Overly Ambitious Agents And Hungry Sellers
The Manteca Bulletin reports from California. “The closing price for the typical Manteca resale home today stands at $266,200. Statistics from Zillow show that the median selling price has increased 38.9 percent over the past year. This is important because the vast majority of first-time home buyers rely on FHA loans with somewhat easier qualifying rules and significantly lower down payment requirements. A $300,000 home would require a $10,500 down payment based on the 3.5 percent minimum required for a FHA loan. The current limit for a FHA loan in San Joaquin County including Manteca is $304,700. ”
“This time around, the FHA is showing less enthusiasm for increasing loan limits as liberally as they did in the run-up to the housing crisis. The bottom line is simple: If you are thinking about buying and you don’t have a ton of money lying around you might want to get serious and start looking for a home now. If you wait, you might miss the train.”
NBC Bay Area. “It’s in the Bay Area where you can find the most expensive average rent, with San Francisco edging out New York. In fact, some housing experts said it’s hotter than it’s ever been before, beating out dotcom-era prices. And for some families, it’s led to possible eviction and a forced move out of the place they’ve called home for decades. A man we’ll call ‘John’ shared the story of his brother and sister-in-law, both of whom are deaf-mute and mentally disabled.”
“‘He raised the rent from $850 dollars to $1,675, plus utilities,’ said John, referring to the new property owner of the two-bedroom, one-bathroom apartment in unincorporated Castro Valley where his brother and sister-in-law have lived for the past 15 years. The new price tag, he said, is an extreme change for the couple, and one that will force them to have to find housing elsewhere all of a sudden.”
“John said he went to a dozen different agencies throughout the East Bay, only to get the runaround. He said he’d gotten a humiliating response at some places. ‘I was told the owner was just trying to make the investment back, so what are you going to do? And they just laughed,’ John said.”
The Mercury News. “Despite the Bay Area’s robust housing recovery, the East Bay communities of Vallejo, Antioch and Richmond are among the nation’s 100 cities with the highest percentages of underwater mortgages, according to a report by UC Berkeley’s Haas Institute for a Fair and Inclusive Society. The report points out that these communities and others with large minority populations have substantial percentages of homes still underwater, or worth less than their mortgages.”
“Vallejo, which is 47 percent black and Latino, has 36 percent of its homes underwater, the report said. Its housing prices were still 53 percent below their pre-crash peak. Antioch, where 53 percent of the population is black and Latino, has 29 percent of its homes underwater. Prices were 47 percent below their peak. Richmond, which is 67 percent black and Latino, has 28 percent of its homes underwater. Prices were 48 percent below the peak. Other California cities in the top 100 include Modesto, Fairfield, Sacramento and Salinas.”
The Sacramento Bee. “Homeownership in Sacramento County has plunged to its lowest level in 40 years after last decade’s catastrophic housing crash and the mass purchase of foreclosed homes by real estate investors. The trend has been especially acute in working-class areas. In the Del Paso Heights area of Sacramento, 45-year resident Fran Barker said she’s never seen so many houses change hands as in the past few years. Many of her neighbors lost their homes to foreclosure. In their place came vacant homes and, more recently, renters.”
“‘When I moved here, we all owned our homes. We knew each other. We walked down the street, talked to each other and established friendships,’ said Barker, who heads the Del Paso Heights Improvement Association. The investors who bought homes in her neighborhood tended to spruce them up, but tenants sometimes let them fall back into disrepair, she said. ‘If owners are desperate, they don’t always choose the right people’ as tenants, Barker said.”
CBS Sacramento. “For the first time in five years, the Sacramento-area housing market is being called a renter’s market, and experts say that’s changing the local housing landscape. There’s a house in Fair Oaks that’s not for sale. But it’s on the market for renters who aren’t quite ready to buy, or can’t pull the trigger on a home purchase. And that might be a good thing.”
“There are plenty of properties to rent, and people are turning homes into rentals. Investment companies are coming in and buying up homes to cash in. All of that extra property is stabilizing rental prices. Renting that Fair Oaks home would cost about $2,250 a month, compared to $3,450 if you bought it.”
“According to new numbers released this month by Deutsche Bank and the Wall Street Journal, the greater Sacramento region is now on a list of cities and suburbs that’s gone from a buyer’s market to a renter’s market. The capital city region is one of five areas nationwide where it’s cheaper to rent than to buy. The others are Phoenix, Arizona; San Bernardino; Riverside; Austin Texas; and Northern Virginia.”
