Global warming is coming for your home

Think aboutgDP the places vulnerable to climate change, and you might picture or low-lying . But another, more surprising answer ought to be your own house. About a tenth of the world’s residential property by value is under threat from global warming—including many houses that are . From tornadoes battering midwestern American suburbs to tennis-ball-size hailstones smashing the roofs of Italian villas, the severe weather brought about by greenhouse-gas emissions is shaking the foundations of the world’s most important asset class.The potential costs stem from policies designed to reduce the emissions of houses as well as from climate-related damage. . By one estimate, climate change and the fight against it could wipe out 9% of the value of the world’s housing by 2050—which amounts to $25trn, not much less than America’s annual . It is a huge bill hanging over people’s lives and the global financial system. And it looks destined to trigger an almighty fight over who should pay up.