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Data indicates over 280K S.C. residences may be impacted by Matthew

Real Estate - Residential
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According to property data provider CoreLogic, over 280,000 South Carolina homes could be impacted by the brunt of Hurricane Matthew – if the storm maintains a Category 4 rating.

The storm which passed over the Bahamas Thursday and made its way closer to the East Coast, strengthened back to a Category 4 storm Thursday morning.

According to CoreLogic, if the storm maintains its strength, 287,215 homes in the Palmetto State could be impacted by the storm in terms of storm surge damage. If that holds true, the reconstruction value could top $67 billion in South Carolina alone.

“It is pretty eye-opening,” said Tom Jeffrey, senior hazard scientist with CoreLogic. “Every year when we re-analyze this data it gets more and more eye-opening.”

The reconstruction value drops to just over $50 billion if the storm is reduced to a Category 3 and $32 billion at Category 2. The number of potentially impacted homes also decreases to 205,038 at Category 3 and 123,999 at Category 2.

According to the data, more homes in Florida will be impacted. CoreLogic said over 950,000 homes would be impacted if the storm maintains its rating. The reconstruction value of those properties total over $188 billion. The company broke down the data by metropolitan areas in Florida. Over 576,000 homes in Miami would be impacted by Matthew’s current strength – the largest number of any other Atlantic coastal cities in Florida.

At Category 4 strength, Matthew has the potential to impact over 198,000 homes in North Carolina and 137,000 homes in Georgia. CoreLogic analyzed the four coastal states because of the projected track of Matthew going along the coast.

“I think, with the data we provided, it shows us that in the grand scheme, there is a large number of homes with a large value,” Jeffrey said. “Now, I have to talk about how the data we put out there, instead of an aggregate, this is the first time in a long time where we have to talk about homes all along the coast being impacted.”

He said traditionally, hurricanes make landfall and travel inland, but the forecast model of Matthew has it running up the East Coast into North and South Carolina before potentially heading back out to the Atlantic.

“Here we have a high-intensity storm that is going to impact a large area,” Jeffrey said.

CoreLogic did report that Charleston was in the top 15 of cities along the Atlantic and Gulf of Mexico coasts of being at risk for storm surge. According to the data, Charleston has over 143,000 homes that could potentially be impacted by any category of storm. Those homes come with an estimated reconstruction value of nearly $34 billion. Miami, Fla., New York, NY and Tampa, Fla. were the top three cities at risk for storm surge damage.

Reach Matthew Clark at 864-720-1222.

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