First American Estimates More Than $235M In Residential Properties Exposed In Calif. Wildfire

Posted by Orb Staff on September 14, 2009 No Comments
Categories : Residential Mortgage

More than $235 million of residential real estate is exposed within the perimeter of California's Station Wildfire in Angeles National Forest, says First American Spatial Solutions, a member of the First American Corporation family of companies.

Using property information and valuation data from First American CoreLogic, it is estimated that the current loss of residential structures is valued at more than $40 million.

According to the California Department of Forestry and Fire Protection, more than 160,357 acres have burned in the Station Fire. Prior to the fire, more than 85% of the addresses that are now exposed to the fire rated a 70 (on a 100-point scale) or above in First American's wildfire model, which is considered at extremely high risk for being destroyed by fire.

First American Spatial Solutions' wildfire model employs several variables, including exact location, vegetation, slope, aspect and proximity to wild lands to determine a property's fire-risk score.

Using the U.S. Geological Survey's fire perimeter, First American Spatial Solutions ran the individual properties within the perimeter through its ParcelPoint database to determine the potential number of properties exposed for the fire. The ParcelPoint database includes parcel information and address points for more than 2,200 counties and townships in the U.S., accounting for more than 122 million parcels nationwide.

SOURCE: First American Spatial Solutions

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