The longer-term effects of hurricane Sandy will be largely dependent on the level of insurance coverage on the property and the financial health of the borrower, said Citigroup Global Markets analysts in a report today.

The Citi report, which updated the numbers from a previous report, found that approximately 48,500 loans with about $16.3 billion in unpaid principal balance are in flood-affected areas. The majority of the loans are in the subprime and Alt-A sectors.

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