"When we saw entire neighborhoods with a prediction that there was a 50% probability of the home flooding this year, and a 99% probability of the home flooding in the next five years, in areas that have not flooded in the past 40 or 50 years, we grew very suspicious, Art Carter, the CEO of CRMLS, wrote in an emailed statement."
"However, Carter noted that CRMLS supports buyers having access to timely and accurate information about environmental risks and suggested that instead of just displaying the data, the portals provide a link to First Street alongside a property's overall risk score, which Carter said would enable consumers to receive more robust and detailed information about a property's risk factors. Zillow took this suggestion and began removing the data from its listings,"
A 2020 experiment with 17.5 million users displayed First Street flood risk data to half the audience. Among users viewing severely or extremely flood-risk homes, those shown risk scores made offers on homes with approximately 50% less risk than those not shown the scores. CRMLS raised concerns after encountering very high short-term flood probabilities in areas without floods for 40–50 years and noted many predictions remained unchanged for nearly five years despite inaccuracies. CRMLS recommended linking to full First Street reports alongside an overall risk score. Zillow removed embedded scores but maintained links to the reports; First Street's methodology is peer reviewed yet acknowledged as imperfect.
Read at www.housingwire.com
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