Every housing market at every level has been affected by the coronavirus in some way. But some markets are going to suffer greater effects than others.
ATTOM Data Solutions found that New Jersey and Florida are most likely to be the hardest hit as we come out of the COVID-19 pandemic.
The study ranked counties based on 3 variables including the percentage that received a foreclosure notice in the last quarter of 2019, the percentage of homes that owe more than their current value, and the percentage of local wages required to pay for major costs of homeownership.
“Since New York City has been one of the hardest hit already with regards to number of COVID cases and so many businesses have had to stop operating, the financial implications are going to ripple all the way out to the suburbs. For anyone in these markets it would be worth looking into refinancing your mortgage since rates are so low and it typically saves most borrowers at least several thousand dollars a year.”
Read the full article here to see how your county is predicted to fare.