Florida and California led the nation as the states with the riskiest county-level housing markets, according to a new data report from ATTOM.
Of the nation’s 50 riskiest counties, 12 were in Florida, nine in California, and five each in Illinois and New Jersey. The overall riskiest markets in ATTOM’s analysis were Charlotte County, Florida; Butte County, California; Charles County, Maryland; Shasta County, California; and Cumberland County, New Jersey.
ATTOM noted the riskiest markets were home to elevated rates of unemployment and some of the nation’s worst foreclosure rates. Other factors included foreclosure the level of seriously underwater mortgages and the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes.
“While home prices have eased slightly from last summer’s record highs, affordability remains a challenge in much of the country,” said Rob Barber, CEO of ATTOM. “The greatest risk remains in counties where unemployment rates are above 5% and homes are being foreclosed at greater rates.”
On the flip side, among the 50 least risky counties in ATTOM’s analysis, nine were in Tennessee, five each were in Virginia and Wisconsin, and four were in Michigan. The least risky counties were Chittenden County, Vermont; Rutherford County, Tennessee; Arlington County, Virginia; Tippecanoe County, Indiana, and Cumberland County, Maine.
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