New analysis sounds alarm as dangerous trifecta creeps closer to US homes — and it could cost trillions in damage
A new study has revealed a harrowing reality: trillions of dollars in U.S. residential real estate are at serious risk of destruction due to a dangerous trifecta of disasters worsened by increasing global temperatures: wildfires, floods, and extreme wind.
As these extreme weather events intensify, millions of homeowners could face financial and emotional turmoil — on top of the increasing difficulty of selling properties in high-risk zones.
A Zillow study found that homes valued at a combined total of $17 trillion are at a major wind risk, $9.1 trillion are at risk of wildfire damage, and $7 trillion could suffer from severe flooding at the rate of the current disasters worsened by changing temperatures and weather patterns.
The report highlights Los Angeles as the city with the highest total value of homes at major wildfire risk — a staggering $831 billion — while New York City faces the greatest flood threat with $593 billion worth of homes at risk. Miami follows closely behind at $580 billion.
Extreme wind damage poses an even greater financial burden, with properties worth $3 trillion New York City, $1.4 trillion in Miami, and $1 trillion in Boston among some of the most vulnerable.
Zillow's findings also suggest that homes in high-risk areas are less likely to sell at their original listing price — showing that buyers are increasingly factoring these dangers into their decisions.
So what does this mean for the state of the country's residential real estate?
For one, massive financial implications that are concerning on multiple levels. Homeowners may struggle to secure affordable insurance, as insurers typically either pull out of high-risk areas or raise rates dramatically. Meanwhile growing disasters continue to displace communities, leaving behind not just financial losses, but also deep emotional and social scars.
Beyond individual homeowners, the entire U.S. housing market can feel the ripple effects, with home values declining in certain regions while economic inequality grows as lower-income communities bear the brunt of these threats.
Tackling these risks starts with stronger policies and smarter planning. Cities can adopt stricter building codes, invest in flood barriers, and ensure insurance remains accessible for at-risk homeowners. Programs like FEMA's Flood Mitigation Assistance help fund home elevation and relocation to reduce potential losses.
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For homeowners, checking tools like RiskFactor.com can provide insights into a property's fire, flood, and wind exposure. Protective upgrades — such as fire-resistant roofing, storm shutters, and elevated foundations — can help safeguard homes and lower insurance costs.
Community-driven solutions also play a key role. Local efforts like wildfire prevention, flood-resistance landscaping, and emergency preparedness plans can reduce damage and save lives. While the financial and emotional stakes are high, proactive steps today can protect homes, financial security, and entire communities from the growing threat of extreme weather.
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CNBC
24 minutes ago
- CNBC
Why BlackRock's smallest deal of 2024 may end up being its most consequential
BlackRock CEO Larry Fink has sent a clear message to investors: The world's largest asset manager's smallest acquisition last year could end up its most consequential. During an industry conference in March, the long-time executive said BlackRock's $3.2 billion purchase of alternatives asset data provider Preqin — its smallest of the four deals announced in 2024 — is "probably the most significant thing we have done in terms of expanding the profile of private markets." It could be a big deal for investors, too. For starters, Preqin can bring what BlackRock currently does best — offer investors index products like exchange-traded funds (ETF) for public markets — to the opaque world of private markets. That would add revenue and earnings diversification that's less tied to the daily fluctuations of the stock and bond markets, BlackRock CFO Martin Small said when announcing the deal in July 2024. "Through strong organic growth and scaling of our private markets and investment technology platforms, both of which fuel stable earnings growth," Small added. "We believe we can drive multiple expansion for our shareholders." BLK YTD mountain BlackRock (BLK) year-to-date performance The acquisition, which closed on March 3 , integrates Preqin's private markets data into BlackRock platforms such as its portfolio management system Aladdin and investment software eFront. This gives BlackRock clients – mostly institutional investors who pay for access to these platforms – more visibility into non-public investment areas like infrastructure, private