Hurricane Lane Threatens More Than 48K Homes in Hawaii
August 24, 2018
Hurricane Lane is spiraling through Hawaii, with some areas of the Big Island already reporting more than two feet of rain as of early Friday. About 48,617 homes in Hawaii may be at extreme or very high risk of hurricane-driven flood damage from the hurricane, with a total reconstruction cost value of about $8 billion, according to a report from CoreLogic, a real estate data firm.
The Category 3 storm hit Hawaii’s Big Island on Friday morning. Officials warn that some areas could see up to 30 inches of rain and flooding could lead to landslides and mudslides. Flooding in the area remains a big concern, with the largest threats issued to Maui and Oahu early Friday.
Freddie Mac has reminded lenders of its disaster relief policies for those with homes or places of employment who may be affected by Hurricane Lane. The policies include the suspension of foreclosures and providing forbearance for up to 12 months as well as waiving assessments of penalties or late fees against borrowers with disaster-damaged homes.
“At this time, it is important for those in the path of the storm to focus on their safety,” says Yvetee Gilmore, Freddie Mac’s vice president of single-family servicer performance management. “Once out of harm’s way, we strongly encourage homeowners on the Hawaiian islands whose homes or places of employment have been impacted by Hurricane Lane to call their mortgage servicer—the company to which borrowers send their monthly mortgage payments—to learn about available relief options.”
Weather forecasters predict Hurricane Lane to pull away from Hawaii by late Saturday.
The central Pacific tends to get fewer hurricanes than other regions. Hawaii has rarely seen a direct impact from one. The last major storm to hit Hawaii was in 1992.
Freddie Mac; “Hurricane Lane-a Category 3 Storm-Lashes Hawaii as it Makes Slow Move Off Coast,” FOX News (Aug. 24, 2018); and “Hurricane Lane Threatens More than 48,000 Homes in Hawaii, According to CoreLogic Analysis,” CoreLogic (Aug. 22, 2018)
Updated: August 16, 2019