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Wildfires are dealing a massive blow to US real estate and homeownership, congressional report finds

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(CNN) — Climate change-fueled wildfires are costing the US economy between $394 billion to $893 billion annually, a new congressional report suggests – a shocking figure that is more than double what previous government reports have estimated. The new report from the Joint Economic Committee, chaired by Democratic Sen.

A coastal storm could become a full-fledged nor’easter, dampening another weekend in the Northeast. Click for more.What exactly caused the startling difference between the quiet fire season in the U.S. for 2023 and the record-breaking one for Canada? Let’s take a look.The new report from the Joint Economic Committee, chaired by Democratic Sen.

Disaster experts are warning the US is on the precipice of larger economic implications around wildfires and real estate. In fire-prone California, home insurance prices “It stands to reason that if you’re a homebuyer, you’re going to ask the question, what’s it going to cost me to insure this place, and can I get insurance?” Jones told CNN in a recent interview. If the answer is insurance is really expensive and hard to get, he added, “then homebuyers are saying, ‘I’m not going to pay as much for this house, because it’s simply not worth as much.’”

 

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