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Browse the siteApril 15 2020
Nearly Half of the 50 Most Vulnerable Counties in New Jersey and Florida; Midwest and West Regions Less At Risk of Housing-Market Challenges
IRVINE, Calif. -- April 7, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released a Special Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic. The report shows that the Northeast has the largest concentration of the most at-risk counties, with clusters in New Jersey and Florida, while the West and Midwest have the smallest.
The report reveals that housing markets in 14 of New Jersey's 21 counties are among the 50 most vulnerable in the country to the economic impact of the Coronavirus. The top 50 also include four in New York, three in Connecticut and 10 from Florida, but only one in California, none in other West Coast states and only one in the Southwest.
Markets are considered more or less at risk based on the percentage of housing units receiving a foreclosure notice in Q4 2019, the percent of homes underwater (LTV 100 or greater) in Q4 2019, and the percentage of local wages required to pay for major home ownership expenses. Rankings are based on a combination of those three categories in 483 counties around the United States with sufficient data to analyze. Counties were ranked in each category, from lowest to highest, with the overall conclusions based on a combination of the three rankings. See below for the full methodology.
"It's too early to tell how much effect the Coronavirus fallout will have on different housing markets around the country. But the impact is likely to be significant from region to region and county to county," said Todd Teta, chief product officer with ATTOM Data Solutions. "What we've done is spotlight areas that appear to be more or less at risk based on several important factors. From that analysis, it looks like the Northeast is more at risk than other areas. As we head into the Spring home buying season, the next few months will reveal how severe the impact will be."
Report methodology
The ATTOM Data Solutions Special Coronavirus Market Impact Report is based on ATTOM's fourth-quarter 2019 residential foreclosure and underwater (LTV 100 or more) property reports and first-quarter 2020 home affordability report. Counties with sufficient data to analyze were ranked based on the percentage of properties with a foreclosure filing during the fourth quarter of 2019, the percentage of properties with outstanding mortgage balances that exceeded estimated market values in the fourth quarter of 2019, and the percentage of average local wages need to afford the major expenses of owning a median-priced home in the first quarter of 2020. Ranks then were added up to develop an overall ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite ranks were considered most vulnerable to housing market problems. Those with the highest composite ranks were considered least vulnerable.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).