With over 4 million acres burned, this year’s California wildfires have been the largest the state has ever seen. One fire alone, the August Complex, has burned over 1 million acres, cutting a destructive swath across the northern part of the state. The California fires are in various stages of containment, so these numbers could go up before year’s end.
California also happens to have some of the most expensive real estate in the country and many of the country’s most active real estate markets. Many areas currently battling fires have been threatened by wildfires before.
CoreLogic‘s (NYSE: CLGX) 2020 Wildfire Risk Report shows 1,975,116 homes in the United States are at risk of being destroyed by wildfires. These homes carry an associated reconstruction cost of over $638 billion. Of the areas most at risk, 76% of them are located in California, with the Los Angeles, Riverside, San Diego,