CALIFORNIA – ATTOM released a Special Housing Risk Report, September 5, spotlighting county-level housing markets around the United States that are more or less vulnerable to declines.
Two counties in Southern California – San Bernardino and Riverside, made the list as well as 10 counties in Northern California.
The report is based on home affordability, underwater mortgages and other measures in the second quarter of 2024.
Vulnerable to declines
The report says second-quarter patterns revealed that nearly half of the counties around the U.S. considered most exposed to potential drop-offs were in California, New Jersey and Illinois.
Counties were considered more or less at risk based on:
- the percentage of homes facing possible foreclosure;
- the portion with mortgage balances that exceeded estimated property values;
- the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes;
- local unemployment rates.
Out of the 51 U.S. counties considered most vulnerable to housing market troubles, California had 12 counties — San Bernardino and Riverside made the list for Southern California.