My Valley News. “Anyone who has a Temecula house they want to sell this year and has been waiting for that ‘perfect time’ to put their home on the market, well, that moment has arrived. Last year saw a spike in the local real estate market jumpstarting the local economy with close to a 25 percent increase in real estate values. Multiple offers, over list prices were the norm and not the exception a year ago. While many homeowners today have fallen into the trap of believing that the trend should repeat itself, there just has not been anything other than overly ambitious agents and hungry sellers fueling this dream.”
“The truth is a huge percentage of homes that are selling are selling for significantly less than their initial list price. The longer a home sits on the market overpriced, the less likely that they will receive a fair market offer. Buyers will feel a sellers’ desperation to sell and come in with low-ball offers justifying their action with the belief that there must be something wrong with the home, otherwise it would have already have sold.”
“When pricing a home today, forget about what you think its worth. Don’t spend time looking on Zillow, Trulia or any of the other countless websites that offer an automated opinion of value. Rather, work with a trusted REALTOR and carefully analyze the last 60 days of sold properties similar to yours and close to yours. At another time, I would suggest also looking at the active listings in the MLS; however today, many are so over-priced that it just skews the numbers. Remember, the value is what someone is willing to pay for it – it has nothing to do with your plans, dreams or expectations.”
“Today’s market is not seeing multiple offers – buyers are not bidding prices up, thinking they have to snag a home now before they get shut out of the market.”
‘I was told the owner was just trying to make the investment back, so what are you going to do? And they just laughed,’ John said.’
‘Northern Santa Barbara County’s economy is on the mend, according to speakers at the annual North Santa Barbara County Economic Summit on Friday, but there’s still room for improvement as the county’s unemployment rate slugglishly declines and housing prices inch upward.’
‘Even in the midst of recovery, unemployment remains higher in the north, with Lompoc experiencing 11.4 percent unemployment. This is the highest rate in the county and is nearly double the county’s unemployment rate of 6.3 percent. Guadalupe and Santa Maria currently follow with 11.1 percent and 10.1 percent unemployment, respectively.’
‘The county has seen a notable increase in farmworker positions, especially in the north. These positions have lowered the county’s unemployment rate, but these workers earn an average annual salary of $18,676, well below the county’s average annual salary of $37,776, according to the EFP’s 2014 report.’
‘The county is also expected to see a growing demand for personal care aides, retail salespeople, cashiers and landscaping workers, all of which earn less than the county’s average annual salary. “Almost all the jobs that are going to be created in our county are paying below the median,” said U.C. Santa Barbara’s Economic Forecast Project Executive Director Peter Rupert. “These are poor jobs. Most of the job creation is going to be these sort of low paying jobs unfortunately.”
‘Another key indicator of the county’s recovering economy is its rising home prices and growing number of home sales following years of falling housing values and skyrocketing foreclosure rates. “Now we’re picking up,” Rupert said. “House prices, the value of homes … are picking up.”
‘Between 2012 and 2013, the average home price in northern Santa Barbara County rose by 23 percent, from $245,939 to $304,509. The average price of single-family homes in Santa Maria jumped from $221,813 in 2012 to $268,125 in 2013, with the number sold increasing from 1,055 in 2011 to 1,270 in 2012. That number dipped to 1,078 in 2013.’
“This seems to get back to a little bit more natural growth rate rather than in the past,” said Rupert, noting the slight slowdown in home sales.’
I think “Peter” is struggle with telling the whole truth about Santa Barbara County.
Santa Barbara County Housing Demand Plunges 13% YoY
http://www.zillow.com/local-info/CA-Santa-Barbara-County-home-value/r_3229/#metric=mt%3D30%26dt%3D1%26tp%3D6%26rt%3D6%26r%3D3229%26el%3D0
PS- List prices and rental rates in SB county are plunging also.
Housing is not going to go down anytime soon. The Democrats will do what ever they can to get Hiliary Clinton elected President in 2016. So prices will continue to rise .
