As the economy continues to struggle, and the housing market continues to be a nationwide concern, it appears that some markets are more vulnerable than others.
Markets that were struggling before the coronavirus outbreak along those markets where housing costs are high in comparison to income and recent increases in demand created a local housing bubble are at the greatest risk for collapse.
Those areas where foreclosure filings, underwater mortgages, and distressed properties were already high indicate a market already at risk. In addition, those markets that rely on oil, tourism, and transportation are likely to be hit hard by the current crisis.
“Coronavirus has impacted different parts of the country to various degrees, and the cities with the highest number of COVID-19 cases span the country and vary in size. And because nearly all states are still undertesting for COVID-19, areas with more coronavirus cases per capita may have to take more precautions and continue to delay economic activity for longer, further handicapping the local housing market.”
Read the full article for the 30 cities whose housing markets may be affected the most.