IRVINE, Calif., June 15, 2023 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data, today released a Special Housing Impact Report spotlighting how the recent downturn in the U.S. housing market is starting to affect counties around the nation, based on key measures from the first quarter of 2023. The report shows that the Western region and other more-upscale areas around the country are bearing the greater brunt so far from the slowdown, than other parts of the U.S., with larger-than-average declines in home values or increases in underwater mortgage rates and foreclosure activity.
In contrast, lower-priced markets across the country have experienced relatively less impact from the market downturn that started in the middle of last year.
The patterns during the first quarter of 2023 – based on changes in home price, home affordability, underwater mortgages and foreclosures since the second quarter of 2022 – revealed that almost half of the 50 counties seeing the biggest impact were in the West. Among the top 50, 12 were in Oregon and Washington.
The downturn also has dented markets more often in areas where median home values exceed $350,000. As with the West, those more-upscale areas had almost half of the 50 most-affected counties during the first quarter of this year.
At the other end of the spectrum, the South, Midwest and Northeast were seeing less fallout along with lower-priced markets. States in those regions, led by Texas, Connecticut and Illinois, had 18 of the 50 counties showing the smallest effects from the pullback that hit last year after a decade of nearly unceasing gains in prices, profits and other key measures.
Source: www.prnewswire.com
ENB
Sandstone Group