It may soon be easier to get a mortgage
As the housing recovery hits a roadblock, and the industry blames a tight and pricey mortgage market, those who hold the purse strings are finally responding. Both the new regulator for Fannie Mae () and Freddie Mac (), as well as the secretary of Housing and Urban Development, announced on Tuesday they would shift strategies by making credit more available to homeowners.
full story here:}
https://homes.yahoo.com/news/federal-regulators-seek-ease-housing-153900280.html
You’re doomed.
‘The Democrats will do what ever they can to get Hiliary Clinton elected President in 2016. So prices will continue to rise’
Sounds like a solid business plan. Where do I send my money?
Did he say Manteca, CA? Interesting. I think the “journalist” forgot to mention this detail;
Manteca, CA Housing Demand Collapses 30% YoY; Falls To 10 Year Low
http://www.zillow.com/local-info/CA-Manteca-home-value/r_53148/#metric=mt%3D30%26dt%3D1%26tp%3D6%26rt%3D8%26r%3D53148%26el%3D0
‘A recent Gallup Poll found that 14 percent of Californians plan on moving to a new state within the next 12 months. And 34 percent of residents would like to move if given the opportunity.’
‘That puts California well above the nationwide average (6 percent) of people who will probably relocate and slightly above the U.S. average (34 percent) for those who would like to pack up and go. Although the state is not in the top 10 in either category, it’s also not an oasis of complacency and contentment.’
‘Although the state is not in the top 10 in either category, it’s also not an oasis of complacency and contentment.’
Here is a thought: Maybe the state should break up into smaller, more governable units. The current ‘country-within-a-country’ constitution is a governmental disaster by design.
Op/Ed
2/28/2014 @ 9:00AM
California Split Into Six Separate States
Travis H. Brown Contributor
The California breakup countdown begins. Nineteen and a half weeks. 807,615 signatures. That is the time frame and magic number needed to place Initiative #13-0063 on the November 2014 ballot.
For those who may not be familiar with its formal name, the “Six Californias” Initiative is a combined initiated constitutional amendment and state statute that would divide California into six new states. Sponsored by Silicon Valley venture capitalist Tim Draper, the initiative – first announced in December 2013 – was initially viewed as an unrealistic publicity stunt. However, it has continued to garner support, and the California Secretary of State’s office recently gave approval to start collecting the required signatures.
So other than dividing the Golden State’s 155,779.22 square miles into six new states, what else does the “Six Californias” Initiative entail, and how does that impact the proposed states?
…
‘Back when he was chair, Ben Bernanke wrote in the Washington Post, “Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance.” In her first public speech, new Fed Chair Janet Yellen said one of the benefits to keeping interest rates low is to “make homes more affordable and revive the housing market.”
‘As quick as they are to lower rates and increase prices, Fed chairs are notoriously slow at spotting their own bubble creation. In 2002, Alan Greenspan viewed the comparison of rising home prices to a stock market bubble as “imperfect.” The Maestro concluded, “Even if a bubble were to develop in a local market, it would not necessarily have implications for the nation as a whole.”
‘Three years later—in 2005—Ben Bernanke was asked about housing prices being out of control. “Well, I guess I don’t buy your premise,” he said. “It’s a pretty unlikely possibility. We’ve never had a decline in home prices on a nationwide basis.”
‘With never a bubble in sight, the Fed constantly supports housing while analysts and economists count on the housing stimulus trick to work.’
‘However, while low rates have propped up prices, sales of existing homes have fallen in seven of the last eight months. In March re-sales were down 7.5% from a year earlier. That’s the fifth month in a row in which sales fell below the year-earlier level.’
‘David Stockman writes, “March sales volume remained the slowest since July 2012.” He listed 13 major metro areas whose sales declined from a year ago, led by San Jose, down 18%. The three worst performers and 6 of the bottom 11 were California cities. Las Vegas and Phoenix were also in the bottom 10, with sales down double-digits from a year ago.’
‘This after housing guru Ivy Zelman told CNBC in February, “California is back to where it was in nirvana.” Considering the entire nation, she said, “I think nirvana is not far around the corner… I think that I have to tell you, I’m probably the most bullish I’ve ever been fundamentally, and I’m dating myself, been around for over 20 years, so I’ve seen a lot of ups and downs.”
‘In Belfiore Real Estates’ April market report, Jim Belfiore wrote, “The bad news for home builders is they have created a glut of supply in previously hot market areas… Potential buyers, as might be expected, feel no sense of urgency to buy because they believe this glut is going to exist indefinitely.”
