Sign in to comment!

Menu
Home

Disasters

Superstorm Sandy renews rebuild-vs-retreat debate in chronically storm-damages areas

Should I stay or should I go? That's the question some people are asking in the aftermath of Superstorm Sandy.

The storm renewed a debate on whether damaged areas should be restored to the way they were, or whether it's cheaper in the long run to buy out property in flood-prone areas and let nature reclaim the land.

Hard-hit Sea Bright N.J., where three-quarters of the residents remain homeless, vows to rebuild — only higher this time.

But homeowners in the Oakwood Beach section of New York's Staten Island want the government to buy them out.

Several states have tried small-scale buyouts after past floods, but large-scale depopulations are easier said than done. New Orleans considered backing away from some low-lying areas after Hurricane Katrina, but a public outcry halted that plan.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.84% up 3.77%  
15 Y Fixed Graph 3.02% up 2.95%  
30 Y Fixed Jumbo Graph 4.20% up 4.01%  
5/1 ARM Graph 3.10% up 3.01%  
5/1 Jumbo ARM Graph 3.38% dw 3.62%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.60% dw 4.61%  
$50K HELOC Graph 4.09% up 4.08%  
$30K Loan Graph 5.02% up 4.87%  
$50K Loan Graph 4.54% up 4.32%  
$75K Loan Graph 4.54% up 4.32%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.65% dw 2.67%  
36 M Used Graph 3.11% dw 3.12%  
48 M New Graph 2.92% up 2.91%  
48 M Used Graph 2.76% up 2.75%  
60 M New Graph 3.05% dw 3.06%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.36% -- 0.36%  
1 yr Graph 0.61% dw 0.65%  
5 yr Graph 1.45% up 1.43%