Based on ATTOM’s newly launched This autumn 2022 Particular Housing Threat Report, inland California, Illinois, New Jersey, and Delaware continued to have a number of the highest concentrations of the most-at-risk markets within the nation. The report exhibits the housing markets with the largest clusters have been within the New York Metropolis and Chicago metropolitan areas, whereas the southern and midwestern states remained much less uncovered.
The evaluation discovered the fourth-quarter patterns – based mostly on gaps in dwelling affordability, underwater mortgages, foreclosures, and unemployment – revealed that New Jersey, Illinois, and California had 31 of the 50 counties most susceptible to potential declines across the U.S. Based on the report, that was roughly the identical because the 28 more-at-risk markets that have been in these states in This autumn 2021.
Additionally in response to the report, the 50 most at-risk included seven within the Chicago metro space, 5 in and round New York Metropolis, three in or close to Cleveland, OH, and 13 unfold by northern, central, and southern California; whereas the remaining have been clustered primarily in different elements of the East Coast, together with two of the three counties in Delaware.
ATTOM’s newest evaluation additionally discovered that on the different finish of the danger spectrum, the South, Midwest, and western areas exterior California continued to have the largest focus of markets thought of least susceptible to falling housing markets.
On this submit, we dig into the info behind the ATTOM This autumn 2022 Particular Housing Threat Report back to reveal not solely the highest 10 U.S. counties most at-risk of housing market declines, but in addition the info that landed them within the prime 10:
Kent County, DE
39.3% of revenue to purchase
8.8% underwater
0.2% of properties with foreclosures filings
4.7% unemployment price
Butte County, CA
51.6% of revenue to purchase
6.5% underwater
0.1% of properties with foreclosures filings
4.4% unemployment price
Passaic County, NJ
59.6% of revenue to purchase
6.4% underwater
0.1% of properties with foreclosures filings
3.8% unemployment price
Atlantic County, NJ
38.1% of revenue to purchase
9.5% underwater
0.1% of properties with foreclosures filings
4.1% unemployment price
Richmond County, NY
70.1% of revenue to purchase
3.9% underwater
0.1% of properties with foreclosures filings
4.9% unemployment price
Kane County, IL
41.2% of revenue to purchase
7.9% underwater
0.1% of properties with foreclosures filings
4.3% unemployment price
Madera County, CA
53.0% of revenue to purchase
4.6% underwater
0.1% of properties with foreclosures filings
6.3% unemployment price
Will County, IL
40.0% of revenue to purchase
7.1% underwater
0.2% of properties with foreclosures filings
4.1% unemployment price
Kankakee County, IL
27.9% of revenue to purchase
14.6% underwater
0.1% of properties with foreclosures filings
5.3% unemployment price
Shasta County, CA
43.5% of revenue to purchase
6.3% underwater
0.1% of properties with foreclosures filings
4.4% unemployment price
ATTOM’s This autumn 2022 particular housing threat report thought of counties roughly in danger based mostly on the proportion of properties dealing with attainable foreclosures, the portion with mortgage balances that exceeded estimated property values, the proportion of common native wages required to pay for main dwelling possession bills on median-priced single-family properties and condos, and native unemployment charges.
For this report, the conclusions have been drawn from an evaluation of the latest dwelling affordability, fairness and foreclosures stories ready by ATTOM. Unemployment charges got here from federal authorities knowledge. Rankings have been based mostly on a mixture of these 4 classes in 581 counties across the U.S. with enough knowledge to research in This autumn 2022. Counties have been ranked in every class, from lowest to highest, with the general conclusion based mostly on a mixture of the 4 ranks.
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The submit High 10 U.S. Housing Markets Most At-Threat of Downturns in This autumn 2022 appeared first on ATTOM.
