Housing markets on the East Coast and in Northern Illinois are the most vulnerable to impact from the COVID-19 pandemic, according to a new report from ATTOM Data Solutions.
The report also found clusters in New York City, Baltimore and Washington, D.C., on the East Coast and Chicago in Illinois. It found that East Coast states running from Connecticut through Florida, plus Illinois in the Midwest, had 43 of the 50 counties most vulnerable to the economic impact of the pandemic. The West was less vulnerable, with only four Western counties in California in the top 50, and no other counties on the West Coast or in Southwestern states.
Markets were considered at risk based on the percentage of homes currently facing possible foreclosure, the portion of underwater homes, and the percentage of local wages required to pay for major homeownership expenses, ATTOM said.
“Home-sales data from around the country is starting to show that eight years of price gains may be coming to an end amid the economic damage flowing from the virus pandemic,” said Todd Teta, chief product officer with ATTOM Data Solutions. “It’s still too early to make definitive calls, but the latest number show storm clouds gathering over the market.”