Housing Market Still Faces Some Pandemic Risk

The coronavirus couldn’t stop a hot market in 2020. After a brief pause, home buyers returned and sales bounced back. But while the housing market was an economic bright spot last year – and vaccinations provide hope that the pandemic’s worst days are behind us – there’s still some risk. That’s why ATTOM Data Solutions’ first-quarter 2021 Special Coronavirus Report looked at which markets were most vulnerable among 552 counties across the country. The report analyzed each county – specifically looking at the percentage of homes facing possible foreclosure, the portion with mortgage balances exceeding the estimated property value, and the percentage of average wages required to pay for homeownership expenses. Todd Teta, ATTOM’s chief product officer says there were some areas that showed more vulnerability than others. “Clearly the housing market continues to surge, and things are looking up, more and more, for the U.S. economy in 2021 …” Teta said. “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.” The counties seen as vulnerable included areas in New Jersey, Illinois, Connecticut, North Carolina, and Florida. (source)

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