In other parts of California burned by past wildfires, communities are still dealing with the fallout years later.

Communities that have seen homeownership rates rise may struggle amid more competition for available housing and rising mortgage rates. Overall, the financial impact of the massive wildfires, already estimated to be among the costliest disasters in U.S. history, could have far-reaching implications on the market.

Two wildfires still burning in Los Angeles have torched more urban area than any other fire in California since at least the mid-1980s, an Associated Press analysis shows.