CoreLogic Study Finds More Than $2 Billion in Residential Property Exposure to Potential Flood Damage From Morganza Spillway
Crosby-Volmer International Communications
May 20, 2011, Santa Ana, Calif. –
—Terrebonne, Saint Mary and Assumption Parishes Could Suffer Highest Potential Loss—
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today released the results of a study showing more than $2 billion in residential property at risk for potential flood damage from the opening of the Morganza Spillway in Louisiana.
The U.S. Army Corps of Engineers opened the spillway May 14 to divert record-high Mississippi River water levels away from densely populated metro areas like Baton Rouge and New Orleans, and to relieve pressure on downstream levees sparing hundreds of thousands of homes as well as numerous oil refineries and chemical plants along the Mississippi River.
The analysis from CoreLogic shows that many homes in otherwise low-risk zones are in the path of floodwaters and that a total of 21,272 homes are at risk of being fully or partially inundated by the floodwaters flowing down from the Atchafalaya Basin. Those homes represent 11 percent of the total homes in the nine parishes most directly impacted by the opening of the spillway.
The CoreLogic analysis revealed Terrebonne Parish could suffer the highest potential loss with 10,324 homes at risk for flood damage, followed by Saint Mary Parish with 3,777 homes at risk and Assumption Parish with 2,899 homes in the path of spillway floodwaters. Of the more than 20,000 homes located in the overall potential Atchafalaya flood area, 4,528 homes are located outside of Federal Emergency Management Agency (FEMA) defined flood zones and are therefore not required to maintain flood insurance policies.
According to Dr. Howard Botts, vice president and director of database development for CoreLogic, “When compiling the flood risk numbers, we were not only surprised by the more than $2 billion in potential residential property loss, but also by the percent of homes in the path of floodwaters that are not located in a FEMA 100-year flood zone. Of the more than 21,000 homes in the area exposed to the waters flowing into the Atchafalaya basin, 21 percent are located outside of FEMA flood zones, representing more than $400 million in potential property damage.”
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Morganza Spillway Full Press Release
CoreLogic 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 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. Formerly, the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
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