‘Nick Timiraos points out in the Wall Street Journal that with a 4.5% mortgage rate and prices 20% below their peak, “… homes are still more affordable than in most periods between 1990 and 2008.” So why is demand for new homes so tepid? And why have refinancings fallen 58% year-over-year in the first quarter?’
“Housing’s rocky recovery could signal weakness more broadly in the economy,” writes Timiraos, “reflecting the lingering damage from the bust that has left millions of households unable to participate in any housing recovery. Many still have properties worth less than the amount borrowers owe on their mortgages, while others have high levels of debt, low levels of savings, and patchy incomes.”
‘However, while low rates have propped up prices, sales of existing homes have fallen in seven of the last eight months. In March re-sales were down 7.5% from a year earlier. That’s the fifth month in a row in which sales fell below the year-earlier level.’
Does anyone else find it peculiar how a Washington Post journalist clearly grasps how low interest rates serve to prop up housing prices, yet the former Princeton economics faculty chair can’t get it?
Why is the Fed so afraid to admit that their cut-rate interest suppression policies have served to prop up home prices and to redistribute wealth from the renter class to Ownership Society members? Wasn’t that their plan all along, and aren’t ever-rising home prices a testimony to their success?
“We’ve never had a decline in home prices on a nationwide basis.”
Wow. I remember that meme from the NAR back in the day - I never knew it came out of Bernanke’s piehole.
IIRC they’re “never” was based on data going back to, what, 1968?
‘As the U.S. housing market recovers, California cities are leading the expansion. Homes in San Francisco, Los Angeles and San Diego are among top-gainers in terms of value nationwide, and other Golden State areas are performing similarly well, including Orange County, San Jose, and Bay Area cities.’
‘Among the reasons why California’s housing market is performing so well is the state government’s active role in helping would-be buyers reach their goal of homeownership.’
‘First-time buyers buyers can use the state’s housing programs to buy a home with just 0.5% downpayment.’
If Yellen was really interested in affordable housing, she would raise rates, which would lower housing prices (at least for the “how much a month” types)
‘If Yellen was really interested in affordable housing, she would raise rates’
I was thinking about something the other day; I am trying to set up a podcast with Jack McCabe (If anyone has ideas on how to do that please let me know). I was going over some questions and topics and how all this stuff has played out over the years. Yellen talking about affordable housing is a good example; WTF are you talking about woman?
Like we don’t all know the Fed and the government have spent trillions of dollars to get house price higher. It’s no secret, so what kinda freaking nerve do you have even mentioning affordable housing?
So what I came to was about dishonesty. We don’t get honest discussion on issues from these people in and around the government. It’s gotten so bad that a politician or central banker could get up on a box, pee on all our heads, and get away with telling us it’s raining. And because we have this bald faced lying going on, all sorts or crap goes on. Housing bubble blows up? Give more power to the Federal Reserve. Wall Street blows up; hand them a trillion bucks, let them borrow money for next to nothing and lend it back to us at 12%. For years we were told the GSE’s wouldn’t be rescued if they screwed up. They were saying that even as I found and posted proof that they were setting up this conservator-ship. And oh boy, that was just temporary, Just to get us through the “crisis”. NOT!
It’s pretty bad when uncle Sam hands many billions to the guys who screwed up. And now the attorney general says he can’t go after them because they are too big? I guess lying has become so common we don’t notice it with all the pee in our ears.
I heard a story the other day that one reason the Feds have gotten gun shy about going after big organizations was the whole Anderson debacle…where Anderson was found guilty of a felony, but then the conviction was overturned by the Supreme Court.
Supposedly that was a big black eye (for destroying a large business without getting a conviction).
In other words, if they are going to drag a large entity through the legal process, they had better be damn sure that they are going to get a conviction, otherwise, they (the DOJ) might be accused of destroying lots of jobs through overzealous prosecution.
BTW, I threw up in my mouth a little after hearing the “regulator” of Fannie/Freddie talk about how they need to free up credit…WTF was Dodd Frank all about? Weren’t we supposed to be only lending to credit-worthy borrowers?
Now we have a giant law that is slowing investment (and job creation), and on the other hand, the government is circumventing that law, looking to go back to its old tricks handing out money to people who have no business borrowing it?
Bang up job, Congress.
