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.
4 months ago
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