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96 The Big Finish Wrap your head around the market's leading indicators. 96 96 WHERE ARE THE NATION'S MOST AT-RISK COUNTIES? ATTOM has released a Special Housing Risk Report spotlighting coun- ty-level housing markets around the United States that are more or less vulnera- ble to declines, based on home affordability, unemployment and other measures in Q2 of 2022. e report shows that New Jersey, Illinois, and inland California continued to have the highest share of the most-at-risk markets in Q2 –with the largest clusters throughout the New York City and Chicago areas, leaving Southern and Midwestern states remaining less exposed. e second-quarter patterns—based on gaps in home affordabili- ty, underwater mortgages, foreclosures, and unemployment—revealed that New Jersey, Illinois, and California had 33 of the 50 counties most vulnerable to potential declines. e 50 most at-risk included nine in and around New York City, six in the Chicago metropolitan area, and 13 spread through Northern, Central and Southern California. e rest of the top 50 counties were scattered across the U.S., including three in the Philadelphia, Pennsylvania, metro area. At the other end of the risk spec- trum, the South and Midwest had the highest concentration of markets considered least vulnerable to falling housing markets. Major homeownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than one-third of average local wages in 27 of the 50 counties on the most-vul- nerable list in the second quarter of 2022. e highest percentages in those markets were in the the areas below. Source: ATTOM, "California, New Jersey and Illinois Again Dominate List of Vulnerable Housing Markets" Nationwide, major expenses on typical homes sold in the second quarter required 31.5 percent of average local wages. PERCENT OF AVERAGE LOCAL WAGES NEEDED FOR MAJOR OWNERSHIP COSTS: COUNTY KINGS COUNTY (BROOKLYN), NY 102.9% RICHMOND COUNTY (STATEN ISLAND), NY 61.8% SAN JOAQUIN COUNTY (STOCKTON), CA 58.7% PASSAIC COUNTY, NJ (OUTSIDE NEW YORK CITY) 31.5% OCEAN COUNTY, NJ (OUTSIDE NEW YORK CITY) 49.4%