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Flood-prone homes with Fannie Mae and Freddie Mac mortgages lose value, overvalued by up to $187 billion.
The New York Times reports that homes in flood-prone areas, particularly those with Fannie Mae and Freddie Mac mortgages, are experiencing significant value loss due to climate change.
A February 2023 report shows these homes are overvalued by at least $187 billion in some counties.
The Congressional Budget Office estimates these properties could face nearly $190 billion in flood damages over the next 30 years, excluding wildfire and drought risks.
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Las casas propensas a inundaciones con hipotecas de Fannie Mae y Freddie Mac pierden valor, sobrevaloradas en hasta $187.000 millones.