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XF-HLR8KAZ-2
Research / Academic Paper ACTIVE

California wildfires, property damage, and mortgage repayment

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Abstract

This paper examines wildfires' impact on mortgage repayment using novel data that combines property-level damages and mortgage performance data.We find that 90-day delinquencies were 4 percentage points higher and prepayments were 16 percentage points higher for properties that were damaged by wildfires compared to properties 1 to 2 miles outside of the wildfire, which suggests higher risks to mortgage markets than found in previous studies.We find no significant changes in delinquency or prepayment for undamaged properties inside a wildfire boundary.Prepayments are not driven by increased sales or refinances, suggesting insurance claims drive prepayment.We provide evidence that underinsurance may force borrowers to prepay instead of rebuild.

Source: resolved

Document Metadata

Issuer
Elsevier BV
Document Type
Research / Academic Paper
Publication Year
2023
Retrieved
5 May 2026
Source
Contact XFID for Access
Record ID
XFHLR8KAZ2
Validation
Inferred by XFID

Topics

Physical Climate RiskReal Estate Finance

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Academic / report citation
Elsevier BV (2023). California wildfires, property damage, and mortgage repayment. XFID: XF-HLR8KAZ-2. Retrieved from https://xframework.id/XFHLR8KAZ2
Identifier only
XF-HLR8KAZ-2