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These are the Most At-Risk Housing Markets in the Country

Five were in and around Chicago.

By Kristen Smithberg | March 10, 2025 at 04:29 AM

California, Illinois, Florida and New York City are the areas with the highest concentration of counties vulnerable to declines in the housing market, while less-vulnerable markets are clustered in other areas of the Northeast, Midwest and South. This is according to the latest Special Housing Risk Report published by ATTOM, which analyzed fourth-quarter gaps in affordability, underwater mortgages, foreclosures and unemployment.

Five of the most at-risk markets were in and around Chicago, four were in or near New York City, seven were scattered across Florida, and 14 were in California. Markets that appear least exposed to housing market declines are Wisconsin, Virginia, Tennessee and Pennsylvania, with four in the Washington, D.C. area and three each in the Nashville and Richmond areas.

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