A nationwide crisis of the home insurance market in the US, sparked by climate change, could lead to a housing crash worse than in 2008, a new report warns.
What's NewThe growing instability in the U.S. homeowners insurance markets could lead to a housing crash worse than the 2008 one unless policymakers act fast, warns the Senate Budget Committee in a new report.According to the document, released on Wednesday, the growing risk of more frequent and more severe extreme weather events caused by climate change spells trouble for the insurance markets, 'threatening mortgage markets and property values' as well.
What To KnowThe report states that 'the greatest source of wealth for most Americans is their homes,' which means that a potential decline of property values across the country will significantly erode people's wealth.What's devastating news for individual households is also very bad news for the country at large. According to the committee, 'any wide-scale decline in property values' would present 'a systemic risk to the U.S.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iceland Votes in Sixth Election Since 2008 Financial CrisisIcelanders are set to elect a new parliament amid disagreements over immigration, energy policy, and economic issues, leading to the collapse of the current coalition government and calling for an early election. This marks the country's sixth general election since the 2008 financial crisis, which has led to political instability. Opinion polls suggest further political upheaval with declining support for the ruling parties.
Read more »
Icelanders Vote in Sixth General Election Since 2008 CrisisIcelanders are electing a new parliament on Saturday amid disagreements over immigration, energy policy, and economic issues. The early election follows Prime Minister Bjarni Benediktsson's resignation due to political instability. Opinion polls indicate declining support for the governing parties, suggesting potential upheaval.
Read more »
A Chevy Dealer Is Selling Two As-New 2008 Shelby Mustang GT500 KRsWould you pay $80,000 for a 2008 Shelby GT500 or the same for the more powerful 2020 model?
Read more »
Andres Reyes' goal good enough to send Red Bulls to MLS Cup final since 2008Red Bulls are the first No. 7 seed to make title game after joining the 1998 Chicago Fire as the only teams to win three straight playoff road matches.
Read more »
Matt Ponatoski Named Ohio's Mr. Football, First Junior Winner Since 2008Cincinnati Moeller quarterback Matt Ponatoski has been awarded Ohio's Mr. Football title, marking the first time a junior has claimed the award since 2008. Known for his exceptional performance, Ponatoski leads Moeller back to the state championship and is celebrated as a top player in Ohio.
Read more »
'American Idol' alum Clay Aiken recalls losing fans after coming out in 2008'We are in a very different time,' the singer said.
Read more »