Impacts of the Pearl River Flooding

According to a recent MReport article, hundreds of Mississippi homeowners are at risk because the Pearl River is expected to overflow. The river, near downtown Jackson, is due to reach up to 38 feet. This will be the highest the river has reached in decades, according to Governor Tate Reeves. When the Governor declared a state of emergency on Saturday, local police officers went door to door urging roughly 500 people to evacuate their homes. “Authorities are expecting a “historic, unprecedented flood” that the city has not seen in more than 30 years”, according to Governor Reeves. Officials stated that it will take several days for the flood to recede and people to be able to return home. 2,500 structures, including roughly 1,000 homes, are expected to flood in the area.

HOW WILL THIS IMPACT THE HOUSING MARKET?

The MReport article discusses the impact that natural disasters can have on the housing market. The article mentions a report released by CoreLogic, which analyzes the economic damage flooding can cause. “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.

Click here to read the full MReport and learn more.