equity, private credit, and more. They will get valuation and performance data on more than 190,000 funds and 60,000 managers, according to BlackRock. "Preqin effectively does for private markets what Zillow did for housing," CEO Fink said in his 2025 annual chairman letter . "If you're buying a home, you want to know if you're paying a fair price, and there are ways to do that. You can check neighborhood benchmarks, recent sales, or historical appreciation trends; companies like Zillow have made this simple. But today, investing in private markets feels a bit like buying a house in an unfamiliar neighborhood before Zillow existed, where finding accurate prices was difficult or impossible." "This lack of transparency discourages investment," he added. The new venture could take some of the pressure off BlackRock's index business, which manages trillions of dollars and makes up a significant portion of its overall revenues. Although the firm has profited immensely as a traditional asset manager and has become an industry leader for ETFs, the division's revenue streams are still at the mercy of the stock market's volatility. BlackRock also has to pay fees to third-party providers like S & P Global and MSCI to use their underlying data in BlackRock funds. The longer-term goal is for BlackRock to create its own private-market benchmarks and sell more accessible private index products. Fink has also said private market investments could play a role within retirement accounts like IRAs, touting them as offering higher returns. "Not that we're making a pivot, we just see the blending of public and private markets coming together and [it's] probably happening faster than I ever envisioned," Fink said at RBC Global Financial Institutions Conference in March. There are signs that the Preqin deal is already starting to pay off. Preqin added roughly $20 million to first-quarter revenue — even though it was owned for less than a third of the period — and contributed to the firm's 30% year-over-year increase in annual contract values, or ACV, Small said during the company's April earnings call. The CFO said this new "growth reflects sustained demand" from Preqin and that the trend shouldn't die down anytime time. "We remain committed to low to mid-teens ACV growth over the long term," he said. ACV is a financial metric that represents the average annual revenue from a customer contract. Offering retail investors access to private market investments doesn't come without risk. Moody's has warned that selling funds to retail investors could result in "reputation loss, heightened regulatory scrutiny and higher costs" for asset managers, the Wall Street Journal reported Tuesday. "If growth outpaces the industry's ability to manage such complexities, such challenges could have systemic consequences," Moody's analysts wrote. However, in his annual chairman letter, Fink wrote that "private markets don't have to be as risky. Or opaque. Or out of reach." He added: "Not if the investment industry is willing to innovate—and that's exactly what we've spent the past year doing at BlackRock." There's more to like about the Preqin acquisition. The deal should attract more clients and deepen its existing relationships. The competition for private markets data providers is limited, and Preqin has one of the most comprehensive data sets available. That could result in more valuable contracts with its existing clients and an increase in sales. We see this in the impact of similar acquisitions on BlackRock's financials. Since BlackRock's eFront acquisition in 2019, for example, BlackRock has doubled the annual contract value of the business. As these BlackRock platforms get bigger and integrate more data, they should retain customers and lure new ones in from rival asset managers. "In our thesis about demand for a whole portfolio view combining Aladdin and eFront capabilities, it's driven new sales for both Aladdin and eFront," Small said last July. "We'll look to repeat this success with Preqin and have a business plan that we believe can generate significant synergies resulting in an 18% [internal rate of return]." Better client relationships also means Preqin can create a flywheel effect within BlackRock. Clients who use Preqin could be more inclined to tap BlackRock for its other services as well. "Preqin just makes [these platforms] better and crowds out competition and drives growth in all [BlackRock's] businesses," Evercore analyst Glenn Schorr told CNBC recently. "What's probably even more appealing to this amazing asset manager is the insights [Preqin] can bring on where and how it can grow in the future as an asset manager, and then the value that [the deal] can bring to their large LPs that they manage money for," Schorr said. "I think that's the mindset that Larry probably had when he was talking about how important of a business this could be for them." And lastly, BlackRock's