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Banks Are Finally Realizing What Climate Change Will Do to Housing
Jun 19, 2024
Learn how climate change is affecting housing values, impacting mortgage approvals and insurance availability in high-risk regions. Discover the rise of green mortgages and energy efficiency projects to combat climate effects on properties.
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Quick takeaways
- Lenders are concerned about climate change devaluing properties and restricting mortgages for at-risk coastal assets.
- Banks are shifting towards considering energy efficiency in lending decisions, promoting green mortgages and retrofit offerings.
Deep dives
Impact of Climate Change on Mortgage Approvals
Climate change is affecting U.S. mortgage approvals, with hotter than normal weather leading to a decrease in approvals and their values. Lenders are increasingly worried about the impact of climate change on the assets they lend against, causing restrictions in coastal property mortgages due to risks from calamities like storms and sea level rise. The devaluation of property due to climate change is a growing concern, leading to reluctance in lending against at-risk assets.
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