Annual Shareholder Letter from BlackRock CEO

This announcement by a major investor in residential real estate companies that it will start including environmental factors into its investment analysis could push down real estate values, which, in many places, have not reflected the long-term impact of climate risk. Some analysts suggest that adding climate and environmental considerations into real estate investment analysis could significantly affect the mortgage market, in addition to the residential real estate industry as a whole. BlackRock owns 17.49 percent of RE/MAX stock, 15.56 percent of Realogy stock, 6.51 percent of Redfin stock, 2.22 percent of eXp Realty stock and millions of shares of Zillow Group stock (according to Inman).