There is little one can say with regard to the devastation we in the Northeast have experienced this past week. The damage is immeasurable and more importantly, the lives that have been lost.
The U.S. real estate recovery that’s gained strength this year faces a setback from flooding and property damage inflicted by Hurricane Sandy, the biggest tropical gale to hit the Atlantic seaboard.
The storm battered homes in Eastern coastal states that account for about one out of every five U.S. real estate sales and threatened inland areas with flooding and blackouts. Lenders are putting transactions on hold along the northeast shoreline until they can be inspected and assessed for damage.
According to a report by CoreLogic Inc., a mortgage software and data firm in Irvine, California, almost $88 billion of homes in seven states were at risk of damage; New York $35.1 billion of property in harm’s way, New Jersey $22.6 billion, Virginia $11.3 billion, and Massachusetts $7.8 billion. Maryland, Delaware and Pennsylvania had a combined $11 billion of property at risk.
The U.S. median sales prices in September rose to $183,900, up 11 percent from a year earlier, according to the National Association of Realtors. Home sales that month reached an annualized pace of 4.75 million, up 11 percent from a year ago. Pending home sales edged up in September for the 17th consecutive month on a year-over-year basis.
If you plan to sell your Cape May County Home, then you should secure a qualifiedCape May County Appraiser to conduct a thorough appraisal. Jim Hanson of James Hanson Associates is a certified Cape May County Real Estate Appraiser and can answer all your appraisal questions.