Delaware County’s Housing Market Vulnerable From Pandemic, Report Shows

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A house with a foreclosure sign in the yard.
Image via David Shankbone.

Delaware County’s housing market is still at risk to damage from the coronavirus pandemic, according to the property database ATTOM, reports ky3.com.

Delaware County was one of three Philadelphia suburban housing markets that made a top 50 list of the most vulnerable counties for potential housing impacts from the pandemic.

The other two were Camden and Gloucester counties in New Jersey.

Markets were considered at risk based on:

  • The percentage of homes facing possible foreclosure
  • The percentage with  mortgage balances exceeding estimated property values
  • The percentage of average local wages required to pay for major home ownership expenses on median-priced houses or condominiums.

Rankings were based on a combination of those three categories in 570 counties around the United States for the second and third quarters of 2021.

Todd Teta, chief product officer with ATTOM said while the pandemic may be ebbing, “it still poses a significant threat to the economy, with some housing markets in pockets of the country remaining at higher risk than others.”

He emphasized the findings only indicate areas most at risk, not in imminent danger, especially since the housing market has performed so well during the pandemic.

Read more at ky3.ccom about the impact of the pandemic on the housing market.

Paul Moore looks into the ATTOM findings on housing market vulnerabilities to the pandemic.

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