South Jersey counties are some of the most vulnerable housing markets in the pandemic

Burlington, Camden, and Gloucester Counties are among the housing markets nationwide that are most vulnerable to pandemic downturns, according to a year-end analysis by real estate data provider Attom.

The analysis measured percentages of homes at risk of foreclosure, how much of the average local wage is required to pay monthly home costs, and percentages of homes that are worth less than homeowners owe. These warning signs show where the risk of a market downturn is highest, according to a report Attom is to release Thursday.

New Jersey — in particular, areas near Philadelphia and New York City — has one of the highest concentrations of at-risk markets, according to Attom. Atlantic and Cumberland Counties in South Jersey were also among the top 50 most at-risk markets, which were mainly on the East Coast.

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Elsewhere in the nation, counties in the Chicago area and across California also are more subject to the effects of the pandemic.

The housing market as a whole and in the Philadelphia region remains strong, despite limited housing supply and still-rising sales prices that threaten affordability. But two years in, the health crisis remains a threat to the broader economy and also to the housing market, said Todd Teta, chief product officer with Attom.

“No immediate warning signs hang over any one part of the country, but pockets are more vulnerable to the market taking a turn for the worse,” Teta said in a statement. Attom examined 575 counties across the country.

Burlington, Camden, and Gloucester Counties were the only markets in the Philadelphia region that made the top 50 at-risk list.

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Gloucester County ranked 13th. Residents need to spend 32% of their income to afford the cost of a single-family home at the median price of $249,999, according to Attom. Costs include mortgage payments, property taxes, and insurance. In the summer, 8% of homeowners with loans owed more than their home is worth. One in every 995 properties in the county has a foreclosure filing against it.

In Camden County, which ranked 31st, one in 606 residential properties had a foreclosure filing. Residents need to spend about 26% of their income for a single-family house at the median price of $235,250. For almost 9% of residential properties, owners owed more than the property was worth this summer.

Burlington County ranked 37th on the top 50 list. Residents have to spend 28% of their income to buy a single family house at the median price of $287,500. About 7% of residential property owners are underwater on their mortgages this summer. One in 757 properties has a foreclosure filing.