Wildfires

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.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

As forbearance starts to rise due to the fires, servicers that have just gotten a respite from hurricanes recoveries will have to gear up again.

It's not an unthinkable notion. There have been a handful of attempts at systematically moving populations away from regions severely affected by climate change.

Impacted borrowers should anticipate some breaks from insurance coverage and home loan payments, but timelines and relief funds could vary significantly.

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

Gov. Gavin Newsom modeled his latest order on a similar ban imposed in Hawaii following the 2023 Maui wildfire that aimed to protect community wealth.