Unlike existing books on the topic that cover more on non-economic aspects of natural disasters, this book covers economic aspects of natural disasters viz damage assessment, risk management and resilience. The book contains several case studies and covers some of the major natural disasters in different countries, most notably the recent Nepal earthquake, tsunami in Fukushima, the Indian Ocean earthquake and tsunami, floods in Thailand, the typhoon Haiyan, and the eruptions of Mount Merapi. It also suggests avenues for better public policies to tackle economics of natural disasters.

Flood Risk and the U.S. Housing Market
Flood Risk and the U.S. Housing Market

Author: Howard Kunreuther

Publisher:

Published: 2019

Total Pages: 45

ISBN-13:

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As recent hurricane seasons have made clear, flooding can cause a great deal of property damage and human suffering. Indeed, flooding causes the most damage of any natural disaster in the United States and worldwide and affects the greatest number of people. Yet today most households are uninsured, or underinsured, against flood losses and may incorrectly perceive that if they suffer property damage, government agencies and programs will significantly aid them financially soon after the disaster. In reality there is limited financial aid provided by the public sector to disaster victims and it is often delayed in the post-disaster period. This paper synthesizes existing research on the nature of flood risk and the housing market in the United States with a particular focus on the single-family market segment, a large category of the wealth on household balance sheets. We also consider flood risk externalities affecting the housing market more broadly.