California's homebuilding industry faces a daunting task, and opportunity, in the aftermath of LA's wildfires.

A new wildfire was reported today at 12:02 a.m. in Los Angeles County. The wildfire has been burning on private land. There is no information on the containment of the fire and its cause remains unknown.

By Rich McKay (Reuters) -California firefighters could make more headway in containing three major wildfires burning in and around Los Angeles on Friday, as the latest round of blistering winds dissipates and the area's first rainfall in months arrives over the weekend.

Still, the forecast showed a small risk that bursts of heavy rain could cause flash floods and mudslides around areas of Los Angeles County recently scarred by wildfires, including the northwest (Hughes fire), east (Bridge fire), southwest (Franklin and Palisades fires) and especially the central area where the Eaton fire burned.

The rain is raising concerns about potential mudslides in recent burn scar areas, including Malibu, Altadena, and other regions.