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As rising mortgage rates continue to put pressure on the U.S. housing market and the entire economy, economists and housing researchers are seeing early signs of a cooling market — but a question remains.

Is a widespread correction coming to what has been now over two years of extraordinary home price acceleration? And if so, what would that correction look like?

The answer to that question likely depends on regional housing markets, with certain areas at more risk for price drops — and not just price growth deceleration — than others.


That’s according to a recent analysis from Fortune, which used data from the real estate research firm CoreLogic to publish an interactive chart showing levels of “risk” regional housing markets face for price drops.

Fortune’s analysis shows parts of the West vary from “very low” risk of regional home price drops over the coming year to some areas that are “very high risk.”

Let’s dive in.