Rebuilding high-risk homes from California wildfires could cost $18B

The 48,390 homes dubbed at extreme or high risk from the California wildfires burning through the state could cost $18 billion in reconstruction, according to a CoreLogic analysis.

The Camp Fire, which has Northern California up in flames, is putting an estimated 31,394 homes, with a total reconstruction cost value of about $7.3 billion, at high or extreme risk as of Nov. 11. Southern California's Woolsey Fire, affecting areas from Thousand Oaks to Malibu, is putting 16,996 homes at extreme or high risk, with a reconstruction cost value of $11 billion.

The CoreLogic Wildfire Risk Score evaluates potential dangers to a property by considering slope, aspect, vegetation/fuel and surface composition, and the proximity of a home to higher risk areas that could affect it via windblown embers, according to the company.

California homeowners and servicers linked to properties affected by the wildfires can exhaust a number of relief options.

Homeowners may halt payments for up to 12 months without incurring late fees and without being reported to the credit bureaus, according to Fannie Mae and Freddie Mac natural disaster relief policies. Servicers may suspend or reduce mortgage payments for up to 90 days without first having contact with the homeowner. Servicers must also suspend foreclosure or legal proceedings for properties believed to be affected.

Because President Trump issued a major disaster declaration for Butte, Los Angeles and Ventura counties on Tuesday, the Department of Housing and Urban Development can now offer the following assistance: a 90-day moratorium on foreclosures of Federal Housing Administration-insured home mortgages; FHA insurance to houses destroyed or damaged to the point where reconstruction or replacement is necessary; and the ability for homeowners who lost their properties to purchase or refinance a house, along with repairs, through a single mortgage.

Affected residents or business owners suffering losses from the wildfires may apply for government assistance through DisasterAssistance.gov.