"Of the 50 riskiest counties, 14 were in California and seven were in Florida. New Jersey had five and Louisiana had four. The five counties ranked as most at risk were Charlotte County, Fla.; Humboldt County, Calif.; Shasta County, Calif/; Butte County, Calif.; and Cumberland County, New Jersey. Each had foreclosure ratios of at least one in every 766 homes and unemployment rates above June's national average of 4.36%."
"This summer's home prices were certainly eye-catching, but there are many factors that contribute to the health of a local housing market, said Rob Barber, CEO of ATTOM. Our index takes into account key indicators beyond just sales price to create a barometer that helps folks better understand where their market is headed. There's uncertainty about how long prices can keep going up, and what will happen with the broader economy."
"Nationwide, homeownership expenses including mortgage payments and property costs consumed an average of 33.7% of annual wages during the second quarter. But in some counties, costs exceeded what a typical worker could cover in a year. In Marin County, Calif., ownership expenses equaled nearly 120% of annual wages. Santa Cruz County, Calif,, and Maui County, Hawaii, also required more than 110%. Kings County, New York, and San Luis Obispo County, Calif., rounded out the top five least affordable markets."
Fifty counties were identified as highest risk, with large shares in California (14) and Florida (7), and notable counts in New Jersey (5) and Louisiana (4). The five most at-risk counties included Charlotte County, Fla.; Humboldt, Shasta, and Butte Counties in California; and Cumberland County, N.J., all with foreclosure ratios of at least one per 766 homes and unemployment above 4.36%. Homeownership expenses averaged 33.7% of wages nationally but exceeded annual wages in some counties—Marin near 120%—and exceeded half of local wages in 111 counties. Nationally, 2.7% of homes were seriously underwater, with higher rates in 223 counties and several of the highest concentrations in Louisiana.
Read at www.housingwire.com
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