Climate change worries take backseat in hot real estate market – The Boston Globe
Article Synopsis – The last housing crisis wiped out billions of dollars in home equity and left millions of Americans underwater on their homes. Rising sea levels in the coming decades could leave millions of homeowners underwater again — this time quite literally. As the effects of climate change intensify, Boston and many other coastal communities in Massachusetts are particularly vulnerable. Some areas may become too risky to live in. Home buyers in the area seem to be ignoring this threat as flood-prone houses and waterfront condos are selling at record prices. If those homes become uninsurable and unmarketable, the values of the homes will plummet, perhaps to zero. Unlike the housing crisis, homeowners will have no expectation that the values of their homes will ever recover. To read the actual article click here.