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Wildfires and coastal flooding intensify risks for US mortgage lenders
As of Aug. 24, the US is seeing nearly 51,000 wildfires that have burned over 7.8 million acres, with fire counts at 129% of normal and acres burned at 168% of the 10-year average.
Mortgage News Daily highlighted growing natural disaster exposure for lenders and servicers, pointing to US wildfire activity and the broader risk from coastal flooding.
As of August 24, the United States had nearly 51,000 wildfires burning more than 7.8 million acres. Compared with the 10-year average, the number of fires is 129% of normal and acres burned is 168% of typical, while last year over the same period totaled 45,331 fires and 4,065,073 acres burned.
The outlet also cited housing risk from water-related hazards, noting that about 129 million people, nearly 40% of the US population, live in coastal counties. It further referenced research that sea level rise has increased the frequency of extreme coastal flooding globally, which it said is a concern for lenders and servicers.
The story added that Florida’s retirement appeal is being eroded by rapidly rising housing costs and inflation, with South Florida’s CPI up 36% since 2019, alongside homeowners insurance premiums that remain more than twice the national average, raising the cost burden for would-be retirees.