August 2, 2016
When clients come to me for a bankruptcy, most of their homes are termed “underwater”. Pertaining to Bankruptcy, this means that the value of their homes is less than the amount owed.
It the future, when someone looks to bankruptcy, underwater may mean something totally different – their homes are now underwater forever from the rising seas.
Proceedings of the National Academy of Sciences predict with more than 95 percent certainty that at least half of more than 5 inches of sea level rise they detected during the 20th century was directly caused by global warming.
According to the Journal of Nature sea levels could rise more than 6 feet by the end of the century.
With Zillow’s more optimistic scenario of a 2-foot increase in sea level, the U.S. would still lose $74 billion in home value, with Florida leading the way at $17 billion.
Home buyers have proven to bury their heads in the sands when it comes to building and are still buying homes in low lying coastal areas.
Let’s hope these predictions do no come true. Something you might what to think about before you buy a home on the coast.