According to the Press Enterprise, California's Inland Empire is at especially high risk for major housing market destabilization caused by COVID-19. The fresh data is from Attom Data Solutions who are sharing results from a new study that weighs affordability, equity, and payment-making abilities in geographic areas. The numbers say that Riverside County has the third-lowest stability of the 50 U.S. counties with the largest populations.
It’s not a cheap place to live. A $387,500 median selling price in the first quarter led to the 11th worst affordability with 61% of income required to buy. Owners are mid-range with debt-levels ranking No. 22 for underwater properties at 9.6% of all mortgaged homes. And payments were being missed ranking the county No. 11 for foreclosure activity — 0.12% of all homes.
San Bernardino County ranked 10th-least stable among the 50 counties. Its $335,000 median pushed it to No. 16 worst for affordability with 47.8% of pay needed to buy. The county ranked No. 26 for underwater properties — 7.7% of mortgaged homes. And No. 9 for foreclosure activity — 0.13% of homes.
Los Angeles County was middle-of-the-pack at No. 25. Its $621,500 median price home ranked it ninth-worst for affordability at 64.1%. However, it was third-lowest for underwater properties at 4.5% and No. 28 for foreclosure activity at 0.07%.
Orange County was five rankings better than L.A. at No. 20. Its $735,000 median ranked it second-worst for affordability at 80.3% of income. On the upside, it ranked No. 41 for underwater properties (5.3%) and No. 41 for foreclosure activity (0.05%).
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