Preqin buy further expands the firm into the fast-growing world of private markets, which have grown enormously over the past several years as investors look for alternatives. It follows the firm's other recent moves in the space. BlackRock closed a $12.5 billion deal for infrastructure investment firm Global Infrastructure Partners in October. The firm is also expected to complete its purchase of private credit manager HPS Investment Partners for $12 billion as well in 2025. "There are few people that would disagree that private markets are a continued very large growth opportunity for any good asset manager, any good wealth management firm [or] any good bank as well," Schorr said. (Jim Cramer's Charitable Trust is long BLK. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. 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Miami Herald
5 hours ago
- Miami Herald
Get Reliable Income From a New Career With 100-Hour Ohio Pre-Licensing Course From the CE Shop
In as little as two weeks, start a career with a flexible schedule in real estate DENVER, CO / ACCESS Newswire / June 10, 2025 / The real estate market is picking up speed in Ohio, and it's a great time to become a real estate agent, especially for those needing a change or struggling to find stability without a degree. The CE Shop has all the education needed for a successful career jump start or to amplify success for seasoned agents in Ohio. According to Zillow, there has been a 4.7% year-over-year increase in home sale prices in Ohio, and favorable conditions for sellers, making a career switch with the right education even more motivating. Getting an Ohio real estate license involves two main steps: completing pre-licensing education and passing the Ohio Salesperson Licensing Exam. The time required to complete the 100-Hour Ohio Pre-Licensing course can vary person to person but may be finished in as little as two weeks. Adequate time should also be devoted to studying for the licensing exam, which will also vary depending on the individual. The Ohio pre-licensing curriculum includes four courses essential for earning a real estate license: a 40-hour Principles and Practices Course, a 40-hour Real Estate Law Course, a 10-hour Real Estate Finance Course, and a 10-hour Real Estate Appraisal Course. The CE Shop course offering includes both a practice and final exam covering national and state topics, which students can retake as many times as needed to feel comfortable with the content and confident come exam day. Courses are available as part of bundled packages designed to meet a variety of different learning needs. One popular add-on is Exam Prep Edge, which helps aspiring agents fully grasp the content and feel prepared to excel on their licensing exam. Course packages include: Course Only100-Hour Ohio Pre-Licensing course (covers both State and National topics)Ebooks, career resources, and digital flashcardsStudy scheduleReal estate glossaryStandard PackageIncludes all of the above, plus:Exam Prep Edge (National & Alaska)Pass GuaranteeValue PackageIncludes all of the above, plus:Kickstarter Professional Development Program (3 courses)Premium PackageIncludes all of the above, plus:20-Hour Ohio Post-Licensing Salesperson courseReal Estate Basics & Beyond eTextbook First-year salary expectations as a real estate agent are promising because it's a career that gives the agent control over what they make based on the effort they put in, and the hard work of the first year is worth the significant increases in income for active agents. The CE Shop provides an industry-best education with streamlined and flexible learning features that include mobile-friendly access and clear course progress. Setting themselves apart from other real estate schools, The CE Shop has the highest pass rates in the nation and offers customer support 7 days a week so that students can feel confident they are on the easiest path to career growth and state-approved coursework. For the evolution of a real estate professional's career, The CE Shop provides engaging (and required) continuing education, as well as professional development offerings, to give real estate professionals an advantage over their competition. Learn more about The CE Shop and their Ohio real estate offerings, take a Free Trial, and get career resources. About The CE ShopThe CE Shop is the leading provider of professional real estate education with online mortgage, real estate, home inspection, and appraisal courses available throughout the United States. The CE Shop produces quality education for professionals across the nation, whether they're veterans in their industry or are looking to launch a new career. We believe that the right education can truly make a difference. Visit to learn more. Media Contact: The CE Shop PressPress@


Forbes
5 hours ago
- Forbes
Federal Disaster Tax Breaks Are Big, But Which Declarations Count?
