By Andy Sullivan The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the U.S., home to Hollywood A-Listers and multimillion dollar mansions. And ahead of this week's disaster,

The wind-driven wildfires burning out of control in the Los Angeles area couldn't have emerged at a more perilous moment for California's homeowners, as officials try to rehab what they concede is a deepening "insurance crisis.

This week's fires will only worsen the situation, insurance and real estate experts told Business Insider. "It's like we took two steps forward, then we just took five back," Cali

Two massive wildfires menacing Los Angeles from the east and west devoured nearly 10,000 homes and other structures, burning into a third night even as the fierce winds eased and gave firefighters a welcome but temporary respite.

Fierce wildfires are raging in the Los Angeles area, with fast-moving flames burning through homes and businesses. Residents are fleeing smoke-filled canyons.

At around 10 a.m. Wednesday morning, Pacific Palisades, a coastal community of about 23,000 people, was still burning from the wildfires that have swept through the city this week.