A newly released special report from ATTOM highlights county-level housing markets that are more and less impacted by the pandemic.
Q4 2021 Trends Reveal Most & Least Vulnerable Markets to COVID
In a newly released Q4 2021 Special Report, ATTOM indicated the county-level housing markets that are more and less at-risk to the vicissitudes of the COVID pandemic.
(This Special Report correlates being “at-risk” with the percentage of homes facing possible foreclosure, the portion with mortgage balances exceeding estimated property values and the percentage of average local wages needed to pay for major home ownership expenses on a median-priced house/condo.)
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ATTOM pointed to New Jersey, Illinois and parts of California as having the highest concentrations of at-risk markets. These three states had 31 of the 50 counties most vulnerable to the economic impacts of the pandemic.
Of the 50 most at-risk counties, eight were near New York City, eight were in the Chicago metro area and seven were sprinkled among California’s northern, central and southern counties.
10 Most Vulnerable Counties Clustered In/Around Chicago Metro
McHenry County IL
- Q4 2021 % of income needed to buy – 34.8%
- Q4 2021 % of underwater homes – 11.3%
- Q4 2021 % of properties with foreclosure filings – .093%
Will County IL
- Q4 2021 % of income needed to buy – 32.6%
- Q4 2021 % of underwater homes – 10.1%
- Q4 2021 % of properties with foreclosure filings – .113%
Kendall County IL
- Q4 2021 % of income needed to buy – 40.3%
- Q3 2021 % of underwater homes – 8.2%
- Q4 2021 % of properties with foreclosure filings – .069%
Kane IL
- Q4 2021 % of income needed to buy – 31.3%
- Q4 2021 % of underwater homes – 10.4%
- Q4 2021 % of properties with foreclosure filings – .066%
Lake County IL
- Q4 2021 % of income need to buy – 23.7%
- Q4 2021 % of underwater homes – 14.8%
- Q4 2021 % of properties with foreclosure filings – .089%
De Kalb County
- Q4 2021 % of income needed to buy – 25.6%
- Q4 2021 % of underwater homes – 10.8%
- Q4 2021 % of properties with foreclosure filings – .090%
Du Page County
- Q4 2021 % of income needed to buy – 28.7%
- Q4 2021 % of underwater homes – 12.3%
- Q4 2021 % of properties with foreclosure filings – .057%
Cook County IL
- Q4 2021 % of income needed to buy – 20.6%
- Q4 2021 % of underwater homes – 15.2%
- Q4 2021 % of properties with foreclosure filings – .130%
Lake County IN
- Q4 2021 % of income needed to buy – 21.4%
- Q4 2021 % of underwater homes – 8.7%
- Q4 2021 % of properties with foreclosure filings – .096%
Porter County IN
- Q4 2021 % of income needed to buy – 27.3%
- Q4 2021 % of underwater homes – 7.1%
- Q4 2021 % of properties with foreclosure filings – .073%
10 Most Vulnerable Counties Clustered In/Around New York City Metro Area
Sussex County NJ
- Q4 2021 % of income needed to buy – 38.5%
- Q3 2021 % of underwater homes – 8.8%
- Q4 2021 % of properties with foreclosure filings – .141%
Passaic County NJ
- Q4 2021 % of income needed to buy – 44.7%
- Q3 2021 % of underwater homes – 8.4%
- Q4 2021 % of properties with foreclosure filings – .067%
Essex County NJ
- Q4 2021 % of income needed to buy – 36.6%
- Q3 2021 % of underwater homes – 7.5%
- Q4 2021 % of properties with foreclosure filings – .095%
Hunterdon County NJ
- Q4 2021 % of income needed to buy – 42.9%
- Q4 2021 % of underwater homes – 7.4%
- Q4 2021 % of properties with foreclosure filings – .072%
Rockland County NY
- Q4 2021 % of income needed to buy – 57.9%
- Q4 2021 % of underwater homes – 7.4%
- Q4 2021 % of properties with foreclosure filings – .041%
Middlesex County NJ
- Q4 2021 % of income needed to buy – 33.2%
- Q3 2021 % of underwater homes – 7.2%
- Q4 2021 % of properties with foreclosure filings – .069%
Ocean County NJ
- Q4 2021 % of income needed to buy – 42.6%
- Q3 2021 % of underwater homes – 5.2%
- Q4 2021 % of properties with foreclosure filings – .068%
Bergen County NJ
- Q4 2021 % of income needed to buy – 47.6%
- Q3 2021 % of underwater homes – 7.1%
- Q4 2021 % of properties with foreclosure filings – .039%
Monmouth County NJ
- Q4 2021 % of income needed to buy – 47.7%
- Q3 2021 % of underwater homes – 3.9%
- Q4 2021 % of properties with foreclosure filings – .085%
Union County NJ
- Q4 2021 % of income needed to buy – 34.9%
- Q3 2021 % of underwater homes – 6.3%
- Q4 2021 % of properties with foreclosure filings – .060%
Remainder of 50 Most Vulnerable Counties Scattered Along East Coast
Two of three counties in Delaware were considered to be at-risk counties as were three counties in the Philadelphia metro area.
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Outside of California, no other western counties were included among the top 50 most vulnerable counties to the pandemic. On the contrary, the Western region of the country had the highest concentration of county housing markets that were the least at-risk to pandemic damage economically in Q4 2021.
Thanks to ATTOM.
