A Texas National Guardsman shakes hands with a resident after assisting his family during Hurricane Harvey flooding in Houston, Texas, Aug. 27, 2017 (Army National Guard photo by Lt. Zachary West).
As the floodwaters recede and Hurricane Harvey survivors assess the damage to their homes, the inevitable question arises: What will this do to the housing market in the Houston area?
With a flood of this magnitude, it’s hard to predict, experts say. History tells us that it can take a lot longer for housing stock to recover — but how long? And how will a possible widespread lack of flood insurance affect the market?
Todd Tomalak is a building products spending forecaster and expert with John Burns Real Estate Consulting. While he and his teammates are just beginning to assess and compare historical data to current data, he did have a few insights.
“Major storms have a very long effect on the housing stock – following Hurricane Katrina, it took eight years for the number of total housing units to recover back to pre-storm levels,” he said. (more…)