Americans Are Paying $34 Billion Too Much for Houses in Flood Plains

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“At least 3.8 million U.S. homes lie in flood plains. Together, they may be overvalued by $34 billion.

New research published today in a National Bureau of Economic Research working paper shows that markets fail to incorporate risks from flooding and climate-related catastrophes. Losses from extreme weather events are rising, a function mostly of people and wealth becoming more concentrated where they’re most vulnerable”

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