First Street

Climate risk is transforming the home-buying process, making extreme weather events an essential consideration for prospective buyers. The New York Times has published a compelling interactive guide, featuring First Street, that outlines practical steps to help buyers safeguard their investments and plan for a resilient future. Climate Risk Financial Modeling (CRFM) equips homebuyers, asset managers, owners, and real estate lenders with the tools to make smarter, more resilient property decisions. 🔗 to article: https://lnkd.in/gjP3rbkQ #CRFM #ClimateRisk #extremeweather #homebuying

Zillow’s research team analyzed housing listings alongside First Street data to reveal key insights about U.S. homes for sale that face climate risks. • For sale homes with major wind risk are valued at $17 trillion. • For sale homes with major fire risk are valued at $9.1 trillion. • For sale homes at major flood risk are valued at $7 trillion. With such a significant portion of the U.S. housing market at risk from climate events, it is crucial for homeowners and potential buyers to have access to this type of data. By incorporating First Street's data into their listings, Zillow allows individuals to make more informed decisions when it comes to purchasing a home. Not only does this analysis highlight the staggering value of homes at risk, but it also sheds light on the larger economic impact that these events can have. With homes at major fire risk alone valued at almost one third of the U.S. GDP, it is clear that extreme weather events can have far-reaching consequences beyond just property damage. #CRFM #realestate #climaterisk

We're thrilled to welcome Scott Miller to the leadership team at First Street as our Chief Revenue Officer. Scott brings years of deep experience accelerating growth across established, mid-stage, and early-stage financial data and technologies businesses. Having led global revenue teams across sales, client success, marketing, partnerships, and revenue operations, Scott's experience, drive, and enthusiasm will help First Street flourish through this exciting growth stage!

The 2025 LA Wildfires were tragic — and predictable. First Street identified 94% of the properties destroyed in the Eaton Wildfire to have had severe or extreme wildfire risk and 92% of the properties destroyed in the Palisades Wildfire to have had severe or extreme risk. These events were predictable. While wildfires in Southern California are rare in January, shifting precipitation and wind patterns driven by climate change are making these events increasingly likely. Prolonged drought and strong winds create the perfect conditions for extreme wildfires, and this convergence is becoming more common. At First Street, we’re committed to providing the tools and data needed to make informed decisions today and into the future. Read our full review of the LA wildfires here: https://lnkd.in/gGV9BCgx

This week, Kentucky faced devastating flooding, with nearly 9 inches of rain falling in just 24 hours. While NOAA Atlas 14 categorized the storm as a 1-in-500-year event, our First Street models indicate it was closer to a 1-in-100-year storm. This underscores a troubling trend: heavy rainfall events are becoming more frequent and intense, leaving communities vulnerable. First Street’s flood hazard layer (FS-FM V4) has shown remarkable precision in its projections, as evidenced in Pikeville High School, KY, where fluvial flooding occurred. By cross-referencing USGS gauge station data, it was confirmed that this area experienced a 1-in-500-year fluvial flood event—an outcome that perfectly aligns with First Street’s 1-in-500-year fluvial hazard predictions. First Street’s National Risk Assessment on Precipitation (https://lnkd.in/evFXxHkQ) identifies Kentucky (KY) as one of the U.S. states most heavily impacted by the increasing frequency of extreme rainfall events. According to the research, 80% of Kentucky has already experienced a significant increase in extreme rainfall events during the 21st century. As climate change alters weather patterns, understanding and preparing for these risks is essential. First Street offers detailed climate risk assessments to help plan for and mitigate extreme weather. Reach out to BD@firststreet.org to learn how we can help you quantify your climate risk exposure. #ClimateRiskFinancialModeling #CRFM #climaterisk

Chairman Powell: “There will be regions of the country where it will no longer be possible to get a mortgage.” In Tuesday's Senate Banking Committee hearing, Senator Smith questioned Chairman Powell about insurance and climate citing First Street research, which found U.S. real estate values could drop by $1.47 trillion due to climate-related risk over the next 30 years. This stark warning underscores how escalating climate risks are destabilizing housing markets and financial systems. While Powell suggested this scenario may become a reality in 10-15 years, the impacts are already being felt today. Addressing climate risk with urgency is essential—not only to safeguard homeowners but also to protect governments and financial institutions reliant on stable housing markets. Read the full First Street research report here: https://lnkd.in/gCz7eSUm #SenatorSmith #JeromePowell #FedChair #insurance #housing #CRFM

What an incredible day at #Forecast2025! Yesterday, we brought together some amazing thought leaders to help us define the category of Climate Risk Financial Modeling (CRFM). From John Kerry’s powerful keynote to Sarah Bloom Raskin’s thought-provoking discussion on the connection between climate risk and financial policy, the event underscored just how important it is to build a community that is ready to take action on these issues. Throughout the day, we heard from world-renowned scientists, leading economists, and insurance experts, alongside climate risk leaders from financial institutions and asset management. Their expertise and insights highlighting the innovative solutions and remaining challenges we face in CRFM. A huge thanks to everyone who joined us—attendees and speakers alike—for sharing your expertise, enthusiasm, and ideas. Your contributions are key as we work together to better understand and address climate risk. Events like this remind us just how powerful collaboration can be in driving real change. Let’s keep the momentum going! #ClimateRisk #CRFM #ClimateRiskFinancialModeling

Welcome Juan Sebastián Herrera to the team as our Director of Climate Implications! Juan brings extensive experience in economic and impact analysis, public financing, and real estate. Previously, he was a Senior Consultant at HR&A Advisors, where he developed strategies at the intersection of housing, climate resilience, and urban development. His work included assessing energy transitions on housing markets, supporting infrastructure financing in California, and evaluating state-funded housing equity programs. We know Juan's expertise will play a key role in advancing Climate Risk Financial Modeling. #CRFM #ClimateRiskFinancialModeling #newhire

Our 12th National Risk Assessment and a piece released today in the The New York Times highlights a startling trend: the basic assumption that homeownership builds wealth and security is being upended by climate risk. Climate risk is becoming a key factor in homebuying, driving up property values in safer regions while vulnerable areas decline. Our work at First Street aims to provide insights into these trends, helping to better evaluate where to live and invest. Learn more about how climate is transforming the housing market and what it means for the future.  Report link: https://lnkd.in/gCz7eSUm Thank you to Abrahm Lustgarten, ProPublica, and The New York Times for this insightful piece based on our findings. Link to article: https://lnkd.in/eZyDAz2T #CRFM #ClimateRiskFinancialModeling

𝗝𝗨𝗦𝗧 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗: First Street's 12th National Risk Assessment, "Property Prices in Peril."  Download report: https://lnkd.in/gCz7eSUm Recent reports from the U.S. Department of the Treasury and United States Senate Committee on the Budget, alongside events like Hurricane Helene and the Los Angeles wildfires, highlight the economic toll of increasing climate risk. "Property prices in Peril" dives deep into the data—analyzing climate migration patterns, rising insurance costs, and their effects on property values and community stability.  The findings are sobering: U.S. properties are projected to lose $1.47 trillion in value (unadjusted dollars) over the next 30 years under current climate scenarios. Interested in expert insights on the report? Join our webinar featuring Dr. Jeremy Porter, Head of Climate Implications, and our Founder & CEO, Matthew Eby, as they present the findings Register here:  https://lnkd.in/e7XuuZRJ #climateriskfinancialmodeling #CRFM #insurance #propertyvalues #climaterisk