| First American Spatial Solutions Estimates More Than $235 Million In Residential Real Estate Exposed In California’s Station Wildfire |
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—Wildfire-Risk Analysis Reveals More Than 85 Percent of Addresses in the Fire’s Path Were at an Extremely High Risk for Being Destroyed by Fire— CoreLogic Spatial Solutions used property information coupled with its ParcelPoint® database to estimate that residential real estate valued at more than $235 million has been exposed within the perimeter of the Station Fire. Utilizing property information and valuation data from CoreLogic 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 percent of the addresses that are now exposed to the fire rated a 70 (on a 100-point scale) or above in CoreLogic’s wildfire model, which is considered at extremely high risk for being destroyed by fire. CoreLogic Spatial Solutions’ wildfire model employs several key variables including exact location, vegetation, slope, aspect and proximity to wild lands to determine a property’s fire-risk score. “By analyzing the combined data from CoreLogic Spatial Solutions and CoreLogic CoreLogic we can accurately locate the properties that were directly in the path of the wildfire and, therefore, at the highest risk for loss,” said Howard Botts, vice president and director of database development at CoreLogic Spatial Solutions. “When compared to published reports, our wildfire hazard models were able to forecast the potential risk for the homes that were exposed to this fire with a high degree of accuracy. Additionally, using advanced geospatial analytics, our extensive parcel data and valuations from CoreLogic CoreLogic, we were able to quickly identify the potential for loss from the fire.” Using the U.S. Geological Survey’s fire perimeter, CoreLogic 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 digitally converted and normalized parcel information and address points for more than 2,200 counties and townships in the About CoreLogic The CoreLogic Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of approximately $6.2 billion in 2008, it is |
| Last Updated on Friday, 11 September 2009 10:49 |