Housing Markets in Key U.S. Regions Face Elevated Risk

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Housing Markets in Key U.S. Regions Face Elevated Risk

In a recent analysis by ATTOM, the housing markets of California, New Jersey, and Illinois have been spotlighted for their susceptibility to downturns. Despite a generally robust national market, these states exhibit significant vulnerabilities, particularly in the metropolitan areas of New York City and Chicago.

The Q2 2024 Special Housing Risk Report by ATTOM highlights the intricate landscape of the U.S. housing market, focusing on home affordability, underwater mortgages, foreclosures, and unemployment. This analysis reveals that nearly half of the most at-risk counties are concentrated in the aforementioned states.

Regional Disparities in Housing Market Risks

While the housing market continues to expand, certain regions are showing signs of potential instability. Rob Barber, CEO of ATTOM, notes, “These observations point to uneven levels of risk without signifying imminent red flags or downturns.”

The study evaluated 589 counties, uncovering that almost 50% of the markets most susceptible to decline are in California, New Jersey, and Illinois. These areas have been identified as having significant clusters of risk, particularly in New York City, Chicago, and inland California. Conversely, regions such as Virginia, Wisconsin, and Tennessee are considered less vulnerable.

Key Indicators and Findings

  • Foreclosure risks are significant, with one in every 1,000 properties facing foreclosure in 39 of the most vulnerable counties.
  • High unemployment rates are notably prevalent in central California.
  • Counties like Tangipahoa Parish, LA, and Peoria County, IL, have some of the highest rates of underwater mortgages.
  • Charlotte County, FL, leads in foreclosure actions.

In contrast, many parts of the South and Midwest demonstrate resilience, with lower housing expenses relative to wages and significantly reduced foreclosure and unemployment rates.

For more detailed insights, visit ATTOM’s Data Solutions.

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Total Views: 2Daily Views: 0By Categories: Article, Economic Analysis, Real EstateTags: , Published On: October 25, 2024Last Updated: October 25, 2024

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