Calif. wildfires put housing market at risk

Calif. wildfires put housing market at risk

In addition to the destruction and potential life-threatening dangers of wildfires that are becoming more common in California, a new analysis shows that these types of natural disasters could have a lasting effect on the housing market in the state.
Four counties in California top the list of regions at risk of losing the most housing value due to wildfire destruction according to a report from Redfin. The region most susceptible to loss from wildfires is Los Angeles with $1.2 trillion in housing value. This is followed by Orange County ($502.6 billion), Santa Clara County ($488.5 billion) and San Diego County ($417.6 billion).
The report noted that the average acreage burned by wildfires annually in the U.S. has nearly doubled in size since 2000.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
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