Hurricane Katrina struck the Gulf Coast on August 28, 2005 and was one of the worst natural disasters in American history. Heavy rain and strong winds destroyed much of New Orleans and surrounding areas, leaving the Gulf Coast under water for weeks. For houses not completely blown to the ground by the 145 mph winds, the amount of damage sustained generally depends on the length of time the home was submerged in floodwaters, allowing mold and rot to thrive in the structure of the home. Because much of New Orleans was submerged for 2 weeks or more, the secretary of the Louisiana Department of Environmental Quality currently estimates that between 140,000 and 160,000 homes need to be leveled and completely rebuilt. [1]
How is the real estate market affected in the wake of a devastating hurricane?
According to the National Association of Realtors, hurricanes have historically had only short-term effects