For every 1 degree Celsius temperatures rise above average, US mortgage approvals fell by nearly 1% & their value by more than 6.5%. Loan officers worry about climate change devaluing the assets they lend against.
Lenders are increasingly passing on the risk of mortgaging coastal properties due to natural calamities like beach erosion, wildfires, hurricanes, and flooding. Property value is at risk, impacting financial services like home insurance.
Climate change poses a significant threat to global property investments, with some locations becoming 'subprime' due to risks like eroding coastlines. Lenders are becoming more hesitant to lend against such assets.
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