In a second-quarter report from ATTOM Data Solutions, it was revealed that housing markets most at risk due to the economic impact of COVID-19 are located on the East Coast.
More specifically, 11 suburban counties around New York City, five around Washington, D.C. and four around Baltimore are more at risk, ATTOM said.
Other states stretching from Connecticut to Florida and Illinois were home to 43 of the 50 counties most vulnerable to the economic impact of the pandemic.
“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,” said Todd Teta, chief product officer at ATTOM, in the report. “It’s still too early to make any definitive calls, but the latest numbers show storm clouds gathering over the market.”
West coast states had fewer counties at risk, ATTOM said.
There are four western counties in California, with none in other West Coast or southwestern states, that are considered at risk.
The only western counties among the top 50 most at risk, according to ATTOM, were Humboldt County, California; Madera County, California; Riverside County, California; and Shasta County, California.
“With this second special report on the potential impact of the pandemic, we see pockets around the country that appear more or less poised to withstand downward pressure on prices and other market conditions,” Teta continued. “Over the next few months, enough data should come in to tell us how things will most likely pan out.”
This new information doesn’t stray too far away from ATTOM’s report in April, explaining that the virus had made 14 of New Jersey’s 21 counties the most vulnerable in the U.S. at the time.
The top 50 most vulnerable markets at the time also included four in New York, three in Connecticut, 10 from Florida, only one in California, zero in other West Coast states and only one in the Southwest.
Although there are more at risk markets, 26 of the 50 least vulnerable counties from among the 406 included in the report in Q2 were in Colorado, Oregon, Texas and Wisconsin.
The largest included Harris County, Texas, where Houston is; Dallas, Tarrant and Collin counties, all located in the Dallas-Fort Worth metro area, and Travis County, Texas, where Austin is.