Hurricane Irene - Media Advisory: Potential Damage to New York City & Long Island

Media Contacts

Alyson Austin
Corporate Communications
CoreLogic
(949) 214-1414
newsmedia@corelogic.com

Lori Guyton
Public Relations
Crosby-Volmer International Communications
(901) 277-6066
Email Media Contact

August 27, 2011, Santa Ana, Calif. –

CoreLogic® Analysis Shows More Than $35 Billion in Potential Exposure to Residential Property Damage in New York City and Long Island from Hurricane Irene Storm Surge

CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released data showing potential exposure to residential property damage from Hurricane Irene storm surge flooding for New York City and Long Island.  Assuming Irene reaches Category 1 status, potential damage could total more than $35 billion.  Assuming a Category 2 status, storm surge damage could potentially total more than $59 billion, and if Irene reaches Category 3 status, damage could exceed $88 billion.  The CoreLogic analysis measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.  See charts below.

Hurricane-driven storm-surge flooding can cause significant property damage when high winds and low pressure causes water to amass inside the storm releasing a powerful rush over land when the hurricane moves on shore.

New York City Residential Exposure by Storm Category
Storm Surge Risk Level

Total Properties Affected

Total Residential Structure Value

Category 1

7,188

$2,891,458,648

Category 2

14,752

$6,044,306,051

Category 3

22,866

$9,164,705,424

 

Long Island Residential Exposure by Storm Category
Storm Surge Risk Level

Total Properties Affected

Total Residential Structure Value

Category 1

73,673

$32,172,176,579

Category 2

130,029

$53,391,342,005

Category 3

197,375

$79,049,198,222

 

In a report issued Thursday, CoreLogic provided an estimate of the total number of both residential and commercial properties at risk in 12 major metro areas within the projected cone of concern for Irene. The data and accompanying maps are available at http://www.corelogic.com/about-us/news/hurricane-irene-media-advisory.aspx.

For interview requests with CoreLogic subject-matter experts, contact Lori Guyton at 901-277-6066 or lguyton@cvic.com.

Methodology
CoreLogic generates storm surge data using the company’s comprehensive parcel database of property-level data. 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.

About CoreLogic
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 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 more than 6,500 employees globally with 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.

CoreLogic is a registered trademark of CoreLogic.