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…

Former Hotspots Saw Home Price Deceleration In January

Former homebuyer hotspots in the U.S. saw home prices fall in January as the market corrects. The S&P CoreLogic Case-Shiller National Home Price NSA Index saw home prices decelerate for another month, posting a 3.8% annual gain in January, down from 5.6% in the previous month. Craig J. Lazzara, Managing Director at S&P DJI, said the data marked the seventh straight month of YOY decreases. West Coast hubs that saw huge migration during the pandemic saw their gains go negative YOY in January. The West overall saw prices decline by 1.5%. San Francisco clocked in a 7.6% drop YOY, the biggest by far, followed by Seattle with a 5.1% decrease. Southern cities continued to see gains, with Miami, Tampa, and…