Hurricane Harvey's Impact on Houston's Mortgage Industry
While the image above isn't really from Houston's Hurricane Harvey, it really does look like an image many of us have seen on the news this past week. Hurricane Harvey hit Houston, TX with plenty of force and now, everyone is looking at the impact it is having on multiple fronts.
It's not just gas prices that are feeling the impact, Harvey will have a big impact on tax bases in Houston and other surrounding areas that were hit by the storm. Rob Chrisman highlights some of these impacts in his latest rundown of news in the mortgage world.
"After Hurricane Harvey’s floodwaters subside, credit analysts will assess the damage to tax bases in Houston, southeast Texas, and Louisiana," according to Chrisman.
"Dollar amounts never go down in this kind of thing, and CoreLogic anticipated $40 billion of damage before Harvey made landfall. Recovery will take years, and probably damage the area’s credit ratings."
The assessment of the impact is still ongoing but here's to hoping that Houston doesn't see another disaster like this in the future. For more on the impact of Hurricane Harvey click on the image above.