NEW YORK (1010 WINS) -- Housing markets in the New York City metropolitan area were ranked among the most vulnerable to foreclosures as homeowners struggle with economic woes brought about by the COVID-19 pandemic, according to a new study.
Attom, a property data research group, found 6 of the top 20 most vulnerable counties nationwide are in New Jersey and New York near New York City.
The report ranked Sussex, N.J., where one in every 709 homes is in foreclosure, as the most vulnerable county in the nation. Also in New Jersey, the counties of Warren, Passaic, Essex and Hunterdon all made the top 20. Rockland County in New York also made the cut.
These areas have higher than average populations of homeowners whose mortgage balance is higher than their property value and have higher foreclosure rates than other parts of the country.
Housing precarity in these areas is also characterized by unaffordable housing for average workers.
Speaking to Bloomberg, where this data was first reported, the chief product officer at Attom Todd Teta attributed increased housing precarity to the pandemic.
“The virus remains a potent threat to the broader economy and the housing market,” said Teta. “No immediate warning signs hang over any one part of the country, but pockets are more vulnerable to the market taking a turn for the worse.”
In the top 10 counties where foreclosure risk is highest, five of which are in northern New Jersey, locals spend between 32% and 45% of their income on housing.
Other markets in California and Delaware, as well as the Chicago and Philadelphia metropolitan areas were also hotspots for foreclosure risk.
A pandemic foreclosure moratorium in New Jersey ended in November of 2021. New York ditched its own foreclosure freeze in January.
If you’re facing foreclosure in New Jersey, you can find resources like housing counseling and legal assistance here. For homeowners facing foreclosure in New York, similar resources are available here.
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