Rising Seas Threaten an American Institution: The 30-Year Mortgage

Rising Seas Threaten an American Institution: The 30-Year Mortgage


Photograph: © SAF — Coastal Care

Excerpts;

Up and down the coastline, rising seas and climate change are transforming a fixture of American homeownership that dates back generations: the classic 30-year mortgage.

Home buyers are increasingly using mortgages that make it easier for them to stop making their monthly payments and walk away from the loan if the home floods or becomes unsellable or unlivable. More banks are getting buyers in coastal areas to make bigger down payments — often as much as 40 percent of the purchase price, up from the traditional 20 percent — a sign that lenders have awakened to climate dangers and want to put less of their own money at risk…

Read Full Article, The NYT (06-18-2020)

Coastal property was once king. Fears of climate change are undermining its value; The WSJ (10-31-2018)
In a growing number of coastal communities, homes near the sea are appreciating more slowly than those inland. That’s bad news for people on the beach, good news for those farther away…

Sea level rise is already eroding home values, unbeknownst to their owners, NOLA (08-21-2018)
Three studies have found evidence that the threat of higher seas is also undermining coastal property values, as home buyers – particularly investors – begin the retreat to higher ground…

Coastal homes could see flood insurance premium going up again, and that’s only the beginning; Miami Herald (07-24-2018)

Flooding from sea level rise threatens over 300,000 US coastal homes – study; Guardian UK (06-18-2018)

Rising seas threaten nearly $1 trillion worth of US homes, and most of them are moderately priced; CNBC (10-18-2017)

Sea Level Rise Will Reshape U.S. Population In All 50 States; Yale E360 (04-19-2017)
Sea level rise could cause mass migrations that will affect not just the United States’ East Coast, but reshape communities deep in the heart of the country, according to new research…

Coastal residents need to set aside money now to cope with future flooding; Sun Sentinel (07-10-2018)
Sea-level rise is a national economic insecurity. According to the National Ocean Service, 39 percent of the U.S. population in 2010 lived in counties that are on shorelines…

How rising seas and coastal storms drowned the U.S. flood insurance program, Yale E360 (04-19-2017)
Sea level rise and more severe storms are overwhelming U.S. coastal communities, causing billions of dollars in damage and essentially bankrupting the federal flood insurance program. Yet rebuilding continues, despite warnings that far more properties will soon be underwater…

Is Your Home At Risk Of Flooding From Rising Seas By 2050? Check This Map.; BuzzFeed News (11-13-2018)
Even if the world more aggressively tackles global warming, about 350,000 homes across the US, worth about $190 billion at today’s prices, are built on land that’s at risk of annual flooding by 2050. And if no steps are taken to curb carbon emissions, the number of at-risk homes jumps to about 385,000…

Sea level rise could reshape the United States, trigger migration inlande, Science Daily (01-22-2020)

Coastal Care

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