Florida and New Jersey housing markets may have an even worse 2020 than the rest of the country's markets, according to a new study by ATTOM Data Solution that found the ones most at risk post-pandemic. The firm analyzed 483 counties based on the percentage of homeowners that received a foreclosure notice in the last quarter of 2019; the percentage of homes that owe more than their value; and the percentage of local wages required to pay for major costs of homeownership. New Jersey alone has seven out of the top 15 most at-risk counties, and Florida has 10 out of the top 50 counties. But they’re not the only ones that will be hit hard. Check the full list to see the top 15 areas that may have the hardest time coming back in the coming months.
Coronavirus has impacted the housing market at every level already. Even though the real estate industry was able to pivot quickly to virtual showings (which increased drastically in a matter of weeks) and fully digital closings to keep the market afloat, the true test in the coming months will be how much cash there is in a given market that buyers can use for housing costs. One way to get a sense of whether or not a market is fiscally sound is to measure the key predictors of a housing crash during the time right before the virus hit.
As Lisa Chamoff previously wrote, ATTOM Data Solutions recently analyzed data from 483 counties and found that New Jersey and Florida were most likely to be the hardest hit. Out of the top 15 most at-risk counties in the country, New Jersey had seven counties make the list. That number grows to 14 if you look at the top 50 most at-risk counties. Florida comes in second highest with 10 counties out of the top 50 most likely to be hit hard in the wake of COVID-19.