The Chicago area’s housing market is among the nation’s most vulnerable to trouble from the COVID-19 crisis, according to a new report.
Seven local counties are among the nation’s 50 most at risk of having large numbers of households struggle to hang on to the homes they own, according to the study, released yesterday by Attom Data Solutions.
The counties are Cook, DuPage, Lake, McHenry, Will, Kendall and DeKalb.
Attom’s study does not forecast a price downturn in these areas. Using its data on new foreclosure-related actions, households that owe more on their mortgage than the home is worth and the wages needed to afford a typical home in the area, Attom looked at where the market might see a new round of foreclosures and loss of demand for homes.
Those two factors could contribute to price declines.
“Home-sales data from around the country is starting to show that eight years of price gains may be coming to an end amid the economic damage flowing from the virus pandemic,” Todd Teta, Attom’s chief product officer, said in prepared comments that accompanied the report. “It’s still too early to make any definitive calls, but the latest numbers show storm clouds gathering over the market.”
The most recent S&P CoreLogic Case-Shiller Indices found that the growth in home values in Chicago lagged behind 18 major cities in April. While most of them saw higher growth in April than in March, Chicago’s home prices grew by less in April than in March.
Attom’s report covered second-quarter data for 406 of the U.S.’ most populous counties. The 50 most vulnerable are highly concentrated on the East Coast and in Illinois. Along with the seven Chicago-area counties were 11 suburban counties around New York City, five around Washington, D.C., and four around Baltimore.
In all, 36 of the 50 counties were in a band that stretches from Connecticut to Florida.
Only four western counties are on the list of most vulnerable, all of them in California.
"impact" - Google News
July 10, 2020 at 09:52PM
https://ift.tt/3gOQBay
Chicago housing market among most vulnerable to COVID impact - Crain's Chicago Business
"impact" - Google News
https://ift.tt/2RIFll8
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Chicago housing market among most vulnerable to COVID impact - Crain's Chicago Business"
Post a Comment