As my partner says, we as a country will simply slam into the train station going full speed, without even tapping the brakes.
As my partner says, we as a country will simply slam into the train station going full speed, without even tapping the brakes.
Even when the station is right in front of us we will still put off the pain for a couple more seconds if we have the option.
Ben Jones: I guess lying has become so common we don’t notice it with all the pee in our ears.
Ben. It’s pure propaganda. They lie because it’s easier to lie and get what they want rather than tell the truth and get what they want.
And these lies have no consequence, to themselves, to the politicians who appoint them, or to the big donors.
What we talk about here is interesting. It helps us understand what’s going on, and where things might be going. And it’s an exercise of intellectual curiosity. But we’re a very small group. Most people are herd and momentum driven (well - we are too, but probably less so). And that’s why there’s so much propaganda out of the central bank and the media. It’s not meant for us, other than to perhaps provide some entertainment, and indulge our curiosity of how things work behind the curtain.
“As my partner says, we as a country will simply slam into the train station going full speed, without even tapping the brakes.”
Ramming speed, Mr. Sulu!
Just rename the state Six Flags California. Each region can have it’s own theme. N.W.Cal will be the Birkenstock/Subaru region NorthCentral will be the skiing/dotcom theme…and so on…
Per the Sacramento article: “Renting that Fair Oaks home would cost about $2,250 a month, compared to $3,450 if you bought it.”
Again the question becomes; Why buy it when you can rent it for half the monthly cost?
Exactly, HA. I’d also say that from observation, the influx of investors overpaying for properties has artificially increased rental prices in Sacramento. Some of the asking prices have been on the bleeding edge of what I’d consider affordable for the renter class here.
Also, renting requires a lot less in terms of cash up front (think deposit vs. down payment. Perfect for all the lucky duckies in Sacramento making 500/week!
Don’t be so sure of that. Rental rates are falling YoY in Sacramento and housing demand is plunging.
“work with a trusted REALTOR”
Conclusion: There are realtors unworthy of trusting. How does one find a “trusted REALTOR”? Do they exist?
Nice catch.
‘Prices for single-family homes climbed in 74 percent of U.S. cities in the first quarter, fewer than a year earlier, as the nation’s housing rebound cools.’
‘The areas with the biggest declines were Cumberland, Maryland, where prices fell 19 percent from a year earlier. Following was the Springfield area of Illinois, with a 15 percent drop.’
“The cooling rate of price growth is needed to preserve favorable housing affordability conditions in the future,” Chief Economist Lawrence Yun said in the statement. “Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast.”
“Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast.”
Ya think!?
But no worries, as various government agencies are actively engaged in an effort to support price gains wherever they materialize.
‘Measuring in at just 1,104 square feet, this Mid-Century Modern in Mt. Washington looks on track to be quite the little moneymaker this year. According to public records, the 1955 post and beam traded hands in September 2013 for $350,000, and then again in late December 2013 for $470,000. Five months later, it’s boomeranged back to market with a pricetag of $699,000. Sited on an 8,249-square-foot lot, it features, per the listing, two bedrooms, two baths, concrete floors, beamed ceilings, a brick fireplace, walls of glass, an updated kitchen with “custom cabinets, Silestone counters and a Bertazzoni range,” central A/C, mountain and city views, “terraced grounds with areas of hardscape for entertaining and a plethora of drought resistant flora,” and a two-car carport.’
Concrete floors and a carport! Does it have a cement pond? But it does have a glorious view of the power lines and telephone poles.
I’ll bet it sold for 15K in 1955.
“Limited inventory is creating unsustainable and unhealthy price growth in some large markets, notably on the West Coast.”
William Wurster-designed Pacific Heights property sells 70% over asking (3.4 million)
http://blog.sfgate.com/ontheblock/2014/05/13/william-wurster-designed-pacific-heights-property-sells-70-over-asking/#23267101=7
“It sold because it was a very unique, emotional house.””
an emotional house?
Here’s a video:
http://finance.yahoo.com/video/young-tech-firms-struggle-investor-152703157.html
‘Young technology-company stocks fell out of favor in the blink of an eye. But their valuations remain sky-high and many investors say they have a lot more room to decline before bouncing back.’
Two comments:
‘Facebook, Groupon, and LinkedIn are not tech companies, they’re web based content providers. Netflix is the digital equivalent of Blockbuster except they are doing well due to the digital component. All of these companies could use a great deal of deflation on their stock before they’re close to being actual worth.’
