Southern California Wildfires And How It's Affecting Housing Market

Southern California Wildfires And How It’s Affecting Housing Market

Gustan Cho Associates are mortgage brokers licensed in 48 states

This ARTICLE On The Southern California Wildfires And How It’s Affecting Housing Market Was UPDATED And PUBLISHED On November 18th, 2019

Southern California Wildfires is affecting many homebuyers due to the difficulty in getting homeowners insurance.

  • California is the most populous state in the nation
  • The state has a financial crisis due to the major budget deficit
  • To add to their financial crisis, the weather had a devastating effect on residents, adding to the financial stress
  • California has suffered from weather-related disasters
  • Many residents are used to dealing with natural disasters in California
  • However, record fire disasters are really affecting the state like never before
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In this article, we will cover and discuss how the Southern California Wildfires are affecting homeowners and homebuyers in the state.

Recent California WildfiresSouthern California Wildfires

The Northern California Kincade Fire destroyed over 78,825 acres and is 60% contained.

  • Southern California’s Easy-Fire burned 1,723 acres burned with only 10% of the fire contained
  • Southern California’s Getty Fire destroyed 745 acres and is 39% contained
  • The Hillside Fire and the 46 Fire just started in Southern California
  • Over 60,000 businesses and homes is being affected by Pacific Gas & Electric’s power shutoff
  • PG&E cut off the electric power to millions of residences and businesses in order to contain the Southern California Wildfires

The new fire in Southern California is fast-moving due to the Santa Ana winds.

What Residents Are Saying About Southern California Wildfires

Deadly California Wildfires

Over 700 full-time and volunteer firefighters were dispatched to fight the Easy-Fire.

  • The Southern California Wildfires spread quickly due to the Santa Ana Winds
  • The powerful relentless Santa Ana Winds had gusts up to 70 mph
  • Besides property damage caused by the Easy-Fire, animals such as horses were in great jeopardy

Residents and businesses affected by this fire had only minutes to evacuate. No time to pack up valuable items due to the fast speed of the deadly fire.

The Kincade Wildfire And Its Progress

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In the meantime, there was tremendous progress made with Northern California’s Kincade Wildfire.

  • Over 76,825 acres were burned
  • The fire is 60% contained
  • Besides the tireless efforts of firefighters, the weather helped
  • Temperatures were dropping to the 20s helping firefighters contain the fire
  • Over 5,000 residents were under strict evacuation orders by the Sonoma County Sheriff’s Department

About a dozen people were arrested and charged for ignoring the Sheriff’s orders.

Fire Department Blames PG&E For Fires In Northern California

Michael Gracz of Gustan Cho Associates said that the equipment of PG&E was the cause of two fires in Eastern Contra Costa County. The fire led to the evacuations of countless residents in Northern Cal.

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It seems county and state officials are blaming PG&E and the utility giant is blaming the other. Officials at PG&E had no content. The newly elected California Governor Gavin Newsom had an earful to say and blames PG&E for making matters worse by cutting off power.

Southern California Wildfires Versus Other Fires

As of today, dozens of wildfires are burning throughout the state of California. See the map below:

California wildfires map

Expert Expect Worse Fires In The Near Future

Most climate experts expert the situation with wildfires in California to get worse in the near future.

What Does Southern California Wildfires Mean To Homebuyers

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Homeowners insurance will become more expensive in the coming months. Homeowners with homeowners insurance can expert substantially higher insurance premiums in the coming months. Many homeowners may get cut off from their insurance companies altogether. Insurance companies are panicking due to the billions in claims by homeowners. Many California homebuyers and homeowners may not be able to get homeowners insurance. The Federal Government may need to step in. This is a developing story at Gustan Cho Associates Mortgage News. We will keep our viewers updated in the coming days and weeks and more news develops on the Southern California Wildfires. Stay Tuned!!!

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