Senate recognizes climate change threat to home values and mortgage market stability
The US Senate formally recognizes that climate change poses a severe threat to property values, especially in climate-exposed regions, and to the stability of the mortgage market. This means your home, often your largest asset, faces devaluation risk, while rising insurance costs and potential mortgage crises could directly impact your personal finances. The resolution warns that widespread property value declines could trigger a broader economic recession.
Key points
Home Value Risk: Trillions of dollars in US residential property value are projected to be lost due to chronic flooding and extreme weather events over the next few decades.
Insurance Costs Spike: Climate risks are expected to make home insurance increasingly expensive or unavailable, further depressing property market values.
Economic Warning: The Senate acknowledges that widespread declines in property values could lead to a broader economic recession, similar to the Great Recession.
Status:
Introduced
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