Homeowners in New York area 'at high risk of foreclosure'

The owners in the New York metropolitan area are among the most vulnerable to foreclosures nationwide as middle-class earners struggle...

The owners in the New York metropolitan area are among the most vulnerable to foreclosures nationwide as middle-class earners struggle to cope with soaring housing costs, a report says.

Soaring home valuations during the coronavirus pandemic, coupled with rising mortgage rates, have left average workers struggling to make ends meet.

A study by Atom found that New York area and Chicago were home to eight of the 50 plus at-risk counties where the average earner spends between 32% and 45% of its income on housing.

The median price of homes in the 10 most vulnerable counties ranged from $210,000 to $480,000, according to the study, cited by Bloomberg.

According to Attom, seven of the most vulnerable counties were in California while a few others were scattered around the Philadelphia and Delaware area.

Sussex County in New Jersey was ranked as the most vulnerable cluster nationwide, while neighboring Warren, Passaic, Essex and Hunterdon counties ranked in the top 10.

In Sussex, one in 709 homes is foreclosed – the highest rate except for Cuyahoga County in Ohio, Saint Clair County in Missouri and Camden County in New Jersey.

JERSEY CITY, NJ - AUGUST 9: A woman walks past home in the Port Liberty neighborhood of suburban New Jersey on August 9, 2020 in Jersey City, New Jersey.  (Photo by Gary Hershorn/Getty Images)
Sussex County, New Jersey, is considered the county most vulnerable to pandemic-era housing market swings, according to a recent study.
Getty Images

Rockland County ranked 20th on the list.

With the exception of California, the western United States is home to the counties considered least vulnerable to COVID-era fluctuations in the housing market.

“The virus remains a potent threat to the broader economy and the housing market,” said Todd Teta, chief product officer at Attom.

“There are no immediate warning signs hanging over any part of the country, but the pockets are more vulnerable to a worsening market.”

Mortgage rates for the typical 30-year loan hit their highest levels since the start of 2020 as the housing market looks expected Federal Reserve rate hike.

The average rate on the benchmark 30-year fixed-rate home loan was 3.55% in the week ending Thursday, down from an average of 3.56% the previous week, according to data from mortgage giant Freddie Mac.

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Newsrust - US Top News: Homeowners in New York area 'at high risk of foreclosure'
Homeowners in New York area 'at high risk of foreclosure'
Newsrust - US Top News
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