Residential Real Estate News
$8.1 Billion of Florida Mortgage Transactions at Risk Post Hurricane Ian
Based on new research by CoreLogic, more than 22,282 pending mortgage transactions currently in progress in Florida's 20 affected counties are in jeopardy from storm surge and flooding caused by the recent hurricane, Ian. Nearly 14,000 are purchase transactions where the state's average home sales price is $452,000 (as of June 2022).
FEMA defined affected areas are frequently changing as more areas are assessed but looking at Lee County, where Fort Myers is located and where Ian made landfall, there are more than 1,000 purchase loans and 600 refinance loans in flight.
For the areas identified in the FEMA declarations, CoreLogic based its estimate on "in-flight" mortgage applications processed through its SmartFees platform that are due to close within the next 90-days. The applications are being originated by more than 300 different lenders.
In many cases, new inspections and often new appraisals will be required before the mortgages can be approved and the sales completed. In some instances, the damage will result in significant delays or cause deals to fall apart. CoreLogic is proactively notifying its lender clients about which loans within these counties may be affected and will be working with them on expanded reviews as requested.
