Climate risk to take trillion-dollar bite out of U.S. real estate: report

NEW YORK, Feb. 3 (Xinhua) -- As natural disasters and extreme weather events become more common, the U.S. real estate market will lose more than a trillion dollars in value as Americans move away from riskier areas and toward those expected to be more resilient, according to Property Prices in Peril, a new report from climate analytics firm First Street.

"But the great climate migration of the coming decades won't be linear. Americans will likely continue to flock to many of the areas that face the most peril, as local amenities and favorable economic conditions outweigh the mounting costs of climate risk," USA Today reported on Monday about the development.