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“How do you do a tax decrease of that magnitude while they’re registering those kinds of profits on their books?” said Jim Kennedy, former executive director of the Casino Reinvestment Development Authority, the state agency that oversees the investment of gaming tax revenue for economic development projects. (See how we calculated casinos' tax burden.) But, as a result of the change in the law, it will pay $110 million in a key local tax - the smallest amount in the history of the five-year-old levy and $20 million less than the year before. The industry in Atlantic City reported roughly $767 million in gross operating profit in 2021, its best year in more than a decade. The casinos’ parent companies were also spending billions of dollars to purchase online gaming companies, acquisitions that will help assure them more revenue from online wagers, according to a Press of Atlantic City and ProPublica review of state and federal financial filings, as well as public statements by casino representatives. Īs they pushed for tax relief, gaming companies were already on the rebound from the pandemic slump, recording profits above 2019 levels. Forbearance – the federal program that banned most foreclosures – ended on July 31, 2021, and ATTOM expects the overall foreclosure rate to rise this year.The problem? Although the casinos cried poor, business is back. In 36 of the higher risk counties, more than one in 1,500 residential properties faced a foreclosure action in the fourth quarter of 2021 nationwide, it was one in 2,446 homes. county, but “pockets are more vulnerable to the market taking a turn for the worse.” Teta sees no immediate warning signs in any U.S. “Nevertheless, the virus remains a potent threat to the broader economy and the housing market, with some of the same counties we’ve seen in the past continuing to look vulnerable to potential downturns.” Indeed, home prices keep rising in part because of the crisis,” says Todd Teta, chief product officer with ATTOM. housing market keeps powering on despite the coronavirus pandemic that’s still raging across the country. In the study, ATTOM notes that housing prices climbed more than 10% last year, but that wasn’t universal across the U.S., and some counties lost businesses and jobs. Rankings were based on a combination of those three categories in 575 counties around the United States with sufficient data to analyze in the third and fourth quarters of 2021. Overall, the West region had the fewest counties considered at-risk to pandemic-related damage.ĪTTOM deemed counties at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceed estimated property values and the percentage of average local wages required to pay for major homeownership expenses on median-priced single-family homes. In the fourth quarter report, New Jersey, Illinois and California had 31 of the 50 counties most vulnerable to the potential economic impact of the pandemic - eight each around Chicago and New York City, with seven in the top half of California, in addition to three counties around Philadelphia and two counties in Delaware. However, Florida also had three counties in ATTOM’s top 50 list for those likely to see more foreclosures in 2022 and beyond Those include: The West, meanwhile, remained far less exposed outside of California.
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The report finds that New Jersey, Illinois and parts of California had the highest concentrations of at-risk markets in the fourth quarter, with the biggest clusters still in the New York City and Chicago areas. counties, and a few homeowners are underwater (owing more on their mortgage than their home’s worth) this time around too.ĪTTOM’s fourth-quarter 2021 Special Coronavirus Report spotlights the county-level housing markets around the United States that are more or less vulnerable to damage from the ongoing coronavirus pandemic. Even homeowners in forbearance with no discernable income on the horizon likely have at least some equity in their home thanks to rising prices, making foreclosures far less likely this time around. However, housing was an important link to the recession itself, and that’s not true this time. Some buyers are hoping for an avalanche of low-cost foreclosures because they saw that a decade ago during the Great Recession. (Editor's Note: This story was written in conjunction with ATTOM and is republished with permission of Florida Realtors.)