'We lost everything:' Wildfire survivor

Video Credit: Reuters - Politics - Duration: 02:13s - Published
'We lost everything:' Wildfire survivor

'We lost everything:' Wildfire survivor

Wildfires are raging across the U.S. West, shattering lives like Phoenix, Oregon resident Julio Bryan Flores.

He lost his home and everything inside as his entire neighborhood went up in flames.

Climate experts predict more damages to come due to climate change.

Conway G.

Gittens reports.

For a second day in a row, West Coasters awoke Thursday to an orange-lit sky as dozens of extreme wind-driven wildfires swept across several states.

The death toll continues to rise.

Thousands of homes and businesses have been razed to the ground.

Oregon bore the brunt of nearly 100 major wildfires blazing through western states, with around 3,000 firefighters called to duty.

Julio Bryan Flores and his family are sleeping in their car after all the homes in their Phoenix, Oregon neighborhood were completely destroyed.

“Everything is gone.

We tried to take as much as we could.

We didn't think it would get this devastating so we left a lot behind and ended up losing more than we thought we could have.

I only managed to grab my family and my dog and some supplies but, otherwise, it's awful.

It's awful." Climate scientists say scenes like these are likely to be replicated as global warming contributes to greater extremes in wet and dry seasons across the U.S west, leaving more abundant, volatile fuel for fires.

Such climate change extremities could spark a financial crisis by damaging home values, driving away tourism, and wreaking havoc on state and local government budgets.

That's the warning coming from an advisory panel to U.S. market regulator - the Commodities Futures Trading Commission.

CalFire, California's fire-fighting agency, says about 3 million of the state's 12 million homes are at high risk from wildfires.

That designation can drive home values lower and increase the risk of mortgage defaults, the panel pointed out in a report.

If that happens, that could set off a mortgage financing crisis that spreads to banks and investors reminiscent of what triggered the 2007 financial crisis.

Another possible financial casualty: Insurance.

The more fires or extreme weather, the harder it will be for homeowners to get home insurance policies.

Money from such insurance claims will definitely be needed to help rebuild devastated neighborhoods - like this one.

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