Hurricane Sandy did damage when she arrived in Norwalk earlier this week. If you didn’t experience property damage yourself, you surely know someone who did.
A new article from USNews.com proposes that natural disasters, like Hurricane Sandy, hurt the housing market in less obvious ways than the initial property loss. The article states that natural disasters have historically hurt real estate prices in the areas where they occur. This could be particularly troubling in Norwalk and the rest of the Northeast as the housing market here has sputtered in a recovery attempt.
Studies have determined that disasters causing widespread damage have historically dragged down real-estate prices in the areas where they occurred. According to Robert Simons, a professor of urban planning at Cleveland State University, the damage caused by the latest storm is likely to continue the historical trend.
“There’s going to be an effect,” he says. “In natural disasters like this, it changes the way that potential buyers look at an area.”
To read the entire article from USNews.com, CLICK HERE.
For more information about Norwalk real estate, including properties for sale and for rent in Norwalk, visit www.NorwalkRealEstateTodd.com