TOPSHOT - A home burns during the Palisades Fire in Pacific Palisades, California, on January 8, ... More 2025. At least five people have been killed in wildfires rampaging around Los Angeles, officials said on January 8, with firefighters overwhelmed by the speed and ferocity of multiple blazes. (Photo by AGUSTIN PAULLIER / AFP) (Photo by AGUSTIN PAULLIER/AFP via Getty Images) Disaster victims get big tax benefits from federal disaster declarations. In fact, it can make your wildfire settlement tax free. As such, you might logically assume that it is always 100% whether your particular disaster gets the helpful federal nod from FEMA. But in the case of wildfires, is it always so clear? The tax law defines a Federally declared disaster as 'any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act,' commonly known as the Stafford Act. It has three principal types of disaster relief declarations for wildfires: Only two wildfires appear to have obtained their FEMA disaster declarations as Declared Emergencies since 2019, the 2020 Oregon Wildfires (designated EM-3542-OR) and the 2021 California Caldor Fire (designated EM-3571-CA). Declared Emergencies are less common for wildfires, perhaps because there is a separate avenue for wildfires, Fire Management Assistance Declarations under Section 420 of the Stafford Act. Some wildfires are given Major Disaster Declarations, including the recent 2025 LA fires. Historically, so were the 2015 California Butte Fires (DR-4240-CA), the 2017 North Bay Fires (DR-4344-CA), and 2018 Woolsey Fire and Camp Fire (DR-4407-CA). Major Disaster Declarations qualify victims for the widest scope of direct federal assistance through FEMA via Any wildfire with a Major Disaster Declaration clearly qualifies as a Federally declared disaster for tax purposes. Section 1.165-11(b)(1) of the IRS Regulations says a Federally declared disaster 'includes both a major disaster declared under Section 401 of the Stafford Act and an emergency declared under section 501 of the Stafford Act.' These two types of declarations are specifically included within the definition of a Federally declared disaster for tax purposes. How about the third category? Section 1.165-11(b)(1) is silent about Fire Management Assistance Declarations, the third major type of declaration for wildfires. But the statutory language suggests that a Federally declared disaster means any declaration under the Stafford Act. Plainly, Section 420's Fire Management Assistance Declarations are federal relief so seem to be covered. Fire Management Assistance Declarations usually do not provide or authorize the same scope of direct federal assistance to wildfire victims as Major Disaster Declarations. However, Section 165(i)(5) of the tax code only requires that the disaster be determined by the President to 'warrant assistance by the Federal Government' under the Stafford Act. Providing money, equipment, supplies, and FEMA personnel to a State or local government to assist in wildfire containment and recovery efforts appears to fall within the definition of 'assistance by the Federal Government' under the Stafford Act. Many recent major wildfires received disaster declarations under Section 420's Fire Management Assistance provisions. The LA fires in 2025, including in Pacific Palisades were not originally Major Disaster Declarations, but Federal Management Assistance Declarations. However, on the day after they were granted relief under The Fire Management Assistance provisions of Section 420, they were then also the subject of a Major Disaster Declaration under Section 401. This supplemental disaster declaration is important for victims for non-tax reasons, but the Fire Management Assistance Declaration was arguably already sufficient to qualify the fire as a Federally declared disaster for tax purposes. Many wildfires remain disasters declared only under Section 420's Fire Management Assistance relief provisions without a Major Disaster Declaration, and this is arguably enough to unlock the tax benefits. Fire Management Assistance relief under Section 420 of the Stafford Act appears to often be granted for wildfires for the same purpose that a Declared Emergency declaration would be used outside of the wildfire context. There have only been two wildfires nationwide that have been identified as Declared Emergencies since 2019, compared to 305 fires that received a Fire Management Assistance Declaration. There are differences between the two types of declarations. However, both are usually granted to help state and local governments deal with emerging disasters that need to be contained, or to help with rescuing and immediate medical treatment of victims. The regulations under Section 165 of the tax code suggest that Declared Emergencies under Section 501 of the Stafford Act are considered Federally declared disasters for tax purposes, regardless of whether they later result in a Major Disaster Declaration. It would be unusual if similar federal assistance usually provided in the wildfire context, and also under the Stafford Act, would not be treated similarly as a Declared Emergency for income tax purposes. Some devastating wildfires are not designated as disasters by FEMA under any provisions of the Stafford Act. For example, the Mountain View Fire of 2020 burned for nearly a month, consuming nearly 21,000 acres in California, destroying 80 buildings (damaging many more) and killing at least one person. This fire was not large enough for FEMA to consider it outside of the combined capability of the California state and local governments and relief organizations to address without federal involvement. Therefore, the Mountain View Fire was designated by California as a state disaster, but not a federal disaster by FEMA. A disaster declaration by a state is NOT sufficient to qualify a disaster as a Federally declared disaster for federal tax purposes. It is easy to get confused, but no state-declared disaster that is not a federally declared disaster has a disaster description and designation on the FEMA website. There is no FEMA disaster declaration page for the 2020 Mountain View Fire, under the EM, DR, or FM prefixes. For state-declared disasters that are not Federally declared disaster, the main federal recognition of the disaster is not by FEMA. The SBA way offer relief, but that is not sufficient to make a state-declared disaster a Federally declared disaster for income tax purposes.