A climate housing bubble threatens to erode real estate prices in much of the U.S. in the coming years, a new study finds.
A climate housing bubble threatens to erode real estate prices in much of the U.S. in the coming years, posing particular challenges for low-income residents, aWith more severe and frequent extreme weather events, the resilience of homeowners and communities is on the line.
The current prices mask the true danger that these properties are exposed to, because of factors such as outdated FEMA flood maps, incentives in the National Flood Insurance Program and home buyers who lack climate change information. However, this is expected to increase by 11% in a mid-range emissions scenario, with average annual losses spiking by at least 26% by 2050.
Much of the overvaluation comes from vulnerable properties located outside of FEMA's 100-year flood zone.
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