Home Prices Falter In Climate Risky Phoenix And Tampa
The new S&P Case-Shiller home price index for Jully was issued today. While national prices were up 5% yearly, climate-troubled Tampa and Las Vegas prices rose much less. “Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our
National Index,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets.
Ratings For The South
The largest gains were in the Northeast, paced by a strong performance in New York City. The South had the slowest gains.
The year-over-year gain in Tampa was only 2.24%. For Phoenix, the figure was 2.88%
Cities have climate problems for different reasons. Phoenix recently had 113 days in a row when temperatures topped 100 degrees F. Living conditions are unbearable, particularly for those who cannot afford air conditioning. Most of these people live below the poverty line. Parts of Phoenix are also facing a lack of water due to drought.
A storm that will almost certainly become a hurricane is about to hit Tampa. The storm is aimed at Florida’s Panhandle, but Tampa faces storm surges and high winds.
Eventually, Tampa and Phoenix will suffer from climate migration. People in these cities will leave for places with less difficult weather conditions.
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