SOURCE: Axios

DATE: August 23, 2018

SNIP: Sea level rise may seem like a far-off threat, but a growing number of new studies, including one out Thursday, shows that real estate markets have already started responding to increased flooding risks by reducing prices of vulnerable homes.

The bottom line: According to a new report by the nonprofit First Street Foundation, housing values in New York, New Jersey and Connecticut dropped $6.7 billion from 2005 to 2017 due to flooding related to sea level rise. Combined with their prior analysis of 5 southeastern coastal states with $7.4 billion in lost home value, the total loss in 8 states since 2005 has been $14.1 billion.

Driving the news: A recent slew of studies show how the housing market is responding to the increasing risk of coastal flooding — with billions in value disappearing as investors wake up to the systemic risk.