Climate change

The frozen rain pellets which can destroy roofs, sidings and windows were responsible for the largest percentage of insured loss last year.

The announcement came after several major insurer said they would stop issuing new homeowner policies or renewing existing ones because California's current rules made it too costly to cover homes.

Reeling from four hurricanes in 2020 and 2021 that caused $23 billion in damage, the state is undergoing an insurance calamity that is harming its economy and even reducing its population.

While congressional leaders fight over what to include with the $12 billion slated for FEMA, others feel that the reliance on FEMA and the federal government for disaster relief may begin to change.

Four out of five prospective house shoppers take into consideration how climate risks such as floods, wildfires and extreme temperatures can impact a property, per a Zillow report.

The storm is slamming housing markets already beset by some of the nation's highest property insurance premiums.

As the world reels from the mounting impact of heat waves, droughts and fiercer storms, there is growing concern that credit rating analysts are misreading climate risks in the $133 trillion global bond market, to the detriment of creditors and borrowers alike.

The nation's most flood-prone counties experienced a net influx of about 400,000 people in 2021 and 2022, Redfin found.

The government-sponsored enterprise's chief executive managing the issue is looking at how things like roof pitch can mitigate the impact of natural disasters on homes.

The government-sponsored enterprise has been using a predictive Jupiter Intelligence score suite to review its more than 17 million residential mortgage-related assets.

State Farm General Insurance Co. said it's no longer accepting new applications for property and casualty coverage in California last week, a year after Allstate Corp. also paused new policies, worsening what FAIR Plan, a state-mandated insurance pool, called a "looming insurance unavailability crisis." 

The bill would provide up to 18 months of relief to homeowners still financially impacted from the storm and would apply retroactively to payments missed since September 2021.

The impact of climate change is rippling through the mortgage industry, prompting calls for a more proactive response to the growing number of challenges.

Condominiums have long been a staple for anyone seeking a slice of Florida real estate on a budget, but safety legislation that passed earlier this year in the wake of the deadly Surfside building collapse could plunge the condo market into turmoil.

Dianne Dobbeck, head of the Federal Reserve Bank of New York's supervision group, said the banking system is sound, but potentially destabilizing risks must be monitored and addressed.

As the share of forborne loans increased for the first time in more than two years, servicers are cautiously eyeing data trends but appear equipped to handle storm-related distress.

While most would consider where their next house will be due to natural disasters, only two in five would move from their current property, Freddie Mac said.

The operational melding of highly regulated banks and less-regulated fintechs led acting Comptroller of the Currency Michael Hsu to warn of the potential for another financial crisis.

Low-income housing tax credits that incent the creation of affordable apartment units have provisions that make buildings less susceptible to damage from natural disasters, but they’re not consistent, Freddie Mac found.

While the appeal of homeownership and larger spaces led property values in many fire-prone regions to surge to new records, those areas are also seeing more frequent price drops, Redfin says.