Hidden climate costs uncovered by CoreLogic data analyzed by the U.S. Department of the Treasury, Office of Financial Research Climate risk doesn’t affect all properties equally. That was the determination of a recent study called The Uneven Distribution of Climate Risks and Discounts from the U.S. Department of the Treasury, Office of Financial Research. Researchers uncovered the uneven distribution of climate risk along with its serious financial implications to the U.S. real estate landscape. Using CoreLogic data that drills down to the property level, the authors found a clear disparity of risk across the U.S., highlighting the disproportionate effects of climate change. Climate Risk Analytics, from CoreLogic, provided both broad and granular data coverage of climate hazard risks and risk pricing for this study. CoreLogic’s extensive dataset provided the necessary scope to study multiple climate risks to properties across the U.S. Predict the Future of Climate Risk Climate Risk Analytics …
CoreLogic Southern California Housing Market Update: May 2024
CoreLogic® has released its monthly residential Southern California home sales numbers for March 2024. This includes data for new and resale single-family homes and resale condominiums from six counties in the region: Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura. “Southern California housing markets continue to stagnate given high mortgage rates, affordability challenges and a frozen sellers’ market,” said Dr. Selma Hepp, chief economist for CoreLogic. “Solid buyer demand is reflected in the region’s continued home price growth and renewed competitiveness, while sales are retracting due to a persistent inventory shortage, as well as sellers’ disincentives to let go of their homes so they can hold on to low mortgage rates and tax bases.” Southern California March 2024 Median Home Sales Prices The median sales price for all tracked properties in Southern California was $753,000 in March, a year-over-year increase of 7.6% for the region. All six counties in the …
Texas Hail(ed) 2023 a Record-Breaking Year for Insured Losses
How severe storms in Texas and population growth are driving hail damage Severe convective storms — also known as severe thunderstorms — caused tens of billions of dollars of insured losses across the U.S. in 2023. Tornadoes, straight-line winds (including derechos) and hail are the damage-causing agents of severe thunderstorms, but it was the latter that dominated the loss landscape in 2023. Hail of at least one inch in diameter battered more than 10 million homes across the U.S. Two million of those homes were in Texas alone. Historically, risk managers have considered severe thunderstorms a secondary peril given the high-frequency but low-severity nature of these events. However, hail is quickly becoming an expensive peril that should be modeled with the same scrutiny as the “big ones” like hurricanes and earthquakes. In 2023 there were 141 days with large hail (greater than two inches), which is more days than any …