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California Wildfires Place $2 Trillion+ of Housing Value in Jeopardy
Four California counties top the list of places at risk of losing the most housing value due to destruction from wildfires, according to a new report from Redfin. The Seattle-based brokerage firm says Los Angeles County, home to more than $1.2 trillion worth of homes and one of the region’s most susceptible to wildfires in the U.S., stands to lose the most housing value.
Next comes Orange County ($502.6 billion in total housing value), Santa Clara County ($488.5 billion) and San Diego County ($417.6 billion).
Lindsay Katz, a Redfin agent in Los Angeles, said this year’s wildfires are impacting local residents more than they have in the past. “I think this year is a turning point,” Katz said. “People who live in Southern California and people buying homes here are getting fed up because not only are the wildfires particularly bad right now, but they’ve been relentless over the last few years.”
Many of the most desirable and expensive areas in the country are at high risk for destruction from wildfires. Seven of the 10 counties at risk of losing the most housing value on account of potential wildfires are in California, and many of them are in expensive areas. Two of the remaining three are in Texas, and the other one is Clark County, Nevada, home to Las Vegas.
*Pictured Los Angeles 2019 Getty Fire LAFD Photo by Rick McClure
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