DOOLEY Observed: Isaac storm surge could put $36 billion worth of homes at risk

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Sunday, August 26, 2012

Isaac storm surge could put $36 billion worth of homes at risk

By Ben Berkowitz Reuters) - The latest track of Tropical Storm Isaac puts more than $36 billion in Gulf Coast residential property at risk of flooding from storm surges, with southeastern Louisiana at greatest peril of huge losses, residential data analysis company CoreLogic said on Sunday.

Isaac bore down on the Florida Keys Sunday afternoon, with the latest National Hurricane Center forecasts suggesting a Mississippi landfall Wednesday morning as a Category 2 hurricane.

Some of the computer models used by meteorologists put Isaac on a more westerly track, though, bringing it directly into or just west of New Orleans.

Either way, CoreLogic said conditions were increasingly unfavorable along the Gulf Coast for storm surge, which is the water that a hurricane pushes forward as it moves toward land.

The firm estimated nearly 223,000 New Orleans-area properties worth $30.44 billion were vulnerable to flood damage from a Category 2 hurricane hitting the region. Across the broader Gulf Coast, more than 269,000 properties worth around $36 billion were endangered.