UPDATE: CoreLogic® Analysis Shows Top 10 Zip Codes in Atlantic
City, Ocean City and Philadelphia Areas at Risk of Property Damage
From Hurricane Sandy Storm Surge
IRVINE, Calif., Oct. 29, 2012 /PRNewswire/ -- CoreLogic (NYSE:
CLGX), a leading provider of information, analytics and business
services, today released data showing the top 10 zip codes in the
Atlantic City, Ocean City and Philadelphia metro areas that are at risk of
exposure to residential property damage from hurricane-driven
storm-surge flooding when Hurricane Sandy hits the Atlantic coast
later today.
(Logo: http://photos.prnewswire.com/prnh/20100609/CLLOGO)
In Atlantic City-Hammonton, NJ, the island community of
Margate City faces the highest
risk with 4,465 residential structures valued at more than
$1.4 billion exposed to Sandy
storm-surge damage. The top 10 local Atlantic City areas at risk are as
follows:
Rank
|
Zip
Code - Area Name
|
Properties Affected
|
Total
Structure Value
|
1
|
08402 -
MARGATE CITY, NJ
|
4,465
|
$1,407,941,777
|
2
|
08203 -
BRIGANTINE, NJ
|
5,009
|
$1,207,217,952
|
3
|
08403 -
LONGPORT, NJ
|
1,505
|
$633,280,808
|
4
|
08401 -
ATLANTIC CITY, NJ
|
4,545
|
$625,291,142
|
5
|
08406 -
VENTNOR CITY, NJ
|
2,032
|
$466,709,648
|
6
|
08244 -
SOMERS POINT, NJ
|
1,327
|
$172,455,160
|
7
|
08221 -
LINWOOD, NJ
|
449
|
$124,620,162
|
8
|
08234 -
EGG HARBOR TOWNSHIP, NJ
|
426
|
$75,433,164
|
9
|
08232 -
PLEASANTVILLE, NJ
|
316
|
$40,694,332
|
10
|
08330 -
MAYS LANDING, NJ
|
51
|
$16,812,833
|
The coastal resort area of Ocean City,
NJ appears to face the greatest potential exposure to
storm-surge damage, with 6,246 homes worth a combined $2.5 billion at risk. The top 10 local
Ocean City areas at risk are as
follows:
Rank
|
Zip
Code - Area Name
|
Properties Affected
|
Total
Structure Value
|
1
|
08226 -
OCEAN CITY, NJ
|
6,246
|
$2,508,197,400
|
2
|
08202 -
AVALON, NJ
|
661
|
$510,127,600
|
3
|
08247 -
STONE HARBOR, NJ
|
242
|
$150,548,400
|
4
|
08243 -
SEA ISLE CITY, NJ
|
225
|
$80,988,800
|
5
|
08223 -
MARMORA, NJ
|
219
|
$66,797,800
|
|
|
|
|
|
6
|
08260 -
WILDWOOD, NJ
|
195
|
$50,098,400
|
7
|
08210 -
CAPE MAY COURT HOUSE, NJ
|
146
|
$29,667,600
|
8
|
08270 -
WOODBINE, NJ
|
62
|
$18,289,600
|
9
|
08204 -
CAPE MAY, NJ
|
28
|
$15,813,600
|
10
|
08251 -
VILLAS, NJ
|
40
|
$6,702,000
|
|
|
|
|
|
In the Philadelphia-Camden-Wilmington, PA-NJ-DE metro area, Pennsville, NJ holds the top spot with more
than 1,600 homes at risk valued at more than $297 million. The top 10 local Philadelphia areas exposed to Hurricane Sandy
storm-surge damage are as follows:
Rank
|
Zip
Code - Area Name
|
Properties Affected
|
Total
Structure Value
|
1
|
08070 -
PENNSVILLE, NJ
|
1,682
|
$297,040,322
|
2
|
08027 -
GIBBSTOWN, NJ
|
1,333
|
$202,067,100
|
3
|
08065 -
PALMYRA, NJ
|
965
|
$107,934,829
|
4
|
08077 -
RIVERTON, NJ
|
315
|
$85,291,330
|
5
|
08066 -
PAULSBORO, NJ
|
748
|
$79,955,600
|
|
|
|
|
|
6
|
08063 -
NATIONAL PARK, NJ
|
373
|
$79,877,200
|
7
|
08016 -
BURLINGTON, NJ
|
596
|
$70,032,997
|
8
|
08086 -
THOROFARE, NJ
|
376
|
$68,501,400
|
9
|
08093 -
WESTVILLE, NJ
|
450
|
$61,093,000
|
10
|
08069 -
PENNS GROVE, NJ
|
259
|
$48,577,665
|
|
|
|
|
|
*An extended analysis of the top 25 zip codes in the metro
areas listed above is available upon request.
