From May 1 to May 3, 2010, the Cumberland River rose 13 feet above flood stage and inundated Nashville, TN. More than 30 people died and damage was estimated in excess of $1 billion, making it one of the most expensive natural disasters in U.S. history. Surprisingly, many Americans are unaware of this devastating flood because the Gulf oil spill and Times Square bombing crowded the news cycle at the same time. Yet, the Nashville flood has been described as the largest disaster to hit middle-Tennessee since the Civil War.
Months after the flood waters receded, the financial effects are still being felt, especially by the struggling middle-class. Nashville's largest shopping mall, Opry Mills, remains closed due to damage from the flood. As of August, the mall's owners were still unable to predict when it would reopen. Opry Mills draws shoppers from a 100-mile radius in middle-Tennessee.
Still, retailers aren't the only ones feeling the pressure. Opry Mills employed more than 3,000 workers before the flood. Almost all of these employees have been laid off, with no guarantee of being rehired when the mall reopens. They have been told that they may "reapply" for their jobs if and when they become available.
Home foreclosures, especially on lower-priced homes, had already been increasing in the Nashville area prior to the flood. For the 12-month period ending May 31, 2010 almost 600 more homes underwent foreclosure than the prior 12-month period. In May alone, 48 percent more homes went into foreclosure than in May 2009.
Fortunately for those pressured by the poor economy and unemployment, statistics indicate that the pressure may be easing. Foreclosures for June were trending downward, indicating that more cash-strapped Nashville residents are at least able to hold onto their homes. And for a proud city that experienced no looting or civil unrest after one of the worst disasters in its history, some relief is certainly warranted.
The city is also taking steps to include residents as they take steps to rebuild after the May flood. In late October, the city of Nashville government hosted open house meetings for people to provide input on what is needed to assist residents. A website, www.townhall.nashvillerecovery.com, also allows residents to comment on hard-hit sectors, such as housing, education and development efforts throughout Nashville.
To learn about your options if you are experiencing significant financial hardship, contact a skilled bankruptcy attorney in Nashville, Tennessee.
