ST. LOUIS– Illinois has one of the highest concentrations of housing markets exposed to the impact of the pandemic in the third quarter, and two of them are in the Metro East according to a new report by ATTOM, a property database.
The report found Illinois, New Jersey, and Delaware had 26 of the 50 counties most exposed to the potential housing-related impacts of the pandemic.
The report found that metropolitan areas were the hardest hit. In Illinois, eight counties were in Chicago and its suburbs. Seven counties were in the New York City area and three were in the
However, four other Illinois counties landed on the list of the 50 most exposed to pandemic-related damage including; Madison, St. Clair, Kankakee, and Champaign Counties.
Markets were considered more or less at-risk based on a combination of these things:
- percentage of homes facing possible foreclosure
- portion with mortgage balances that exceeded estimated property values
- percentage of average local wages required to pay for major home ownership expenses
Among those 50 at-risk counties, St. Clair, Madison, and Kankakee Counties are also near the top for having the highest underwater mortgage rates for the second quarter of 2021. An underwater mortgage, also known as an upside-down mortgage, is a home loan with a higher principal than the loan is worth.
The report says these trends emerged as the national housing market is still super hot. Median single-family home prices continue to soar more than 10 percent on an annual basis across much of the country during the third quarter.
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via FOX 2
October 21, 2021 at 07:28PM