Report names Illinois as one of three states with vulnerable housing markets – AdVantageNEWS.com

https://ift.tt/Z5Bba7w

A new report includes Illinois as one of three states having housing markets that are at the greatest risk of turmoil in the coming months. 

The real estate data company ATTOM said the assessment is based on home affordability, the number of foreclosures, unemployment and underwater mortgages. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on combination of the four categories.

“Given how little progress has been made reducing inflation so far, the Federal Reserve’s actions seem more and more likely to drive the economy into a recession, and some housing markets are going to be more vulnerable than others if that happens,” said Rick Sharga, vice president of Market Intelligence at ATTOM.

The report lists several Illinois counties that have vulnerable housing markets, including Cook, Kane, Kendall, McHenry and Will counties. The other states with the most risky housing markets are New Jersey and California. 

Sales of both existing and new homes have declined as mortgage rates have almost doubled to 6% over the past year, and inflation remains near a 40-year high. However, the most recent risk gaps do not suggest an imminent fall in housing markets anywhere in the nation.

Sharga said during the pandemic, people moved to locations that were more affordable, which in turn left some housing markets vulnerable. 

“It’s probably not a huge surprise that some of the higher cost, higher taxed areas of the country, areas that have a little bit of a population decline throughout the pandemic, are areas that are more at risk,” said Sharga.

Of the 50 least vulnerable markets, 14 counties are in the Midwest and 25 are in the south, according to the report. 

The largest share are in Tennessee, where six counties were considered to be low risk, including three in the Nashville metro area. Five were in Wisconsin and four in Arkansas.

Ino Saves New

via rk2’s favorite articles on Inoreader https://ift.tt/0lfwiuI

September 22, 2022 at 07:39AM

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s