Gulf property damage, housing price trends and US bankruptcy filings

Brotman, Billie Ann; Katzman, Brett

doi:10.1108/ijhma-08-2021-0096

Cited by 3 publications

(1 citation statement)

References 9 publications

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“…Of more recent studies, Brotman and Katzman (2021) examined five states bordering the Gulf of Mexico. They found that the divorce rate was an insignificant variable when explaining bankruptcy filing rates.…”

Section: Literature Searchmentioning

confidence: 99%

Floridian bankruptcies and local property damage in the United States

Brotman

Katzman

2022

SEF

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Purpose This study aims to examine the linkage between bankruptcy filings and hurricane events. Several independent variables related to local district court bankruptcy filings are examined. The primary question posed is whether Category 3,4 and 5 hurricanes result in personal bankruptcy filings due to the real property and other damage that ensures. Design/methodology/approach Landfall hurricanes in Florida from 2001 through 2018 were examined by using the fully modified least square regression model. Descriptive statistics include elasticity measures that show statistics prior and post the passage of the Bankruptcy Abuse and Prevent and Consumer Protection Act of 2005 (BAPCPA). Findings The elasticity of housing prices was a useful statistic in explaining bankruptcy filings. Regression results indicate that bankruptcy filing occur within one year of a serious hurricane. The regression model found hurricane events and housing price trends were significant variable when predicting district court bankruptcy filings. Practical implications BAPCPA targets fraud under Chapter 7 bankruptcy filings. Unfortunately, this also had the unintended consequence of discouraging legitimated filings due to the lowering of the marginal benefit associated with filing when the “means test” is applied. Social implications Lack of flood insurance coverage and stagnant real estate prices could limit the desirability of filing under Chapter 13 resulting in an inventory of damaged properties being foreclosed. Originality/value Prior researchers relied on a descriptive approach by using percentage rates to quantify the association between hurricane damage and bankruptcy filings. By using the fully modified regression-based approach, the study herein establishes that filings occur approximately a year after the household experiences the real property loss and identifies other casual factors that influence the decision to file.

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Section: Literature Searchmentioning

confidence: 99%

Floridian bankruptcies and local property damage in the United States

Brotman

Katzman

2022

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To rebuild or not to rebuild in coastal flood zones: The effects of framing and partisan cues on public support

Palm,

Bolsen,

Kingsland

2024

Risk Hazard & Crisis Pub Pol

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Coastal storms are likely to increase in frequency and become even more damaging. An unresolved policy issue is whether current residents should receive federal subsidies through such programs as the Federal Flood Insurance Program or the FEMA disaster relief program that encourage thembe encouraged to rebuild in the same locations that have suffered damage through federal subsidies such as subsidized flood insurance or the FEMA disaster relief fund. This research investigated the impact that messages framed to either support or oppose such government assistance for rebuilding had on respondent opinion. We looked at opinion on not only the rebuilding itself but also other related subjects such as the economic and environmental impacts of rebuilding in situ. The research further looked at the ways in which attributing these messages to partisan sources affected response. We found that message frames either highlighting the benefits or the costs of rebuilding had a marked impact on public opinion and that partisan source cues played a smaller role. This issue of responsibility for rebuilding is likely to continue to become even more important as climate change puts even more coastal residents at risk.

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Insurance Coverage and Flood Exposure in the Gulf of Mexico: Scale, Social Vulnerability, Urban Form, and Risk Measures

Hyde,

Habans,

Valladares-Castellanos

et al. 2024

Water

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Increasing flood losses in the Gulf of Mexico related to development patterns and climate hazards pose serious threats to resilience and insurability. The purpose of this study is to understand how scale, social vulnerability, risk, and urban form relate to National Flood Insurance Program (NFIP) policy coverage and flood exposure. Our multilevel models identify that flooding is significantly clustered by region and counties, especially shoreline counties. Our measures of risk suggest that the Federal Emergency Management Agency (FEMA) special flood hazard area (SFHA) underestimates risk and exposure when compared with the Flood Factor and that there is some compensation in terms of insurance coverage, suggesting a pattern of adverse selection. Older housing stock appears both less insured and less exposed, raising questions of whether current growth patterns are increasing risk independent of environmental change. Our models suggest that census tracts with higher percentages of black residents are less insured and more exposed, and a similar pattern exists for rural areas. Our results highlight the need to seek common solutions across the Gulf of Mexico, concentrating on the most flood-exposed counties, and that specific resilience strategies may be necessary to protect areas with socially vulnerable populations, especially in rural areas. Underlying challenges exist due to the spatial relationship between exposure and social vulnerability and the potential for adverse selection in insurance markets due to different measures of risk.

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Gulf property damage, housing price trends and US bankruptcy filings

Cited by 3 publications

References 9 publications

Floridian bankruptcies and local property damage in the United States

Floridian bankruptcies and local property damage in the United States

To rebuild or not to rebuild in coastal flood zones: The effects of framing and partisan cues on public support

Insurance Coverage and Flood Exposure in the Gulf of Mexico: Scale, Social Vulnerability, Urban Form, and Risk Measures

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