Hurricane Sandy is likely to affect coastal and some inland regions of several states, but Standard & Poor's analysts said today that it was still too early to gauge the effects on residential and commercial real estate.
Full-state CMBS exposure include NY (13.2%), VA (4.0%), PA (3.4%), NJ (3.1%), MD (2.7%), MA (2.5%), DC (1.6%), but that data on structured finance exposure isn't modelled to the storm's path, according to CMBS data provider Trepp..
On the RMBS side, CoreLogic said today that according to its storm-surge analys that is based on the projected path of Hurricane Sandy, nearly 284,000 Mid-Atlantic homes valued at roughly $87 billion are at risk of property damage fromthe hurricane. The estimate, however, only measures damage from storm surge and does not include potential damage from wind and rain associated with hurricanes.
According to CoreLogic’s breakdown, at least 81,000 properties valued at $35.1 billion are at risk in New York state. In New Jersey, more than 75,000 properties valued at roughly $22.6 billion are in danger.
But, S&P said today that one thing is certain – the hurricane will slow the resumption of the new-issue calendar after the pause from Information Management Network's ABS East held early last week.