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Ocala
Tuesday, September 28, 2021

New study ranks Ocala, Marion County housing market as 38th ‘most at risk from Coronavirus’

A company that bills itself as the “premier property database” in the nation says that the Ocala Metropolitan Statistical Area (MSA)’s foreclosure filings last quarter rank it near the top of housing markets most at risk from Coronavirus. 

ATTOM Data Solutions, which is headquartered in Irvine, California, used data from 564 counties to compile the “2021 County Housing Markets at risk from Coronavirus” report. Released quarterly, the most recent data for the second quarter of this year (i.e., April – June, 2021) was made available recently. 

Among the factors considered in the rankings are the percentage of properties with active foreclosure filings and the percentage of properties that are “underwater” in the county.

The Ocala MSA, which includes Marion County, was tied as having the 35th worst foreclosure rate, at .06%, among the 564 counties included. 

The study indicates that 1 out of 1,690 properties in the county had foreclosure filings through the second quarter of 2021, which is is tied for 26th worst among the 564 counties measured. 

Out of 67,197 properties with loans across the area, 9,484 were “underwater”as of the first quarter of 2021. The underwater rate, 14.1%, ties Marion County for 140th worst out of 564 counties.

An “underwater mortgage” is a home loan with a higher principal than the home is worth.

ATTOM says that in nearly half of the counties, median-priced single-family homes consumed more than 30% of average local wages. In Marion County, that number was 23.5%, which ranked the county just above the middle of the pack at 232nd out of 564. 

Overall, the report ranks the Ocala MSA as the 38th worst of those measured. 

The counties “most at risk in the second quarter of 2021” were largely located along the East Coast, Illinois, and central Florida, according to the report. Multiple counties in the Sunshine State made the bottom-50 list, including nearby Lake County. 

According to the company, rankings were based on the following three criteria:

  1. Percentage of homes facing possible foreclosure
  2. Portion of homes with mortgage balances that exceed the estimated property value
  3. Percentage of average local wages required to pay for major home ownership expenses on median-priced houses or condominiums

For the complete methodology, visit the ATTOM Data Solutions 2021 Coronavirus Housing Impact Report webpage. 

For more information on this and upcoming releases, visit the ATTOM News Room.