As fires and floods become a reality for many Americans with Fannie Mae and Freddie Mac mortgages, homes in areas subject to natural disasters are seeing a drastic loss in value, the New York Times reports.
A report from February of 2023 estimated that homes in flood areas have been overpriced by a minimum of $187 billion in some counties in Appalachia and coastal Louisiana, amounting to more than 10 percent of the total property value.
In 2023, the Congressional Budget Office found that those properties covered by federally back mortgages could sustain close to $190 billion in flood damages over the next 30 years, not counting the dangers of wildfire or drought.
Read more at Newsmax© 2024 Newsmax. All rights reserved.
