Houston Sees 15 Percent Drop in Mortgage Apps, Thanks to Hurricane Harvey

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The impact of Hurricane Harvey on Houston, whose real estate market has been more than hard hit, is almost startling by this chart. The impact of Irma is yet to be seen since she made landfall in the Florida Keys on September 10 before continuing up the west coast of Florida and heading inland. But widespread preparation and evacuations in Florida reduced mortgage applications by more than 25 percent before the hurricane arrived as business ground to a halt. When you are running for your life, you tend to forget about things like house closings.

Harvey was unprecedented in its rainfall for the coast of Texas and caused flooding that affected up to 30 percent of the state’s population.  As one Houstonian whose property was unscathed told me, “everyone in Houston knows someone who was affected.” The effect on our real estate market, too, will be unprecedented, though possibly less in Houston than Florida. 

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Candy Evans

A real estate muckraker, Candy Evans is one of the nation’s leading real estate reporters. She is also the North Texas real estate editor for Forbes.com, CultureMap Dallas, Modern Luxury Dallas, & the Katy Trail Weekly. Candy has written for Joel Kotkin’s The New Geography, Inman Real Estate News, plus a host of national sites. Constantly breaking celebrity real estate news, she scooped former president George W. Bush's Dallas home in 2008. She is the founder and publisher of her signature CandysDirt.com, and SecondShelters.com, devoted to the vacation home market. Her verticals have won many awards, including Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations. Candy holds an active Texas real estate license but does not sell. She is on the Board of Directors of Braemar Hotels & Resorts (BHR).

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