Hurricane Harvey slammed into the United States and dealt a violent kick-in-the-teeth to homeowners in South Texas and parts of Louisiana.  We at Palm State Mortgage Company see the victims’ pain in the television newscasts of this catastrophic event.

Our owners and staff send our heartfelt prayers to the families of (updated number) 30  people who have died as a result of this mega-weather event.  There is no way we can feel the pain of their friends and family.  However, we hope they find comfort in the love that and charity that surrounds them.  And we have heard there might be more victims submerged and trapped in drowned vehicles under the dark water.

Hurricane Harvey Sweeps Away Dreams

Hurricane Harvey and massive Distruction

Hurricane Harvey attacks lives and Dreams.

We have seen the grim faces of the survivors as they head into an uncertain future and shoulder untold billions in destruction.

Now, Corelogic reports, to our dismay, that a large percentage of the Harvey homeowners were uninsured. Corelogic, a property information, data solutions company analyzed the flood areas. Statistics showed 52% of the homes and businesses in the Houston downtown area register as high or medium risk for flooding.

However, that does not qualify them as a Special Flood Hazard Area by FEMA (Federal Emergency Management Agency.) Yet, as the waters rose on Monday, FEMA declared 24 counties disaster areas.  Moreover, the state of Louisiana declared five counties.  And the state of Texas declared 54 disaster areas.  That is a lot of homes and broken-hearted families.

Stormy Statistics in a Flood of Tears and Dollars

In fact, the storm is estimated to have destroyed or severely damaged over 40,000 homes. Frighteningly, the storm was declared the most powerful to have smashed into Texas in 50 years. 

…And 80% of those devastated 40,000 homes were not insured.  

USA Today reported Hurricane Harvey could end up being the most expensive natural disaster in U.S. history.  Predictions of home, business and property loss have put the price tag at $160 billion dollars.  And the storm is not over yet.

The Economic Storm Now Begins with Rescue, Recovery and Rebuilding

Hurricane Rebuilding Hopes

Rebuilding and Construction Follow Hurricane’s Devastation.

At Palm State Mortgage, we fear the storm will result in another storm—an economic one.  The above-quoted amount is “equal to the combined cost of Hurricanes Katrina and Sandy.  Even more disturbing, this amount represents a 0.8% economic hit to the gross national product.”

In the aftermath of Katrina, many of the victimized homeowners had flood insurance.  However, in the case of Harvey, as noted above, many of them had no insurance.  The difference this will make will become apparent only with time.

Meanwhile, we are deeply touched by the stories of charity, heart and heroism that are coming out of the storm ravaged area.  We can only agree with our First Lady, Melania Trump who stated:

“What I found to be most profound during the visit was not only the strength and resilience of the people of Texas, but the compassion and sense of community that has taken over the State.  My thoughts and prayers continue to be with the people of Texas and Louisiana.”