Thirty-year fixed, 15-year fixed and 5/1 ARM rates all increased Friday, according to a NerdWallet survey of mortgage rates published by national lenders this morning.
California and Texas have highest number of homes at extreme wildfire risk
Out of 13 western states, California and Texas have the highest number of single-family residential homes in extreme risk wildfire areas, according to a CoreLogic report released on Wednesday. CoreLogic’s scale has four categories: low, moderate, high and extreme risk, and 1.8 million homes across 13 western states fall into the high and extreme risk category. While only a small percentage of the millions of homes that fall somewhere on the scale, these 1.8 million homes represent a combined total reconstruction value of nearly $500 billion, according to the report. The other 27 million homes on the scale — those at low and moderate risk — have an estimated reconstruction cost value of $6.7 trillion.
Among metro areas, Southern California’s Riverside-San Bernardino-Ontario area has the highest number of homes at extreme risk (51,775), while Northern California’s Sacramento-Roseville-Arden-Arcade area comes in second (41,937) and Colorado’s Denver-Aurora-Lakewood area comes in third (33,226).
Last year marked the first time that wildfires burned more than 10 million acres in the US, according to the report. For the previous 20 years (1995-2014), the average burned acreage per year was 5,820,402 acres.
“The drought conditions that have plagued the western U.S. for the past several years, and continue to impact California, only serve to increase the threat of damaging fire events,” the report says. “However, historic records of wildfire activity indicate that even without drought conditions, both [California and Texas] — and the other western states — would still continue to have areas of high wildfire risk each year.”
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Michael Burge is a staff writer at NerdWallet, a personal finance website. Email: [email protected].