CoreLogic Analysis Shows More Than $51 Million in Residential Exposure to Property Damage in New Orleans Plaquemines Parish After Isaac Topped Levees
August 29, 2012, Santa Ana, Calif. –
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released data showing potential exposure to residential property damage from storm-surge flooding in the Plaquemines parish of New Orleans after Hurricane Isaac topped levees on the east bank Tuesday night.
“While most of upper Plaquemines Parish is protected by the federally funded levee system that has been built up or upgraded since Katrina, the southern end of the parish levee system upgrade project hasn't been started yet, and some of the existing south parish levees are only around two to eight feet tall,” said Dr. Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “As Hurricane Isaac storm surge grew to over 12 feet last night, surge waters overtopped the levees and flooded the area. According to our analysis, there are more than 500 homes in the Plaquemines Parish at risk for storm-surge damage, valued at roughly $51.8 million.”
CoreLogic data previously released shows nearly 200,000 total residential properties valued at more than $26.3 billion at risk for storm-surge related flooding in the New Orleans CBSA (Core Based Statistical Area) as Hurricane Isaac moves into the area as a Category 1 storm.
Hurricane-driven storm-surge flooding can cause significant property damage when high winds, forward movement of the storm and low pressure causes water to amass in front of the storm, pushing a powerful rush over land when the hurricane moves on shore. The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
To view a map showing hurricane-driven storm-surge risk through Google Earth, visit here. To download the map as a KML file, visit here. Static maps depicting storm-surge risk in southern Florida are available upon request.
For interview requests with CoreLogic subject-matter experts, contact Lori Guyton at 901-277-6066 or email@example.com.
CoreLogic generates storm surge data using the company’s comprehensive parcel database of property-level data for more than 131 million parcels nationwide. After identifying a region’s vulnerability to storm surge given on-shore and off-shore geographic attributes and population density, CoreLogic identifies all residential properties within a predicted storm surge area and analyzes it against the associated property value of each home.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has approximately 5,000 employees globally. For more information, visit www.corelogic.com.
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