Housing Markets In New Jersey, Illinois and California Are Most Vulnerable To Pandemic Impact
Summary
The report shows that New Jersey, Illinois and parts of California had the highest concentration of at-risk markets in the fourth quarter, with the biggest clusters in New York and Chicago areas. Since then, a surge of buyers flooded the market due to historically low interest rates and the desire to find safety from the pandemic in larger, rural areas. "Nevertheless, the virus remains a potent threat to the broader economy and the housing market, with some of the same counties weve seen in the past continuing to look vulnerable to potential downturns. Out of the top 50 counties most vulnerable to the economic impact of the coronavirus, 28 of them were in the New York, NY, Chicago, IL, and Philadelphia, PA, metro areas, as well as in Delaware and California. Foreclosure activity has risen since the federal moratorium ended on July 31, 2021, and lenders could take back properties from homeowners who fell behind on their mortgages.