Economic collapse incoming in Houston?

[Remodeling Maidiac]

All of those homes and MANY will become worthless. If those people don't have flood insurance we're gonna have a major housing crisis again in Houston. You owe a half million on a now worthless property and you have no flood insurance who eats it? You? The bank?

I see problems on the horizion

 

[TomParks]

I would expect the banks have some kind of insurance incase this happens and disasters always happens. The blacks will be gathered up and shipped out to another ghetto in a different city.

 

[Weatherman2020]

All of those homes and MANY will become worthless. If those people don't have flood insurance we're gonna have a major housing crisis again in Houston. You owe a half million on a now worthless property and you have no flood insurance who eats it? You? The bank?

I see problems on the horizion

Californians are pouring into Texas, they'll do fine.

 

[g5000]

You owe a half million on a now worthless property and you have no flood insurance who eats it? You? The bank?

In the past five years, the number of people in Houston who have flood insurance has dropped by 11 percent.

The longer the period since the last disaster, the more stupid people get.

As to your question as to who eats the cost if you don't have insurance, it depends. If you plan on staying in your home, you eat the cost. Those people will have to get loans to repair their homes.

If you desert your home and default, the bank eats the cost.

 

[ABikerSailor]

In flood prone areas like that, as part of your mortgage agreement, you are required to have flood insurance.

Only thing is, flood insurance isn't ran by the private companies, it's ran by the government and is administered by FEMA.

 

[g5000]

In flood prone areas like that, as part of your mortgage agreement, you are required to have flood insurance.

Only thing is, flood insurance isn't ran by the private companies, it's ran by the government and is administered by FEMA.

Where Harvey is hitting hardest, 80 percent lack flood insurance

 

[ABikerSailor]

In flood prone areas like that, as part of your mortgage agreement, you are required to have flood insurance.

Only thing is, flood insurance isn't ran by the private companies, it's ran by the government and is administered by FEMA.

Where Harvey is hitting hardest, 80 percent lack flood insurance

I wonder how they managed to get out of having flood insurance then. Like I said, most banks require you to have it as part of your mortgage agreement.

Unless of course, those without have already paid off their houses, which is a possibility in the case of the old dude in the link who said he cancelled his after it got too expensive.

 

[g5000]

I'm not seeing insurance companies taking a big hit in their stock price. Everyone must be expecting Big Government to bail them out.

 

[g5000]

In flood prone areas like that, as part of your mortgage agreement, you are required to have flood insurance.

Only thing is, flood insurance isn't ran by the private companies, it's ran by the government and is administered by FEMA.

Where Harvey is hitting hardest, 80 percent lack flood insurance

I wonder how they managed to get out of having flood insurance then. Like I said, most banks require you to have it as part of your mortgage agreement.

Unless of course, those without have already paid off their houses, which is a possibility in the case of the old dude in the link who said he cancelled his after it got too expensive.

You are only required to have flood insurance if you are in a designated flood zone.

 

[g5000]

I bet a lot of people are chuckling over this nowadays: Houston Flood Maps | | Houston Real Estate Agency - Houston Multiple Listing Service


Harris County Flood Education Mapping Tool

I had to zoom all the way in before that last one colored in the flood plains. Then I zoomed out.

 

[ABikerSailor]

In flood prone areas like that, as part of your mortgage agreement, you are required to have flood insurance.

Only thing is, flood insurance isn't ran by the private companies, it's ran by the government and is administered by FEMA.

Where Harvey is hitting hardest, 80 percent lack flood insurance

I wonder how they managed to get out of having flood insurance then. Like I said, most banks require you to have it as part of your mortgage agreement.

Unless of course, those without have already paid off their houses, which is a possibility in the case of the old dude in the link who said he cancelled his after it got too expensive.

You are only required to have flood insurance if you are in a designated flood zone.

Most of the places that flooded are in a flood zone. Houston is built on a low lying swamp.

 

[The Irish Ram]

Didn't the Gov. put a stay on bank foreclosures for those who want to return?

 

[CrusaderFrank]

Can we bring Obama in to lower the sea levels?

 

[Moonglow]

economic boom is what will happen when the US floats low interest loans and give away a few billions to square them folks away and all the repair work with make that dollar abundant...For every one dollar spent you help to support 7 other people...

 

[Missouri_Mike]

All of those homes and MANY will become worthless. If those people don't have flood insurance we're gonna have a major housing crisis again in Houston. You owe a half million on a now worthless property and you have no flood insurance who eats it? You? The bank?

I see problems on the horizion

Depends on the area. Those homes will be bought up at the right price. It will be a short term hit but a long term boom. The homes that are still liveable just doubled in price.

 

[Avatar4321]

It's not just Houstons economy that will be hit. Without the oil refineries operational it will have a global effect on the price of oil and gasoline. Consequences will be felt in Russia and the middle east

 

[xotoxi]

It's not just Houstons economy that will be hit. Without the oil refineries operational it will have a global effect on the price of oil and gasoline. Consequences will be felt in Russia and the middle east

I'm planning on getting a second job so that I can afford to pay for gas that I will use commuting to both jobs.