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Mississippi Homes at Risk of Flood Damage


floodingThe Pearl River in Mississippi is set to overflow, putting hundreds at risk, CNN reports [1]. As of Sunday morning, the river, east of downtown Jackson, hit 36.38 feet, and is expected to 38 feet by Monday. Law enforcement officers went door to door urging at least 510 people to leave their homes on Sunday, Governor Tate Reeves said.

"We don't want to lose anyone as we respond to what is expected to be historic flood levels," the governor said.

Authorities are expecting a "historic, unprecedented flood" that the city has not seen in more than 30 years, Reeves said.

It will likely take several days for the flood waters to recede, according to emergency officials. According to preliminary reports, 200 homes have been damaged by flood waters, and Governor Reeves states that 2,500 structures, including 1,000 homes, are expected to flood.

"We are not out of the woods yet. We are seeing some positive news and positive results from last 24 hours, but there is more water coming into the river and into downtown Jackson," Reeves said.

Flood including the Pearl RIver flood can have lasting impacts on delinquencies, as natural disaster risk rises. According to data from the National Oceanic and Atmospheric Administration (NOAA), there have been at least 14 events with losses exceeding $1 billion in the United States alone. CoreLogic’s report analyzed the economic impact of these conditions, including the rise of defaults in the years following major storms.

According to CoreLogic, after 2017’s trio of hurricanes—Harvey, Irma, and Maria—serious delinquency rates on home mortgages tripled in the Houston and Cape Coral, Florida, metro areas and quadrupled in San Juan, Puerto Rico.

“Based on CoreLogic research, communities affected by wildfires, hurricanes, floods, tornadoes, earthquakes and other natural disasters in 2019 will likely experience an increase in mortgage delinquencies and shelter costs, and it can take more than 12 months for mortgage delinquency rates to normalize—and even longer for homes to be repaired or rebuilt,” the report said.