USA – Twin Southern California wildfires serve as a reminder that the region has $142 billion of housing at “elevated risk” of wildfire damage, according to a new study.
Real estate tracker CoreLogic’s annual assessment of wildfire risks highlights how much is at stake in the four counties covered by the Southern California News Group. The report shows 282,000 housing properties have elevated wildfire risk. This week the Silverado and Blue Ridge fires have forced tens of thousands to evacuate, no doubt unnerving many property owners, in Orange, San Bernardino and Riverside counties.
In Los Angeles and Orange counties, 154,000 single-family residences worth $90.3 billion in replacement costs are at an elevated risk. Both totals lead the nation’s metro areas.
L.A.-O.C. also has 1,028 multifamily properties worth $770 million at high risk — No. 2 nationally.
Riverside and San Bernardino counties have 127,000 single-family residences with $50.6 billion in replacement-cost value at an elevated risk. Both totals rank No. 2 nationally.
The Inland Empire L.A.-O.C. also has 946 multi-family residences worth $540 million at high risk — No. 3 nationally.
CoreLogic says in 15 most fire-prone states, wildfire risks comprise 1.9 million single-family homes with $638 billion in replacements costs and 14,500 multifamily residences wort $6 billion.
“Wildfire will continue to threaten homeownership and endanger people’s physical and financial livelihoods,” the report concludes. “Understanding this risk is critical to reducing it. As neighborhoods push further into wildland areas, the ways in which humans build towards beautiful but deadly undeveloped, wildfire-prone land only amplifies the climatological and terrain-related risk factors that already exist.”