CoreLogic climate change catastrophe report estimates 1 in 10 US residential properties impacted by disasters in 2021
The annual report shows over 14.5 million homes impacted by hurricane, wildfire, winter storm or severe weather
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its 2021 CoreLogic Climate Change Catastrophe Report, revealing over 14.5 million single- and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage. This year’s report analyzed thirteen major hazard events of 2021 — from hurricanes and severe weather such as tornados and hailstorms to wildfires and winter storms — to understand how these events have disproportionate yet wide-sweeping effects on properties.
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Natural disasters are increasing in frequency and severity, impacting regions underprepared to handle an economic disruption, job displacement and the destruction of real estate assets. Community members are often unable to pay their mortgages or afford reconstruction costs. The report analyzes an area like Houma, Louisiana, which was hit head-on by Hurricane Ida, a category 4 hurricane, in August 2021. At the time of impact, delinquency rates hovered around 7.4%. The following month, the delinquency rate nearly doubled to 13.3% and hit 13.5% in October.
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