The Chicago housing market, which has been battered by the coronavirus crisis, is now one of the most at-risk areas in the country to foreclosure.
Cook County ranks among the top 50 most vulnerable in the U.S., according to a second quarter report from Attom Data Solutions, cited by Crain’s. The report surveyed 400 of the biggest counties across the nation.
The other six in Illinois are: DeKalb, DuPage, Kendall, Lake, McHenry and Will, according to the report. Many of the areas teetering are in the East Coast, including seven in New York City, Crain’s reported. The only counties that made the list in the West Coast are all in California, the data showed.
The news comes amid recent positive signs that prospective homeowners are wading back into the market. After Covid-19 slammed the brakes on purchases, the number of homes that went into contract last month surpassed mid-March numbers for the first time, according to a recent report.
Attom came to its conclusions using data from new foreclosure-related moves, along with the number of homeowners are underwater on their mortgages and the annual earnings required to purchase a new home in the county.
But a recent report showed Chicago home values behind 18 other large cities across the country, Crain’s noted.
Attom’s Todd Teta said about the nationwide housing market: “It’s still too early to make any definitive calls, but the latest numbers show storm clouds gathering over the market.”
Chicago’s sluggish housing market includes high-end, too. Luxury sales have continued to drag, with the five priciest homes that sold last week totaling just $6.7 million. That’s one of the lowest amounts recorded this year. [Crain’s] — Alexi Friedman