Skip to main content

East Coast And Chicago Areas Most Vulnerable To Housing-Related Risks Due To The Pandemic

Apr 23, 2021
Coronavirus cell.

The first quarter 2021 Special Coronavirus Report by ATTOM Data Solutions sheds light on county-level housing markets across the United States that are particularly vulnerable to the impact of the Coronavirus pandemic. States along the Eastern Coast, including Illinois, were the most at risk in the first quarter of 2021. Clusters in New York City, Chicago, and southern Florida also show increased risk; yet, all of the west faced less of a risk.

Markets were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded the estimated property value, and the percentage of average local wages required to pay for major homeownership expenses.

Florida, Illinois, New Jersey, Connecticut and North Carolina were the most vulnerable to the economic impact of the pandemic. The only western counties that were particularly vulnerable were in northern California, and the only southern counties were in Louisiana.

Homeownership costs, including mortgage payments, property taxes, and insurance, consumed more than 30% of the average local’s wages in 25 of the 50 counties most vulnerable to economic impact. At least 15% of mortgages were delinquent in the fourth quarter of 2020 for 32 of the most at-risk counties.

Currently, the housing market is the strongest it has been in decades. Median single-family home prices rose more than 10 percent across much of the nation, retail sales are up, unemployment claims are down, and government stimulus money is flowing through the economy.

"The pandemic still looms large and may pose a threat to the progress made so far, and by extension could affect home sales and prices," said Todd Teta, chief product officer with ATTOM Data Solutions. "Our analysis suggests that even as the market remains hot, pockets of the East Coast, Midwest and South are at higher risk from potential damage connected to the pandemic. We will stay on top of this as the crucial months ahead should reveal whether the country can leave this crisis behind."

Click here to read more from the report.

Published
Apr 23, 2021
Home Partners Of America Launches Choice Lease Program

Home Partners of America launched its Choice Lease program aimed at addressing the affordable housing crisis and mortgage access challenges, that are faced by low-to-moderate-income families and underrepresented communities.

Industry News
Jan 17, 2022
KBRA Assigns Preliminary Ratings To OBX 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to six classes of mortgage pass-through notes from OBX 2022-NQM1 Trust, a $556.7 million non-prime RMBS transaction.

Non-QM
Jan 17, 2022
Zillow: Black Mortgage Applicants Denied 84% More Often Than White

Zillow recently analyzed data from the Home Mortgage Disclosure Act and found that Black mortgage applicants are denied a mortgage 84% more often than white applicants.

Analysis and Data
Jan 13, 2022
Mortgage Economic Review January 2022

The Mortgage Economic Review is a monthly summary of Key Economic Indicators, Data, and Events pertinent to Mortgage and Real Estate Professionals.

Analysis and Data
Jan 13, 2022
Fairway Independent Mortgage Corp. Puts Employees' Health First

Fairway Independent Mortgage continues to allow its employees to choose whether to return to the office or not.

Industry News
Jan 12, 2022
First American Agrees To Acquire Mother Lode Holding Co.

Acquisition would expand First American’s footprint in 11 states

Industry News
Jan 12, 2022