The Looming Coastal Real Estate Bust
https://www.ucsusa.org/sm18-looming-coastal-real-estate-bust#.W4DatZNKiIY
Source: By Pamela Worth, Catalyst, Union of Concerned Scientists.
Excerpt: A new UCS analysis calculates the threat rising seas pose to the US housing market. ...climate change is causing sea levels to rise at an accelerating rate, which means many coastal properties are at risk of chronic high-tide flooding in the near future. Flooded properties will lose value and, given how widespread the problem is, likely trigger significant deflation in real estate values in many coastal communities, creating problems not just for homeowners but also for mortgage lenders, insurers, real estate developers and investors, and even for communities’ tax bases. Furthermore, while past crashes in the housing market have tended to be temporary, sea level rise is only getting worse under current conditions. For a better sense of what to expect, the UCS team examined information on coastal homes and commercial properties provided by the real estate company Zillow,* and overlaid these data with previous UCS analysis of time frames for chronic flooding in US coastal communities. The results are published in the new UCS report Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate....
Source: By Pamela Worth, Catalyst, Union of Concerned Scientists.
Excerpt: A new UCS analysis calculates the threat rising seas pose to the US housing market. ...climate change is causing sea levels to rise at an accelerating rate, which means many coastal properties are at risk of chronic high-tide flooding in the near future. Flooded properties will lose value and, given how widespread the problem is, likely trigger significant deflation in real estate values in many coastal communities, creating problems not just for homeowners but also for mortgage lenders, insurers, real estate developers and investors, and even for communities’ tax bases. Furthermore, while past crashes in the housing market have tended to be temporary, sea level rise is only getting worse under current conditions. For a better sense of what to expect, the UCS team examined information on coastal homes and commercial properties provided by the real estate company Zillow,* and overlaid these data with previous UCS analysis of time frames for chronic flooding in US coastal communities. The results are published in the new UCS report Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate....