Do you think many will throw in the towel and move? What do you think will happen to RE prices there?
Bring in more Mexicans to prop up the lower end housing prices, maybe relax the loan standards to what they were a year ago, and RE could boom again... Prosperity is just around the corner
More than 500000 flee as wildfires continue to torch SoCal homes San Jose Mercury News Raging Calif. Wildfires Make 500K Flee ABC News === Half a million people out of their homes now. Where will they all stay? How can they work?
For those who lose their homes to the fires, they gotta either buy or rent in the region if they want to keep their jobs. I think that's what the majority will do. A minority will huddle with relatives or leave the region.
Great for their economy unfortunately. Their housing market was already getting killed. A supply drop is exactly what they needed. Sucks for the insurance companies though. Last I heard it was 1MM people displaced and houses destroyed were in the thousands. Fire was 1% contained.
Interestingly, my wife asked me about how the insurance claims would be handled. I know of many people who were upside down on their mortgages to the tune of 10-20%. Wife asked how they will be compensated by the insurers. Difficult to assess fair value of the homes in that region right now.
insurance funds likely wont cover the cost of rebuild.... much less skyrocketing insurance premiums if ins. can be had at all.... just ask fla. and louisiana coastal property owners