[quote=FlyerInHi]300,000 homes is nothing. They can just move!
$140 billion is what we spend in the Middle East in about a year.[/quote]
perhaps you should considered various knock on effects (which is akin to a “Domino Chain Reaction”)
in other words, affluent literally underwater properties
due to melting ice in the polar regions AND/OR storms, will knock over the FIRE economy (i.e. “finance,” “insurance” AND “real estate”)
[quote] Coastal Mortgage Value Collapse
…Debate the cause if you want to expend more hot air denying science. But it’s a fact that resale values of coastal homes in Miami, Atlantic City and Norfolk, Va. are already starting to erode.
…“A large share of homeowners’ wealth is locked up in the equity in their homes,” Becketti wrote.
“If those homes become uninsurable and unmarketable, the values of the homes will plummet, perhaps to zero.”
…“Forty percent of Americans live on the coast, which means you have trillions of dollars at risk for climate change that hasn’t been modeled for default increases.”
[quote] National Flood Insurance Program Will Pay Out Billions For A Few Properties
…The National Flood Insurance Program will be paying out billions this year floods. Floods for insurers are a risky business. That’s why there is government intervention in the market. But some houses are especially risky. A tiny number of insured properties – around 1 percent – have been responsible for about a quarter of the claims paid. Planet Money’s Noel King went to one of these homes just outside Houston.