In a report issued Saturday, CoreLogic also provided an estimate
of the total number of residential properties at risk among the
coastal Mid-Atlantic states overall, assuming Sandy hits the coast
as a Category 1 hurricane. Within that seven-state region, nearly
284,000 total residential properties valued at almost $88 billion stand at risk:
State
|
Number
of Properties at Risk
|
Value
of Properties at Risk
|
New
York
|
81,078
|
$35,128,036,406
|
New
Jersey
|
75,314
|
$22,601,229,263
|
Virginia
|
66,544
|
$11,311,646,410
|
Maryland
|
30,131
|
$8,983,837,253
|
Massachusetts
|
21,770
|
$7,761,235,023
|
Delaware
|
8,894
|
$2,069,493,600
|
Pennsylvania
|
246
|
$24,131,496
|
|
|
|
|
The number of residential properties in eight major metro areas
and their respective potential exposure to damage are as
follows:
Metro
Area
|
Number
of Properties at Risk
|
Value
of Properties at Risk
|
New York
City-Northern New Jersey-Long Island, NY-NJ-PA
|
119,312
|
$48,064,953,474
|
Virginia
Beach-Norfolk-Newport News, VA-NC
|
59,042
|
$10,029,968,947
|
Atlantic
City-Hammonton, NJ
|
20,283
|
$4,807,676,476
|
Boston-Cambridge-Quincy, MA-NH
|
10,491
|
$2,959,837,038
|
Baltimore-Towson, MD
|
10,010
|
$3,508,329,420
|
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
|
8,747
|
$1,417,862,696
|
Ocean
City, NJ
|
8,080
|
$3,444,625,200
|
Washington-Arlington-Alexandra, DC-VA
|
2,207
|
$734,901,116
|
|
|
|
|
Hurricane-driven storm-surge flooding can cause significant
property damage when high winds and low pressure causes water to
amass inside the storm, releasing a powerful rush over land when
the hurricane moves on shore. The CoreLogic analysis measures
damage from storm surge and does not include potential damage from
wind and rain associated with hurricanes.
To view a map showing hurricane-driven storm-surge risk through
Google Earth, visit here. To download the map as a KML file, visit
here. Static maps depicting storm surge in the Northeast are
available upon request.
For more information on CoreLogic storm-surge methodology, data
and analysis, download a copy of the more in-depth 2012 CoreLogic
Storm Surge report at
http://www.corelogic.com/about-us/researchtrends/storm-surge-report-2012.aspx.
Methodology
CoreLogic generates storm surge data using the company's
comprehensive parcel database of property-level data for more than
131 million parcels nationwide. After identifying a region's
vulnerability to storm surge given on-shore and off-shore
geographic attributes and population density, CoreLogic identifies
all residential properties within a predicted storm surge area and
analyzes it against the associated property value of each
home.
About CoreLogic
CoreLogic (NYSE: CLGX) is a leading residential property
information, analytics and services provider in the United States and Australia. Our combined data from public,
contributory and proprietary sources spans over 700 million records
across 40 years including detailed property records, consumer
credit, tenancy, hazard risk and location
information. The markets CoreLogic serves include real
estate and mortgage finance, insurance, capital markets,
transportation and government. We deliver value to our
clients through unique data, analytics, workflow technology,
advisory and managed services. Our clients rely on us to
help identify and manage growth opportunities, improve performance
and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven
countries. For more information, please
visit www.corelogic.com.
CORELOGIC the stylized CoreLogic logo are registered
trademarks owned by CoreLogic, Inc. and/or its subsidiaries. No
trademark of CoreLogic shall be used without the express written
consent of CoreLogic.
Note to Media: The CoreLogic storm-surge analysis provided below
was developed based on the projected path of Hurricane Sandy as of
2:00 p.m. ET Monday, October 29.
SOURCE CoreLogic