Climate Change Puts Homeowners of Color at Greater Economic Risk (Mother Jones)

Less than a fifth of homeowners in counties hit by Harvey had flood insurance. Mortgage delinquencies soared. The number of borrowers who missed more than three mortgage payments tripled in the wake of the storm. Property values took a hit, too: A study by Freddie Mac, one of two mortgage loan companies backed by the federal government, found that homes in Houston’s 100-year floodplain sold for about $17,000 less than comparable homes outside the floodplain after the storm. The financial distress was felt most acutely by low-income families and communities of color.