The real estate term underwater mortgage signifies that the loan balance is higher than the fair market value of the property.
This situation became common following the housing market crash that occurred in the late 2000s when many homeowners saw their homes lose a considerable portion of their value. Now there is another problem for homeowners to grapple with.
A new national analysis identifies the number of US homes at risk from chronic flooding over the coming decades due to sea level rise. It also shows the current property value, estimated population, and portion of the property tax base at risk. Information is available by state, community, and zip code. Thousands of homes in hundreds of America's ZIP Codes are at risk of chronic flooding over the coming decades.
On City Island, a Slice of NYC Paradise where we live, by 2045, a few homes will be at risk of becoming chronically inundated in ZIP Code 10464. Today those homes are worth a collective $1,685,117 and contribute $18,285 to the local property tax base.
Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate (2018)
Hundreds of thousands of homes are at risk of chronic flooding due to sea level rise over the coming decades. The implications for coastal residents, communities, and the economy are profound. https://www.ucsusa.org/sites/default/files/attach/2018/06/underwater-an…
The coming crisis of coastal flooding: $1 trillion of real estate at risk by 2100 https://www.curbed.com/2018/6/18/17474076/real-estate-climate-change-co…
300,000 coastal homes in the US, worth $120 billion, at risk of chronic floods from rising seas https://usat.ly/2JX2tHa
Rising sea levels could make more than 1000 islands uninhabitable https://usat.ly/2FjrglI
