Thousands of metro Denver properties are worth less than the loans to buy them.
. The counties were ranked based on the first-quarter percentage of residential properties with foreclosure filings, the percentage of average local wages needed to afford what are termed"the major expenses of owning a median-priced home," and the percentage of underwater properties.
By these standards, New Jersey, Illinois and California had the highest concentration of vulnerable housing markets during early 2022. Atop the roster was Passaic, New Jersey, where 6,096 properties, or 7.3 percent of the total, were considered underwater. In Colorado, the highest-ranking location was Weld County, which landed at 96 on the rundown. There, 3,393 properties, or 4.3 percent of the total, were underwater during the first quarter of the year; the amount of income needed to buy a home for $455,590, the median price during that period, was 41.0 percent.
The Adams County housing market is considered the most vulnerable in greater Denver; its national ranking was 118. Following closely behind were Pueblo and Mesa counties. In contrast, Denver proper finished at 437, in part because buyers had to earmark less money for housing: 30.7 percent of their income. But the Mile High City still had 6,355 underwater properties at the end of March, or 4.2 percent overall.
Continue to see data for the eleven Colorado counties surveyed in the new report. Information includes median sales price, the percent of income needed to buy, the number and percentage of underwater properties, and the national ranking.
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