Chronic coastal flooding, Coastal real estate market, Global warming, High-risk coastal cities, Sea level rise, Underwater: Rising Seas Chronic Floods and the Implications for US Coastal Real Estate June 2018
Price Reduced Waterfront Property – East Coast USA
Photo Credit: Union of Concerned Scientists (UCS) June 2018 Report
On September 14th, Hurricane Florence hit the North Carolina coast. With warmer oceans driven by climate change, the massive, slow-moving storm dumped more than 20 inches of rain on its arrival. The storm surge reached levels of 9 to 13 feet. Hundreds of inundated home owners may never recover from the damages.
Ten years ago, on September 15, 2008, another kind of disaster struck our nation with the collapse of Lehman Brothers and the insurance giant AIG. The worst financial crisis since the Great Depression sent rogue waves across our nation and worldwide. The fallout—foreclosures, shrinking home values, and millions of job losses—battered Americans.
With rising sea levels—the result of ongoing heating of our oceans and atmosphere—another massive, slow-moving crisis is brewing. Hundreds of thousands of coastal properties will increasingly face chronic high-tide flooding. Their falling property values will threaten local and regional real estate markets that could cascade nationwide into a coastal real estate bust. Continue reading