New estimates show that the impending Hurricane Michael could be responsible for upwards of $13.4 billion in property damage. According to National Mortgage News, the storm could affect an estimated 57,000 homes.
"The mortgage delinquency rate fell to a 12-year low of 3.52% in August. However, the impact from Florence and the pending damage from Michael — along with the storms to follow — have yet to be accounted for," according to NMN.
"Hurricane Michael is a massive storm that could bring total devastation to parts of our state, especially in the panhandle," Florida Gov. Rick Scott said in a press conference.
The storm was upgraded from a category three to a category four overnight and looks to continue to strengthen as Florida braces for its impact.
This storm will put a serious damper on the progress that was made to the mortgage delinquency rate.
To learn more about the possible effects of the storm, click on the image above.