Hurricanes Likely to Have These 3 Effects on Housing

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Posted To: MND NewsWire

Like Fannie Mae, Freddie Mac’s economists are viewing the disruptions from the recent hurricanes as short-lived . The 33,000-job loss in September, for example, was largely attributable to a steep month-over-month drop in hiring in the leisure and hospitality industry, almost certainly an effect of the storms. The already tight supply of homes was exacerbated by the hurricanes, with total home sales for August at a weak 5.9 million units. Freddie Mac’s economists devote most of this month’s Outlook to looking at the potential impact in the shorter and longer terms. Moody’s Analytics’ preliminarily puts the economic losses in Texas and Florida from Harvey and Irma at almost $168 billion. Roughly $51 to $56 billion worth of residential real estate was affected by Hurricane Harvey and $30 to …(read more)

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