Tuesday, June 19, 2018

Coastal Real Estate Worth Billions at Risk of Chronic Flooding as Sea Level Rises

More than 150,000 homes and businesses could face frequent high-tide flooding within 15 years.  That could double by 2045, a new report says.

During this winter's nor'easters, high tides flooded the streets of Scituate, Massachusetts. The town and property owners, like others along the U.S. coasts, face rising costs to keep the ocean at bay. (Credit: Scott Eisen/Getty Images) Click to Enlarge.
Most people check out Zillow, a popular online real estate app, for information on how many beds and baths a house includes, or the quality of local schools, or how long a home has been on the market.

But climate experts at the Union of Concerned Scientists (UCS) saw Zillow as just the kind of big data needed to better inform assessments of the risks of flooding to properties around the nation's rim.  And looking at the app through that screen, they have turned up some troubling visions.

Property losses in the United States could run into the hundreds of billions of dollars unless rapid action is taken to bring climate change under control, they warned in a study released Monday.

The owners of more than 150,000 existing homes and commercial properties, worth $63 billion, could find their assets at risk from repeated flooding in the coming 15 years.  That risk could double by 2045.

Read more at Coastal Real Estate Worth Billions at Risk of Chronic Flooding as Sea Level Rises

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