Second quarter data released by ATTOM has determined that California, New Jersey and Illinois continue to have the highest concentrations of at-risk housing markets.
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.”
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Your data is not correct.. go to core logic’s and review . The markets are declining rapidly..
I disagree Kevin. However, “every market it local”. My perception and the chatter consistent with buyers is: they are waiting for a deeper rate drop. People have openly shared that they are being advised by friends and family to “wait for the rate drop” in and around Sept 18th. Well that’s when the masses will get back to market. I feel like buyers have had a narrow window of opportunity that started several weeks ago. Some sellers that were on the market a while (30+ days) waiting for an elevated price point have done reductions and are more negotiable because they have already found their replacement property. The biggest “tell”: Investors & flippers continue to buy! Catch that rate drop while you are in escrow. Now is the time.
Kevin, I wholeheartedly agree!!
It is too early to make a declaration. As always conflicting information from experts, pundits, influencers, and Tik Tokers. Desirable areas will continue to increase but at a smaller pace. Subdivisions with homes finance with mortgage insurance are the canary in the coal mine.