Wildfires

Alongside a bill that gives homeowners a year of forbearance after state-declared emergencies, lawmakers will consider extending wildfire-related moratoriums.

President Donald Trump said he would look into the actions of banks in their response to last year's devastating Los Angeles wildfires following a meeting with that city's mayor, Karen Bass.

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"Wildfire risk is not just an occasional catastrophe, but a recurring cost embedded in the state's economy," said the report issued this week by the California Earthquake Authority.

Some mortgage companies are taking advantage of a loan-interest deduction that was designed to benefit community banks, a Washington State legislator alleged.

The new regulation, which passed overwhelmingly in the state legislature, would allow insurers to remove wildfire protections from standard homeowners policies.

California sellers of older homes in high-risk areas must disclose to potential buyers not only a dwelling's susceptibility to fire but what they've done to address those vulnerabilities.

Borrowers affected by the blazes are also reeling from homeowners insurance woes, contractor shortages and inflation making rebuilding difficult.

The Senate bill would make forbearance available to homeowners directly impacted by extreme-weather events, including 2025 California wildfire victims.

The state forecasts eroding coastlines will endanger $18 billion of existing homes and commercial buildings in the coming decades.

Even before January's fires in Los Angeles, change-of-address data shows residential moves based on fire risks and insurance availability.

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.

The provisionally approved rate hike would provide financial relief to State Farm's California subsidiary, which has said it needs to shore up confidence with solvency regulators and ratings agencies.

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California leads the nation with over 1.5 million at-risk properties, but many threatened homes sit east including $68 billion worth of Florida real estate.

Tariff and layoff worries are leading some to reconsider pending deals, but a surplus of existing homes now has other buyers backing out as well, Redfin said.

State Farm's "emergency" rate increase request was rejected by California's insurance commissioner.

A $1 billion assessment announced Tuesday for California's FAIR Plan, the state-mandated insurer of last resort, is expected to drive up premiums as companies will likely pass some of the costs onto homeowners.

While it is still early to see the full impact on delinquencies, 5% fewer borrowers in these areas made their monthly mortgage payment by Jan. 17.