Real Estate in Brief: Florence threatens 750,000 homes, Sherwin-Williams announces color of the year and more

by Zachary Wright

Hurricane Florence made landfall in North Carolina last Thursday. With three states in Florence’s sights, new data from Core Logic shows 758,657 homes in North Carolina, South Carolina and Virginia are at risk of being flooded. While Florence has been downgraded to a tropical storm, it could cost approximately $170.2 billion in damages.

National Association of Realtors President Elizabeth Mendenhall released a statement on Sept. 11, two days before Florence made landfall.

“As Hurricane Florence bears down on the East Coast, our prayers are with the millions of Americans in its path,” Mendenhall said. The hurricane is expected to cause flooding in target areas. Florence – downgraded to a tropical storm – is expected to continue into the northeastern states like New York and Pennsylvania.

In other national news:

  • Sherwin-Williams revealed its “color of the year”: A sun-washed terracotta color called “cavern clay.” The color is a “nod to midcentury modern style, but with the soul of the American Southwest,” the company said. “Our 2019 Color of the Year, Cavern Clay, embodies renewal, simplicity and free-spirited, bohemian flair.” The hue will be in the “Wanderer Color Journal” that was announced earlier this year in the 2019 Colormix Color Forecast by Sherwin-Williams.
  • eXp Realty announced on Sept. 12 real estate industry veteran Cameron Paine is joining the company as senior vice president of industry relations. With the move, Paine joins the largest residential real estate brokerage by geographical area in North America. Paine has been recognized by Inman News as one of the “Top 100 Most Influential People in Real Estate” and founded the Connective Multiple Listing Service. “We are thrilled to have a seasoned real estate veteran with extensive experience in real estate collaboration join our team,” eXp Reality Chief Product and Technology Office Scott Petronis said.
  • After the housing bust last decade, recovery has been better or worse depending on the location. According to Zillow research, the median home value nationwide is 8.7 percent higher than it was during the height of the housing bubble. Twenty-one of the top 25 metros have fully recovered from the bust, with San Jose and Denver leading the recovery. Las Vegas, Orlando and Chicago have been the slowest cities to recover. Zillow said a decade after the Great Recession, the recovery has been felt differently around the country. Zillow said nationwide, home values are now nearly equal to what they would have been had values continued along the pre-bubble trend without a bubble or bust.