NYC, Chicago Primed For Home Price Declines

New York City and Chicago are primed for severe home price declines if the market turns down. That’s according to ATTOM’s latest Special Housing Risk Report, which highlights county-level housing markets that are primed for declines based on factors like affordability, foreclosures, and underwater mortgages. In Q1 2024, California, New Jersey, and Illinois had the highest concentration of at-risk markets in the country, propelled by counties surrounding NYC and Chicago. Inland CA holds a cluster of concerning markets, adding it to the top three. The rest of the metros on ATTOM’s high-risk list are scattered throughout the U.S. Homeownership costs– including mortgage payments, taxes, and insurance– accounted for one-third of average local wages in 36 of the 50 most vulnerable…