Severe climate events are impacting U.S. property values, especially in vulnerable coastal and wildfire-prone regions. Areas like Florida and Texas are experiencing rising insurance costs and steep market value declines, with significant overvaluation estimated at $520 billion. Similarly, California's wildfire risks correlate with home price reductions. In Canada, areas like Fort McMurray face dramatic property declines due to wildfires, with averages falling 16% over the past year. Mortgage lenders are urged to incorporate climate risk assessments in lending, indicating an evolving approach to real estate valuation amidst climate uncertainty.
U.S. property values, particularly in climate-affected regions, are experiencing significant declines, prompting changes in mortgage and insurance practices.
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