High mortgage rates and lack of supply have done their damage to the housing markets, which only recently saw price growth start to regain momentum. Not surprisingly, some markets are at greater risk of decline than others, according to ATTOM, which recently took a look at the most- and least-risk averse markets in a recent study.
Let's look first at the most-at-risk markets in the country, which include a percentage of homes facing foreclosure, a portion with mortgage balances that exceed estimated property values, a percentage of average local wages required to pay for home ownership costs on single-family homes and also local unemployment rates.
New Jersey and Illinois fall into the most at-risk categories with the biggest clusters in the New York City, Chicago and Philadelphia areas. New Jersey and Illinois had 23 of the 50 counties most vulnerable to potential drop-offs.
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