According to First Street, the real estate research firm, foreclosure rates tend to soar in areas where floods have damaged residences. “Properties flooded in an extreme weather event face a 0.29-percentage-point higher foreclosure rate than nearby, unflooded homes—which historically translates to an average 40% surge in post-flood foreclosures among damaged homes across events analyzed.”
Research from other firms supports that data. Real estate prices have dropped, and people have been forced out of their homes due to high insurance rates. Potential buyers cannot get mortgages without insurance. It is a downward spiral. Some homes are simply unsellable.
Florida Issue…