In early 2025, California faced devastating wildfires believed to be exacerbated by climate change. Real estate analyst Ivy Zelman had previously predicted property insurance costs would rise significantly due to this phenomenon, impacting home values. She, along with analysts like David Burt, warned that certain markets could see property values plummet by up to 60% in some scenarios. The wildfires, resulting in loss of life and displacement, highlight the urgent reality of climate risks in the real estate sector, prompting concerns over the sustainability of home investments in affected areas.
"I never want to be someone to say, 'Oh, I was right,' I just think we all have to be realistic. How many times - it's the definition of insanity - how many times are people going to be evacuated?"
"Rising global temperatures, which are correlated with natural disasters like floods and fires, would cause home insurance prices to soar over time, which would weigh on property values."
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