Climate change may mean ‘hundreds of billions’ at risk in U.S. housing market

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 49 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 92%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

New projections suggest a reckoning is coming in the housing market as wildfires and flooding continue and that has implications for the Canadian economy

markets have given little indication that wildfire threats have any bearing on the valuation of a home.

It’s a bubble that amounts to the “high hundreds of billions, if not trillions” of dollars across the U.S., he said.model, which suggests that over the next three decades, the number of structures – homes, garages and the like – destroyed by flames on average every year in the U.S. is likely to double to nearly 34,000. That’s roughly the number of structures in Asheville, N.C., with a population of 95,000.

It’s a grim prognostication that stands at odds with a sunny outlook in California’s property industry. Take Riverside County, a semi-arid region east of Los Angeles where dun mountains rise up over dry shrublands punctuated by suburbs and citrus orchards. Riverside numbered among the destinations for people leaving major urban centres in recent years, its population up 2.3 per cent since 2020.

“I just don’t see the losses continuing at their current pace – even if fires do continue to get more intense and larger,” he said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New €360 million Climate Fund Launches Despite Market DownturnAstanor Ventures has raised a new fund to invest in solutions to agriculture and the biodiversity crisis.
Source: BNNBloomberg - 🏆 83. / 50 Read more »