HUGHESVILLE, Md. — A national report from Attom Data Solutions, a California-based real estate data provider, found that Charles County was the third most vulnerable housing market across the country following the wake of the novel coronavirus(COVID-19) pandemic.
The report assessed a number of counties across the country, to determine which housing markets are the most vulnerable following the crisis, by utilizing data from the fourth quarter of 2019. A number of factors were looked at such as the percentage of income needed to afford housing in the county, the number of properties that had foreclosure notices, and the percentage of underwater properties in that market.
In Charles County, it was determined that roughly 42.8% of a resident’s income is needed to pay for housing expenses. Additionally, the report found that 23.1% of properties in the county are currently underwater, meaning the owner owes more than their home is worth. The report also stated that 0.19% of homes in the county have foreclosure notices.
“Charles County has always been a key economic driver for Southern Maryland,” Southern Maryland Association of Realtor’s[SMAR] President Chris Hill explained. “Higher real estate taxes and fee’s could hinder that type of recovery today… SMAR is focused on continuing to work with Charles County officials and all of Southern Maryland’s decision makers to help its property owners during this pandemic as a resource.”
Some other key takeaways from the report included how the Northeastern portion of the country had the highest concentration of at-risk counties.
“It’s too early to tell how much effect the coronavirus fallout will have on different housing markets around the country,” chief product officer for Attom Data Solutions Todd Teta said in a news release. “It looks like the Northeast is more at risk than other areas. As we head into the spring home buying season, the next few months will reveal how severe the impact will be.”
Charles County ranked third on the list behind two New Jersey counties, Sussex and Warren respectively. New Jersey counties made up 14 out of the top 50 on the list, the most of any state. Prince George’s County was the only other Maryland county to crack the top 25 list of Attom’s most vulnerable housing markets in the nation.
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