Chicago, IL (PRWEB) December 14, 2013
Natural disasters can be a devastating experience for homeowners, especially financially. Peoples Home Equity has been informing its new applicants as well as current lien holders about a new December 11th, Corelogic report titled, “Natural Hazard Risk Summary and Analysis.” The report covers details of disasters that truck the United States in 2013, and summarizes the potential risks of a calamity that could strike in 2014.
While natural disasters are somewhat random occurrences the numbers of $1billion+ events have been on the decline. With 14 occurrences in 2011, 11 in 2012, and only 2 showing for 2013 homeowners have at least experience less turmoil this year than in the past. There were 7 hurricane events in 2011, 10 in 2012, and only 2 in 2013. Hurricanes usually cause the most total damage due to the sheer size of the storms. River flooding however has shown mixed over the past 3 years, with 424 observations in 2011, just 35 in 2012, and 56 this year. As for tornados, the report states “simply put, there were fewer tornadoes in 2013 than in any year during the past decade.” The 10 year average is roughly at 1250 occurrences a year while 2013 showed just 700. Despite all the news concerning wildfires this year, including headline news regarding the preserved giant sequoia trees in California, wildfires, like tornados, are at their lowest counts in 10 years. The 10 year average for the number of wildfires is approximately 65,000 it was reported as just above 40,000 this year. Looking one step further into the data and Peoples Home Equity saw that the number of acres burned was at the 2nd lowest in the past 10 years, while 2012 was the 2nd highest year for acres burned. After a major natural disaster, such as a hurricane, floods, tornadoes, or wildfires, homeowners experience a decline their property value due to damage. While at least hurricane season is over, homeowners should know of a possibility to lower the financial burden in case disaster strikes in 2013.
Homeowner who have experienced a natural disaster have currently have a disaster loan, such a Hurricane Sandy Loan, should see if they are eligible for The Home Affordable Refinance Program (HARP). Harp loans give homeowners who owe more than their home is worth an opportunity to refinance. A Harp loan is a refinance loan, and eligible lien holders should take advantage of interest rates now. Rates are on the verge of dramatically rising due an expectation that the Federal Reserve will taper its asset repurchase program.
Please contact Peoples Home Equity loan officer today for HARP loan details at: (855)-897-0300