CLIMATE CHANGE Hits U.S. Property Values, New Analysis: $$ Coastal Property Bubble Could Burst

[appalachiablue]

- "We Just Got A Clear Sign the Trillion-Dollar Coastal Property Bubble Could Burst Any Time: Climate change Hits U.S. Property Values, New Analysis Finds,"- Think Progress, June 18, 2018.

Home buyers are starting to incorporate climate risk into the price of property in areas facing warming-driven extreme weather disasters, new research finds. And that’s bad news for the trillion-dollar coastal property bubble.

“Homes in areas most exposed to flood and hurricane risk were worth less last year, on average, than a decade earlier,” according to analysis released Monday by Bloomberg News.

Also, the price of homes at lowest risk for wildfires “far outpaced those with the greatest risk.”

The analysis by property data firm Attom Data Solutions, looked at home prices in some 3,400 U.S. cities. The firm examined five risk groups ranging from “very low” to “very high” for various extreme climate events.

Their analysis of home prices versus flood risk reveals that from 2007 to 2017, homes at “high” or “very high” risk of extreme flooding saw a 4.8 to 5.6 percent drop in price, while homes at the lowest risk saw an 8.4 to 9.6 percent rise. MORE..

- Home prices facing the lowest risk of flooding versus those with the greatest risk.- CREDIT: Bloomberg.

Read More: https://thinkprogress.org/climate-change-hits-us-property-values-df6c29d4bc7a-623812cfe314-3d40ee063517-f6280cf996b8-a4f85cb29b6e/



A Fort Lauderdale, FL street is flooded September 30, 2015 -- not by a storm but by seasonal high tides and rising sea levels due to climate change.

[spooky3]

1. I always wonder about this when I watch HGTV

and see all the folks living their lives’ dreams to buy oceanfront houses.

[appalachiablue]

2. Same here, they're so enticed for good reason. Yet many people are

oblivious esp. since realtors, state govts. and the main media don't emphasize the reality.
And it's not just So. Fla. and the Gulf, but the entire east coast from KW to Maine! Barrier sea islands off SC, GA, Outer Banks, NC, VA-MD-DE Chesapeake Bay area up to Long Island and north. And then there's the Southwest, and West coast droughts, fires.. The ultra wealthy with 2nd homes may do alright, but low income locals in those sparse, old communities will be hurt badly with few alternatives and resources.

In 2012 when Sandy came I was in lower Delaware 2 miles inland; never saw rain and winds 80+ mph like that even though I'd been in near hurricanes several times. Monsters like Sandy, Irma and other recent storms have caused so much misery and property damage, also strict new building requirements if any.

[appalachiablue]

3. Another good read on the topic, 'Sea Level Rise Impact on US Coastal Homes, Study'

"Flooding from sea level rise threatens over 300,000 US coastal homes – study; Climate change study predicts ‘staggering impact’ of swelling oceans on coastal communities within next 30 years," The Guardian, June 18, 2018.

https://www.theguardian.com/environment/2018/jun/17/sea-level-rise-impact-us-coastal-homes-study-climate-change