The second quarter patterns – derived from gaps in home affordability, underwater mortgages, foreclosures, and unemployment – revealed that nearly half of the counties around the U.S. considered most exposed to potential drop-offs were in the three states. County-level housing markets on that list included seven in around New York City, five in the Chicago metro area and 12 in areas of California mostly away from the Pacific coast.
At the other end of the risk spectrum, close to half the markets considered least likely to decline fell in Virginia, Wisconsin and Tennessee. They included four in the Washington, DC-area and three each in the Richmond and Nashville metro areas.
“The housing market boom continues to gain momentum, thanks to another springtime boost – however, some markets show signs of potential instability, which suggests a mixed level of risk, particularly in certain regions that repeatedly show signs of concern,” said Rob Barber, CEO of ATTOM. “While these observations don’t indicate immediate red flags or warning signs of an impending downturn, they do highlight areas of relative risk. With the housing market still facing challenges, it’s crucial to closely monitor regions where key indicators suggest a higher likelihood of issues.”
y Phil Hall | Sep 5, 2024 | News/Current Events, Real Estate News, U.S. Housing Market, WRE News Exclusiv