‘Facebook, Groupon and Linkedln are NOT TECH Companies. They are Social Media/People Networking and a Service. Not really sure if much Value there. We could live without all of them.’
‘Facebook, Groupon and Linkedln are NOT TECH Companies. They are Social Media/People Networking and a Service. Not really sure if much Value there. We could live without all of them.’
No question about it, you would have maybe two days of thought about these sites going under.
I think the same logic applies from this quote…
“… Remember, the value is what someone is willing to pay for it – it has nothing to do with your plans, dreams or expectations.”
I barely use Facebook. But, if I had to pay for it??? Wouldn’t even be on the radar.
I’m cutting back on Facebook. It’s been hyped to the sky as a business-getter, but you know what? Picking up the phone and making calls still works a lot better.
As for Google+, tried it. Very cumbersome. Looks like it was designed by people who didn’t get jobs at Facebook. And FB made the right hiring decision.
Twitter? I don’t get it.
LinkedIn? A bunch of resumes without much functionality. You’d think that after all this time, LI would have copied some of Facebook’s useful features. Like the ability to create and invite people to events.
I’m “on” Linked-In…don’t use it much.
However, we just concluded a job search, and Linked-In provided more qualified candidates than we have ever seen (using Monster, etc.).
I would pay to post a job there again, no question about it.
At the moment I think LinkedIn is the best place for job hunting, at least in my field.
“I’m “on” Linked-In”
So is Mrs.
The Power Of Positive Real Estate!
https://www.youtube.com/watch?v=Sf7eKXKmi24
I love the quote about “desperate” landlords finding tenants who don’t maintain or repair the house. I mean duh, that is not the tenants’ job.
It’s like…would I change the oil or check the tires on a rental car?!?!!?? Fhug-ed-abhoud-it!!
Spring isn’t even over here, and fire season has already started. It seems way too early in the year for this kind of experience! Luckily even though the flames are threatening homes a few miles to our west, so for the wind is blowing it away from us.
Wildfire spurs evacuation orders for over 20,000 homes around San Diego
By Karan Olson and Greg Botelho, CNN
updated 9:00 PM EDT, Tue May 13, 2014
NEW: A red flag warning is in effect for areas around San Diego
NEW: Sheriff’s deputies go door-to-door to issue evacuation orders
Authorities put out calls to over 20,000, ordering them to evacuate
700 acres have burned and the fire is 5% contained
(CNN) — A wildfire scorching Southern California prompted authorities Tuesday to order those in more than 20,000 homes — most of them within San Diego city limits — to evacuate.
Those residences are being evacuated due to the Bernardo Fire, San Diego County announced late Tuesday afternoon on its emergency website. As of that time, that fire had burned 700 acres and was only 5% contained, according to CalFire.
That agency said people were being asked to get out of the Fairbanks Ranch area, with an evacuation center being set up at Torrey Pines High School. The county sheriff’s department said a short time later that evacuees at that center will be moved to a new one at Rancho Bernardo High School.
Sarah Gordon, a spokeswoman for the county, said calls went out to more than 20,000 phone numbers telling them they were among those facing an evacuation order. In addition to these calls, San Diego County Sheriff’s deputies went “door-to-door” Tuesday to make sure everyone in danger got the alert.
Most are within San Diego itself, though a small number of those affected are in an unincorporated section of San Diego County.
There are no known reports of fatalities or injuries tied to this blaze.
The National Weather Service issued a red flag warning for areas around San Diego through 8 p.m. Wednesday. As the agency noted, “a red flag warning means that critical fire weather conditions are either occurring now or will shortly,” with strong winds, low humidity and warm temperatures feeding into “extreme fire behavior.”
Temperatures in the Southern California city are forecast to peak in the mid-90s Wednesday and Thursday with no sign of rain, before cooling somewhat later in the week.
…
I had a quick look at the damage, from a spot about a mile south of where we live. The fire actually burned within 100 yards of my daily commute route, and started within a mile of our place. The ground was still smoking in the area where I walked, and my son just asked me to change my shirt because it smells too smoky for him to stand it.
SoCal infernos are good for the economy. Less houses mean prices go up and it creates jobs. I’m not sure why we don’t burn more of it down.