Some of the nation’s largest housing markets are at risk of an economic downturn, according to a recent report from real estate data firm ATTOM. The report, which analyzed factors such as home prices, average local wages, foreclosure rates, and home affordability, identified counties near New York City, Chicago, and Philadelphia as the most vulnerable. While this doesn’t necessarily mean these areas are about to crash, they are areas to monitor closely if the market turns downward. New Jersey and Illinois have the highest concentrations of at-risk housing markets, with 23 of the 50 most vulnerable counties located in these states. However, homeowners in these states shouldn’t panic, as risky mortgages have largely been eliminated since the Great Recession. Additionally, the high demand for homes in the market and the shortage of inventory are likely to keep most housing markets stable. On the flip side, the safest and most stable housing markets are predominantly located in the Southern region of the country and New England. These markets have lower rates of underwater mortgages and foreclosures, as well as lower unemployment rates. Some of the safest housing markets can be found in metro Nashville, the Boston area, and various counties in Virginia. Massachusetts, Tennessee, Montana, and New Hampshire also have multiple counties deemed to be the least at-risk. Overall, these findings provide valuable insights into the vulnerabilities and strengths of different housing markets across the United States.
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