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According to ATTOM’s newly released Q4 2022 Special Housing Risk Report, inland California, Illinois, New Jersey, and Delaware continued to have some of the highest concentrations of the most-at-risk markets in the country. The report shows the housing markets with the biggest clusters were in the New York City and Chicago metropolitan areas, while the southern and midwestern states remained less exposed.

The analysis found the fourth-quarter patterns – based on gaps in home affordability, underwater mortgages, foreclosures, and unemployment – revealed that New Jersey, Illinois, and California had 31 of the 50 counties most vulnerable to potential declines around the U.S. According to the report, that was roughly the same as the 28 more-at-risk markets that were in those states in Q4 2021.

Also according to the report, the 50 most at-risk included seven in the Chicago metro area, five in and around New York City, three in or near Cleveland, OH, and 13 spread through northern, central, and southern California; while the rest were clustered mainly in other parts of the East Coast, including two of the three counties in Delaware.

ATTOM’s latest analysis also found that at the other end of the risk spectrum, the South, Midwest, and western areas outside California continued to have the biggest concentration of markets considered least vulnerable to falling housing markets.

In this post, we dig into the data behind the ATTOM Q4 2022 Special Housing Risk Report to reveal not only the top 10 U.S. counties most at-risk of housing market declines, but also the data that landed them in the top 10: