From the clouds have silver linings file comes this from MarketWatch:
Hurricane devastation in the Carolinas is unlikely to impact large home builders, with home buying activity simply being pushed farther into the future, not stopped altogether, according to a new research note.
“After 3-6 weeks of sales disruption due to clean-up and electricity and infrastructure restoration, sales should return to positive year-over-year levels by year end,” Peter Martin, a JMP Securities analyst, wrote in a research note. “Given enhanced building codes for new homes, we expect most damage to occur to legacy existing homes, which should create improved long-term demand for housing.”
That’s what happened last year in Texas and Florida after Hurricanes Harvey and Irma, Martin said. Notably, real estate agents in Houston have observed buyer reluctance to tour existing homes in Houston, for fear that the properties may have suffered some hurricane damage that’s not immediately visible, according to a survey of real estate agents conducted by Credit Suisse.
“I expect builders to say, we’re going to have some cleanup expenses. A couple of houses are damaged but we’ll defer closings,” Martin told MarketWatch.
