Top 10 Markets Starting to Crack
Markets across the U.S. are showing clearer stress as the highest-risk counties report more underwater mortgages, rising foreclosures, and softer job markets.
Those same conditions are leading more sellers to pull listings, adding to a growing pool of inventory that isn’t moving at current pricing.
In several metros, price cuts are appearing faster than demand can absorb them, signaling early shifts in buyer sentiment.
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Top 10 Highest Risk U.S. Housing Markets in Q3 2025
The riskiest counties, led by Butte, Humboldt, and Charlotte (FL), share the same problems: tough affordability, rising underwater mortgages, elevated foreclosures, and higher unemployment. California dominates the top-10 list, with New Jersey and Florida also showing stress.
Home Sellers are Giving Up at ‘Unusually High Rate,’ says New Realtor Report
Home sellers are pulling their listings at an unusually high rate, with delistings up 45% this year and far above normal fall levels. Buyers are shifting toward cheaper “refuge markets” like Grand Rapids and St. Louis, where prices are still well below the national median.
Ohio Housing Markets Tighten as Inventory Drops 24% Below National Average
Ohio’s housing market is tight, with just 2.1 months of supply even though inventory is up 22% from last year. 45% of listings are cutting prices, especially in Columbus, where reductions are highest despite the state’s priciest homes.
CMBS: “Commercial Mortgage BS”
CMBS loans look great at first, they’re easy to get, offer higher leverage, and don’t require personal guarantees. But John McNellis argues they’re a trap. The loan documents are packed with hidden restrictions, punishing fees, lockouts, and zero flexibility when anything goes wrong.
NAR Says Typical First-Time Homebuyer Age Was 40 in 2025, up from 33 in 2021. But Is this Accurate?
Today’s first-time buyers face a huge affordability crisis in the US housing market, driven by the home price explosion from mid-2020 to mid-2022, of over 40% on average, and in many markets of 50%, 60%, or even 70% in just a couple of years, which was completely nuts.
Mortgage Apps Ebb Despite Strongest Purchase Demand in Years
Mortgage applications dipped slightly last week, mostly because the Thanksgiving holiday dragged down the unadjusted numbers. Refinances fell a bit too, even though they’re still more than double last year’s volume as borrowers wait for even lower rates.
